🍋 $35M for Shattered Career Dreams

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“Consider pointless meetings. The more you attend, the more you get invited to.” — Shane Parrish

Good Morning! Consumer prices came in hotter than expected last month, rising 3.5%. Nvidia’s entering correction territory, down 10% from its record-highs. But while big bank profits are expected to fall, investors aren’t feeling too worried. There’s some optimism on Wall Street - investors want AI firms to start going public, and KKR is targeting $1 trillion in assets under management within five years. Plus the average amount of credit card debt by age, and how to prevent vampire tasks from stifling productivity. 

We’re excited to launch Wall Street’s most exclusive shirt this Sunday. To celebrate the launch, we’re throwing the biggest party of the year on Saturday in SoHo. RSVP here (limited spots available and will need to show confirmation at door).

SQUEEZ OF THE DAY

$35M for Shattered Career Dreams

 

A former JP Morgan analyst was awarded $35 million a decade after NYC building’s glass door suddenly shattered on her.

In 2015, Meghan Brown was walking through the glass door of 271 Park when it shattered in her face. Despite the only physical injury being a cut to her hand, Brown said the incident derailed her investment banking career. 

She says the incident led to a bad case of PTSD. Interestingly enough, she told the jury she forgot how to understand Spanish after the incident, too. 

She took a year off from work following the incident, but her performance declined and she was ultimately fired from the bank in 2021. And for those of you who worked in banking in 2021 - you had to really be doing something wrong to get fired.

Brown sued - and the jury ruled unanimously in her favor. They handed over $35,184,208 in damages. The building swore it was a freak accident, and were skeptical about the lack of physical injuries. 

Takeaway: Brown dabbled in the crypto industry before starting a gelato business in Florida. And you gotta admit - most investment banking managing directors or private equity partners don’t even have a $35M net worth. So hopefully money is the least of Meghan Brown’s worries going forward.

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HEADLINES

Top Reads

  • Consumer prices rose 3.5% in March, more than expected (CNBC)

  • Progress on inflation is moving in the wrong direction (CNN)

  • Nvidia enters correction territory, down 10% from highs (CNBC)

  • The AI trade has a Jamie Dimon problem (YF)

  • Big bank profits likely fell Q1, but investors aren’t worried (YF)

  • Wall Street wants AI firms to start going public (BB)

  • Rich Americans get second passports, citing risk of instability (CNBC)

  • KKR targets $1 trillion of assets under management in five years (YF)

  • Banks are striking back against private credit (WSJ)

  • Blackstone is borrowing $1B against its own investments (BB)

CAPITAL PULSE

Markets Rundown

Stocks closed lower after a red-hot inflation report pushed yields higher.

Movers & Shakers

  • (+) Cava ($CAVA) +6% after Argus upgraded the Mediterranean fast casual chain to a ‘buy’.

  • (+) GoodRx ($GDRX) +4% after the healthcare company was upgraded by KeyBanc.

  • (–) Deckers ($DECK) -7% after the footwear company was downgraded by Truist.

Private Dealmaking

  • HysetCo, a hydrogen-powered EV renter, raised $215 million

  • Guesty, a property management software provider, raised $130 million 

  • Cobot, a robot maker, raised $100 million

  • Honey Insurance, a home insurance startup, raised $70 million

  • Ion Clean Energy, a carbon capture developer, raised $45 million

  • Onego Bio, an animal-free egg protein developer, raised $40 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Third Millennium Thinking

In our deluge of information, it’s getting harder and harder to distinguish the revelatory from the contradictory. How do we make health decisions in the face of conflicting medical advice? Does the research cited in that article even show what the authors claim? How can we navigate the next Thanksgiving discussion with our in-laws, who follow completely different experts on the topic of climate change?

In Third Millennium Thinking, a physicist, a psychologist, and a philosopher introduce readers to the tools and frameworks that scientists have developed to keep from fooling themselves, to understand the world, and to make decisions. We can all borrow these trust-building techniques to tackle problems both big and small.

“Based on a wildly popular UC Berkeley course, how to use scientists’ tricks of the trade to make the best decisions and solve the hardest problems in age of uncertainty and overwhelming information.”

DAILY VISUAL

US Recession Probability Falling

Source: Apollo

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DAILY ACUMEN

Always A Student

Success is often associated with mastery and expertise, but the true key to enduring success lies in maintaining a student mindset throughout life. This means continually seeking opportunities to learn from everyone and everything around you, even from those you dislike or consider your enemies.

It requires humility to recognize that, at every stage of life, there are valuable lessons to be learned, whether they reinforce existing knowledge or challenge our assumptions.

Genghis Khan, often portrayed as a ruthless barbarian, was in fact a perpetual student who absorbed the best technologies, practices, and innovations from each culture his empire touched, fueling his stunning victories.

Similarly, we must resist the temptation to let our egos convince us that we have graduated from learning. Instead, by cultivating curiosity, openness, and a willingness to learn from diverse sources, we can continue to grow, adapt, and thrive in an ever-changing world.

Embracing the maxim "Always Stay a Student" is not a sign of weakness, but a testament to the strength and resilience of those who recognize that true wisdom lies in lifelong learning.

ENLIGHTENMENT

Short Squeez Picks

  • How to avoid the most common mistake executives make with their personal brand

  • Here's how much credit card debt Americans have by age

  • 7 ways to prevent vampire tasks from reducing employee productivity

  • How to get a raise or promotion by working loud, not hard

  • 4 essential tactics for honing your leadership language

MEME-A-PALOOZA

Memes of the Day

 

 

 

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