Good Morning! Looking for a new side gig this fall? Parents of University of Georgia students are shelling out upwards of $4,000 to sorority consultants to help their daughters rush. TikTok wants to go head-to-head with Threads and Twitter and will allow users to post text.

Spotify raised its premium subscription prices, and Apple plans to produce 85 million iPhone 15s in 2023. The company also wants to price iPhone Pros at over $1,000 this fall. And the Dow notched its longest win-streak in over 6 years yesterday.

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_{SQUEEZ OF THE DAY}

Bankers on the Prowl

If you work in M&A, it’s probably no surprise that deal flow has been awfully quiet over the past year or so. But an aspect of investment banking that’s starting to heat up? Employee turnover - particularly senior bankers jumping ship from Goldman, Citi, and the like.

You see, a few years ago, it would have been unthinkable for a career banker at Goldman Sachs, Credit Suisse, or Morgan Stanley to even entertain calls from recruiters at smaller shops like Jefferies, Evercore, or (God forbid) Deutsche Bank.

But a banker shuffle is starting to play out before our eyes on Wall Street. Some banks like Barclays, Citi, and Goldman Sachs expanded too quickly during the boom years of 2020 and 2021, and now they’re downsizing.

But on the other hands, banks like Evercore, PJT, Deutsche, and Santander are aggressively hiring. They’re betting on a future M&A boom cycle next year, and they’re ready to poach top talent from rival banks.

Takeaway: We could be ramping up for a huge 2024…at least some banks think so. But then again…we don’t always approve of following Deutsche’s advice. That said, after a rough 2022 for bankers, it’s reassuring to see that banks aren’t necessarily waiting for an M&A boom to start poaching talent.

_{CAPITAL PULSE}

Markets Rundown

Stocks rallied ahead of a busy earnings week.

Movers & Shakers

• (+) AMC Entertainment ($AMC) +33% after strong box office weekend, halted stock conversion.

• (+) Imax ($IMAX) +3% after movie theaters rebound.

• (–) Spotify ($SPOT) -5% after hiking prices for its premium subscription plans.

Private Dealmaking

• OneTrust, an ESG data company, raised $150 million

• Maka Motors, an Indonesian electric vehicle maker, raised $37.6 million

• Immatics, a clinical-stage cancer biopharma company, raised $35 million

• TreasurySpring, a corporate cash management platform, raised $29 million 

• Wing Cloud, an open source software company, raised $20 million

• Anduin, a private market transactions platform, raised $15.6 million

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_HEADLINES

Top Reads

• How inflation and layoffs are threatening workers’ vacation time (YF)

• The market rally isn’t just the Magnificent Seven anymore (Axios)

• American Airlines boosts pilot contract offer by $1 billion (CNBC)

• Why you should also be obsessed with Microsoft (YF)

• Banks are going on a diet (WSJ)

• After debt ceiling standoff, Treasury replenishes its coffers (Axios)

• Pharma lobbying for weight loss drugs could soon pay off (YF)

• Goldman Sachs expects all-time-high oil demand will boost prices (CNBC)

• $100B productivity drain (CNN)

• AI hype is driven by marketing right now (YF)

_{BOOK OF THE DAY}

Seven Crashes

The eminent economic historian Harold James presents a new perspective on financial crises, dividing them into “good” crises, which ultimately expand markets and globalization, and “bad” crises, which result in a smaller, less prosperous world.

Examining seven turning points in financial history—from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis—James shows how crashes prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and producers innovate to increase supply.

By contrast, crises triggered by a lack of demand—such as the Global Financial Crisis of 2007–2008—result in less globalization as markets contract, austerity measures are imposed, and skepticism of government grows.

By considering not only the times but also the observers who shaped our understanding of each crisis—from Karl Marx to John Maynard Keynes to Larry Summers—James shows how the uneven course of globalization has led to new economic thinking, and how understanding this history can help us better prepare for the future.

“A leading economic historian presents a new history of financial crises, showing how some led to greater globalization while others kept nations apart.”

_{ENLIGHTENMENT}

Short Squeez Picks

• How to take better breaks at work

• Is stretching, balance, or weight-training more important?

• Is there an ideal net worth?

• 5 steps for cultivating quiet confidence

• The hidden career cost of being overweight

_{DAILY VISUAL}

Jobs Boom at the State Level

Unemployment rate, June 2023

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_{DAILY ACUMEN}

One More Step

“The difference between failure and success is often just staying with a problem a little longer.

One more rep.

One more step.

One more minute.

One more revision.

One more attempt.

The difference between average and outstanding is often just one more.”

Source: Farnam Street

_{MEME-A-PALOOZA}

Memes of the Day