Good Morning! Hope everyone enjoyed the weekend - you might have been unknowingly fueling the economy in the process. It’s not just the burned-out bankers who ordered too many vodka sodas in the Hamptons this weekend; the rise of hybrid work is leading Americans all over the country to take advantage of 'bleisure' weekends - combining business trips with leisure travel from Friday through Monday. And economists say it’s unexpectedly boosting growth in the GDP.

Private equity posted its worst fundraising slump in five years last quarter. And Yellow, one of America's oldest trucking companies, shut down operations yesterday - after receiving a measly pandemic loan of $700 million. And stocks are doing so well that some investors think it might be time to start worrying.

Composer is the first platform that lets you invest in or build quant strategies, without owning a hedge fund. Their Buy the Dips: Nasdaq 100 strategy made a return of 32%+ last year. Check them out here.

If you are interested in getting in front of a smart, young audience of business leaders, bankers, investment professionals, policy influencers of over 500,000 people, then fill out this form, we’ll be in touch.

_{SQUEEZ OF THE DAY}

Barclays Down Bad

What's going on with Barclays? 15 years ago, the British firm scooped up the investment banking division from the Lehman Bros (RIP) firesale. Since then, Barclays has always been a solid player.

But the banks’ execs are hungry. They unveiled a plan earlier this year for Barclays to become a top-five investment bank, chomping at the bits of JPMorgan Chase and Goldman Sachs.

But since then..Barclays is starting to look more like Nomura. Barclays cut managing director pay by up to 40% last year. And this year… 32 out of the bank’s 200 managing directors resigned. MD turmoil is normal - but 32 in one year? The managing director exodus could cost Barclays some serious business.

The bank’s stock is pretty much exactly where it was five years ago and is trading at one of the lowest book to value ratios (45%) than most of its investment banking peers. And making matters worse, Barclays holds billions on its balance sheet from Elon Musk’s takeover of Twitter, and the bank faces controversy for accidentally selling unregistered securities as well as ties to Epstein.

So with a stock barely budging, Barclays’ new CEO wants to focus on other aspects of the bank like credit cards and retail.

Takeaway: Barclays paid out investment banking analyst bonuses last week and they were reportedly pretty low - some were as low as $10-15k with most hovering around $30-40k (bonuses approached $100k a few years ago). Barclays MDs might see the writing on the wall - that the firm is focusing on more recurring-revenue aspects of the firm. Nevertheless, departure of senior leaders is always a devastating blow, and it remains uncertain whether Barclays can bounce back from this challenging situation.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher as earnings roll in.

Movers & Shakers

• (+) Roku ($ROKU) +31% after the streaming stock soared on earnings.

• (+) Boston Beer ($SAM) +16% after earnings beat, Anheuser-Busch layoffs.

• (–) Sweetgreen ($SG) -9% after the salad chain’s weak sales missed Wall Street expectations.

Private Dealmaking

• Biogen agreed to acquire Reata Pharmaceuticals, a maker of therapies for rare diseases, for $7.3 billion

• ProtectAI, an AI security startup, raised $35 million

• Bright, a distributed solar company, raised $31.5 million

• Cosmic Wire, a blockchain startup, raised $30 million

• MerQube, a financial indexing platform, raised $22 million

• Woodio, a sustainable wood developer, raised $18 million

_{SPONSORED BY COMPOSER}

Trade like a Wall Street Titan with a Database of Trading Strategies

Meet Composer, the AI-powered trading platform. With a collection of FREE community-built strategies, it's so easy to find trading inspiration in minutes.

• Search and filter to find a strategy that suits your needs

• Use a no-code editor and AI assistant to make changes to the strategy

• Backtest with professional grade data and invest in a click

With $1bn+ in trading volume, join the Composer community and start leveraging the power of algorithmic trading.

_HEADLINES

Top Reads

• Wall Street pessimists are used to being wrong (NYT)

• How Netflix’s algorithms and tech feeds its success (WSJ)

• Ford embraces hybrids as it loses billions on EVs (CNBC)

• Legacy admissions are pure capitalism (Axios)

• BlackRock clashes with hedge fund giant over control of funds (WSJ)

• X logo officially replaces Twitter’s famous bird (CNBC)

• Lazard CEO says explosion of private debt is rescuing deals (BB)

• Why the U.S. economy is so immune to rate hikes (Axios)

• Why Apple doesn’t talk about AI as much as Google, Meta, and Microsoft (CNBC)

• Why Meta is giving away its extremely powerful AI model (Vox)

_{BOOK OF THE DAY}

The Laws of Luck

Some say success is based on luck. But high achievers don't leave their success to chance.

They guarantee their future by applying the proven laws of success. When you apply these laws, you will unlock the most potent forces in the universe. You control vour luck.

In this book, Brian Tracy shows how to put the laws of luck to work for you. You'll race forward faster than you ever imagined getting more done, earning more rewards, having more opportuni-ties, and ultimately reaching the goal that everyone wants: happiness.

This is the success method that never fails!

Let Brian teach you the skills you need to achieve success satisfaction in all areas of your life.

“If you want to succeed, do what successful people do. It’s that simple.”

_{ENLIGHTENMENT}

Short Squeez Picks

• The three kinds of leverage

• Don’t get the Porsche

• 10 ways to cultivate mindfulness in your busy day

• Why hybrid work can become toxic

• The 6 different types of resumes

_{DAILY VISUAL}

More Americans are Taking Vacation Than Pre-Pandemic

US workers who took vacation

_{DAILY ACUMEN}

Getting To The Top

Want to get to the top? Well, take a look at the people who are already there.

They've got a few things in common: they're super dedicated, they've got big dreams and they're always learning new stuff.

Plus, when life throws them a curveball, they don't just give up - they use it as a stepping stone to get even further.

They also know it's not all about what you know, but who you know. So, if you want a piece of the success pie, try copying some of these habits.

And don't forget, getting to the top isn't a sprint, it's more like a marathon, so keep at it every day.

_{MEME-A-PALOOZA}

Memes of the Day