“Don’t run when you lose, don’t whine when it hurts." — Gordon Gekko
Good Morning! Hope y’all made the most of the extra hour this weekend, as daylight saving time came to an end. But it's probably not going away anytime soon - JPMorgan found an extra hour of sunlight boosts spending by billions of dollars. No wonder the commerce industry is lobbying hard to keep it.
A massive processing error hit last Friday, causing major delays in direct deposits for millions of Americans. Chase, Wells Fargo, and Bank of America were among the banks with customers hit, but they eventually fixed the mess.
Warren Buffett’s Berkshire Hathaway is sitting on a record-breaking $157 billion cash pile. LVMH, acquired Barton Perreira, and banks are looking for legal cover after backing a record $1.5 trillion of ESG debt.
Want to invest in the next big brand name in your home and get in on the ground floor of an innovative technology company? Check out today’s sponsor RYSE.
SQUEEZ OF THE DAY
Bezos’ Big Move
Jeff Bezos isn’t your typical boomer Florida retiree. But he might be close. He has a lot in common with the MDs nobody has seen since 2019, amid whispers of divorce and new beginnings in Miami.
Jeff Bezos announced he's moving to Florida via an Instagram post last week. And it makes sense. He's 59 years old, and just spent three decades hustling and building Amazon out of the gloomy Seattle area.
Florida can offer Bezos an attractive tax environment. And he's not the only business tycoon to do so - Carl Icahn and Ken Griffin both made moves to the Sunshine State, eyeing retirement in the distant future.
But it's not just taxes and a slower pace of life. Bezos has some personal ties to the area - he graduated high school in Miami and wants to be closer to his parents. His fiancée Lauren loves Miami, too - and he’s planning to shift operations for Blue Origin, his aerospace company, to Cape Canaveral in Florida.
Takeaway: It’s definitely a new chapter for Bezos. He stepped down as CEO of Amazon over two years ago. But he’s grinding towards becoming the world’s first trillionaire. So don’t expect to see Bezos totally unplugged at the beach - at least not yet.
Stocks closed lower as investors bet rate hikes are behind us.
(+) Expedia ($EXPE) +19% after posting upbeat quarterly reports, surging travel demand.
(+) DraftKings ($DKNG) +16% after sports betting, online casino boom fueled big revenue gains.
(–) BILL Holdings ($BILL) -25% after KeyBanc downgraded the financial operations platform.
Atom Bank, a digital challenger bank, raised $107 million
Kasa Living, a provider of flexible accommodations for travelers, raised $70 million
Chainguard, a supply chain security software provider, raised $61 million
Gynesonica, a surgical tools developer, raised $42.5 million
Oro Labs, a procurement management startup, raised $34 million
Cranium, an AI security startup, raised $25 million
SPONSORED BY RYSE
Retail Smart Home Success Story in the Making
If you haven’t heard of RYSE yet, you will soon.
The story of the company that started out pitching on Dragons Den (Canadian Shark Tank) and receiving two offers is about to become known nationwide, as their product rolls out in +100 Best Buy stores.
Early investors that believed in their mission have already seen their share price grow over 15X and they are just getting started.
RYSE’s retail distribution deal resembles that which led smart-home giants Ring, Nest and iRobot to their billion dollar exits.
Their patented, mass-market shade automation device is unrivaled in the industry, and is the quickest way for homeowners and businesses to automate their window shades.
How long will Sam Bankman-Fried actually get sentenced for? (CNBC)
Big Tech’s growth status in doubt with weaker sales outlook (YF)
How to interpret mortgage rates you see in headlines (Axios)
Venture capital cools on supply chain tech startups (WSJ)
Elon Musk debuts Grok AI to challenge ChatGPT (CNBC)
Bond market has fighting chance to avoid historical losing streak (YF)
U.S. added 150k jobs in October as labor market cools (Axios)
A gut check for artificial intelligence (WSJ)
U.S. economy is showing some productivity pep (Axios)
Robinhood will match 1% of IRA contributions - is it a good deal? (WSJ)
BOOK OF THE DAY
Blood In The Machine
The most urgent story in modern tech begins not in Silicon Valley but two hundred years ago in rural England, when workers known as the Luddites rose up rather than starve at the hands of factory owners who were using automated machines to erase their livelihoods.
The Luddites organized guerrilla raids to smash those machines—on punishment of death—and won the support of Lord Byron, enraged the Prince Regent, and inspired the birth of science fiction. This all-but-forgotten class struggle brought nineteenth-century England to its knees.
Today, technology imperils millions of jobs, robots are crowding factory floors, and artificial intelligence will soon pervade every aspect of our economy. How will this change the way we live? And what can we do about it?
The answers lie in Blood in the Machine. Brian Merchant intertwines a lucid examination of our current age with the story of the Luddites, showing how automation changed our world—and is shaping our future.
“The gripping true story of the first time machines came for human jobs—and how the Luddite uprising explains the power, threat, and toll of big tech and AI today.”
Short Squeez Picks
How to improve your relationship with money
Ryan Holiday on 24 things he wishes he did sooner
Is Strava the new dating app?
The non-obvious best books of 2023
10 strategies to transform setbacks into career success
US Meat and Poultry Consumption Per Capita
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"A large part of the difference between the experienced decision maker and the novice in these situations is not any particular intangible like judgment or intuition.
If one could open the lid, so to speak, and see what was in the head of the experienced decision-maker, one would find that he had at his disposal repertoires of possible actions, that he had checklists of things to think about before he acted.
And that he had mechanisms in his mind to evoke these, and bring these to his conscious attention when the situations for decisions arose."
Source: Farnam Street
Memes of the Day
Disclaimer: Facet Wealth, Inc. (“Facet”) is an SEC registered investment adviser headquartered in Baltimore, Maryland. This is not an offer to sell securities. This is not investment, financial, legal, or tax advice. Past performance is not a guarantee of future performance.