Good Morning! Wall Street’s gearing up for a big week, with Alphabet, Meta, Apple, Microsoft, and Amazon all reporting earnings. Spirit stock jumped 15% after announcing plans to sell planes and cut jobs. Boeing is considering selling its historic space business. KKR officially joined the $500 billion AUM club. Meanwhile, wealthy New Yorkers are opting to rent rather than buy, and NYC workers might soon get paid sick leave to care for their pets.

Plus, is Peloton staging a comeback? And Trump’s interview with Rogan hit over 30 million views on YouTube in less than two days.

Discover the smartest way to protect your wealth from taxes—sign up for The Tax-Smart Summit today.

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Boomer University

If you were wondering where boomer MDs go when they retire from Wall Street, you might want to check and see if they're at high-end, life-plan communities.

These luxury communities resemble upscale college campuses, featuring lush landscapes, dining options, and even guest lectures. But believe it or not, they are significantly more expensive than even the priciest colleges in America.

Take Vi, for example. It's a luxury campus in Palo Alto. But in addition to an upfront housing price tag starting from almost $1.2 million for a 1-bedroom apartment (or $7.3M for a 3-bedroom), Vi also charges a staggering $13,800 monthly fee for amenities, or over $165k/year.

Many of these communities are strategically located near elite universities like Duke, Cornell, and Stanford, often providing residents with lecture access and proximity to academics as a major perk. And, of course, they offer comprehensive healthcare services as well.

So far, it’s working. Some of these high-end communities have waitlists, similar to universities. Vi has an 80% occupancy rate, which is impressive, considering residents are shelling out nearly $200k annually just to live there.

Takeaway: Many baby boomers who saw their parents or friends struggle to age in place—and scramble to find nursing or home healthcare—are determined to do things differently, for their peace of mind and that of their children. In a post-COVID world, communities with like-minded neighbors and wellness-focused environments are more popular than ever. Besides, who wouldn’t want to relive the college days... this time with better wine and no exams?

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Master Tax-Efficient Wealth Strategies

Looking to safeguard your wealth in a world of rising taxes? Savvy professionals know the secret: tax-advantaged strategies like permanent life insurance. It’s one of the few assets protected by the IRS code, offering compounding power and tax benefits for retirement income, wealth accumulation, and estate planning.

Join our co-founders, David Kleinhandler (who’s helped clients secure over $10B in life insurance policies) and Michael Doniger (ex-Citadel Director and founder of a $7B hedge fund), as they reveal how to use life insurance to protect and grow your wealth.*

_HEADLINES

Top Reads

• Can Big Tech maintain momentum? (YF)

• Why Peloton could be worth five times what it is now (CNBC)

• Boeing reportedly considers selling off its space business (Verge)

• Spirit Airlines stock jumps as carrier plans to sell planes, cut jobs (CNBC)

• US money market funds see large inflows as election nears (YF)

• Ken Griffin’s biggest problem in Citadel move to Miami (NYP)

• Spirit Airlines agrees to sell 23 planes (WSJ)

• KKR’s quarterly profit soars on record-high fee income (YF)

• Delta sues CrowdStrike for outage (CNBC)

• KKR joins half-trillion club in private markets’ race for scale (YF)

• Why the wealthy are renting instead of buying in NYC (NYP)

• NYCB delays profit goal to 2026 after fourth straight quarter of loss (YF)

• Generative AI is taking over the onboarding of new employees (CNBC)

• NYC workers may soon get paid sick leave to care for their pets (NYP)

• Wall Street takes tax-loss harvesting to a new level (BB)

• Joe Rogan interviews Donald Trump (YT)

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Markets Rundown

Stocks close mixed: On Friday, U.S. equity markets closed with the Nasdaq advancing, while the S&P 500 dipped slightly. Technology and consumer discretionary stocks led gains, while cyclical sectors like financials and utilities lagged. Treasury yields continued their upward trend, with the 10-year yield reaching 4.24%, significantly higher than its September low of 3.61%.

This rise in yields reflects strong U.S. economic data, which has driven up interest rates and exerted downward pressure on interest-rate-sensitive sectors, such as real estate. Investors now await the upcoming U.S. jobs report for further insights into labor market conditions and consumer demand.

Earnings season delivers modest results so far: With about 36% of S&P 500 companies reporting Q3 earnings, 74% have surpassed expectations, aligning with the 10-year average but slightly below the 5-year average of 77%.

Earnings growth is trending at around 3.4% year-over-year, below the 4.1% expected initially this quarter. Sectors with strong earnings surprises include financials, utilities, and consumer discretionary, indicating a broadening of market leadership.

Next week, major technology companies, such as Apple, Microsoft, Alphabet, and Amazon, will report their earnings, providing a window into corporate spending trends, particularly around artificial intelligence.

We anticipate that both tech and non-tech sectors will contribute to earnings growth over the coming quarters, which should support broader market leadership.

All eyes on U.S. labor market next week: The October nonfarm-jobs report, expected on November 1, will offer a final labor market assessment ahead of the U.S. elections and the November 7 Federal Reserve meeting.

Economists predict job growth to slow to 100,000 (down from 223,000 last month), partly due to recent natural disasters and strikes. The unemployment rate is projected to remain steady at 4.1%, well below historical averages, with average hourly earnings expected to decline slightly, indicating potential easing in services inflation.

While the labor market has softened, signs point to a moderation rather than a downturn, maintaining a favorable backdrop for consumer spending and economic expansion.

Movers & Shakers

• (+) Tapestry ($TPR) +14% because a judge blocked the Coach owner’s acquisition of Versace parent Capri.

• (+) Boo Allen Hamilton ($BAH) +9% after the defense contractor raised its full-year earnings and revenue growth.

• (–) Coursera ($COUR) -10% after the online learning company missed earnings.

Private Dealmaking

• Waymo, a self-driving car developer, raised $5.6 billion

• Blackstone invested $288 million in Pine Gate Renewables

• Agomab Therapeutics, a fibrosis biotech, raised $89 million

• Outrider, an autonomous yard operations developer, raised $62 million

• Concentrenic AI, a data security company, raised $45 million 

• Obligo, a security deposit options provider, raised $35 million

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

_{BOOK OF THE DAY}

Extra Life

In 1920, at the end of the last major pandemic, global life expectancy was just over forty years. Today, in many parts of the world, human beings can expect to live more than eighty years. As a species we have doubled our life expectancy in just one century. There are few measures of human progress more astonishing than this increased longevity.

Extra Life is Steven Johnson’s attempt to understand where that progress came from, telling the epic story of one of humanity’s greatest achievements. How many of those extra years came from vaccines, or the decrease in famines, or seatbelts? What are the forces that now keep us alive longer?

Behind each breakthrough lies an inspiring story of cooperative innovation, of brilliant thinkers bolstered by strong systems of public support and collaborative networks, and of dedicated activists fighting for meaningful reform.

But for all its focus on positive change, this book is also a reminder that meaningful gaps in life expectancy still exist, and that new threats loom on the horizon, as the COVID-19 pandemic has made clear. How do we avoid decreases in life expectancy as our public health systems face unprecedented challenges? What current technologies or interventions that could reduce the impact of future crises are we somehow ignoring?

A study in how meaningful change happens in society, Extra Life celebrates the enduring power of common goals and public resources, and the heroes of public health and medicine too often ignored in popular accounts of our history. This is the sweeping story of a revolution with immense public and personal consequences: the doubling of the human life span.

“Offers a useful reminder of the role of modern science in fundamentally transforming all of our lives.”

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U.S. Power Grid Needs Equivalent of Three New York Cities by 2030

_{PRESENTED BY MACABACUS}

Give a DAM About Rebuilding Decks

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Real Secret Behind Lasting Habits

Forming a habit might sound simple—pairing a cue with a response, like going to the gym right after work. But real life often complicates this idealized model of habit formation.

Your cue-response plan might work well until you go on vacation, the gym is closed, or you’re too tired. Real, lasting habit formation goes beyond this; it’s about problem-solving and skill development.

Instead of just relying on simple cues, think of habit-building as a series of problem-solving opportunities.

Each time you solve a small challenge, like finding an alternative when the gym is closed, you learn more about yourself and improve your strategies.

Lasting habits aren’t just single cue-response links—they’re flexible systems and strategies that adapt to life’s unpredictability. 

Successful habit formation is about setting goals, creating strategies, and continuously refining your actions as you deal with life's many obstacles.

Ultimately, building habits is less about conditioning and more about learning to master yourself.

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Short Squeez Picks

• How to develop continuous learners

• Warren Buffett on the public speaking secret for introverts

• How to fail the job interview by saying the quiet part out loud

• The importance of feeling respected and appreciated at work

• How to deal with a toxic employee when you’re a manager

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Memes of the Day