🍋 Concerts are So Back

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Good Morning! Turns out it’s still anyone’s guess where the economy is going the rest of the year. The U.S. added thousands of jobs in April, but the job market isn’t the only thing in flux. The Wall Street Journal says investors are trying to play both offense and defense as they balance FOMO and playing it safe.

Google is trying to take a page out of TikTok’s playbook algorithm and make search more tailored to user’s specific interests and preferences. Virgin Galactic is still all-in on space tourism. And some luxury apartments in New York City are building beaches to woo renters in their latest draw.

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1. Story of the Day: Concert Cash Flow

It seems like Americans all have one thing in common in 2023 - the willingness to shell out thousands of dollars for concerts. As artists start making tours again after Covid lockdowns, the demand for concerts has skyrocketed, setting the stage for a summer like no other.

The numbers don't lie: concert attendance soared by a staggering 24% last year compared to its pre-pandemic highs 2019. And experts expect 2023 to set even more records. Fans are seizing the chance to experience live music once again, and artists are struggling to keep up with the deluge of ticket requests.

But this insatiable hunger for live music has come with a price tag. Supply chain disruptions and inflation have made it more expensive for performers to put on shows. But the real shocker comes when you look at the resale market. Resale ticket prices have more than doubled since 2019, and fans of sold-out artists like Taylor Swift and Bruce Springsteen are willing to shell out thousands of dollars for tickets on the resale market.

Not only are more people attending concerts than ever before, but they're also spending more money on food, drinks, and merchandise once they're there. Consumers are going all-in on spending on the experience, and so far that’s been a surprise to many in the entertainment industry.

Takeaway: The concert market can help us understand the rest of the economy too. Concert-goers still have some cash saved up from Covid lockdowns, and we’re still in a period of relatively low unemployment. Consumers might have to sacrifice expensive concert experiences if the job market eventually cools. In any case, excuse me while I go buy my Brooklyn Mirage tickets.

2. Markets Rundown

Stocks rallied to close the week on Apple’s earnings and the jobs report.

Movers & Shakers

• (+) Coinbase ($COIN) +18% after the company announced Q1 earnings.

• (+) DraftKings ($DKNG) +15% after the company's earnings exceeded analyst expectations.

• (–) Lyft ($LYFT) -19% on weak Q2 guidance.

Private Dealmaking

• Apollo Global bought Arconic, an aluminum parts maker, for $5.2 billion

• Oak Hill Capital invested $150 million in Lit Communities

• Magenta Medical, an 11-year-old Israeli company that develops heart pumps, raised $55 million

• MayMaan Research, a water-ethanol fuel developer, raised $30 million

• Orbit Fab, a satellite refueling service provider, raised $28.5 million

• Katmai, a video conferencing startup, raised $22 million

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3. Top Reads

• Buffett’s warning on the banking crisis (Axios)

• Tech workers aren’t as rich as they used to be (WSJ)

• How inflation changed priorities after Covid (Axios)

• What does productivity mean? Bosses aren’t sure (Vox)

• Even $500 million a year from Google isn’t enough to save Firefox (BB)

• How non-compete clauses cost Americans $300 billion a year (CNBC)

• Liz Holmes wants you to forget about Elizabeth (NYT)

• How U.S. airlines make $7 billion a year from checked bags (CNBC)

• Will Wall Street ‘sell in May and go away’ in 2023? (Fox)

• Buffett says Apple is Berkshire’s portfolio’s best business (Reuters)

4. Book of the Day: The E-Myth Revisited

Voted #1 business book by Inc. 500 CEOs.

An instant classic, this revised and updated edition of the phenomenal bestseller dispels the myths about starting your own business.

Small business consultant and author Michael E. Gerber, with sharp insight gained from years of experience, points out how common assumptions, expectations, and even technical expertise can get in the way of running a successful business.

Gerber walks you through the steps in the life of a business—from entrepreneurial infancy through adolescent growing pains to the mature entrepreneurial perspective: the guiding light of all businesses that succeed—and shows how to apply the lessons of franchising to any business, whether or not it is a franchise.

Most importantly, Gerber draws the vital, often overlooked distinction between working on your business and working in your business.

The E-Myth Revisited will help you grow your business in a productive, assured way.

“The difference between great people and everyone else is that great people create their lives actively, while everyone else is created by their lives, passively waiting to see where life takes them next. The difference between the two is living fully and just existing.”

5. Short Squeez Picks

• Why toxic ambiguity is a silent killer

• The best AI-powered apps

• Top 10 digital nomad lessons

• How to apologize to a client when something goes wrong

• How to become a super schmoozer

• The best Mother’s Day gifts in 2023

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6. Daily Visual: Inside April’s Job Gains

Change in jobs for select categories; April 2022 to April 2023

_{Source: Axios}

7. Daily Acumen

Emotional support is a crucial component of healthy relationships, but it's often overlooked or undervalued. Both partners benefit from feeling seen, heard, and valued in the relationship, but achieving this requires effort and commitment from both sides.

Emotional support can take many forms, such as active listening, empathy, validation, and offering practical help and solutions. It's not just about saying the right words, but also about following through and showing up for your partner in meaningful ways.

Creating a safe and non-judgmental space for emotional expression is essential for building trust and intimacy in relationships. Both partners should feel comfortable sharing their emotions and vulnerabilities without fear of being judged or dismissed.

The benefits of emotional support are significant for both partners, including improved mental health and well-being. It requires time and effort to build emotional intimacy and trust, but the rewards are a stronger and more fulfilling connection between partners.

Prioritizing emotional support in relationships requires active effort and communication from both partners. Creating a safe and supportive environment for emotional expression can lead to a stronger and more fulfilling partnership.

8. Memes of the Day

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