“People do not decide their futures, they decide their habits and their habits decide their futures." — F.M. Alexander
Good Morning! Korean Air says they'll start weighing passengers - but it's not for the reason you think. They say they're taking the average passenger weight for "safety" reasons (yeah, right) - but here’s to hoping all airlines come through with wider seats. Blue-collar wages are outpacing white-collar growth as richcession concerns become real. And NYC banks and landlords are in some hot water over unwanted brushes with the underground cannabis market.
Bed Bath & Beyond shareholders are stuck with worthless stock as bankruptcy looms. The escalating US-China feud could jack up your next iPhone’s price tag. More Americans are ditching home insurance over soaring premiums. And Goldman unloaded its $240 billion RIA wealth-advisory arm to United Capital.
SQUEEZ OF THE DAY
Yesterday, OpenAI dropped its biggest bombshell since ChatGPT’s release - the company is launching ChatGPT Enterprise for businesses. They’ll roll out a chatbot business tier, and it’s already available.
It took OpenAI less than a year to develop Enterprise, and they wrapped up a beta tier that included 20 companies such as Block, Canva, and Estée Lauder.
OpenAI says more than 80% of Fortune 500 companies are already using ChatGPT in some fashion - but the latest Enterprise model comes with enhancements and the latest chatbot iteration (GPT-4).
So Enterprise will help users write emails, debug compute code, and perform many of the same tasks as ChatGPT. But the selling point? Enhanced privacy and data analysis capabilities - which alleviates some of the concerns firms have (some have warned employees not to use chatbots over privacy concerns). And the enhanced performance options won't hurt, either.
Takeaway: We all knew it was only a matter of time before big-time companies start formally using AI. And we’re betting Enterprise could be a game-changer. So many firms already have existing partnerships with Microsoft (how else would bankers become Excel monkeys?) and we could see Enterprise lumped into existing deals.
Stocks closed higher as industrials surged on 3M rally.
(+) Mister Car Wash ($MCW) +6% after an upgrade by Piper Sandler.
(+) Boston Scientific ($BSX) +6% after positive data over its heart-condition treatment.
(–) AMC Entertainment ($AMC) -11% ahead of its conversion with $APE.
BYD, an automaker, bought Jabil's mobility business for $2.2 billion
KSL Capital Partners bought luxury hotel owner Hersha Hospitality Trust for $1.4 billion
LemFi, a fintech startup, raised $33 million
Deepset.ai, a German enterprise platform, raised $30 million
Endowus, a wealth management startup, raised $25.6 million
Socket, a software security startup, raised $20 million
Get access to private deal flow here.
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Tech IPOs are coming back - now they have to perform (CNBC)
3M’s $5.5B settlement is a win for investors (BB)
The recent surge in rates isn’t hitting corporate markets (Axios)
Private equity firms try unusual ways to get deals done (BB)
66% of Americans want extended European-style vacation policies (CNBC)
You’ve heard of quiet quitting, now companies are quiet cutting (WSJ)
China Evergrande shares plunge as trading resumes after 17 months (CNBC)
Nvidia stock surge faces not-so-subtle risk from China (YF)
The army of workers in 'digital sweatshops' behind the AI boom (WP)
US fines American Airlines for excessive tarmac delays (Reuters)
BOOK OF THE DAY
Right Kind of Wrong
We used to think of failure as the opposite of success. Now, we’re often torn between two “failure cultures”: one that says to avoid failure at all costs, the other that says fail fast, fail often. The trouble is that both approaches lack the crucial distinctions to help us separate good failure from bad. As a result, we miss the opportunity to fail well.
After decades of award-winning research, Amy Edmondson is here to upend our understanding of failure and make it work for us. In Right Kind of Wrong, Edmondson provides the framework to think, discuss, and practice failure wisely. Outlining the three archetypes of failure—basic, complex, and intelligent—Amy showcases how to minimize unproductive failure while maximizing what we gain from flubs of all stripes.
She illustrates how we and our organizations can embrace our human fallibility, learn exactly when failure is our friend, and prevent most of it when it is not. This is the key to pursuing smart risks and preventing avoidable harm.
With vivid, real-life stories from business, pop culture, history, and more, Edmondson gives us specifically tailored practices, skills, and mindsets to help us replace shame and blame with curiosity, vulnerability, and personal growth. You’ll never look at failure the same way again.
“A revolutionary guide that will transform your relationship with failure.”
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US labor force participation rate compared to January 2020 CBO projection
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Overthinking or "rumination" is something many people struggle with, leading to emotional distress and unproductive cycles. While it's tempting to use distraction or self-reassurance as coping mechanisms, they often prove to be ineffective long-term solutions.
Mindfulness emerges as a more sustainable approach. Instead of trying to push thoughts away, the practice involves acknowledging them and letting them pass.
What's more, mindfulness isn't just about meditation; it's a shift in perspective that can be applied whenever thoughts start to spiral. Adopting a mindful approach means realizing that thoughts are not facts; they're just thoughts. Acknowledging them without judgment prevents the emotional churn that often follows a bout of overthinking.
Breaking free from the grip of rumination involves a paradigm shift, questioning the automatic belief that thoughts hold inherent truth. The next time you catch yourself in a loop of overthinking, ask questions like: Are these thoughts helpful? Do they change the outcome? Do I need to respond to them right now? This reflection helps not just to understand your thought patterns but to reframe them in a more constructive way.
While the shift from overthinking to mindful thinking isn't simple, it can be incredibly liberating. Understanding that thoughts are mere messages from the brain—neither automatically true nor false—can be a game-changer.
Memes of the Day