🍋 The Crying CEO

Together With

"Everyone told me it was a really stupid idea to start my own hedge fund right out of business school. That’s how I knew that it was a good idea." — Bill Ackman

Good Morning! Disney+ is hopping on the inflation train and is increasing its subscription plan price by 38%. (Don't worry there will also be a cheaper version of the service with ads). Streaming at Apple is getting a makeover too, their podcast group is looking to make more original content and signed an agreement with a Pulitzer Prize-winning studio.

You may be able to listen to a financial crimes podcast about JPMorgan gold traders, as two were recently found guilty after a long price manipulation trial. Gold as an inflation hedge may not have been necessary, as the the CPI print yesterday of 8.5% shows inflation was down last month after a high in June. Nasdaq officially entered a bull market on the news (rose 2.9% a rise of more than 20% from its low in mid-June).

With countries across the globe facing record temperatures this summer, it’s going to take all of us to end the climate crisis. Wren makes it easy for y'all to make a difference, no matter how small by e.g. planting trees. Check them out today.

1. Story of the Day: The Crying CEO

Have you been affected by the recent rounds of layoffs spreading across the country? I'm sorry to hear that. Would it help if your ex-CEO felt really bad, and even cried about it? If that's not enough, what if he posted a picture of himself crying on LinkedIn, to prove how awful his situation was?

If you said no, none of that would help, I didn't think so. Braden Wallake, CEO of HyperSocial, did it anyway though. The Columbus, Ohio-based marketing agency's leader wrote a post on Tuesday that went viral, and led to him dubbing himself "the crying CEO."

The layoffs were apparently the "hardest thing" he's ever had to do. Wallake said, "Days like today, I wish I was a business owner that was only money driven and didn't care about who he hurt along the way. But I'm not." Awww... A CEO who cares! Or is it all just a big PR stunt, like companies' annual April Fools posts, or any drama on "Keeping Up with the Kardashians."

In response to the haters, Wallake said "There's been a lot of backlash, but there's also been a lot of support. What no one sees is all the direct messages this has started, of CEOs reaching out saying they are in a similar place. And that to me is what matters."

Short Squeez Takeaway: A marketing agency CEO pulling off one of the oldest tricks in the book – make the content so cringe that it goes viral. I guess he is really good at the marketing part of his job, not so much at the people management aspect. But now both you and I know who Braden Wallake is so I guess it's Braden 1 - 0 His Haterz. He also wrote a follow-up post to help those laid off to find a job. He might not be that bad after all.

2. Markets Rundown

CPI's print of 8.5% vs the 8.7% expected was a boon for all markets, as the headwind on all parts of the economy seems to be taking a breather from running full steam ahead.

Movers & Shakers

  • (+) Coinbase ($COIN) +7% coinciding with a move up in Bitcoin driven by the CPI drop.

  • (+) Trade Desk ($TTD) +36% thanks to an upbeat forecast and revenue beats for Q2.

  • (–) Wendy's ($WEN) -2% after a revenue miss when reporting Q2 numbers.

Private Dealmaking

  • AppLovin offers to buy video game software maker Unity in $17.5 billion deal

  • Signet Jewelers to acquire Blue Nile for $360 million in cash

  • Column, a public notice publisher, raises $30 million 

  • CreatorDAO, a web3 startup, raises $20 million

  • Betr, Jake Paul backed sports-gambling and media venture, raises $50 million

  • Deserv, a wealth management startup, raised $21 million

3. Top Reads

  • SEC to propose new rule boosting private equity, hedge fund leverage disclosures (YF)

  • Deflation is coming for e-commerce (Axios)

  • Half of Gen Z see no point in saving until things return to normal (CNBC)

  • 10 worst airports for flight cancellations (BB)

  • Why one analyst believes Amazon and Apple could destroy the streaming business (YF)

  • Inflation seen cooling in July but remaining near record high (Fox)

  • Rude awakening for bankruptcies Elon Musk warned about hasn’t happened yet (YF)

  • Falling gas prices push July inflation to zero (Axios)

  • Why Chipotle would rather be loved by customers than feared by competitors (CNBC)

A Message from Wren: Tackle Climate Change

With countries across the globe facing record temperatures this summer, it’s going to take all of us to end the climate crisis.

Wren is a start-up tackling climate change and makes it easy for y’all to make a meaningful difference, no matter how small.

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You’ll receive monthly updates about the tree planting, rainforest protection, and carbon removal projects you’re funding. You can even see the exact coordinates of the trees you planted!

Sign up today on wren.co/SS10, and they’ll plant 10 extra trees in your name!

4. Book of the Day: Breaking The Age Code

Yale professor and leading expert on the psychology of successful aging, Dr. Becca Levy, draws on her ground-breaking research to show how age beliefs can be improved so they benefit all aspects of the aging process, including the way genes operate and the extension of life expectancy by 7.5 years.

The often-surprising results of Levy’s science offer stunning revelations about the mind-body connection. She demonstrates that many health problems formerly considered to be entirely due to the aging process, such as memory loss, hearing decline, and cardiovascular events, are instead influenced by the negative age beliefs that dominate in the US and other ageist countries.

It’s time for all of us to rethink aging and Breaking the Age Code shows us how to do just that. Based on her innovative research, stories that range from pop culture to the corporate boardroom, and her own life, Levy shows how age beliefs shape all aspects of our lives. She also presents a variety of fascinating people who have benefited from positive age beliefs as well as an entire town that has flourished with these beliefs.

Breaking the Age Code is a landmark work, presenting not only easy-to-follow techniques for improving age beliefs so they can contribute to successful aging, but also a blueprint to reduce structural ageism for lasting change and an age-just society.

“Constant messages that associate advancing age with decline and depression create a self-fulfilling prophecy.”

5. Short Squeez Picks

  • 15 mindshift changes to help you become a multi-millionaire 

  • How Detroit moved on from its legendary bankruptcy 

  • James Patterson’s storytelling tips for leaders

  • Easy way to understand blockchains and why Defi matters 

A Message from Yieldstreet: Diversify Your Portfolio

Get access to alternative investments once only reserved for the 1%. Yieldstreet offers private market investments across real estate, private credit, art, crypto, and more — start with $500 minimum.

6. Daily Visual: Cooling Inflation

Year-over-year change; Monthly, July 2012 to July 2022

Source: Axios

7. Daily Acumen: Beliefs

About once a decade people forget that bubbles form and burst about once a decade.

The best way to deal with uncertainty without hiding in a bunker is to save like a pessimist and invest like an optimist.

With the right incentives, people can be led to believe and defend almost anything.

Expectations move slower than reality on the ground, so a lot of frustration comes from clinging to the trends of past eras.

Most people can afford to not be a great investor but they can’t afford to be a bad one.

Beliefs that haven’t changed in 20 years are as suspect as beliefs that changed overnight.

Source: Collaborative Fund

8. Crypto Corner

  • Crypto criminals laundered $540 million using a service called RenBridge

  • Tom Brady’s NFT’s massive drop in value

  • Crypto is making a comeback 

  • How Coinbase Global’s second quarter reflects crypto slowdown 

  • Iran begins to pay for import order with crypto 

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Read last week's deep dive on the Buy Now Pay Later industry here.

9. Memes of the Day





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