Good Morning! Profits are making a comeback this quarter - and no industry is better positioned than banks to capitalize on high interest rates. But it’s not feeling like 2021 for banks yet - they’re also expecting to write off billions in bad loans this quarter - the most in three years.

Birkenstock flopped in its IPO debut, with its stock plummeting 13%. KKR and Carlyle won’t take carried interest on their new private credit funds, a sign competition is heating up. And as for Goldman Sachs, they’ve finally managed to part ways with specialty lender GreenSky, but not without a steep loss.

_{SQUEEZ OF THE DAY}

Drilling for Dollars

It had been a minute since Wall Street investment bank analysts worked on a mega-merger.

But yesterday ExxonMobil dropped $59.5 billion to snatch up Pioneer National Resources, with the hopes of creating a shale giant.

Pioneer is a shale company. And by teaming up, Exxon’s hoping to tap one of the largest underdeveloped oil and gas inventories in the world (in Texas).

This year, American oil production hit a record of 13 million barrels a day. But, it seems like oil companies have hit a bit of a hiccup. They can't seem to find new drilling spots. And it looks like it's easier to "acquire" than to go out there and actually drill.

This is Exxon's biggest deal since they acquired Mobil back in 1999. They're about to combine Pioneer's 850k acres with Exxon's 570k, giving them a massive oil and gas stash.

And production? That's going to double to 1.3 million barrels a day.

There’s no doubt oil and gas companies need to innovate to survive. And the Exxon deal is telling - its rivals might also look for acquisitions to grow.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher but all eyes are on the Fed today.

Movers & Shakers

• (+) Coherent ($COHR) +5% after the semiconductor business received a $1B investment from 2 Japanese firms.

• (–) ExxonMobil ($XOM) -4% after its merger with Pioneer.

• (–) DaVita ($DVA) -17% because of Ozempic’s early success in kidney disease trials.

Private Dealmaking

• Agomab, a Belgian biotech, raised $100 million

• Pair Eyewear, a provider of customer eyewear, raised $75 million

• Shine, a nuclear fusion developer, raised $70 million

• Gutsy, a security governance startup, raised $51 million

• Inbound Health, an at-home nursing provider, raised $30 million

Get access to private deal flow here.

_{SPONSORED BY HEAR.COM}

The Ultimate Conversation Starter

Say hello to Horizon by hear.com. It’s the world’s first-ever hearing aid with dual processing, and it’s taking the U.S. by storm. Why?

It’s a game changer for anyone looking to hear more clearly in conversation.

It offers unparalleled speech clarity, even in the midst of background noise. You can also stream music, adjust settings via app, and enjoy ultra HD sound.

See why audiologists are raving about this powerful German technology and start your no-risk trial today.

_HEADLINES

Top Reads

• Abu Dhabi’s $1 trillion fund pushes deeper into private equity (BB)

• Tech Godfather says AI could rewrite code to escape control (CNBC)

• Israel’s venture capital community works through wartime (Axios)

• Private equity exits sink to one of lowest points in over a decade (WSJ)

• How to invest $1M for the next decade (CNBC)

• AMD to acquire AI startup in effort to catch Nvidia (Reuters)

• Private equity’s bet on fertility focuses on sector’s staffing shortages (WSJ)

• Oil’s ceiling is $100, despite Middle East war (YF)

• Private credit partygoers reach hard stuff (Reuters)

• Birkenstock has an advantage others in the 2023 IPO class don’t (YF)
  

_{BOOK OF THE DAY}

Ask Like An Auctioneer

When we ask, we aim low—asking for what we think we can reasonably get afraid of risking too much, and get nothing at all. The result? We leave money and opportunity on the table.

Communications coach Dia Bondi has helped thousands of women advocate for themselves by making big asks. In Ask Like an Auctioneer, she outlines a six-step framework that will help you strategically and confidently ask for more, maximizing the potential of every ask, every time.

A communications coach for two decades, Bondi works with top CEOs, VC-backed founders, innovators, and creatives to speak powerfully and elevate their impact.

After training as an auctioneer, Bondi translated the strategies she learned from the fundraising auctioneering stage into a program that helps women ask for more in their career and life.

“Dia Bondi undoes centuries of conditioning that told us to stay small and aim low. Her approach is simple and remarkably successful. This book will change lives.”

_{ENLIGHTENMENT}

Short Squeez Picks

• Stop obsessing about work all the time

• When to know it’s time to quit

• 3 ways you can buy happiness

• How to manage your energy and emotions to enjoy more productivity

• How to analyze stocks

_{DAILY VISUAL}

China’s Real Estate Woes

Real estate activity indicators in China

_{SPONSORED BY DOFOLLOW.COM}

Elevate your SEO Game

Are you struggling to climb the Google rankings? 

Want to see your website on the first page?  

Here’s why dofollow.com is the top choice for marketers:

🌟 Elite DR90+ Websites: Secure backlinks from industry leaders like HubSpot, BigCommerce, Canva, Envato, Business Insider, and many more.

📈 Transparent Pricing: Pay only for tangible results. Zero hidden charges.

🚀 Amplify Your Reach: Boost visibility, attract more visitors, and expand your brand's horizon.

Experience unparalleled SEO growth with dofollow.com.

_{DAILY ACUMEN}

Worst-Case Scenario

Ever had your brain hijacked by thoughts of impending doom? Whether you're behind the wheel, about to face your colleagues, or puzzling over your significant other's sudden aloofness, we've all taken a detour down Catastrophizing Lane. It's like envisioning a meteor strike every time you hear thunder.

In psychological terms, this gloomy thinking is known as 'catastrophizing' or 'awfulizing'—it's when you treat every small bump in the road like a catastrophic crash landing.

Now, you might be thinking, "What's the big deal?" Well, these mental gymnastics can turn your life into an emotional rollercoaster, and not the fun kind.

So, here's the game plan:

Identify when you're in 'worst-case mode.' It's like catching a gremlin in action; you've got to spot it first.

Dispute those thoughts. Question the accuracy, usefulness, and logic of your worst-case scenarios. Spoiler alert: they're usually all dressed up with nowhere to go.

Swap those thoughts with more rational ones. Instead of "I'm going to crash," try "A collision is unlikely, but if it happens, I can handle it." See, doesn't that feel better?

Imagine the dreaded scenario. Play it out in your mind like a movie. What would really happen? Turns out, your brain loves to add a dash of Hollywood drama to the mundane.

Remember, you're not alone in this. Most of us take a spin on the catastrophic thought carousel at some point. But with practice, patience, and a little imagination, you can become the master of your own mental movie studio, turning those horror films into heartwarming comedies.

_{JOB BOARD}

Featured Jobs

• DoorDash - Associate, Finance & Strategy - New York, NY

• NYC Economic Development Corporation - Senior Associate - New York, NY

_{MEME-A-PALOOZA}

Memes of the Day