"Don't manage by the numbers. Managing by the numbers is sort of like cooking by the recipe — it doesn't guarantee success." — Jamie Dimon
Good Morning! UBS strategists feel bullish on rate cuts - they see a total of 275 basis points of easing (starting in March). But the rest of Wall Street is divided over just how aggressive the Fed’s cutting will be.
Goldman isn't the only major Wall Street bank struggling in 2023 - Morgan Stanley is also hurting with disappointing investment banking earnings, investor concerns, and regulatory headaches.
A new report found that 100% of buyers now shop for homes online. And an FTX employee recruited by SBF is suing to get the rest of his 2022 bonus for $275k.
If you’re interested in getting in front of an audience of 500,000 smart and young business leaders, bankers, investment professionals and policy influencers, then fill out this form. We’ll be in touch.
SQUEEZ OF THE DAY
FDIC’s Toxic Party Culture
Why does it always seem like it’s the most boring companies/agencies that are filled with the most degenerates?
Enter the Federal Deposit Insurance Corp. The agency insures and regulates America’s top banks. Yesterday, a whistleblower complaint broke revealing that the agency’s employees have been playing real-life Wolf of Wall Street.
It’s a male-dominated agency, and they apparently love going to strip clubs and drinking until they black out.
The FDIC has a hotel outside Washington where employees stay during training and it turns out, it’s rowdy every single night. Employees routinely puke in elevators and urinate off the roof after nights of heavy drinking. One Instagram account asked “If you haven’t puked off the roof, were you ever really [an employee at FDIC]?”
Now a number of female employees have had enough and are alleging misogyny and harassment. One employee says she was followed to her hotel room, received lewd photographs, and was even invited to a strip club by her boss.
Drinking on the job sounds pretty common, too. Many women say they were passed over for top assignments - and then penalized in performance reviews for not having led any top assignments.
Takeaway: Any time you see FDIC in the headlines - you know trouble is brewing. It either means two things: 1) a bank failed or 2) its employees are absolutely wylin’. But it goes to show - you never really know how bad a company’s culture can be, and it just takes one person to speak up.
Stocks took a pause ahead of key inflation data.
(+) Boeing ($BA) +4% after Emirates placed a $52 billion order.
(+) Tesla ($TSLA) +4% because of updates to the Cybertruck policy (owners can’t sell during 1st year).
(–) Celsius ($CELH) -6% even after an upgrade by Jefferies.
Ajinomoto bought Forge Biologics, a gene therapy startup, for $620 million
Divergent Technologies, a manufacturing software company, raised $230 million
Volvo Group bought the battery unit of Proterra for $210 million
Foresight Ventures bought The Block, a crypto media company, for $60 million
Otovo, a solar and battery storage marketplace, raised $49 million
Spark Car Wash, a tech-enabled car wash operator, raised $30 million
For more PE & VC deals, subscribe to Buysiders.
SPONSORED BY ECKARD
Eckard Helps Investors Build And Protect Wealth
Looking to generate passive income where you can get 16%+ or better returns?
Eckard presents an investment avenue that turns traditional real estate on its head!
Invest in Mineral Rights:
Own the Hidden Treasure: Mineral rights grant you exclusive ownership of subsurface minerals. It's like real estate, but underground.
Consistent Passive Royalties: Once onboard, you receive monthly passive royalties of 16%+.
Eckard's Expertise: Rest easy knowing Eckard manages everything, allowing you to reap the rewards. Their state-of-the-art app ensures you have complete visibility, transparency, and access to your investments, anytime, anywhere.
Ready to Revolutionize Your Investment Strategy?
Fill out this form and step into the future of passive income with Eckard.
Should your ex-boss have a say in your new job? Wall Street thinks so (NYT)
California startup diversity law might touch private equity, growth investors (WSJ)
Goldman says investors are too worried about profit outlook (BB)
Moody’s warning on U.S. debt burden has turned into a nonevent (CNBC)
$2.5 trillion of private equity dry powder visualized (VC)
Tesla’s drive-in restaurant is finally taking shape (Axios)
Goldman forecasts higher returns on commodities (Reuters)
Pfizer enters the weight loss drug market (CNBC)
Why stocks can dodge a bear market in 2024 (WSJ)
Senators propose China disclosure rule for private equity (Axios)
BOOK OF THE DAY
How does he get away with it? That question, more than any other, vexes observers of and participants in the American criminal justice process. How do powerful people weaponize their wealth, political power, and fame to beat the system? And how can prosecutors fight back?
In Untouchable, Elie Honig exposes how the rich and powerful use the system to their own benefit, revealing how notorious figures like Jeffrey Epstein, Harvey Weinstein, and Bill Cosby successfully eluded justice for decades.
He makes clear how countless CEOs and titans of Wall Street have been let off the hook, receiving financial penalties without suffering criminal consequences. This doesn’t happen by accident.
In this vital, incisive book, Honig explains how the system allows the powerful to become untouchable, takes us inside their heads, and offers solutions for making the system more honest and fairer, ensuring true justice for all—holding everyone, no matter their status, accountable for their criminal misdeeds.
“Written with all the color and pacing of a legal thriller.”
Short Squeez Picks
Projected GDP Growth Rate
SPONSORED BY DOFOLLOW
🚀 Boost Your B2B SaaS Website's Client Outreach
Transform your website into a magnet for potential clients with dofollow.com. We elevate your online presence on search engines like Google, making you visible even if SEO isn’t your forte.
Quality Traffic: Gain traction from reputable sites that boost your standing on Google.
Performance-Based Pricing: Pay only for the tangible results achieved. No hidden costs.
Link Stability Guarantee: Rest easy knowing your site’s connectivity remains intact.
Success Chronicles: "The results with dofollow.com have been incredible. From organic traffic, we went from booking zero demos a month to now over 50 a month" – NectarHR
Secure your free exploration call today.
5-Minute To-Do List
Here's a nifty productivity hack for you: create a 5-Minute To-Do List. This mini-list should live on your desk and exclusively feature tasks that can be completed in 5 minutes or less. It's like having a pocket-sized productivity booster for those short breaks or transition periods between bigger projects.
The concept is simple, yet surprisingly effective. This list is a constant reminder of small actions that contribute to your sense of accomplishment and larger goal progress. But it's not just about the satisfaction of ticking off tasks; it offers some practical benefits:
First, it helps clear mental space. The mental load of remembering small tasks can weigh you down and hamper your focus. Clearing them quickly makes room for more significant cognitive efforts.
Second, it builds momentum. Completing a few quick tasks can serve as a warm-up for tackling more complex projects, creating a sense of accomplishment that propels you forward.
Third, it optimizes transition moments. Those in-between times are often wasted, but spending them on your 5-Minute To-Do List can make your day feel more productive without adding stress.
However, a word of caution: this list is a supplement, not a replacement for your primary task management system. Don't get caught up in doing only small tasks—prioritizing important ones is still key. After all, quality beats quantity.
In conclusion, the 5-Minute To-Do List is a handy tool to make the most of short, free moments without losing sight of your bigger goals.
It complements your main task management strategy and helps you tackle those nagging little things that always seem to pile up. So, keep your focus on the main game, but keep this little helper nearby for those moments of transition.
Memes of the Day