🍋 Gen Z Not Doing Well
Good Morning! Millions of Swifties (Taylor Swift fans) crashed Ticketmaster website trying to score tickets to her first tour in five years. Politicians used the crash to call on DOJ to break up Ticketmaster and Live Nation.
New York Fed Chief said she doesn’t think financial risks should shape the Fed’s decisions. In other words, JPow and squad really couldn’t care less where the stock market goes from here.
AirBnB CEO is listing a bedroom in his house to guests, and he says he’ll make you cookies if you stop by. And Musk is already sick of working investment bank-like hours after his Twitter takeover, and he says he’ll hire someone else to run the company full-time.
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1. Story of the Day: Gen Z Not Doing Well
Every generation thinks they have it the worst. But Gen-Z might have a point for why they’re down bad the most. A recent economic study found that, between the pandemic and looming recession, the so-called ‘TikTok generation’ might have had the most setbacks of any generation in decades.
Gen-Z doesn’t have the greatest reputation among older generations, who think they’re entitled and spend way too much time on their phones. But, to be fair, Gen-Z has had a bit of adversity. Many had to enroll in “Zoom University” in 2020 in lieu of normal high-school and college experiences.
Standardized test scores fell to record-low levels. But equally as important, some Gen-Zers lost valuable reps for building social and time management skills, both of which are vital for career success.
To make matters worse, recent and future graduates will have to job hunt amidst hiring freezes and a likely recession. Graduating during a recession has historically meant lower earnings for decades.
Anxiety levels for Gen-Zers are at all-time highs compared to other generations, and experts think social media is partially to blame. When scrolling through Instagram or TikTok, it’s easier than ever for young people to compare themselves to others, or even their perceived ideas of what society expects from them.
Many Gen-Zers feel pressure to get into a good “target” school and work for a handful of great companies lest they become destined for a mediocre career. That mindset isn’t necessarily indicative of the ‘real world,’ despite what social media might portray.
Takeaway: Gen-Z certainly got the end of the stick with both Covid and an economic slowdown. But it’s not all gloom and doom. Technology is a double-edged sword, but it also better equips Gen-Zers - if they use it as a tool. The truth is there’s no ‘golden ticket’ despite what the Wharton to Goldman to HBS bros would make it out to be. Some of the best companies have emerged from downturns, and, maybe we’ll see Gen-Z's innovation and prosperity in the coming decades.
2. Markets Rundown
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Stocks closed lower yesterday after the reported retail data.
Movers & Shakers
(+) Lowe's ($LOW) +3% because the retail company doesn't see inflation impacting its bottom line.
(–) Target ($TGT) -13% after the company saw a significant revenue drop and consumer spending slowdown.
(–) Carnival ($CCL) -14% because the cruise ship company will sell up to $1 billion of its debt.
DispatchHealth, an in-home medical care provider, raised $330 million
Contentstack, a content management system platform, raised $80 million
Attabotics, a robotic warehouse startup trying to take on Amazon, raised $71 million
BeZeroCarbon, a carbon offsets rating agency, raised $50 million
United Rentals, a Nevada-based equipment rental company, bought Ahern Rentals for $2 billion
Thomson Reuters bought SurePrep, a tax automation software, for $500 million
A Message from InvestorPlace: Top 11 Stocks for 2023
Investing legend Louis Navellier is one of America's top Money Managers, with over $1 billion under management.
He found Apple at $1.49… Oracle at $0.51… Amazon at $46.
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Now, Mr. Navellier has just updated his most anticipated report of the year: The Best 11 Stocks for 2023.
In this report, he's naming his #1 stock pick for 2023, and also reveals his other top 10 picks.
3. Top Reads
Elon Musk demands Twitter staff commit to long hours or leave (CNBC)
Wholesale price inflation is cooling, buoying markets (Axios)
EU competition chief thinks Musk’s paid Twitter verification is ‘completely flawed’ (CNBC)
How the philosophy of kaizen can help you make life changes (Big Think)
Toyota unveils new Prius hybrids amid skepticism of its EV strategy (CNBC)
Get ready to fork over 20% more for Thanksgiving dinner this year (CNN)
EV startups struggle to catch Tesla’s hype train (Fox)
5 passive income ideas to become rich (Darius)
Midterm elections are bullish even in a bear market (ZH)
4. Book of the Day: Human Hacking
Eroding social conventions, technology, and rapid economic change are making human beings more stressed and socially awkward and isolated than ever. We live in our own bubbles, reluctant to connect, and feeling increasingly powerless, insecure, and apprehensive when communicating with others.
A pioneer in the field of social engineering and a master hacker, Christopher Hadnagy specializes in understanding how malicious attackers exploit principles of human communication to access information and resources through manipulation and deceit.
Now, he shows you how to use social engineering as a force for good—to help you regain your confidence and control. Human Hacking provides tools that will help you establish rapport with strangers, use body language and verbal cues to your advantage, steer conversations and influence other’s decisions, and protect yourself from manipulators.
Ultimately, you’ll become far more self-aware about how you’re presenting yourself—and able to use it to improve your life.
Hadnagy includes lessons and interactive “missions”—exercises spread throughout the book to help you learn the skills, practice them, and master them. With Human Hacking, you’ll soon be winning friends, influencing people, and achieving your goals.
“A global security expert draws on psychological insights to help you master the art of social engineering.”
A Message from Olive Invest: It Feels Good to Have Options
There are over 80 million US adults with non-retirement brokerage accounts, but what to invest in has never been a more difficult question.
With stocks, bonds and crypto getting crushed, and volatility likely to be more frequent, options can help.
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5. Daily Visual: Biggest Golfing Nations
Countries with the most golf courses in the world
6. Daily Acumen
"History is driven by surprising events but forecasting is driven by obvious ones.
Pessimism always sounds smarter than optimism because optimism sounds like a sales pitch while pessimism sounds like someone trying to help you.
Every past decline looks like an opportunity and every future decline looks like a risk.
A comforting delusion is thinking that other people’s bad circumstances couldn’t also happen to you."
Source: Collab Fund
7. Crypto Corner
SBF tries to explain himself...
For SBF, incompetence could be a good legal strategy
FTX’s collapse leaves some employees sick with anger
Why FTX crash is eerily similar to Lehman Brothers
The U.S. may extradite SBF amid FTX collapse investigation
Steve Mnuchin says he passed on investing in FTX twice
8. Job Board
American Express - Senior Staff Engineer - New York, NY
Moonpay - International Tax Director - Miami, FL
Blockdaemon - Junior Accountant - Los Angeles, CA
PLAID - Chief Financial Officer - Norcross, GA
Google - Financial Analyst, News - New York, NY
Point Digital Finance - Financial Risk Lead - Palo Alto, CA
9. Memes of the Day
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