🍋 Generation Zapped

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Good Morning! You heard it here first - legendary distressed hedge fund investor and former owner of the Milwaukee Bucks Marc Lasry thinks pickleball offers a better investment return than the NBA. And speaking of returns, UBS is down bad right now from its Credit Suisse acquisition, announcing a $17 billion hit to its bottom line yesterday. 

Investors are feeling bullish that the U.S. government will hash out a debt ceiling resolution. And Taco Bell is in a copyright fight with a smaller fast food chain over the ‘Taco Tuesday’ trademark.

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1. Story of the Day: Generation Zapped

It turns out Gen-Z and Millennials do value work-life balance, after all. They're just really bad at it.

Despite what you might think from 8th graders who scour Wall Street Oasis looking to get an investment banking job, study after study has found that younger generations are less impressed with titles and big salaries than their parents’ generations. Gen-Z and Millennials have, on average, expressed a desire to take less money for a better work-life balance.

But at the same time, there’s a little bit of disconnect. Younger professionals are basing their identities and self-worth on their career success more than any other generation.

They say the pandemic and recession have ushered in a new ‘hustle culture’. And with high costs of living, many young professionals think their financial and life goals could be unattainable if they’re not constantly grinding.

Takeaway: Turns out there’s a big difference between wanting work-life balance and knowing how to obtain it. Gen-Z is coming into the workplace with high ideals, but the hard part is figuring out how to execute them.

2. Markets Rundown

Stocks closed higher after positive news about a debt ceiling resolution.

Movers & Shakers

• (+) Western Alliance ($WAL) +10% after the bank says its deposits are growing.

• (+) Tesla ($TSLA) +4% after the company's annual shareholder meeting.

• (–) Kyndryl ($KD) -13% after the company revised its annual guidance.

Private Dealmaking

• Ripple bought Metaco, a Swiss-based crypto custodian, for $250 million 

• Gradiant, a wastewater treatment company, raised $225 million 

• Zip, an employee spending management startup, raised $100 million 

• Auradine, a web3 infrastructure startup, raised $81 million 

• WeFox, a German digital insurer, raised $55 million 

• OpenEnvoy, a payments automation startup, raised $15 million

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3. Top Reads

• Bankruptcy blitz highlights the end of the easy-money era (Axios)

• Target expects organized retail crime-fueled losses to jump by $500M this year (CNBC)

• Don’t swing at the yield curve (WSJ)

• WeWork CEO stepping down to join private equity firm (CO)

• 9 questions about the debt ceiling answered (Vox)

• Senators blame regional bank failures on excessive CEO pay (CNN)

• The markets still don’t believe the Fed (Axios)

• Elizabeth Holmes loses bid to avoid prison (CNN)

• Charting the rise of America’s debt ceiling (VC)

• Businesses are in for a mighty debt hangover (YF)

4. Book of the Day: The Power of Money

Money permeates our everyday lives—it literally makes the economic world go round—and yet confusion and controversy about money abound.

In The Power of Money, economist Paul Sheard distills what money is, how it comes into existence, and how it interacts with the real economy.

Money issues dominate the news, but economic jargon and the complexity of it all can be bamboozling. Leading economist Paul Sheard is known for his ability to see the forest and the trees and demystify complex economic phenomena.

Financial enthusiasts and non-specialists alike will be surprised by the answers to these questions.

The Power of Money provides a comprehensive foundation of knowledge to help you feel better informed and more confident as you follow and engage in economic and financial affairs and policy debates.

“Money makes the world go ‘round.”

5. Short Squeez Picks

• Daloopa is giving Short Squeez readers access to ten financial models (any public company) if you sign up for a free account on their website

• 10 traits people with confident personalities have in common

• Should couples combine finances or keep separate accounts?

• 3 CEOs on how to succeed at work

• NYC is sinking under the weight of its buildings

• How people with high emotional intelligence become successful

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6. Daily Visual: The Markets (Still) Don’t Believe the Fed

Probabilities of Fed funds rate at year-end

_{Source: Axios}

7. Daily Acumen

The Eisenhower Matrix, also known as the Urgent-Important Matrix, is a productivity tool that helps prioritize tasks and manage time effectively. It categorizes tasks into four quadrants based on their urgency and importance:

Quadrant 1: Urgent and Important - Tasks that require immediate attention and have significant consequences. These tasks should be addressed as a top priority.

Quadrant 2: Important but Not Urgent - Tasks that are important for long-term goals, personal growth, and proactive planning. These tasks should be prioritized to prevent them from becoming urgent in the future.

Quadrant 3: Urgent but Not Important - Tasks that are urgent but do not contribute significantly to your goals or values. These tasks should be minimized or delegated whenever possible.

Quadrant 4: Not Urgent and Not Important - Tasks that are time-wasters or distractions. These tasks should be avoided or eliminated altogether.

By using the Eisenhower Matrix, you can focus on tasks that truly matter, reduce stress, and increase productivity by allocating your time and energy efficiently.

8. Memes of the Day

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