🍋 Gen-Z's Job Hop

Does Gen-Z's job hop make sense, plus Goldman predicts first Fed rate cut in Q2 2024, and Elon Musk solving population crisis.

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"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later." — Harold S. Geneen

Good Morning! While the Zuck vs Musk fight hangs in the balance, Elon Musk is focusing on putting his money where his mouth is and solving the population crisis - he reportedly donated $10 million for the University of Texas to study fertility and population. Elon also reportedly studied French Emperor Napoleon Bonaparte for leadership tips, according to Walter Isaacson who is releasing his Elon biography on September 12th.

China’s property woes are triggering an economy-wide alarm. But there’s a glimmer of hope for the U.S. - Goldman is predicting the first Fed’s rate cut in Q2 2024. And Dunkin’ is shaking it up by releasing a boozy twist on its most popular iced coffees and teas.

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Gen-Z’s Job Hop

Gen-Z is entering the workforce - and investment banking analyst stints. And you might realize why their managers think their attitudes towards some taboos are a little different. And it’s not just towards Zyn - it’s job hopping, too.

We’ve known that younger generations like to job hop for a while. But we found out just how bad it got last year - 22.3% of workers in their 20s spent less than a year at their jobs in 2022. Making matters worse, 74% of 18 to 26-year-olds and 62% of 27 to 42-year-olds were actively seeking new job opportunities or had plans to do so within the next six months.

Younger generations see job hopping as a strategic means to advance their skills and increase their income early in their careers. They can move up the corporate ladder fast, and often get 15-20% pay bumps in the process.

In some industries, the high-turnover is a way of life. Take finance for example, an analyst bullpen can look entirely different within a year, as most investment banking analysts expect to leave for greener pastures within a couple of years.

But managers aren’t as enthusiastic about the trend. 77% of hiring managers named job hopping as their number one red flag when evaluating a candidate's resume.

Takeaway: There’s always a trade-off between building a network/skills at your current job, or taking a 15-20% raise and/or a promotion at a different company. But sometimes, the intangibles of sticking it out at your current firm can more than make up for a negligible pay bump. Turns out the grass is not always greener on the other side.


Markets Rundown

Stocks closed higher as tech stocks led a comeback.

Movers & Shakers

  • (+) Nvidia ($NVDA) +7% after Morgan Stanley reiterated its bullish outlook.

  • (–) Hawaiian Electric ($HE) -34% over potential liability risk from Maui wildfires.

  • (–) AMC Entertainment ($AMC) -36% after court approved the conversion of APE units.

Private Dealmaking

  • Bain Capital bought Chindata Group, a data center operator, for $3.16 billion

  • Antrophic, an AI research firm, raised $100 million

  • Credgenics, a debt collections software startup, raised $50 million

  • Wint, a water management startup, raised $35 million

  • Cyble, a cyber threat intelligence platform, raised $24 million

  • Pano AI, a wildfire detection startup, raised $20 million

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Top Reads

  • Goldman says Fed rate cuts could come in May 2024 (YF)

  • The scary math behind the world’s safest assets (WSJ)

  • Apple Watch X coming next year with blood pressure tracking (CNBC)

  • Young adults are more reliant on credit cards than ever (YF)

  • Corporate America is rebranding ESG (Axios)

  • Lloyd Blankfein ‘can’t imagine’ returning to Goldman (CNBC)

  • UBS to pay $1.44B in mortgage-backed securities settlement (YF)

  • Russian Ruble slumps near 17-month low (CNBC)

  • Tech stocks have a yield problem (YF)

  • 3 ways Covid changed the restaurant industry (CNN)

  • Post-SVB crisis, the private credit market is poised to grow even more (Axios)



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Short Squeez Picks

  • Hack your motivational flow

  • How to develop discipline as a mindset

  • How building a winning mindset unlocks your public speaking potential

  • Transitioning from a people pleaser to an assertive leader

  • 10 best mindset books for personal growth


Debt Markets Keep Growing

North American private debt assets under management

Source: Axios


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