🍋 Goldman CEO Gives Up DJing

David Solomon is giving up DJing, plus why nobody wants to hire MBA students.

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“An entrepreneur tends to bite off a little more than he can chew hoping he’ll quickly learn how to chew it.” — Roy Ash

Good Morning! If you’re an investment banking analyst and want nothing to do with your MBA associate - you’re not the only one. Top business schools like Northwestern, Columbia, and Yale say their MBA candidates aren’t getting job offers in the current market. The salad chain Sweetgreen is hiring kale-shooting robots to speed up service - but chances are you’ll still have to wait in line for an hour if you work in Midtown.

Goldman finally wants out of the consumer lending business - and its employees say it can’t happen fast enough. In a rough M&A market, sports have become one of the safest bets. And SBF is fiending for Adderall and his lawyers are trying to get him a higher dose so he can concentrate in court.

SQUEEZ OF THE DAY

DJ D-Sol Gives Up DJing

Goldman Sachs announced its CEO David Solomon is quitting the DJ booth for good, giving up his dual life as DJ D-Sol. His turntables became a target for criticism from within Goldman, with folks peeved about the firm's performance and lower pay.

Solomon stopped spinning the decks about a year ago due to the excessive media buzz. His last notable gig was at Lollapalooza in July 2022.

Goldman spokesman Tony Fratto brushed it off, saying, "This is old news. David hasn't DJed publicly in well over a year. Music wasn't the distraction, but the media attention was."

Solomon's DJing had raised eyebrows on Goldman's board, especially when he hit the decks at the drug-friendly Tomorrowland festival in Belgium in 2019. He also said sorry to the board for a pandemic-era party in the Hamptons that broke social distancing rules.

Some colleagues didn't mind his musical side gig, but it became a lightning rod for attention, thanks to his Spotify playlists and Instagram posts, especially after becoming CEO.

Takeaway: While Solomon tried to diversify Goldman's business, the past year hasn't been kind to him, with falling profits, high-profile exits, and doubts about his leadership. Goldman is now preparing to unveil its third-quarter earnings. Well at least DJ D-Sol has a fallback career incase earnings don’t work out!

CAPITAL PULSE

Markets Rundown

Stocks closed higher on earnings optimism.

Movers & Shakers

  • (+) Lululemon ($LULU) +10% because the company will be added to the S&P 500 on Wednesday.

  • (+) Pfizer ($PFE) +4% after an upgrade by Jefferies.

  • (–) Manchester United ($MANU) -10% because billionaire Jim Ratcliffe is set to buy a 25% stake for $1.5 billion.

Private Dealmaking

  • Skeleton Technologies, a fast energy storage startup, raised $114 million

  • Hayden AI, an autonomous traffic management startup, raised $53 million

  • Myenergi, a smart home energy tech maker, raised $32 million

  • Holmusk, a behavioral health company, raised $30 million

  • Tabular, a data automation platform, raised $26 million

  • Prisma Photonics, an electric grids manufacturing developer, raised $20 million

Get access to private deal flow here.

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HEADLINES

Top Reads

  • Americans are saving less - and that’s great for the economy (Axios)

  • Ford cutting F-150 factory is emblematic of changing EV demand (YF)

  • How power in U.S. offices may be shifting back to bosses (CNBC)

  • LinkedIn lays off nearly 700 employees (CNBC)

  • Schwab’s net interest revenue falls 24% as clients move cash (YF)

  • Meta’s unique approach to AI puzzles Wall Street (CNBC)

  • Nvidia bucks the return-to-office trend (YF)

  • Rite Aid will close underperforming stores as it files for bankruptcy (Axios)

  • The Goldman banker tasked with juicing GS stock (BB)

BOOK OF THE DAY

The Geek Way

What is “being geeky?” It’s being a perennially curious person, one who's not afraid to tackle hard problems and embrace unconventional solutions. McAfee shows how the geeks have created a new culture based around four norms: science, ownership, speed, and openness.

The geek way seems odd at first. It's not deferential to experts, fond of planning and process, afraid of mistakes, or obsessed with "winning." But it explains everything from why Montessori babies turn out to be creative tinkerers to how newcomers are disrupting industry after industry (and still just getting started).

When all four norms are in place, a culture emerges that is freewheeling, fast-moving, egalitarian, evidence-driven, argumentative, and autonomous. Why does the geek way work so much better? McAfee provides an original answer: because it taps into humanity's superpower, which is our ability to cooperate intensely and learn rapidly.

By providing insights from the young discipline of cultural evolution, McAfee shows that when we come together under the right conditions, we quickly figure out how to build reusable spaceships and self-correcting organizations.

Under the wrong conditions, though, we create bureaucracy, chronic delays, cultures of silence, and the other classic dysfunctions of the Industrial Era.

“This book is for disruptors.”

ENLIGHTENMENT

Short Squeez Picks

  • 14 books like Atomic Habits to read next

  • 5 steps to get rid of brain fog

  • What to do when you experience meanness at work

  • Perfectionism is not the secret to success

  • 15 small-cap stocks you should know

DAILY VISUAL

What banking crisis? There's a quiet global banking boom underway (global bank profits)

Source: Axios

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DAILY ACUMEN

Motivation & Discipline

We often find ourselves caught between the two main actors: motivation and discipline. Motivation bursts onto the stage with fireworks, dazzling us with promises of change and excitement.

It's that surge of energy we feel when setting bold goals, imagining new possibilities, and embracing our dreams. However, like a firework, motivation can quickly fizzle out, leaving us in darkness once the initial enthusiasm fades.

On the other side, discipline plays the role of the understated hero, quietly working behind the scenes. It's the anchor that keeps us moving forward when motivation's spark has dimmed. Discipline doesn't rely on bursts of inspiration; it thrives on consistency and routine, like a steady guiding light in the darkest of nights.

In reality, both motivation and discipline have their place in our journey. Motivation serves as the ignition switch, lighting the path and setting our hearts ablaze with ambition. Yet, it's discipline that ensures we stay the course, even when the path becomes rugged and the initial motivation dwindles.

Imagine motivation as the sprinter who propels you out of the starting block, while discipline is the marathon runner who sustains the pace for the long haul. In this dynamic duo, motivation provides the enthusiasm and direction, but discipline offers the endurance and resilience to reach the finish line.

So, as life's grand play unfolds, let motivation sweep you off your feet, and then let discipline step in as the dance partner that guides you through every twist and turn. It's the harmonious interplay between these two forces that leads to a standing ovation in the theater of your personal growth.

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