Good Morning! Bank contagion fears are roaring back - Moody put 6 U.S. banks, including BNY Mellon, State Street, and Truist, on the chopping block for downgrades. And the most followed YouTuber MrBeast is in some hot water - he got sued for $100 million by a restaurant partner after dissing his own burgers.

Meme stock favorite AMC returned to profitability and is hoping to avoid bankruptcy thanks to the smashing success of Barbenheimer. MLB playoffs are heading to HBO Max, and NYC shut down Rockaway Beach in Queens after a rare shark attack.

If you are interested in getting in front of a smart, young audience of business leaders, bankers, investment professionals, policy influencers of over 500,000 people, then fill out this form, we’ll be in touch.

_{SQUEEZ OF THE DAY}

Goldman Wants to Be Blackstone

We all know it’s been a rough year over at Goldman. And the bank is at a critical juncture - facing an inflection point - should the firm double down on what it made its name doing - the boom-or-bust activities like M&A and trading? Or should Goldman go all-in on steady, fee-generating areas like asset management?

It turns out CEO David Solomon made up his mind - and Goldman is focusing on its wealth management division. Right now, the bank has more than $1 trillion in wealth management client assets - and they’re trying to catch up to Morgan Stanley ($4.9 trillion in assets).

And, internally, Goldman says they want to build a “mini-Blackstone” within the bank. Think dabbling in private equity, private credit, and other alternative asset management vehicles.

Investors love asset management fees because, although smaller than merger fees, they’re consistent. Banks like Goldman want to stay in the M&A game - the firm made almost $15 billion in investment banking fees in 2021. But last year investment banking revenue fell about 50% across Wall Street.

Takeaway: The ups and downs of Wall Street aren’t always great if you’re the CEO of a publicly traded stock. Even though investment banking is here to stay, investors want banks to focus on steady, recurring revenue. Goldman has the brand power to make a dent and build a ‘mini-Blackstone’ - let’s see how it pays off.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower after Moody’s bank downgrade warning.

Movers & Shakers

• (+) Eli Lilly ($LLY) +15% after the company’s diabetes drug posted strong sales.

• (+) Chegg ($CHGG) +4% after the education website posted strong earnings.

• (–) Beyond Meat ($BYND) -14% after a 30% drop in earnings, falling demand.

Private Dealmaking

• Clayton Dubilier & Rice bought Veritiv, a printing and packaging company, for $2.3 billion 

• GTCR bought ADT’s commercial security, fire, and life safety business for $1.6 billion 

• Advent International bought Zimmerman, an Australian fashion brand, for $1 billion

• ExactCare bought Tabula Rasa HealthCare, a pharmacy services company, for $570 million

• Neuralink, Elon Musk’s company that produces battery-powered brain chips, raised $280 million

• Authentic Restaurant Brands bought Fiesta Restaurant Group for $225 million 

Get access to private deal flow here.

_{SPONSORED BY SYNTHETIC MIND}

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_HEADLINES

Top Reads

• Wall Street’s new WhatsApp fines take tab past $2.5 billion (YF)

• Goldman’s CEO whisperer takes a step back (NYT)

• If all you want is money, these financial advisors might say ‘no thanks’ (WSJ)

• U.S. consumer credit card debt exceeds $1 trillion (Axios)

• The obesity drug revolution just got real (WSJ)

• 3 reasons why the stock market rally may be stopped in its tracks (YF)

• Hamptons party-goers cast a worried eye on New York’s future (BB)

• Amazon is running a second Prime Day sale in October (CNBC)

• Companies face a ‘sell the news’ market reaction to good earnings results right now (YF)

_{BOOK OF THE DAY}

Dark Horse

For generations, we've been stuck with a cookie-cutter mold for success that requires us to be the same as everyone else, only better. This "standard formula" works for some people but leaves most of us feeling disengaged and frustrated. As much as we might dislike the standard formula, it seems like there's no other practical path to financial security and a fulfilling life. But what if there is?

In the Dark Horse Project at the Harvard Graduate School of Education, bestselling author and acclaimed thought leader Todd Rose and neuroscientist Ogi Ogas studied women and men who achieved impressive success even though nobody saw them coming.

Dark horses blaze their own trail to a life of happiness and prosperity. Yet what is so remarkable is that hidden inside their seemingly one-of-a-kind journeys are practical principles for achieving success that work for anyone, no matter who you are or what you hope to achieve.

This mold-breaking approach doesn't depend on your SAT scores, who you know, or how much money you have. The secret is a mindset that can be expressed in plain English: Harness your individuality in the pursuit of fulfillment to achieve excellence.

“...shatters our conventional notion of what success is and how to attain it.”

_{ENLIGHTENMENT}

Short Squeez Picks

• Avoid these 10 confusing phrases at work

• 20 productivity tips from successful business leaders

• If you use these 9 phrases, you are more emotionally resilient than most

• The sunk cost fallacy

• How the 4-hour shock trick reduces burnout

_{DAILY VISUAL}

Office Demolitions Accelerate

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A Refreshing Approach to News

You know our bite-size, easy-to-digest format that keeps you ahead of the pack on all things investing? You’re not alone, it’s a tried and true method to stay “edu-tained”.

But here’s the thing, we’re not alone either… If you truly want to transcend your peers and see the markets on a zoomed-out, macro level, you need to understand the events having a fundamental impact as they happen…. AKA current events.

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_{DAILY ACUMEN}

Level Up

You want to level up? Well, news flash: growth ain't happening without change. Imagine wanting to win the lottery but never buying a ticket.

Just like how our muscles gotta feel that burn to get stronger, our minds and hearts need to be stretched too.

If every day feels like a breezy stroll in the park, chances are you're strolling in circles, my friend. It's not just about nodding at change from across the room.

Nah, you gotta dance with it, make it your partner in crime. So, don't just wait for change. Chase it!

_{MEME-A-PALOOZA}

Memes of the Day