Good Morning! Apple is soaring to new heights, becoming the first public company to reach a $3 trillion valuation on Friday. And tech stocks are so back, with the Nasdaq up almost 33% YTD, posting its best start to the year in 40 years. But some investors are starting to spurn dividend-paying stocks as AI booms. Dividend stocks just had their worst first-half performance relative to non-payers since 2009.

Tesla crushed Wall Street's expectations with 466k deliveries last quarter. And this is supposed to be the busiest Independence Day travel weekend on record - up 7% from even pre-pandemic highs. Enjoy your 4th - we’ll be taking tomorrow off.

_{SQUEEZ OF THE DAY}

Goldman’s Breakup with Apple

Goldman Sachs’ once-envied partnership with Apple was once seen as the high-profile partnership that could transform the dominant investment bank into a full-service institution like JPMorgan Chase or Bank of America.

But despite the initial hype, Goldman Sachs is finding itself counting billions of dollars in losses and desperately seeking an exit strategy from its marriage-gone-sour with Apple. Goldman is considering offloading its credit-card partnership to potential suitors like American Express or even General Motors.

Goldman started dabbling in consumer banking in 2016, leading to the launch of their Marcus high-yield savings account. And with the acquisition of home-improvement lender GreenSky just last year, Goldman seemed committed to making consumer banking work.

Since 2020, the bank has suffered staggering losses exceeding $3 billion in its pursuit of consumer banking. This financial turmoil has now brought the bank to a critical juncture, and it is finally getting out.

Takeaway: Goldman was the gold standard of banks for the past 25 years or so, but managed to find its own Achilles heel - consumer banking. Funny how a bank that can tackle the hairiest M&A deals can get tangled up in consumer banking. Just goes to show, sticking with what you're good at is a safer bet than stepping on other people's toes and ending up with a burnt foot.

_{CAPITAL PULSE}

Markets Rundown

The S&P closed the first half of 2023 up 16.4% YTD as investors shake off recession concerns.

Movers & Shakers

• (+) Carnival Corp ($CCL) +10% after an upgrade by Jefferies.

• (+) Apple ($AAPL) +2% after becoming the first company worth $3 trillion.

• (–) Nike ($NKE) -3% after the company’s first earnings miss in 3 years.

Private Dealmaking

• Bausch & Lomb bought Novartis, an eye-drop product, for $1.75 billion

• Inflection AI, a generative AI platform, raised $1.3 billion

• Red Oak Compliance Solutions, a compliance software provider, raised $51 million

• NoTraffic, a traffic management platform, raised $50 million

• Anzu, an in-game advertising startup, raised $48 million

• Unit21, a fraud detection startup, raised $45 million

_{SPONSORED BY BUENA FE}

Investing in Tequila Isn’t Just For Celebrities

Unless you've been living under a rock for the last two years, it certainly seems as if every celebrity has their own tequila company. Tequila has been on an unstoppable rise in popularity, and the excitement just keeps on flowing.

But that's not all. The other cool kid on the block is spirit-based ready-to-drink (RTD) products. Remember the splash White Claw and Truly made? Well, now folks are getting savvy and swapping these beer-cousins for higher quality spirit-based drinks.

So, here's where Buena Fé comes in, riding this wave with its organic, tequila-based RTDs. But get this - they're not playing around with any second-rate mixto tequila. No sir, Buena Fé's all about the real deal - 100% agave tequila.

These guys hit the scene in 2022 and have already made a splash in 12 states, scoring deals with major chains like Albertsons and Total Wine. Their impressive leadership team includes the former President of Mike's Hard Lemonade.

Buena Fé is inviting you to join the party and be a part of their growth and expansion. They're raising capital through crowdfunding, so you can become a proud owner of a tequila company*, and receive some excellent perks (including their I’m not a celebrity but I do own a Tequila company tee).

Unleash your inner celebrity and own a tequila company today.

_HEADLINES

Top Reads

• Gen-Z are the most disgruntled workers, and that’s a problem (YF)

• Co-working spaces are getting weird (CNN)

• High-yield bond deals are back (Axios)

• The rise and fall of Skype (CNBC)

• Could an Airbnb collapse fix America’s affordable housing shortage? (Vox)

• A cage match between Musk and Zuck may be no joke (NYT)

• The stock market’s surprising first-half strength (Axios)

• The top 10 U.S. cities for digital nomads (CNBC)

• Central banks are exceptional (Axios)

• 3 stocks that could still light up 2023 (YF)

_{BOOK OF THE DAY}

Thinking Like a Fox

Ask yourself: Am I a hedgehog, or a fox? Do I allow myself to be moved around by others, or am I the one doing the moving?

In his book, distinguished decision-making researcher Dr. Zvi Lanir explains how to navigate our thoughts and actions by looking at the division between the Hedgehog and the Fox.

While one sees the world as a fixed reality that he must conform to – the Fox is able to transform himself and his surroundings to suit his nature.

Using anecdotes from his research, captivating stories, and deep yet practical philosophies, Dr. Lanir demonstrates how essential it is to be a fox in this age of disruption and constant change, conveying sophisticated ideas with clear, concise, and accessible language.

“Others conform to what they are told. The Fox gets things done.”

_{ENLIGHTENMENT}

Short Squeez Picks

• The future of Blackstone

• 2023’s best books so far

• Which note-taking app is best for you?

• How focusing on the vital few unlocks success

• How to be honest in a job interview without sounding overly negative

_{DAILY VISUAL}

Americans Going Big on Fireworks

Americans expected to spend $100 million more this year on fireworks; sales of US consumer fireworks

_{SPONSORED BY RYSE}

The Window to Invest is Closing

The smart home industry is entering a phase of consolidation, with a wave of acquisitions that have led to massive returns for smart-home investors:

• Smart vacuum iRobot acquired by e-commerce giant Amazon for $1.7B.

• Smart thermostat Ecobee acquired by power generation giant Generac for $770M.

And let’s not forget RING and Nest — acquired by Amazon and Google for $1B and $3.2B respectively.

The trend behind these acquisitions?

Innovative, patented products that have secured precious shelf space in retail stores. One up-and-coming company has checked all the boxes for building a successful smart home product.

RYSE is disrupting the automated shades industry — recently signing a deal with Best Buy to stock their patented product in 100+ stores.

The opportunity to invest in RYSE is open to the public for this month only - don’t miss it.

_{DAILY ACUMEN}

Play The Long Game

We often find ourselves facing choices that require us to make decisions with both short-term and long-term consequences. It is easy to be enticed by immediate gains or instant gratification, but it is crucial to remember the importance of playing the long game.

Often, the short game offers quick rewards, tempting us to take shortcuts or compromise our principles. It may be the allure of a shortcut to success, the temptation to cut corners, or the desire for instant gratification. However, such decisions, when made without considering the long-term consequences, can lead us astray from our desired path.

True success and fulfillment lie in the ability to envision the future we desire and take consistent actions that align with that vision. The long game requires patience, perseverance, and strategic thinking. It may involve delayed gratification, sacrificing immediate pleasures for future gains, and making choices that may not always be popular or easy.

By embracing the long game, we cultivate discipline, resilience, and a sense of purpose. We invest our time, energy, and resources into endeavors that contribute to our long-term growth and well-being. It allows us to build solid foundations, develop meaningful relationships, and achieve sustainable success.

Reflect on your actions and decisions, ensuring they are in harmony with your long-term aspirations. Take the time to evaluate potential trade-offs and consider the impact of your choices on your future self.

Embrace the challenges, setbacks, and obstacles that may arise along the way, for they are often valuable learning experiences that contribute to your growth. Stay focused, stay determined, and never lose sight of the bigger picture.

_{MEME-A-PALOOZA}

Memes of the Day