Good Morning! We all know those burned-out bankers who ditched NYC for Miami during the pandemic - but it looks like Florida's finally stolen New York's spot as the 2nd biggest housing market in the U.S. But mortgage demand across the country is taking a nosedive - slumping after rates hit a 23-year high. Ares' CEO says his firm's riding high on the wave of rising rates thanks to private credit.

Your local Costco might have been selling shiny gold bars - and they're apparently flying off the shelves. And Peloton shares skyrocketed after announcing a five-year content partnership with Lululemon.

Mark your calendars for October 4th! Our Wall Street Financial Modeling Course is launching soon. Use the code PREORDER to get $100 off.

_{SQUEEZ OF THE DAY}

Green Dream

It seems like the stars are finally aligning for cannabis investors. A groundbreaking marijuana maneuver just hurdled its way through the Senate, bringing investors one step closer to the green dream.

What’s the deal with this bill? It’s on a mission to reverse the federal law that's been blocking banks from working with marijuana companies.

Marijuana, either medically or recreationally, is legal in almost 40 states. But cannabis companies are still out here living in the Wild West of finance. They can't walk into a bank and open a proper account, and taking out loans? That's a pipe dream.

Your favorite green-loving businesses can't expand because they're as cash-strapped as a broke college student. And as for crossing state lines? Forget about it! Without those bank accounts, they can't even keep track of where their green is going.

Takeaway: If you’ve taken Econ 101, you know all about economies of scale. And it’s tough to turn a profit if you can’t even open a bank account, or if you have to entirely conduct business within state lines. Cannabis stocks haven’t done much since they’ve been around, so hopefully brighter days are ahead for investors.

_{CAPITAL PULSE}

Markets Rundown

Stocks struggled for direction as Treasury yields advance.

Movers & Shakers

• (+) MillerKnoll ($MLKN) +28% after the furniture company topped quarterly estimates.

• (+) ChargePoint ($CHPT) +4% after UBS initiated coverage on the EV infrastructure company with a buy.

• (–) Next Era Energy Partners ($NEP) -20% after slashing its growth forecast.

Private Dealmaking

• Chesapeake Utilities bought Florida City Gas for $923 million

• Alfasigma bought Intercept Pharmaceuticals, a drugmaker focused on liver disease, for $794 million

• Sierra Space, a commercial space transportation company, raised $290 million

• H55, a Swiss developer of electric battery systems for aviation, raised $49.3 million

• Nuventura, a provider of gas-insulated switchgear technologies, raised $27 million

• Ivy, an open banking startup, raised $20 million

Get access to private deal flow here.

_{SPONSORED BY VETTED}

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_HEADLINES

Top Reads

• Americans’ feelings about the economy are getting worse (Axios)

• Citadel is preparing to fight the SEC (BB)

• Meta announces new Quest 3 VR headset as Apple competition looms (CNBC)

• Oil jumps to fresh 2023 highs (YF)

• McKinsey will pay $230 million in latest U.S. opioid settlement (Reuters)

• BlackRock sees insurers betting on credit and private equity (BB)

• The government’s case to break up Amazon, explained (Vox)

• A government shutdown is pretty much inevitable (YF)

• Starbucks CEO looks for new look (WSJ)

• The tech sector could be nearing a correction (YF)

_{BOOK OF THE DAY}

The Perennials

In today’s world, the acceleration of megatrends – increasing longevity and the explosion of technology among many others – are transforming life as we now know it.

In The Perennials, bestselling author of 2030 Mauro Guillén unpacks a sweeping societal shift triggered by demographic and technological transformation. Guillén argues that outmoded terms like Boomers, Gen X, Millennials, and Gen Z have long been used to pigeonhole us into rigid categories and life stages, artificially preventing people from reaching their full potential.

A new post generational workforce known as “perennials” – individuals who are not pitted against each other either by their age or experience – makes it possible to liberate scores of people from the constraints of the sequential model of life and level the playing field so that everyone has a chance at living a rewarding life.

Guillén unveils how this generational revolution will impact young people just entering the workforce as well as those who are living and working longer. This multigenerational revolution is already happening and Mauro Guillén identifies the specific cultural, organizational and policy changes that need to be made in order to switch to a new template and usher in a new era of innovation powered by the perennials.

“The book invites us to rethink our careers, our families, and our future plans.”

_{ENLIGHTENMENT}

Short Squeez Picks

• How to build influence without authority at work

• The strategic benefits of randomized decision-making

• 3 daily rituals that will boost your focus

• Why optimizing cash management is a critical early lesson

• 7 lessons from the happiest man on Earth

_{DAILY VISUAL}

Oil nears $94 a barrel, in biggest daily jump since May

US West Texas Intermediate Crude Oil Futures

_{SPONSORED BY ACRETRADER}

The Asset Class Right Under Your Feet

Any savvy investor is typically looking for under-explored asset classes, and AcreTrader can give you access to one that helps put dinner on your plate. You probably zipped by miles of it on your last road trip.

OK, enough hints, we’re talking about farmland.

US farmland is worth $2.7 trillion, and it’s generated positive returns every year for the past 30 years, while assets like gold and stocks dipped and bobbed all over the place.

And the laws of supply and demand favor farmland: US acreage is shrinking while the global population grows.

AcreTrader allows you to get in on this real, tangible asset, which is a great way to round out your portfolio, and incorporate what has historically been an effective inflation hedge.

Explore farmland investing with AcreTrader today.

_{DAILY ACUMEN}

Sleep

Remember when sleep was as simple as counting sheep? Ah, the good old days. Though adults are armed with knowledge about sleep's importance and a slew of medications, millions still find themselves tossing and turning.

Here's the twist: sleeping isn't just about the physical. Sure, melatonin and adenosine play their roles, but what about the nagging thought, "Did I reply to that email?" or "Those llamas from the dream were oddly judgmental." That's sleep psychology at work.

Addressing only our physical sleep system is like baking a cake with just flour. Something's missing. No matter how tired you are, if your mind's a busy freeway, sleep's going to take a detour.

Enter the sleep psychology system. Negative emotions or overthinking can barricade sleep, regardless of how physically drained you are. It's like having the softest bed but a pillow made of thorns.

This is why therapies that address both sleep's physical and psychological sides, like CBT-i, can be so transformative. Think of sleep like landing a plane. Mechanical and psychological processes need to be in sync. Otherwise? Well, let's just say no one wants turbulence at bedtime.

Spot the loophole in your sleep strategy. By recognizing both the tangible and intangible, you might just find your way back into sleep's embrace. 💤 

_{JOB BOARD}

Featured Jobs

• Robert Half - Analyst - New York, NY

• Five9 - Director - New York, NY

• Citrin Cooperman Advisors LLC - Tax Manager - New York, NY

_{MEME-A-PALOOZA}

Memes of the Day