🍋 Hard Seltzer Softens

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Good Morning! Hope y'all are enjoying the long weekend (for those that have it lol). Elon Musk is coming off of an emotional rollercoaster of a week juggling Twitter, Tesla, and SpaceX - and even stirred up some political controversy in the process, creating a Twitter poll asking if followers agreed with his Ukraine peace plan. Last week, it was reported Musk also texted William MacAskill, a philosopher who consults billionaires on philanthropy and how to best practice 'effective altruism.'

The ALS Ice Bucket Challenge funded a new drug for the condition but experts have varying opinions on whether or not the drug should have been approved. And good news for fitness bros as a new study found that creatine may treat depression.

Tired of putting your money in stodgy “paper” investments and just hoping for the best? Diversify your portfolio with today's sponsor and an exciting asset class: Bourbon.

1. Story of the Day: Hard Seltzer Softens

White Claw summer is over, just in time for the hard seltzer industry to face new competition. The adult beverage space has become oversaturated over the past few years with virtually every major brewing company launching its own spin.

As seltzer sales slow, canned cocktails are simultaneously becoming the fastest ready-to-drink category in the United States.

While the two types of drinks seem similar, canned cocktails are composed of a spirit base rather than their seltzer counterparts’ malt and sugar base. Seltzer is losing its fizz as consumers pivot to other ‘beyond-beer’ products.

A new array of canned cocktails greet consumers every time they shop, and amidst the rise of canned margaritas, daiquiris, and piña coladas, the novelty of hard seltzer has worn off.

Some companies are launching ‘zero-carb’ beers, and even big non-alcoholic brands like Coca-Cola are dipping their toes into the canned cocktail market.

Takeaway: Hard seltzers became all the rage just a few years ago and changed the way consumers interact with the adult beverage industry. The market became oversaturated as scores of companies launched their own drinks in hopes of becoming the next consumer fad. Canned cocktails now encompass nearly a $2 billion industry, with no sign of slowing down. In any case, I am more of a Four Loko guy, y'all stay safe though.

2. Markets Rundown

Wall Street closed lower as the Fed reiterates it will hike rates to fight inflation.

Movers & Shakers

• (+) DraftKings ($DKNG) +3% after it reported a partnership with ESPN.

• (-) CVS ($CVS) -9% after the company was reported to be in talks to buy Cano Health.

• (+) Provention ($PRVB) +11% after company launches drug candidate for Type-1 diabetes.

Private Dealmaking

• Atlana Technologies, a supply chain visibility platform, raised $100 million

• onX, a mapping and technology company, raised $87.4 million

• Tines, a no-code automation platform, raised $55 million

• Golden, a web3 data startup, raised $40 million

• Gourmey, a French food tech company, raised $48 million 

• Tiger Global to raise $6 billion for its next tech fund

Top Reads

• The trouble with start-up accelerators (Axios)

• Unemployment rate fell to 3.5% in September, job market stays strong (CNBC)

• Musk announces Pepsi will receive Tesla’s first electric semi-trucks in December (Fox)

• The too-hot-for-comfort job market (Axios)

• Judge accuses Musk of ‘mischief’, delays Twitter trial (YF)

• The fate of Musk’s Twitter deal now comes down to the money (CNN)

• Rivian recalls 10,000 vehicles after loose fastener issue (CNBC)

• The one booming sector keeping S&P from earnings recession (MW)

• Credit Suisse pays down debt to calm investors (Reuters)

• How activist ESG investing became the Goldilocks of responsible investing (CNBC)

A Message from CaskX: Invest in Whiskey

Tired of putting your money in stodgy “paper” investments and just hoping for the best? Diversify your portfolio with an exciting and profitable asset class: Bourbon.

With the Bourbon market booming and continued growth expected as demand accelerates in international markets, there has never been a better time to add spirits to your holdings with CaskX.

In addition to the financial benefits, CaskX investors also have the opportunity to go behind the scenes of the entire process by visiting the distilleries to see the impact their investments are making.

Get started with CaskX today by requesting access to current offerings now.

4. Book of the Day: King of Capital

In King of Capital, David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and ‘barbarians at the gate’ into disciplined, risk-conscious investors while the financial establishment—banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley—were recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster. 

Now, not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance. 

Insightful and hard-hitting, filled with never-before-revealed details about the workings of a secretive company that was the personal fiefdom of Schwarzman and Peter Peterson, King of Capital shows how Blackstone and private equity will drive the economy and provide a model for how financing will work in the years to come.

“It’s not that you see problems coming. You never see problems coming at that point, or no one would be giving you ten times leverage.”

5. Short Squeez Picks

• What to invest in to get mentally ahead of 99% of others

• Are you really better at working from home - and what the science says

• Career principles to help you enjoy work more 

• 25 habits that will guarantee your success 

• 7 steps to create the life you want in one year

• The simple reason Trader Joe’s doesn’t deliver 

A Message from Sunsama: Create the “Atomic Habits” You Need for Success

Many of the most impactful leaders know exactly what they need to accomplish before the day starts. They set weekly goals and individual tasks to accomplish those goals.

And guess what, they aren’t relying on their brain or scattered sticky notes to set those tasks. They have proper systems and tools.

6000+ ambitious professionals trust Sunsama with their daily routine. With features such as Daily planning, Weekly objectives, and focus mode - the free trial is a no-brainer to test out. 

Plan your day in Sunsama, no card required.

6. Daily Visual: COVID-impact Questions Dropped from Jobs Report

US workers who did not look for a job in the previous month because of COVID-19; Total 16 and over not in the labor force

Source: Axios

7. Daily Acumen: Quitting

"A common misconception about quitting is that it will slow your progress or stop it altogether. But it is the reverse that is actually true.

If you stick to a path that is no longer worth pursuing, whether it’s a relationship that isn’t going well, or a stock that you’re invested in that’s losing money, or an employee that you’ve hired who isn’t performing, that is when you lose ground. 

By not quitting, you are missing out on the opportunity to switch to something that will create more progress toward your goals. Anytime you stay mired in a losing endeavor, that is when you are slowing your progress. 

Anytime you stick to something when there are better opportunities out there, that is when you are slowing your progress. Contrary to popular belief, quitting will get you to where you want to go faster."

Source: Annie Duke

8. Crypto Corner

• Binance blockchain hit by $570 million hack, exposing crypto vulnerabilities 

• Visa partners with FTX in bet consumers still want to spend cryptocurrencies in bear market

• A new doc about the first crypto company to IPO

• North Korean crypto hackers paving the way to Armageddon?

• DeFi history repeating itself with Balancer and Aura

• Why killing more worthless projects would be a win for crypto

9. Memes of the Day

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