Good Morning! Morgan Stanley gave Ben Shelton’s sister the week off after he reached the fourth round at Wimbledon. Meanwhile, Wimbledon investors are flipping access to VIP seats for massive profits.

Major US trading partners hurried over the weekend to secure trade deals ahead of the July 9 deadline, with Bessent hinting at an extension. Stocks are approaching manic levels, but advisers say it’s not too late to buy.

JPMorgan is overhauling its private bank to chase even richer clients. Bilt (the rent rewards app) is eyeing a $10 billion valuation, and General Atlantic is exploring an IPO for Joe & The Juice.

Plus: How to train to eat 58 hot dogs in 10 minutes, and why vegans are more likely to be depressed.

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SQUEEZ OF THE DAY

India Kicks Out Jane Street

Jane Street, the high-frequency trading giant that gave Sam Bankman-Fried his start and built its empire on “we’re just smarter than you” algorithms, just got booted from India for f--king around and finding out.

Jane Street made over $4.3 billion in trading gains, mostly from moves in index options. The problem? India’s market watchdog says it wasn’t just outsmarting other traders; it was manipulative.

SEBI, India’s securities regulator, has barred Jane Street from trading and is coming after $570 million in penalties in what it calls “unlawful gains.”

Jane Street had allegedly been front-loading massive option buys early on expiry days, then unloading them after successfully juicing the prices, a classic “pump and dump,” algorithm-style.

Jane says it’s innocent, of course. But this all surfaced after an unrelated court case last year revealed Jane quietly made a billion dollars in Indian equity derivatives. That lawsuit triggered SEBI’s investigation. 

Takeaway: Jane Street is on quite the run in 2025. One of its founders has been accused of funding a coup in South Sudan, and now they’ve been canned from India’s stock market. Just goes to show, it’s not about the size of the dog (only 3,000 employees), but the size of the fight in the dog. But maybe keep it a little quieter next time you finesse billions in a foreign market.

HEADLINES

Top Reads

• Morgan Stanley gives Ben Shelton’s sister the week off (Watch)

• The flashiest hope in American tennis aims to prove he’s more than a ‘servebot’ (WSJ)

• Wimbledon investors turn 75% profit trading access to VIP seats (BB)

• Trump tariff deadline approaches with stocks at record highs (YF)

• Stock funds rose 10.1% in second quarter (WSJ)

• Stocks are approaching manic levels, but it’s not too late to buy (BB)

• JPMorgan revamping its bank for the superrich (WSJ)

• Rent reward startup Bilt gears up for $10 billion valuation (Axios)

• Wall Street smart money greenlights the megabill (Axios)

• General Atlantic is said to explore U.S. IPO of Joe and the Juice (BB)

• Coming soon to your 401(k)? BlackRock's new PE target date fund (YF)

• US immigration crackdown to intensify with $150 billion infusion (BB)

• America has pulled off the impossible. It made getting a passport simple (WSJ)

• Online shopping sees biggest slowdown in over decade (CNBC)

• AI is eating venture capital, or at least its dollars (Axios)

• Twelve million Americans work for private equity owned firms (NYT)

• America has two labor markets now (Axios)

• The CEO mindset is shifting, it’s no longer all about winning (CNBC)

• Private equity fundraising sputters through 2025’s first half (WSJ)

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CAPITAL PULSE

Markets Rundown

Markets were closed for Independence Day.

Private Dealmaking

• Thoma Bravo acquired Olo for $2 billion

• Blackstone bought the rest of Cvent for $1.3 billion

• Terrana Biosciences, a plant vaccines developer, raised $50 million

• Hived, a parcel delivery startup, raised $42 million

• Portal Biotech, a protein sequencing biotech, raised $35 million

• QEDMA, a quantum noise solutions developer, raised $26 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

NEIGHBORHOOD WATCH

Real Estate Digest

Need help with real estate? Our official partner, Nest Seekers International, can help you buy, sell, rent, or invest, anywhere in the world. Get in touch here.

The average 30-year fixed-rate mortgage declined again this week for the fifth consecutive week. The 10bps drop is the largest week over week decline since early March. Declining rates are encouraging and, while overall affordability challenges remain, more sellers are entering the market giving prospective buyers an advantage.

Latest News

• How does the outcome of the Democratic primary for mayor immediately impact NYC real estate

• Florida commercial real estate boom fueled by financial and tech executives

• Cash deals owned NYC real estate in Q2

• Homeowners who gambled on lower rates are paying the price

New Listings

• 5 Franklin Pl Apt: 3/4BC New York, NY: 4 Bed / 3 Bath - $4.95M

• 17141 Collins Ave Apt: 2902 Sunny Isles Beach, FL: 2 Bed / 2 Bath - $3.4M

• 158 Norris Ln Bridgehampton, NY: 5 Bed / 5.5 Bath - $5.8M

• Via A. Wyatt Menaggio, CO Italy: 3 Bed / 2 Bath - $3.18M

• C. de Finestrelles Esplugues de Llobregat, Barcelona Spain: 5 Bed / 6 Bath - $7.66M

BOOK OF THE DAY

The Investment Checklist

Description: An underground classic in high-finance circles, The Investment Checklist by Michael Shearn offers a mental framework rarely taught in business schools or covered on finance blogs. Instead of flashy formulas, Shearn arms readers with 30+ due diligence questions used by seasoned investors to separate great businesses from the merely good. Rooted in real-world investing experience, this book sharpens your ability to assess management honesty, business moats, and long-term risks—qualities often overlooked by spreadsheet-heavy analysts.

Rating: 4.6 / 5 Amazon, 4.2 / 5 Goodreads

Book Length: 384 pages
Audible Length: 11 hrs 12 mins

Ideal For: Investment bankers, private equity analysts, value investors, and anyone tired of "hype" investing and more interested in long-term, Warren Buffett-style decision-making. A favorite among independent thinkers and contrarian portfolio managers.

"If you want a book that feels like sitting beside a rational investor as they break down real deals—this is it. Shearn teaches you how to think, not just analyze." — Guy Spier, author of The Education of a Value Investor

DAILY VISUAL

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DAILY ACUMEN

The Empty Pot

A wise woman who was traveling in the mountains found a precious stone in a stream. The next day she met another traveler who was hungry, and the wise woman opened her bag to share her food.

The hungry traveler saw the precious stone and asked the woman to give it to him. She did so without hesitation. The traveler left, rejoicing in his good fortune. He knew the stone was worth enough to give him security for a lifetime.

But a few days later he came back to return the stone to the wise woman. "I've been thinking," he said, "I know how valuable the stone is, but I give it back in the hope that you can give me something even more precious. Give me what you have within you that enabled you to give me the stone."

Let’s not forget about the value of generosity.

ENLIGHTENMENT

Short Squeez Picks

• How to train to eat 58 hot dogs in 10 mins

• How the busiest people find joy

• 5 tips to remember the important stuff

• How many days a week should you strength train?

• Why vegans have a higher rate of depression

• How expressing gratitude can transform your work and life

MEME-A-PALOOZA

Memes of the Day

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