Good Morning and Happy Thanksgiving Eve! CZ of Binance (the world’s largest crypto exchange) pled guilty to federal charges and stepped down as CEO. Meme stocks are having a moment, and corporate revenues are roaring back. Blackstone closed its multi-strategy fund after its assets dropped almost 90%. And home sales dropped to a 13-year low in October as prices rose.

We'll be taking tomorrow off but be back on Friday!

_{SQUEEZ OF THE DAY}

Kim K’s Sauce

It only took 14 months, but Kim Kardashian’s private equity firm finally announced its first investment - Truff, a company that makes truffle-infused sauces (they sell for about $20 per bottle).

Kim K founded the private equity firm SKKY Partners last year with former Carlyle Partner, Jay Sammons with the goal to invest in brands in the consumer space. 

Truff fits SKKY’s target criteria perfectly. Kim’s firm wants to invest in brands specifically in the health and wellness, as well as the food and beverage industries - and Truff has overlap with both. 

Terms weren’t released, but we know that SKYY has acquired a “significant minority stake” in Truff. Truff is a six-year-old brand selling its sauces D2C, on Amazon and at Walmart.

The announcement is a sign that Kardashian is (somewhat) serious about her career as a private equity investor. SKKY hadn’t made any investments and had been pretty mum on its plans until now. 

Takeaway: SKKY’s debut investment is the first, but likely not the last time Wall Street will be hearing from Kim. She has leveraged her audience to build a $4 billion brand in Skims, which recently launched a menswear line and partnered with the NBA. Kim's got the Midas touch to skyrocket any company she invests in, thanks to her massive audience.

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_HEADLINES

Top Reads

• Binance pleads guilty, loses CZ to end legal woes (YF)

• Meme stocks are back on the move again (YF)

• Corporate America’s revenues are roaring back (Axios)

• Blackstone closed multi-strategy fund after assets dropped 90% (RT)

• US home sales drop to 13-year low, prices rise (RT)

• Microsoft exec says OpenAI employees can join with same compensation (CNBC)

• 3 reasons why the OpenAI meltdown matters (Axios)

• Here’s what’s driving the boom in private credit (BB)

• Ford scales back plans for $3.5B plant in Michigan as demand disappoints (CNBC)

• Las Vegas sets its sights on sports domination (Axios)

• What market themes bulls may be missing (YF)

• Fed gave no indication of possible rate hikes at last meeting (CNBC)

• Renting alone is too expensive for Gen-Z (Axios)

_{CAPITAL PULSE}

Markets Rundown

Stocks snapped a 5-day win streak after the Fed gave no indication of interest rate cuts.

Movers & Shakers

• (+) Burlington Stores ($BURL) +21% after revising its sales growth targets for 2024.

• (+) Agilent Technologies ($A) +9% after the life sciences company topped revenue expectations.

• (–) American Eagle ($AEO) -16% after issuing weaker-than-expected operating income guidance.

Private Dealmaking

• Merck & Co. bought Caraway Therapeutics, a biotech for neurodegenerative diseases, for up to $610 million

• Vencora bought Crealogix, a banking software provider, for $95 million

• LucidLink, a SaaS for connecting creative teams, raised $75 million

• First Financial bought SimplyBank for $73.4 million

• A121 Labs, a generative AI products developer, raised $53 million

• Upway, a used and refurbished e-bike seller, raised $30 million

For more PE & VC deals, subscribe to Buysiders.

_{BOOK OF THE DAY}

World of Opportunity

Not one to shy away from developing countries, Yusuf Amdani has laid a path for other investors to follow. Originally from Pakistan, Amdani moved to Honduras at a time when few international players paid attention to the Central American country. Amdani’s quick eye and keen business savvy paid off. Today his company has grown and expanded into other Central American countries, along with the Caribbean, United States, Pakistan, and beyond.

Moreover, Amdani’s initiatives provide an example of how to create opportunities in developing countries. In his book, he relates lessons he’s learned along the way and extends an invitation to anyone interested in investing in fragile economies. His methods paint a roadmap designed to grow the middle class, reduce migration, promote sustainability, improve healthcare, and provide education to all.

To create a transformation in an area, Amdani shares the need to envision the change. Then investors can look for an initial step to move in that direction. Bringing on staff who share the dream leads to a team that works hard to achieve their goals, and collectively celebrates the wins.

Up-and-coming trends, including technology advancements and remote work possibilities, present new opportunities for workers in developing countries. Amdani describes how to lean into the high demand for tech workers and offer training programs for individuals to learn and participate in the industry.

At every step, there are ways to collaborate further, with an eye toward a greener future and a multiplying effect that creates an even greater impact.

“When workers can grow and thrive, fragile economies become more stable.”

_{ENLIGHTENMENT}

Short Squeez Picks

• Knowledge at Wharton on the power of intentional networking 

• How to be productive when you don’t feel like it

• 10 signs you’re genuinely smart according to psychology

• Why you should stop worrying about getting eight hours of sleep

• Why perseverance is the key to success

_{DAILY VISUAL}

RIP "Earnings Recession"

Change in S&P year-over-year earnings

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_{DAILY ACUMEN}

Sleep

Sleep is a vital asset for our overall health, impacting our body and brain significantly. However, unlike a bank, lost sleep cannot be fully recovered, accumulating as a "sleep debt" over time.

Insufficient sleep increases the risk of high blood pressure, heart attacks, strokes, hormonal imbalances, and weakens the immune system.

Sleep also plays a crucial role in memory consolidation, creativity, and emotional regulation. It aids emotional healing during REM sleep and fosters creativity by interconnecting knowledge and abstract ideas.

Caffeine can disrupt sleep by blocking the sleepiness signal of adenosine, with its effects lasting for hours. Sleep deprivation leads to poor food choices, overeating, and weight gain due to hormonal imbalances and changes in brain response to food.

Prioritizing sleep is essential to prevent various health conditions, including Alzheimer's disease. Early-life sleep habits significantly impact future health outcomes, making it crucial to prioritize quality sleep.

_{MEME-A-PALOOZA}

Memes of the Day