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Good Morning! If you’re an NYC resident and think it’s looking smoggy - you’re not going crazy. Smoke coming south from Canadian fires is making breathing hard and the sky hazy for the Northeast.

Coinbase became the latest victim in the SEC’s crypto crackdown. Venture capital giant Sequoia Capital split from its Chinese affiliate over political tension concerns. And some hedge funds are dangling $120 million payouts to top talent.

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1. Story of the Day: Leagues Unite

Professional golf has had a whirlwind year. The notorious breakup between the PGA and LIV seemed past the point of no return, with both sides exchanging heated words and lawsuits. But yesterday the PGA and LIV announced the two leagues will merge.

For the past century, the PGA was the only game in town. The historic golf league had a monopoly on the sport before LIV burst onto the scene a few years ago.

Backed by the Saudi wealth fund, LIV showered the PGA's top golfers, including degen gambler Phil Mickelson and reigning PGA Tour Champion Brooks Koepka, with hundreds of millions of dollars.

LIV teed off just over a year ago and, as surprising as its schism from the PGA was, it’s arguably more surprising that both leagues are merging. This move will end all pending litigation and form one professional golf league.

Takeaway: We still don’t have all the details - but think of LIV as an asset of the Saudi Public Investment Fund. Basically, PIF and the PGA are merging their assets in exchange for future PIF investment (some initial ballpark estimates are around $6 billion). And the golfers who took hundreds of millions of dollars to switch to LIV may have made some of the smartest money in history.

2. Markets Rundown

Stocks closed higher and notched a 2023 high.

Movers & Shakers

• (+) GitLab ($GTLB) +31% after the company experienced a smaller-than-expected loss.

• (+) Thor Industries ($THO) +18% after a better-than-expected quarter for the recreational vehicle company.

• (–) Coinbase ($COIN) -12% after the crypto brokerage got sued by the SEC.

Private Dealmaking

• Alkeus Pharmaceuticals, a biotech focused on treating blindness, raised $150 million

• Charm Industrial, a carbon removal startup, raised $100 million

• Curri, a logistics platform for the construction industry, raised $42 million

• Pixxel, a developer of Earth-imaging technology, raised $36 million

• Sana, a business learning platform, raised $28 million

• Obie, an embedded insurance startup, raised $25.5 million

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3. Top Reads

• Ivy League acceptance rates may have bottomed out (CNBC)

• Private equity poised for multi-trillion private credit boom, but might get ugly soon (BB)

• The 10 U.S. cities where people are most satisfied with their jobs (CNBC)

• America’s boating passion still afloat after pandemic (Axios)

• Retailers already battling for uncertain back-to-school demand (YF)

• SEC chair doubts the need for more digital currency (CNBC)

• From Goldman Sachs to JPMorgan, dealmaking drought far from over (BB)

• How we’ll know stocks have entered a new bear market (Axios)

• One beer stock winner from Bud Light’s stumbles (YF)

4. Book of the Day: The Illusion of Choice

Every day, people make hundreds of choices.

Many of these are commercial: What shampoo to pick? How much to spend on a bottle of wine? Whether to renew a subscription?

These choices might appear to be freely made, but psychologists have shown that subtle changes in the way products are positioned, promoted and marketed can radically alter how customers behave.

The Illusion of Choice identifies the 16½ most important psychological biases that everyone in business needs to be aware of today – and shows how any business can take advantage of these quirks to win customers, retain customers and sell more.

Richard Shotton, author of the acclaimed The Choice Factory, draws on academic research, previous ad campaigns and his own original field studies to create a fascinating and highly practical guide that focuses on the point where marketing meets the mind of the customer.

You’ll learn to take advantage of the peak end rule, the power of precision, the wisdom of wit – and much, much more.

“Thinking is to humans as swimming is to cats. We can do it, but we’d rather not.”

5. Short Squeez Picks

• Bill Gates’ top books, shows, and movies for Summer 2023

• The dark side of authenticity

• 10 little habits that often waste 90% of our time

• 12 good reasons for leaving a job

• Is there a Japanese solution to quiet quitting?

A Message from RYSE: Smart Home Unicorns – From Ring to RYSE

The $1 Billion Club: Ring, iRobot, and Nest are members 一 which Smart Home startup will be next to join?

How about one that pairs convenience with cost-savings, all in a plug-and-play model. That’s RYSE 一 their automated window shade tech is priced at a fraction of competitors and can cut cooling costs by up to 24%.

The Smart Home space is scorching, and best-in-class specs have RYSE positioned as the next industry heavyweight:

• Unmatched Convenience: Build with the consumer in mind, their tech can make manual shades smart in under 5 minutes.

• Affordable Luxury: Priced at $169 vs. competitors’ pricing of up to $1,000 per window.

• Retail Distribution: Scheduled to launch in 100+ Best Buy stores by this summer.

Their recent deal with Best Buy puts them in pole position to dominate the Smart Shades industry, and their exclusive public offering of shares priced at just $1 is closing soon.

Get a piece of RYSE before their brand becomes synonymous with Smart Shades.

6. Daily Visual: Walmart Tops Fortune 500 for 11th Consecutive Year

Amazon and Walmart Total Revenue

_{Source: Axios}

7. Daily Acumen

Practicing gratitude has the power to transform your perspective and enhance your well-being.

Take a moment each day to reflect on the blessings in your life, no matter how small.

Cultivate an attitude of gratitude, appreciating the present moment and the richness it brings.

Gratitude not only brings joy and contentment but also strengthens your resilience, fosters deeper connections with yourself and others, and allows you to find meaning and fulfillment in life's everyday moments.

8. Memes of the Day

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