Good Morning! Goldman’s pulling the plug on Summer Fridays, and wants employees back in the office five days a week. And Airbnb is cracking down on its short-term rentals in NYC, and a huge portion of the city’s listings could disappear overnight.

Looking to switch jobs? Americans say they’d need an average of a $79k salary to leave their current job, the highest average ever (see Daily Visual). Americans over the age of 65 are surprisingly experimenting with cannabis more than any other age group. And looks like SBF is down bad in a Brooklyn jail - he’s fiending for his Adderall and says the only vegan food he’s getting is just bread and water.

Thanks to everyone who attended our first ever Excel Webinar yesterday! We’ll send out a recording next week (if you did not register for the webinar but would still like to receive the recording fill out this form).

_{SQUEEZ OF THE DAY}

Married to the Game

Bankers love to joke about how their job keeps them single, or why their MD is on their third divorce. But it turns out that relationship troubles aren’t just limited to high-stress jobs like investment banking.

A new study on the most common fight divorced people had? It wasn't money or intimacy - it was about work. 46% of respondents said that career choices were the No. 1 conflict in their marriage.

No doubt, couples fight about work. But the most common fight divorced couples have? Maybe a little surprising.

Psychologists say that how much, or even how little, someone works can signal their priorities and happiness within their marriage.

No doubt - when someone’s married to the game and obsessed with work - it can put a strain on their relationships. But maybe there’s more than meets the eye. Is working longer hours interchangeable with relationship strife? Or are the people whose entire personality revolves around work just bad at relationships, and using their career as a distraction?

Takeaway: You would think there are a lot bigger fights couples are having (cheating, lying) rather than…career choices. But for some couples, career choices cause strife. For others, career choices are a distraction from dysfunction at home. But no matter the cause - it’s clear that work and life are becoming more blurred.

_{CAPITAL PULSE}

Markets Rundown

Stocks fell after rate worries mounted, bank shares dipped.

Movers & Shakers

• (+) Madison Square Garden Entertainment ($MSGE) +5% after Bank of America initiated coverage with a buy.

• (–) Macy’s ($M) -14% after in-store and digital sales fell.

• (–) Dick’s Sporting Goods ($DKS) -24% after retail sales snatched profits.

Private Dealmaking

• DuPont agreed to sell its $1.8 billion Resins unit to The Jordan Company

• Teamshares, an EOP enabler for small businesses, raised $245 million

• Genesis Therapeutics, an AI drug discovery company, raised $200 million

• Elemental Cognition, a generative AI startup, raised $60 million

• Mita Chem, a supplier of iron-based materials for batteries, raised $40 million

• Mendaera, a healthcare robotics startup, raised $24 million

Get access to private deal flow here.

_{WHAT ELSE TO READ}

Use AI to Make $1m+ Year

Our friends at Synthetic Mind interview solo-prenuers making over $1m+ a year who use AI in their business.

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Get the details on how to use AI as a tool so that it can serve you. Get the inside scoop on how these founders are building & scaling their business.

Written by 2 founders who do $10m+ a year, they offer a great perspective by having been in the trenches themselves.

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_HEADLINES

Top Reads

• Law firms face financial challenges as productivity declines (Reuters)

• IBM CEO says AI will impact white collar jobs first (CNBC)

• Everyone wants a piece of Sculptor (BB)

• Utilities stocks are the worst place to be in 2023 (Axios)

• The stock market has a real problem (YF)

• Is Nvidia the new Tesla? (WSJ)

• Subway nearing sale to same company that owns Arby’s (Fox)

• Private equity firm Lion Capital loses bid to end tuna price fixing lawsuit (Reuters)

• Google’s old guard shift roles as the company searches for itself (CNBC)

• Blackstone ‘Tac Opps’ arm rounds up $5.2B for new bets (BB)

_{BOOK OF THE DAY}

Wild Problems

Algorithms and apps analyze data and tell you how to beat the traffic, what books to buy, what music to listen to, and even who to date—often with great results. But what do you do when you face the big decisions of life—the "wild problems" of who to marry, whether to have children, where to move, how to forge a life well-lived—that can’t be solved by measurement or calculation?

In Wild Problems, beloved host of EconTalk Russ Roberts offers puzzled rationalists a way to address these wild problems. He suggests spending less time and energy on the path that promises the most happiness, and more time on figuring out who you actually want to be.

He draws on the experience of great artists, writers, and scientists of the past who found creative ways to navigate life’s biggest questions. And he lays out strategies for reducing the fear and the loss of control that inevitably come when a wild problem requires a leap in the dark.

Ultimately, Roberts asks us to see ourselves and our lives less as a problem to be solved than a mystery to be experienced. There's no right decision waiting to be uncovered by an app or rational analysis. Reality is harder than that and, perhaps, a little more interesting.

“A guide to decision-making when you can't crunch the numbers.”

_{ENLIGHTENMENT}

Short Squeez Picks

• 5 LinkedIn features you should be using

• 4 must-read books that will transform your perspective

• 8 therapeutic habits that can add decades to your life

• How emotionally intelligent people speak up and get results

• A short exercise to increase focus

_{DAILY VISUAL}

Wage Demands Hit Record High

Average lowest wage people say they would accept for a new job

_{DAILY ACUMEN}

Cycle Shifts

Financial commentators are astounded at the Federal Reserve's feat of escalating the fed funds rate from 0% to 5.3% without causing significant financial turbulence.

This surge contrasts starkly with the state of affairs in 2007 when the debt was almost half of its current volume and triggered the most severe financial crisis in recorded history.

A historical examination reveals a familiar pattern:

The sequence typically consists of two years of interest rate hikes, followed by banking stress within a year, then economic downturn demanding governmental action.

· This pattern played out under Greenspan, who initiated interest rate hikes in 2004, and the full weight of the financial crisis was felt in 2008.

· The Savings & Loan (S&L) sector debacle in the 1980s had similarities. Rapid hikes in the fed funds rate led to the implosion of S&Ls, which held a sizable portion of US banking assets. Congress intervened with measures hoping S&Ls could recover, but the moves incentivized risky loans. The aftermath saw the collapse of over eighteen hundred banks and a significant recession.

· The Nixon era too witnessed a comparable chain of events. Rate hikes led to major bankruptcies and economic downturns, necessitating drastic rate reductions.

· Even during WWI and the years leading up to the Great Depression, this pattern was evident. The Federal Reserve would tighten credit, often leading to a financial crisis and subsequent economic downturn, followed by loosening measures.

Historical trends suggest a recurring cycle of rate hikes, banking distress, and economic downturn. This raises a question about the current financial environment given the recent rate increases.

Source: Myrmikan Research

_{MEME-A-PALOOZA}

Memes of the Day