Good Morning! June’s inflation report released yesterday was much lower than investors expected. Ringing in at 3% year-over-year, it’s the lowest level of inflation since March 2021. Stocks rallied on the news, but it’s still below the Fed’s inflation target. And the yield curve is still flashing a recession warning - but some analysts are starting to wonder if it’s wrong.

Elon Musk launched a new AI company called xAI - it looks like BasedGPT was already trademarked. And with shares over 50% YTD, Chipotle launched a guacamole prep robot called Autocado.

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_{SQUEEZ OF THE DAY}

Miami's Cultural Cashflow

Miami Beach launched a $100 million municipal bond sale yesterday. The key reason? The city wants to shed its reputation as a rowdy spring break destination and invest in new areas, including enhancing cultural projects like ballets, museums, and botanical gardens.

Year after year, the city's South Beach neighborhood has attracted hordes of young people seeking nightlife, prompting Mayor Dan Gelber to declare a state of emergency for two consecutive years. And the residents are all for a cultural renovation.

The number of high-net-worth individuals in Miami Beach increased by 75% in 2022 from 2012, and home values have increased by 125% during the same time. And with more and more finance and crypto firms moving to South Florida, the city wants to capitalize on the momentum and flex its muscle as an arts and culture hub.

Wealthy investors love municipal bonds because the income earned on the investment is tax-exempt. And the minimum investment amount for the Miami Beach securities is $5k.

Takeaway: Miami is becoming a hub for finance jobs. But the city arguably doesn’t have the tradition or culture that peers like New York, San Francisco, and Chicago do. And right now, some of Miami Beach’s brightest finance residents are rewriting the city’s history.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed at their 14-month high after a better-than-expected inflation report.

Movers & Shakers

• (+) Beyond Meat ($BYND) +14% after the plant-based meat company announced its steak will be sold at 14,000 stores nationwide.

• (+) Domino’s Pizza ($DPZ) +11% after inking a deal with Uber to deliver pizzas through the app.

• (–) Lucid Group ($LCID) -12% after the EV maker missed on Q2 deliveries.

Private Dealmaking

• Crossbow Therapeutics, a cancer antibody therapies developer, raised $80 million

• Oritain, a forensic traceability startup, raised $57 million

• Collective, a back-office software provider, raised $50 million

• Solaris, an embedded finance platform, raised $42 million

• Qover, an embedded insurance startup, raised $30 million

• Glowforge, a maker of 3D laser printers, raised $20 million

_{SPONSORED BY BRILLIANT}

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_HEADLINES

Top Reads

• Meta’s Threads could be the Twitter replacement advertisers have been waiting for (CNBC)

• Wall Street is worried Disney World could be losing its magic (YF)

• Here’s the inflation breakdown for June in one chart (CNBC)

• Mexico surpassed China as the top U.S. trading partner (Axios)

• TikTok-parent ByteDance to let US staff cash out on stock (Fox)

• Fine wine is souring as investment prices sink (CNN)

• Goldman breaks its own rule to flag results much worse than rivals (BB)

• Microsoft strikes another multi-billion dollar AI partnership (Axios)

• Why private equity is chasing plumbers and lumber yards (BB)

• A glass house for Elon Musk sparks internal Tesla probe (WSJ)

_{BOOK OF THE DAY}

Nobody’s Fool

From phishing scams to Ponzi schemes, fraudulent science to fake art, chess cheaters to crypto hucksters, and marketers to magicians, our world brims with deception. In Nobody’s Fool, psychologists Daniel Simons and Christopher Chabris show us how to avoid being taken in.

They describe the key habits of thinking and reasoning that serve us well most of the time but make us vulnerable—like our tendency to accept what we see, stick to our commitments, and overvalue precision and consistency.

Each chapter illustrates their new take on the science of deception, describing scams you’ve never heard of and shedding new light on some you have. Simons and Chabris provide memorable maxims and practical tools you can use to spot deception before it’s too late.

Informative, illuminating, and entertaining, Nobody’s Fool will protect us from charlatans in all their forms—and delight us along the way. 

“An engaging master class in how to foil purveyors of false promises.”

_{ENLIGHTENMENT}

Short Squeez Picks

• Why you shouldn’t share your salary with coworkers

• 3 rules to express your thoughts clearly

• Duke behavioral economist’s top 4 money tips

• Helicopter management and other mistakes

• 3 ways to cope with existential dread

_{DAILY VISUAL}

Amazon Prime Day is Single Biggest E-commerce Day in 2023

_{SPONSORED BY RYSE}

Big Box Retail Success Story in the Making

If you had the opportunity to invest in the biggest electronics products before they launched into big box retail, would you?

Products like the Amazon Echo, Nest Thermostat and even the Apple iPhone received massive boosts through retail distribution, allowing their customers to interact with the devices, test their capabilities, and experience their features before purchasing.

Retail was integral to the success of these products, and for once investors have the option to invest in a company that’s gearing up for a massive retail rollout.

RYSE is about to launch in over 100 Best Buy stores, where consumers will be able to get an in-person feel for their window shade automation solutions.

This will be RYSE’s first foray into retail, and with practically no competition, they are poised to dominate their category of the smart home industry.

It was through retail distribution deals with Best Buy that RING changed doorbells and Nest changed thermostats.

Only two weeks left to take advantage of this opportunity - invest now.

_{DAILY ACUMEN}

Amelia Earhart

Amelia Earhart was an extraordinary figure in the annals of history, not just for her feats as an aviator, but also for her steadfast determination and ambition. A woman navigating a world that was less than amenable to her aspirations, she found herself in a unique predicament when the prospect of becoming the first female passenger on a transatlantic flight presented itself.

Her phone rang one uneventful day, shattering the monotony of her social worker job. A benefactor had proposed to finance the first woman's voyage across the Atlantic. But the terms were less than ideal: Amelia would be seated in the back of the plane like a 'sack of potatoes,' powerless and unpaid. In contrast, the two male pilots would both have control and compensation.

However, she didn't hesitate. She accepted the offer, understanding the significance of such an opportunity. People who overcome adversity, who push boundaries and break stereotypes, have an uncanny ability to begin their journey despite imperfect conditions. Their determination does not waver in the face of inequality or slight, and they take whatever steps necessary to set the wheels in motion.

Amelia Earhart knew that once she found herself in the throes of the journey, the momentum would carry her. She knew she could navigate through the hardships and inequities, propelled by the immense potential that lay ahead.

And so, she set out on her journey, not merely as a passive passenger, but as a flagbearer for all the women who dared to dream. She proved her doubters wrong by becoming one of the most celebrated aviators in history.

_{MEME-A-PALOOZA}

Memes of the Day