🍋 Millennials Want To Play More Golf

Why millennials are infiltrating boomers' retiree and golf communities, plus stock buybacks are back.

Together With

"The business of business is business." — Milton Friedman

 

Good Morning! Meme stocks are back - but the surge doesn’t seem to be the red flag it used to be. Meanwhile, stock buybacks are at the highest level since 2018, signaling investor optimism in the economy. Long-time rivals UberEats and Instacart are teaming up. And Match is looking to Hinge as Tinder falls. Plus FTX expects most customers to get all of their money back, and Wall Street bonuses are expected to surge this year.

Curious how the world’s best investors are using AI? Then check out Hebbia that can even draft one-pagers based on your team’s investment philosophy.

SQUEEZ OF THE DAY

Millennials Want To Play More Golf

Millennials are getting to the age where they ditch the big cities and move where the grass is greener - literally.

Living in golf communities used to be a go-to for boomers and retirees. But now, with the rise of hybrid work, millennials are going all-in on the golf country club lifestyle. And they’re finding that living in golf communities provides a bunch of social opportunities, too. 

Golf's popularity made an unlikely resurgence during the pandemic - and in 2023, more golf rounds were played than any other year on record.

Right now, the average age of new private golf club joiners is in their early 40s - which is younger than before. And while golf used to be an old man’s game - the National Golf Foundation says 18-to-34-year-olds make up 30% of those playing golf now.

Takeaway: Millennials don’t want to pay more for less for city living. And with the rise of hybrid work, there’s less of a need to be mere minutes from the office, especially if you don’t work crazy hours. The only downside? Boomers aren’t thrilled with their golfing communities getting raided by millennials and single families, but hey, maybe they'll finally master the art of avocado toast.

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HEADLINES

Top Reads

  • The meme stock surge doesn’t seem to be the ominous sign it has been (YF)

  • Stock buybacks hit highest level since 2018 (YF)

  • Why long-time rivals UberEats and Instacart are teaming up (Axios)

  • Match looks to Hinge as Tinder falls (TC)

  • FTX says most customers will get all their money back (CNBC)

  • Wall Street bonuses expected to surge this year (NYP)

  • Wells Fargo names former JPMorgan exec as co-head of investment bank (Reuters)

  • Google staffers question execs over decline in morale after earnings (CNBC)

  • KKR thinks private equity’s top returns are tied to CEO’s empathy (Axios)

  • Public companies are alive and well (WSJ)

CAPITAL PULSE

Markets Rundown

Stocks closed slightly lower as Treasury yields pressure the market.

Movers & Shakers

  • (+) Lyft ($LYFT) +7% after the rideshare company announced a Q1 revenue beat, bookings growth.

  • (–) Shopify ($SHOP) -19% after forecasting slower Q2 sales growth.

  • (–) Tripadvisor ($TRIP) -29% after the online booking company rejected a takeover offer.

Private Dealmaking

  • Ardonagh Group bought PSC Insurance for $1.49 billion 

  • Wiz, a cloud security firm, raised $1 billion 

  • Atlan, an AI governance startup, raised $105 million

  • Meati Foods, a mushroom-based foods maker, raised $100 million 

  • Rodina Capital bought the fleet tech unit of Rubicon Technologies for $94 million 

  • Legion Technologies, a workforce management software provider, raised $50 million

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

BOOK OF THE DAY

The Everything War

With unparalleled access, and having interviewed hundreds of people – from Amazon executives to competitors to small businesses who rely on its marketplace to survive – Mattioli exposes how Amazon was driven by a competitive edge to dominate every industry it entered, bulldozed all who stood in its way, reshaped the retail landscape, transformed how Wall Street evaluates companies, and altered the very nature of the global economy. 

It has come to control most of online retail, and uses its own sellers’ data to compete with them through Amazon’s own private label brands. Millions of companies and governmental agencies use AWS, paying hefty fees for the service.

And, the company has purposefully avoided collecting taxes for years, exploited partners, and even copied competitors—leveraging its power to extract whatever it can, at any cost. It has continued to gain market share in disparate areas, from media to logistics and beyond.

Most companies dominate one or two industries; Amazon now leads in several. And all of this was by design.

“Riveting, shocking, and full of revelations.”

DAILY VISUAL

World’s Largest Private Equity Firms

As of Feb 2024

Source: Creative Capital

DAILY ACUMEN

Time’s Ally

Time rewards consistency and challenges inconsistency.

Those who consistently apply effort and adhere to their principles tend to see their endeavors grow and flourish over time.

Conversely, inconsistency can lead to a lack of progress and missed opportunities.

Whether it's developing skills, building relationships, or achieving long-term goals, maintaining a steady, reliable approach allows individuals to leverage time as an asset, turning minutes into milestones.

ENLIGHTENMENT

Short Squeez Picks

  • 20 expert tips on how to look after your lungs for life

  • How to become more confident at work

  • How to use psychology to make waiting more tolerable

  • Try the Peter Walsh method to declutter 

  • How to get your brain to focus on what matters

MEME-A-PALOOZA

Memes of the Day

 

 

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