🍋 Millionaire Renters

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Good Morning! Please find the results of the 2023 Wall Street compensation survey here.

Happy Valentine’s Day to those who celebrate. Looks like American workers in big cities are finally coming around to the 3-day work week - and working from home on Monday and Friday. Because they’re commuting and eating out a bit less, a new study found the average American worker is spending $4,661 less per year in New York, $3,040 less in San Francisco, and $2,387 less in Chicago

Some ex-Twitter employees are now launching their own rivals to the platform, but they are struggling to maintain success. And CEOs of blue chip companies are bracing themselves for an increase in activism from investors in the coming year, after a big year for proxy fights in 2022.

Want to invest in the next big brand name in your home and get in on the ground floor of an innovative technology company? Check out today’s sponsor RYSE.

If you are interested in getting in front of a smart, young audience of business leaders, bankers, investment professionals, policy influencers of over 500,000 people, then fill out this form, we’ll be in touch.

1. Story of the Day: Millionaire Renters

As house prices continue to soar across the country, even millionaires are renting houses and apartments. Across the country, the number of renters earning more than $150,000 annually has skyrocketed, doubling between 2015 and 2020.

So why the sudden shift? With the rise of the sharing economy, the stigma of renting has diminished and the trend has become more socially acceptable. Meanwhile, the burden of homeownership has become increasingly unattractive with the rising costs of maintenance, property taxes, and mortgage rates.

It's all about the perfect blend of luxury and freedom, as renters are choosing convenience, security, and the perks of city living. These well-to-do renters won't settle for anything less than a mid-rise or high-rise building with a personal concierge, nestled in the heart of the city's hottest amenities. Renting also gives the urban elite the flexibility to come and go as they please, without being tied down to a restrictive condo.

The housing market has also failed to keep up with soaring demand, leaving a gaping hole in the supply and demand equation. This mismatch has resulted in sky-high home prices and intense competition, leaving even well-to-do households struggling to find a place to call their own.

Takeaway: While some Americans view rent as ‘money down the drain’, others are coming around to appreciate renting and the flexibility it provides. And renters are starting to come in all different types of income brackets.

2. Markets Rundown

_{For access to Wall Street insider interviews, industry deep-dives, premium research/resources and weekly Knowledge Drop newsletter, check out our Insiders membership.}

Stocks soared as investors look ahead to inflation data.

Movers & Shakers

• (+) Fastly ($FSLY) +28% after the cloud company was upgraded by Bank of America.

• (+) Microsoft ($MSFT) +3% adding to the company’s 13% YTD rally on AI hype.

• (–) Fidelity Information Services ($FIS) -13% after the company announced it would spin off its payments business.

Private Dealmaking

• Zeekr, a Chinese EV brand, raised $750 million

• Alibaba sold its stake in Paytm, a digital payments firm, for $167 million

• SALT Lending, a crypto lending startup, raised $64 million

• Skybox Security, a security policy platform, raised $50 million

• Magic.dev, a code-generating platform, raised $23 million

• Therma, a California-based smart refrigerator monitor manufacturer, raised $19 million

A Message from RYSE: There's One Big Opportunity Left in The Smart Home Industry

Ring 一 Acquired by Amazon for $1.2B

Nest 一 Acquired by Google for $3.2B

If you missed out on these spectacular early investments in the Smart Home space, here’s your chance to grab hold of the next one.

RYSE is a tech firm poised to dominate the Smart Shades market (growing at an astonishing 55% annually), and they just announced an exclusive public offering of shares priced at just $1.

With 5 patents in tow and 3 more pending, their automated window shade tech is a triple threat:

Unmatched Convenience: Offering the only retrofit design to motorize existing window shades, RYSE can be controlled by voice, smartphone, or schedule.

Affordable Luxury: Priced at $169 vs. competitors’ pricing of up to $1,000 per window, RYSE is positioned to bring luxury window shades to every home and business.

Radical Efficiency: RYSE can starkly reduce energy bills, lower cooling costs by up to 24% and lighting costs by up to 74%, a revelation in carbon reduction efforts.

Invest in this exclusive public offering before RYSE is a household name.

3. Top Reads

• Markets have whiplash as inflation cools, but jobs remain strong (Axios)

• Executives are doing a great job talking down the US economy (YF)

• What’s a rolling economy, and how to tell if we’re in one (Fox)

• The ‘pink tax’ on underwear (Axios)

• 3 common job interview phrases that can make you look weak (CNBC)

• How Equifax became a private IRS (Substack)

• Wall Street’s mutual fund-to-ETF failed to attract investors in 2022 (BB)

• Inflation may not recede in a straight line (Axios)

• How companies can make a lasting impact with Super Bowl ads (SB)

4. Book of the Day: Alchemy

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Why is Red Bull so popular, though everyone—everyone!—hates the taste? Humans are, in a word, irrational, basing decisions as much on subtle external signals (that little blue can) as on objective qualities (flavor, price, quality).

The surrounding world, meanwhile, is irreducibly complex and random. This means future success can’t be projected on any accounting spreadsheet. To strike gold, you must master the dark art and curious science of conjuring irresistible ideas: alchemy.

Based on thirty years of field work inside the largest experiment in human behavior ever conceived—the forever-unfolding pageant of consumer capitalism—Alchemy, the revolutionary book by Ogilvy advertising legend Rory Sutherland, whose TED talks have been viewed nearly seven million times, decodes human behavior, blending leading-edge scientific research, absurdly entertaining storytelling, deep psychological insight, and practical case studies from his storied career working on campaigns for AmEx, Microsoft, and others.

Heralded as “one of the leading minds in the world of branding” by NPR and "the don of modern advertising" by The Times, Sutherland is a unique thought leader, as comfortable exchanging ideas with Nobel Prize winners Daniel Kahneman and Richard Thaler (both interviewed in these pages) as he is crafting the next product launch.

His unconventional and relentlessly curious approach has led him to discover that the most compelling secrets to human decision-making can be found in surprising places.

“One of the leading minds in the world of branding explores the art and science of conjuring irresistible products and ideas.”

5. Short Squeez Picks

• How to use McKinsey’s 7-step framework to solve problems

• How did we get so obsessed with streaks?

• The 15 U.S. cities where home prices are growing the fastest

• 23 sentences to help improve your life

• How to increase your range of motion - and why it’s essential to health

What Else to Read

We really like newsletters. We’ve got another newsletter recommendation for you comin’ in hot: The Current by RocaNews.

Here’s what we like about it: It was founded by people who don’t like the negative, partisan, and alarmist style of the news. It favors facts over opinions. It tells you what you need to know for the day (so that you can hold your own at any happy hour).

Get current with The Current.

6. Daily Visual: Babysitting Costs Mooning

Change in babysitting rates 2021 to 2022 (among bookings for 1 child on UrbanSitter)

_{Source: Axios}

7. Daily Acumen

Here are six great stress reducers:

Exercise: Regular physical activity is a great way to relieve stress and improve overall health. Exercise can include anything from a brisk walk to a yoga class.

Meditation or deep breathing: Practicing mindfulness through meditation or deep breathing exercises can help calm the mind and reduce stress.

Sleep: Getting enough sleep is crucial for managing stress levels. Aim for 7-9 hours of sleep per night to maintain good health and reduce stress.

Social support: Spending time with friends and loved ones can provide emotional support and help reduce stress.

Hobbies and interests: Engaging in activities you enjoy, such as reading, painting, or gardening, can provide a much-needed distraction from stress and help you relax.

8. Job Board

• Morgan Stanley - Fixed Income Municipal Trader - New York, NY

• Citi - Assistant Vice President, GSP XVA Trader - New York, NY

• Infotree Global Solutions - Financial Analyst - New York, NY

• U.S. Bank National Association - Wealth Management Consultant - New York, NY

• Goldman Sachs - Vice President, New York, NY

• Mastercard - Principal, Business Development - New York, NY

9. Memes of the Day

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