🍋 Money Talks, MBAs Walk

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Good Morning! Lionel Messi is following the finance flock to Miami. He's teaming up with Inter Miami in the MLS and striking deals with Apple and Adidas along the way. Ticket prices increased more than tenfold in what could be Messi’s first game for the club on July 21st.

CNN is in the midst of a shakeup after its CEO left the network. Amazon is planning an ad tier for Prime Video in the war for streaming profits. And NYC turned into the inside of a hookah lounge yesterday, and was recorded to have the the worst air quality out of any city in the world.

1. Story of the Day: Money Talks, MBA Walks

Everyone who’s scoured Wall Street Oasis for career advice knows the so-called golden ticket to Wall Street success. You check the box by going to a target school and getting a coveted investment banking analyst gig, before seeking greener pastures in private equity.

And while going back to school about five years down the track to get an MBA used to be seen as a valuable resume stamp, it turns out candidates and private equity firms alike aren’t seeing as much value from business schools as they’re used to.

In fact, firms used to kick newly-minted associates out so they could get a well-rounded education in business school. But more firms are offering direct promotion paths from associates. And young talent is prioritizing the two years of dealmaking experience over going back to school.

And it’s not just the top firms doing this. Vista Equity Partners, a tech-focused firm with almost $100 billion in assets under management, is promoting more young talent without MBAs. And even at KKR and Blackstone, many senior leaders didn’t go to business school.

Takeaway: Looks like private equity firms have finally realized that two years of partying may not be better than two years in dealmaking pit. The top private equity firms are big believers in the ‘X-factor’. And anyone that’s worked in the business world knows that so many of the intangibles can’t be taught.

2. Markets Rundown

Stocks closed lower as big tech stocks retreat.

Movers & Shakers

• (+) Stitch Fix ($SFIX) +28% after the company announced Q4 earnings.

• (+) Dave and Busters ($PLAY) +18% after the company posted an earnings beat.

• (–) Campbell Soup ($CPB) -9% after the soup maker released full-year guidance.

Private Dealmaking

• RK Pharma, an injectable pharma developer, raised $200 million

• Shift5, a military-focused cybersecurity company, raised $83 million

• Thunes, a payments startup, raised $60 million

• GetHarley, a telehealth platform, raised $52 million

• Cortex, an internal developer portal, raised $35 million

• E-con Systems, an embedded vision player, raised $13 million

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3. Top Reads

• HSBC says rebranded Silicon Valley Bank UK will maintain startup focus (CNBC)

• Interest only helped commercial property boom, now they’re coming due (WSJ)

• 3 big changes student loan borrowers could see when payments restart (CNBC)

• Eight mega cap stocks make for funny sort of bull market (WSJ)

• They fled San Francisco, then the AI boom pulled them back (NYT)

• Coinbase, Binance suits a big step in SEC’s crypto crackdown (Axios)

• Ray Dalio says US at beginning of late, big-cycle debt crisis (BB)

• Investors go cold on food stocks (WSJ)

• Crypto is Gen Z’s most common investment (CNBC)

• Goldman says S&P 500 is undervalued because of AI boom (YF)

4. Book Of The Day: The Four Workarounds

For ages, global corporations have been lecturing small organizations and not-for-profits on how to get things done. As it turns out, it should have been the other way around.

In this groundbreaking book, award-winning researcher Paulo Savaget shows how the most valuable lessons about problem-solving can be learned from the scrappiest groups.

Savaget draws most of his examples from small organizations dedicated to social action that have made an art form out of subverting the status quo and have proved themselves adept at achieving massive wins with minimal resources.

Through his research, Savaget identified the four workarounds that these groups commonly employ: the piggyback, the loophole, the roundabout, and the next best.

With vivid and fascinating examples from his life and travels, he demonstrates how each one works and how to know which one to use when.

The Four Workarounds shows how seemingly intractable problems—from public urination to the challenges of delivering lifesaving medicine to remote communities—were addressed using unconventional tactics.

Some of the world’s biggest and most admired companies are already using Savaget’s research to transform the ways they do business. And these same lessons can also revolutionize the ways we approach the challenges we all encounter every day of our lives.

"This book helps us live happier, successful, and more fulfilling lives."

5. Short Squeez Picks

• Daloopa is giving Short Squeez readers access to ten financial models (any public company) if you sign up for a free account on their website

• The lows of the high life

• Morgan Housel on paying attention

• The economics of dating during high inflation

• Interns at Citadel earn $5,000/week with free housing

• 5 tips for growing as a leader without burning yourself out

6. Daily Visual: US Bankruptcy Filings

_{Source: Axios}

7. Daily Acumen

Remember, your thoughts shape your reality.

Be mindful of your inner dialogue, and choose thoughts that support your growth, well-being, and positive outlook.

Replace self-doubt and negative self-talk with self-compassion, self-belief, and affirmations of your worth.

By consciously directing your thoughts towards optimism, gratitude, and self-empowerment, you can create a more empowering and fulfilling life, unleashing your true potential and inspiring others with your mindset of possibility and resilience.

8. Job Board

• BlackRock - VP - New York, NY

Looking to switch jobs? Check out our Job Board, that includes curated jobs from Wall Street to Silicon Valley.

9. Memes of the Day

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