Good Morning and Happy Friday! It was fun while it lasted, but the Dow finally snapped a 13-day winning streak - its longest since the 1980s. But US economic growth unexpectedly picked up last quarter and Wall Street’s starting to believe it.

It’s been rough at Bud Light - the brewer will lay off hundreds of workers after controversy and losing the top beer spot to Modelo. Hedge funds are rushing to buy China stocks because of economic stimulus prospects. And KKR’s private equity co-head thinks it’s a great time to do deals - but don’t count on investment banks to secure funding. Regulators unveiled a plan yesterday requiring banks to set aside billions more in capital requirements.

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_{SQUEEZ OF THE DAY}

The New Airbnb

Before the Fed’s announcement on Wednesday, you might have forgotten we’re still trying to fight inflation. And as more Americans take on side hustles to cope with skyrocketing prices, renting out your car is becoming popular.

Some economists say car rentals are becoming the new Airbnb. Take platforms like Turo or Getaround. Entrepreneurs are taking out up to seven-figure loans and buying up fleets.

And so far, renting out cars has become the ultimate do-it-yourself side gig. Some renters on Turo or Getaround have previously driven for Uber, and they’re buying up fleets of 10 to 20 cars. And they say, in a good month, they can net up to $1k/month renting out cars they’re not driving.

But some entrepreneurs are finding it’s harder than they thought. The costs of insurance, parking, and cleaning can quickly add up and costs can quickly eclipse revenue - and that’s not even mentioning reckless renters. A few criminals have even turned to Turo and Getaround for getaway cars - in one instance, a car was ditched over 1,000 miles away and the owner was left picking up the bill to ship it back.

Takeaway: Just like any side hustle - make sure you’re doing your homework before you buy a fleet of a dozen cars. But who knows - maybe Turo and Getaround could become household names (and verbs) in a couple of years.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower after the Wall Street rally ran out of gas.

Movers & Shakers

• (+) Meta ($META) +4% after company reported Q2 earnings.

• (+) Norwegian Cruise Line ($NCLH) +3% after the cruise line beat expectations.

• (–) Chipotle, Inc. ($CMG) -10% after the company’s quarterly revenue fell short of expectations.

Private Dealmaking

• Field, a battery energy storage company, raised $220 million

• RapidAI, a vascular diagnostics company, raised $75 million 

• Radar, an inventory management solutions provider, raised $30 million

• Collectly, a financial engagement software company, raised $29 million

• GlossGenius, a beauty business management software company, raised $28 million

• Brevel, a protein technology startup, raised $18.5 million

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_HEADLINES

Top Reads

• Small firms offer private equity job market a bright spot in 2023 (Reuters)

• Jay Powell knows regular people mostly care about gas prices (YF)

• Private equity giant KKR’s antidote to worker discontent is employee stock ownership programs (CNBC)

• Midwest seeing a housing boom (WSJ)

• Meta surges as ads bounce back (CNBC)

• Hedge funds to nix $1 billion opioid pact (WSJ)

• Eli Lilly’s obesity drug succeeds two late stage studies (Reuters)

• Wall Street is starting to realize U.S. economy is growing (Fox)

• Prosecutors drop another charge against FTX’s SBF (CNBC)

• Microsoft’s AI technology shows the most promise (Fox)

_{BOOK OF THE DAY}

The Modern Maverick

Success is something that many of us are encouraged to pursue from a young age - but what defines 'success'? Many people are taught to set goals in pursuit of a generic definition of success that is dictated by society: chase money, pass exams, build profile, attract followers, or generate likes.

Even if we do reach the top of the mountain, we often find it to be less than we expected. Living someone else's life is draining; individuals are tired and society is poorer as a consequence.

The Modern Maverick sets out a roadmap for a different way forward. A way that combines purpose and profit. A way that helps you figure out your own definition of success and gives you the courage and tools to pursue it.

It moves beyond a general question around purpose, and instead focuses on identifying what you are truly passionate about, what you are uniquely good at, what you can get paid enough for - and how all of that dovetails with what the world needs.

“Imagine designing a race that only you could win. Now imagine that race was your life. You're done with living by other people's rules. It's time to define your own version of success and set free your inner maverick.”

_{ENLIGHTENMENT}

Short Squeez Picks

• 5 best coffee alternatives to boost your productivity

• Three green flags on your resume

• 10 of the best books for personal growth

• How using one word dramatically increases your ability to build consensus buy-in

• What’s in the subway water that drips on our heads?

_{DAILY VISUAL}

Purple Rain

Change in McDonald’s US same-restaurant sales

_{SPONSORED BY WELLCORE}

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Low testosterone can wreck our emotional, mental, and physical health. But we haven’t gotten to the crazy part. 95% of men with low testosterone go untreated. 95%!

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_{DAILY ACUMEN}

Future Self

Consider the notion of befriending your future self. It may seem an unusual concept, but it can be of significant value. Many of us are guilty of making short-sighted decisions that satisfy our immediate desires but compromise our long-term well-being. Whether it's consuming an unnecessary dessert or delaying a vital task, we often prioritize the present at the expense of the future.

The fundamental issue lies in our perception of the future as an abstract and distant reality, separate from our current existence. However, our actions and decisions in the present are the primary determinants of our future circumstances.

Recognizing your future self as an ally could assist you in making healthier choices. Approaches like maintaining a nutritious diet can be viewed as acts of goodwill towards a trusted friend. Such a perspective may encourage responsibility, foresight, and self-control in our decision-making processes.

_{MEME-A-PALOOZA}

Memes of the Day