"Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort." — Paul J. Meyer
Good Morning! Tucker Carlson dropped his highly anticipated interview with Vladimir Putin. NYC is considering a crackdown on laundry pods. Mexico topped China to become the US’ number one exporter. Apple is planning on launching a foldable iPhone. Google is rebranding its AI chatbot. McKinsey is implementing its own recommendations and will put 3,000 of its consultants on a performance review as consulting revenue dries up. Plus why the courage to be disliked is the key to happiness, and 5 leadership reads for growth in 2024.
2024 Comp Survey: It’s that time of the year again. Please fill out our compensation survey here. Every response makes the overall results more accurate, so please submit a response if you can (all responses are strictly confidential).
SQUEEZ OF THE DAY
NFL’s Private Equity Option
Hope everyone’s getting ready for the Super Bowl! As NFL team valuations continue to climb to sky-high levels, Kansas City Chiefs' owner Clark Hunt thinks private equity could become a key solution in providing capital to NFL franchisees.
Last year, the NFL set up a committee to decide whether or not institutional investors should be able to invest directly in teams. And Hunt, the NFL’s finance chair, told reporters they’re planning on putting forth a recommendation next month.
Private equity investment is already allowed in the other four professional sports leagues. And the NBA opened up to sovereign wealth funds and pensions last year..
Eventually, it’s a matter of when, not if the NFL will let private equity join in on the action. The NFL relies on ultra-net worth individuals to buy up franchises - the most recent sale being Apollo co-founder Josh Harris’ $6 billion purchase of the Washington Commanders.
The NFL’s current rules require that the main investor holds at least a 30% stake without borrowing more than $1.1 billion - which virtually restricts ownership to billionaires.
Takeaway: Between 2016 and 2023, the average value of an NFL franchise more than doubled from $2.3 billion to over $5.1 billion, showcasing they can be solid investments. But as valuations soar, it’s going to be harder for even billionaires to individually finance buying a team. So, who knows - it might only be a matter of time before we see a Blackstone-owned NFL team square off against a Carlyle-owned one in the Super Bowl.
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Apple is working on a foldable iPhone (Verge)
New York City is considering a laundry pods crackdown (BB)
Carlyle revamps pay structure while setting new financial targets (WSJ)
Las Vegas is gearing up for a Super Bowl cyber challenge (WSJ)
Google gives its AI chatbot a makeover (CNBC)
Manhattan apartment leases surge, keeping rents from sliding (BB)
Ackman exits Lowe’s bet after earning $1.3 billion (Reuters)
Sports betting and Swifties converge on the Super Bowl (Axios)
The pressure on NYCB isn’t letting up (YF)
Hilton profit forecast hit by normalizing travel (Reuters)
Mexico tops China for U.S. exports (CNN)
McKinsey puts 3,000 staffers on review as consulting business slows (Fortune)
The S&P 500 touched 5,000 for the first time but failed to close above the milestone.
(+) Arm Holdings ($ARM) +48% after AI demand boosts revenue.
(+) Disney ($DIS) +12% after beating on earnings, boosting its dividend.
(–) PayPal ($PYPL) -11% because the payments company expects a flat profit in 2024.
Zededa, an edge management startup, raised $72 million
Elroy Air, an air cargo drone maker, raised $50 million
Pennylane, a financial management platform, raised $44 million
River, an electric scooter maker, raised $40 million
Proof Technology, an e-filing tech platform, raised $30.4 million
Motif Neuro, a brain stimulation device developer, raised $19 million
For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.
BOOK OF THE DAY
From Silk To Silicon
The story of globalization, the most powerful force in history, as told through the life and times of ten people who changed the world by their singular, spectacular accomplishments.
This is the first book to look at the history of globalization through the lens of individuals who did something transformative, as opposed to describing globalization through trends, policies, or particular industries.
From Silk to Silicon tells the story of who these men and women were, what they did, how they did it and how their achievements continue to shape our world today.
“This is a tale of globalization and leadership that is both sweeping and personal. It’s a guide to the future as well as to the past.”
China Aging Faster Than US
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Driven By Fear
“People are more adept at working against things than oftentimes we give them credit for.
We often think of people working for things, but they often work against things.
They work against poverty.
They work against their upbringing.
They work against some of these things just as much as they’re working for them.
Some people are very fear-driven.
We talk about fear as being very negative, but it also can be very positive.”
Source: Dr. Julie Gurner
Short Squeez Picks
Memes of the Day