🍋 Is NYC Back in Office?

NYC workers aren’t really in the office - at least not every day.t Rents are at all-time highs, but it looks like hybrid and remote work are here to stay.

Together With

"Inflation is insane right now. But that's just my 3.5¢."

Good Morning! The revelations keep getting better (or worse) from FTX's collapse. Apparently SBF's parents bought a Bahamas property worth $300 million on the company's dime, and SBF frequently spent over $2,500 on ‘corporate’ lunches.

Crypto contagion is spreading - Genesis warned of a possible bankruptcy if it doesn’t raise cash soon. Oil prices spiked after OPEC said they could increase production. Musk will delay Twitter Blue’s relaunch after too many people were paying to impersonate others. And the Labor Department will allow 401k plans to offer ESG funds.

You can find our latest drop of Top 10 Holiday Gift Ideas here.

Today is the last day to enter Daloopa golf clubs giveaway* by 5pm ET. Enter here. *Only buyside professionals can enter giveaway

1. Story of the Day: Is NYC Back in Office?

New York is so back - or is it? The city’s Covid lockdowns are in the rearview mirror. And rents this year hit record highs. The only catch? Workers aren’t really in the office - at least not every day.

The ‘official’ return-to-the-office dates have largely been busts over the past few years. While offices never quite returned to full capacity in 2021 or 2022, some thought this fall would be different.

But even after this past Labor Day, office capacity in New York still hovers around 50%.

New York-based restaurant chains are feeling the squeeze. They say business lunch revenues haven’t rebounded from before the pandemic. And the city’s public transportation data shows most workers are in Tuesday through Thursday, with Monday and Friday ridership lagging.

Takeaway: Workers in New York are slowly coming back, but it looks like hybrid and remote work are here to stay. (Well, unless you work at Goldman) The post-pandemic work picture is becoming clearer, and it seems like most companies don't care if workers only come in a few days a week - as long as their work is getting done.

2. Markets Rundown

If you want access to Wall Street insider interviews, industry deep-dives, and investment ideas, check out our Insiders newsletter.

Stocks closed higher yesterday as Wall Street bets on inflation easing.

Movers & Shakers

(+) Abercrombie & Fitch ($ANF) +22% after the retail giant's sales beat forecast.
(+) Best Buy ($BBY) +13% because the company's sales surged and holiday-quarter outlook is strong.
(–) Zoom ($ZM) -4% after a downward revision to revenue guidance.

Private Dealmaking

Bira 91, a craft brewer, raised $70 million
WorkJam, a digital workplace solutions provider, raised $50 million
Cobee, an employee benefits management platform, raised $41 million
Laundrygo, an on-demand laundry app, raised $37 million
Fairmat, a French carbon recycling startup, raised $35 million
PTC will buy ServiceMax for $1.46 billion

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4. Book of the Day: I Love Capitalism!

Ken Langone has seen it all on his way to a net worth beyond his wildest dreams. A pillar of corporate America for decades, he's a co-founder of Home Depot, a former director of the New York Stock Exchange, and a world-class philanthropist (including $200 million for NYU's Langone Health).

In this memoir, he finally tells the story of his unlikely rise and controversial career. It's also a passionate defense of the American Dream -- of preserving a country in which any hungry kid can reach the maximum potential of his or her talents and work ethic.

In a series of fascinating stories, Langone shows how he struggled to get an education, break into Wall Street, and scramble for an MBA at night while competing with privileged competitors by day.

He shares how he learned how to evaluate what a business is worth and apply his street smarts to 8-figure and 9-figure deals. And he's not shy about discussing, for the first time, his epic legal and PR battle with former NY Governor Eliot Spitzer.

“One of the most important lessons in my life is this: leave more on the table for the other guy than he thinks he should get. And one of the most important rules in capitalism is incentive.”

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To enter the giveaway, all you have to do is fill out this form. Today is the last day to enter!

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6. Daily Visual: USMNT's Golden Generation

Value going into 2022 men's soccer world cup

Source: Axios

7. Daily Acumen

"Something can be factually true but contextually nonsense. Bad ideas often have at least some seed of truth that gives their followers confidence.

Every market valuation is a number from today multiplied by a story about tomorrow.

Comedians are the only good thought leaders because they understand how the world works but they want to make you laugh rather than make themselves feel smart.

People learn when they’re surprised. Not when they read the right answer, or are told they’re doing it wrong, but when they experience a gap between expectations and reality.

People tend to know what makes them angry with more certainty than what might make them happy. Happiness is complicated because you keep moving the goalposts. Misery is more predictable."

Source: Collab Fund

8. Crypto Corner

Are crypto bros really selling their Lamborghinis?
New York enacts 2-year ban on some crypto mining operations
FTX has over $1 billion in cash - but still owes over $3 billion
FTX lawyer says substantial assets are either stolen or missing
The crypto meltdown, explained
3 important takeaways from FTX bankruptcy

9. Memes of the Day

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