Good Morning! Wall Street’s favorite burger chain Shake Shack is testing out a "healthier" frying oil made from sugarcane. The new AirPods will use AI to sense and adjust the volume when you’re commuting, or when your associate is breathing down your neck while you drive excel.

A huge month for IPOs continues tomorrow with Klaviyo - the marketing firm boosted its price and is aiming for a $9 billion valuation. Chicago’s trillion-dollar derivatives industry is leveraging a move down south thanks to higher taxes. And the number of workdays lost to strikes reached 4.1 million in August, a 23-year high.

_{SQUEEZ OF THE DAY}

Private Equity Wants Data Scientists

Private equity’s going on a hiring spree - and it’s no longer Goldman investment banking analysts and Wharton MBA students who are the hottest candidates.

With artificial intelligence becoming all the rage, private equity firms are going after data scientists.

Private equity firms want to put associates in front of boards and senior partners who can understand data science and translate it into plain English. And if they can sprinkle a dash of dealspeak on top, that’s icing on the cake.

Private equity firms are launching talent raids on consulting firms like McKinsey, tech giants, and even top research universities. And the median compensation for data analytics roles in the financial services sector in 2021 (last year with data available)? $551k.

Takeaway: Ultimately, deals get done by private equity investors - not data scientists. However, with the advent of AI, there may be a potential shift in power, opening doors for data scientists to venture into investment roles and make a significant impact. Private equity firms can use data scientists for not only sourcing deals but adding value (read: AI) to portfolio companies.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed little changed as traders await Fed policy meeting.

Movers & Shakers

• (+) Marathon Petroleum ($MPC) +2% because oil prices hit their highest levels since November.

• (–) Tesla ($TSLA) -3% after Goldman lowered its earnings forecast.

• (–) Moderna ($MRNA) -9% because of weaker-than-expected Covid vaccine demand.

Private Dealmaking

• Writer, a generative AI platform, raised $100 million

• Dragos, a cybersecurity startup, raised $74 million

• Sonex Health, an ultrasound-guided orthopedic therapies maker, raised $40 million

• Linear, a developer tools maker, raised $35 million

• Kale Logistics Solutions, a logistics Saas startup, raised $30 million

• Speak, an English language learning platform, raised $16 million

Get access to private deal flow here.

_{SPONSORED BY HEDONOVA}

Hedonova Outperforming S&P 500 by Over 200%

Investing in alternative assets can often be complex and illiquid, making them challenging to fund. That's where Hedonova comes in, making it easy to invest in alternative assets.

Since mid-2020, Hedonova has achieved a remarkable feat, outperforming the S&P 500 by more than 200%.

Hedonova offers a simple yet powerful proposition: It serves as a single access point to a diverse portfolio of alternative assets, including media royalties, pre-IPO startups, wine, and fine art.

This SEC-regulated fund has captured the spotlight, securing the best multi-strategy hedge fund award at the 2023 Hedgeweek European Awards, and is backed by the likes of Morgan Stanley.

With a low minimum of $5k, you can easily start investing in alternative assets at Hedonova.

_HEADLINES

Top Reads

• Dalio’s Shakespearean turn is a sign of the times (BB)

• Arm IPO excites Wall Street, but challenges loom (WSJ)

• The stars have aligned for commercial space companies (YF)

• The weird sweetheart deals that helped Musk close massive acquisitions (Axios)

• How TikTok became a US-China national security issue (BB)

• Disney asset sales will move media industry forward (CNBC)

• Some banks see new cracks forming in resilient US consumer (YF)

• UAW strike could cost economy $5 billion (CNN)

• M&A can pay off, but it’s far from a sure thing (WSJ)

• The chaotic MGM casino hack, explained (Vox)

_{BOOK OF THE DAY}

Going Infinite

When Michael Lewis first met him, Sam Bankman-Fried was the world’s youngest billionaire and crypto’s Gatsby.

CEOs, celebrities, and leaders of small countries all vied for his time and cash after he catapulted, practically overnight, onto the Forbes billionaire list.

Who was this rumpled guy in cargo shorts and limp white socks, whose eyes twitched across Zoom meetings as he played video games on the side?

In Going Infinite Lewis sets out to answer this question, taking readers into the mind of Bankman-Fried, whose rise and fall offers an education in high-frequency trading, cryptocurrencies, philanthropy, bankruptcy, and the justice system.

Both psychological portrait and financial roller-coaster ride, Going Infinite is Michael Lewis at the top of his game, tracing the mind-bending trajectory of a character who never liked the rules and was allowed to live by his own—until it all came undone.

“The story of FTX’s spectacular collapse and the enigmatic founder at its center.”

_{ENLIGHTENMENT}

Short Squeez Picks

• 5 handmuras that can improve wellness

• Why running makes people kind

• Ray Dalio’s top tips for new investors

• How to push back on things you don’t want to do

• 5 new books to understand capitalism

_{DAILY VISUAL}

Debt Dilemmas

_{SPONSORED BY ARRIVED}

Invest In Real Estate With Just $100

We all know real estate can be a stellar investment (after all, it has outperformed the S&P 500 for the past 20 years).

But the everyday investor probably doesn’t have the up-front capital, time, or experience to invest in lucrative real estate projects.

Introducing Arrived. Backed by Bezos himself, Arrived lets you invest in real estate properties (like vacation rentals) with just $100 and share in the profits.

Simply browse from properties curated by Arrived’s experts, invest $100 up to $50k, and relax as Arrived handles all the end-to-end management.

Over $2.6 million in dividends has already been paid–invest in real estate today!

_{DAILY ACUMEN}

Just Looking

“Lots of people go to the beach but very few get in the water.

3,000 students go to the football game to watch 20 of their peers play.

And we go to a conference to meet people and connect, and then spend most of our time hoping someone else will see us and care enough to meet us and connect.

A friend just got to college and is a bit concerned that there’s not a lot to do at night. This opens the door to the question, “why not organize the other people who don’t have anything to do at night and give them something to do?”

There are millions of years of evolution that encourage us to avoid strangers and new experiences. And decades of school and indoctrination that train us to stay in our lane, wait for instructions and keep our head down.

And yet plenty of people go to the conference…

The next time, walk up to the first unattached person you see and ask a few generous questions, the kind of questions you wish someone would ask you.

When you join an online community, lurking is unlikely to get you what you seek. Find a non-lurker and contribute to their thread. Generosity is not the same as hustle.

Instead of waiting to make the varsity team, start an intramural league, even if it’s for just an afternoon.

If you’re just looking, stay home. Plenty to see from your couch.

For people seeking to make a difference, it begins with helping other people make a difference.”

Source: Seth Godin

_{JOB BOARD}

Featured Jobs

• Marathon Asset Management - Trader - New York, NY

• ACT Commodities - Trader - New York, NY

• Cowen - Trader - New York, NY

_{MEME-A-PALOOZA}

Memes of the Day