Good Morning! NYTimes sued Microsoft and OpenAI for some ChatGPT copyright drama. It was a rough year for almost every bank not named JPMorgan. Behavioral economics can help you stick to those New Year's resolutions. Plus 9 morning habits to boost productivity at work, and the best personal finance advice of 2023.

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RIP Holiday Parties

Remember last year when your company threw a post-Covid holiday bash? Well, it turns out you probably didn’t get to go to a glitzy party in a hotel ballroom this year.

2023 was the year companies really put their foot down on the holiday parties. A LinkedIn survey found that 55% of companies were skipping the holiday party this year, even if they had hosted one in prior years.

And in a year filled with layoffs and recession concerns - it makes sense that hosting a banger might not be the best optics. After all, Wall Street is known for some over-the-top Christmas parties.

Some companies are opting for low-key celebrations at the office. Others say they’re tightening the purse strings on the catering and booze budget. And some employees say they’re okay with it - after all, nobody really made their career at these gatherings. But some people have definitely ruined their careers at company parties. 

Takeaway: A lot of employees say they’d rather just get a bigger bonus check instead of the holiday party. And I don’t know about you, but that definitely sounds like a solid option. But no matter the post-Covid new normals - there’s still always going to be a banker who goes overboard and has a little too much fun.

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Top Reads

• NYTimes sues Microsoft, OpenAI over copyright infringement (CNBC)

• NYC aiming to build affordable housing in wealthier neighborhoods (NYT)

• It was a tough year for every bank not named JPMorgan (YF)

• Bitcoin’s 2023 rally drove some of the stock market’s biggest gains (CNBC)

• How economics can help you stick to your New Year's resolution (NPR)

• The best personal finance advice of 2023 (CNBC)

• Welcome to Wall Street’s era of normalization (Fortune)

• Man beats machine in hedge fund investment battle (YF)

• WeWork was one of the year’s biggest losers (Axios)

• A record $6 trillion in cash on the sidelines will help the stock market in 2024 (YF)

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Markets Rundown

Stocks closed higher on Wednesday as the S&P 500 nears its record.

Movers & Shakers

• (+) Cytokinetics ($CYTK) +83% after the company’s heart drug succeeded in trials.

• (+) MicroStrategy ($MSTR) +11% after buying an additional $615 million of crypto.

• (–) LifeTime Group ($LTH) -3% after the fitness chain’s CEO suddenly left.

Private Dealmaking

• Akron Energy, a data center network, raised $110 million 

• Halcyon, an anti-ransomware startup, raised $40 million

• Freya Biosciences, an immunotherapies developer, raised $38 million

• Aye Finance, a digital lending platform, raised $37 million

• Center, an expense and travel software maker, raised $30 million

• Omnidian, an asset management software provider, raised $25 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

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The Winner Effect

The "winner effect" is a term used in biology to describe how an animal that has won a few fights against weak opponents is much more likely to win later bouts against stronger contenders. As Ian Robertson reveals, it applies to humans, too.

Success changes the chemistry of the brain, making you more focused, smarter, more confident, and more aggressive. The effect is as strong as any drug. And the more you win, the more you will go on to win. But the downside is that winning can become physically addictive.

By understanding what the mental and physical changes are that take place in the brain of a "winner," how they happen, and why they affect some people more than others, Robertson answers the question of why some people attain and then handle success better than others.

He explains what makes a winner―or a loser―and how we can use the answers to these questions to understand better the behavior of our business colleagues, family, friends, and ourselves.

“Power makes us smarter, more ambitious, more aggressive and more focused. These qualities are sharpened when we win, and they boost our chances of winning in the future.”

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No Beating Apple in the US

Share of US smartwatch/fitness tracker users who use a device from the following brands

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Investing in the Future: The Eckard Approach to Energy Assets

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Anger

In the quest for emotional well-being, many embark on the mission to minimize anger, assuming it to be a disruptive force. Yet, research challenges this perspective, proposing that anger itself is not the culprit but our mastery over it. It's like having a potent tool in a psychological toolbox that, if utilized wisely, can fuel goal achievement.

A team of researchers explored the relationship between anger and goal attainment. Participants who experienced anger outperformed counterparts in problem-solving tasks, video games, and reaction time tests. Moreover, those anticipating anger were more likely to participate in elections, indicating that anger can be a motivating force, unlike fear.

However, this emotional powerhouse has a double edge. The study found that anger was also associated with increased dishonesty, revealing its potential for antisocial outcomes. The nuanced conclusion emphasizes that anger's impact depends on factors like self-control, the nature of the goal, and the opportunity for problem-solving.

So, this New Year, instead of shunning anger, consider a strategic shift. Rather than suppressing emotions, focus on channeling them constructively. Reframe your relationship with anger, viewing it not as an adversary but as a potential ally for healthy and prosocial goal achievement.

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Short Squeez Picks

• The hard questions to ask when planning your strategy

• 9 morning habits to boost productivity at work

• The delicate dynamics of challenging a superior

• The Verge’s favorite books of 2023

• 5 ways to earn your team’s respect as a leader

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Memes of the Day