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“Absolutely, positively, no way, no chance, no way, no how for any reason.” — Jamie Dimon (on becoming Fed chair)
Good Morning! OpenAI says ChatGPT’s search volume is now equivalent to 20% of Google’s. CVS Health plans to split into two public companies by the first half of 2028, in what would be one of the largest corporate breakups ever. And Kraft Heinz is selling its North American coffee business to private equity firm One Rock at a $650 million enterprise value.
Meanwhile, Sequoia is closing its London office as part of a broader overhaul, with several employees losing their jobs. And a deep-dive into whether private equity is cooked.
Plus: Waymo cuts ties with Uber to serve riders directly, crude falls below $90 a barrel as Vance blames the GOP’s election defeat on the Iran war, and why the best charity of the next 50 years might be a company.
Today's newsletter is brought to you by F2. Its new deal agent, Adam 2.0, works like a colleague: forward it a CIM, get back a screening memo in your firm's format. See it on your own deals and book a demo.
SQUEEZ OF THE DAY
RIP LIV Golf

LIV Golf's comeback is over before it started. BC Partners, the private capital firm that planned to relaunch the bankrupt Saudi-backed league as "LIV 2.0," is walking away. That leaves LIV expected to move from Chapter 11 reorganization, where a company tries to restructure and survive, to liquidation, where its remaining assets are sold off.
BC had pledged up to $300M for a 17-tournament global team league, and it put in $4M as a bankruptcy loan to get the effort started. The firm also hoped to pick up about $5B of LIV's tax losses, which could have lowered the tax bill on future sports deals.
The plan depended on signing enough golfers before deadlines set in the bankruptcy case. About 30 players were committed or interested, with another 10 sought-after names still in talks. However, few signed formal contracts, and some player representatives made financial demands that couldn't be met right away.
The DP World Tour, Europe's main men's tour, stopped letting LIV golfers play in its events, which made jumping to LIV 2.0 a bigger risk. Its commissioner said the tour had to protect itself from an entity that reportedly spent over $7B "with one of their aims being to destroy" it. Stars including Jon Rahm, Sergio García and Tyrrell Hatton had already said no to staying.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has put more than $5B into LIV since 2021, mostly on prize money and guaranteed contracts to lure top players. This spring it said it would stop funding the league after the 2026 season, saying the investment no longer fit its strategy. LIV filed for bankruptcy in September. PIF owns 99% of the league and controls the process through $550M of senior loans, which get paid back first.
Takeaway: LIV is a case study in what happens when a business is funded by a single backer rather than by its own revenue. BC’s interest was as much about the $5B of tax losses as the league itself, but the plan still required players to sign contracts on terms a private investor could support. With PIF holding senior debt ahead of everyone else, players and vendors with unsecured claims are now likely to recover only a fraction of what they’re owed.
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HEADLINES
Top Reads
OpenAI says ChatGPT's search volume is now a fifth of Google's (YF)
CVS to split off drugstore business in major breakup of healthcare giant; shares fall 10% (CNBC)
Kraft Heinz to sell coffee unit to refocus on other brands (BB)
Sequoia Capital plans to close London office, cut some staff (BB)
Is private equity cooked? (X.com)
Waymo cuts ties with Uber, will serve riders directly (TC)
Crude oil prices fall below $90 a barrel as Vance blames GOP election defeat on Iran war (CNBC)
Spectrum makes unsolicited push to buy Helen of Troy (BB)
Developers eye golf courses for data center projects (BB)
The Elon Musk era of politics is just beginning (BB)
Fannie Mae, Freddie Mac rally as Ackman presses for conservatorship exit (CNBC)
AI investors forced to navigate the blue wave (Axios)
CVS plans to split its health and pharmacy businesses (Axios)
Democrats' victories in Texas laid bare voter unease over data centers — and signal new hurdles for the industry (YF)
Wall Street sees risks to AI boom after the Democratic sweep (BB)
CAPITAL PULSE
Markets Rundown

Market Update
Stocks closed higher after Democrats won majorities in both the Senate and House, with investors focused on divided government and reduced political uncertainty.
WTI crude traded sharply lower near $89 on diplomatic efforts to ease Middle East supply disruptions.
Asian equities finished mixed, European stocks were broadly higher, and the U.S. dollar weakened modestly.
Bonds
The 10-year Treasury yield fell to near 4.88% as divided government lowers the odds of major tax cuts or spending that would widen deficits.
Short-end pricing shifted toward slightly less Fed tightening in the coming months.
A more constrained fiscal outlook could ease inflation pressure and reduce the need for additional hikes.
Labor Market
ADP showed private payrolls rose 86,000 in October versus the 75,000 forecast, led by trade, transportation, and utilities (39,000) and education and health services (28,000).
Annual base pay rose 3.2% and total pay rose 4.7%.
Friday’s payrolls report is forecast at 65,000 jobs, up from 29,000 in September, with unemployment steady at 4.2%.
Movers & Shakers
(+) Duolingo ($DUOL) +26% after the language-learning app said Q3 daily active users grew 29% year over year.
(+) Helen to Troy ($MU) +25% because Spectrum Brands made public an unsolicited $37-per-share all-cash takeover proposal.
(–) CVS Health ($CVS) -13% after the company announced plans to split into two public companies by the first half of 2028.
Prediction Markets
It’s time for Thursday Night Football.
Private Dealmaking
Fal, an inference infrastructure startup, raised $1.3 billion
Energy Capital Partners agreed to sell Harvestone Low Carbon Partners, owner of three corn-based ethanol biorefineries, to The Andersons for $915 million
CrowdStrike agreed to acquire Fiddler AI, a provider of software for monitoring AI agents, for $400 million
Traversal, an observability and site reliability startup, raised $120 million
EloElo, an Indian app for microdramas, raised $80 million
42AI, an Israel-based developer of behavioral AI models for financial institutions, raised $62.5 million
For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.
BOOK OF THE DAY
One Minute

Description: John Strelecky argues that meaningful personal transformation doesn't require dramatic lifestyle changes or extraordinary discipline. Instead, he introduces a simple approach: dedicate just one intentional minute each day to becoming the person you want to be. Drawing on psychology, neuroscience, and behavioral science, he explains how small daily actions can reshape habits, improve focus, and gradually transform your career, relationships, and overall quality of life.
Book Length: 288 pages
Release Date: November 17, 2026
Ideal For: Executives, entrepreneurs, ambitious professionals, and readers interested in personal development, habit formation, and behavioral psychology. Particularly valuable for people looking to make meaningful progress without overwhelming themselves with unrealistic goals.
Your future is shaped by what you consistently do with the minutes you have today.
DAILY VISUAL
New Data Shows Labor Market Strength in September

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DAILY ACUMEN
Blue Zones
Okinawa, Sardinia and three other regions are famous for people living past 100. Researcher Saul Newman went back to UN mortality data covering 236 jurisdictions from 1970 to 2021 and found a pattern.
Some of the places with the most reported centenarians have short life expectancy, such as Kenya at 64 and Malawi at 65. In 2010 the Japanese government found that 82% of the citizens listed as over 100 were already dead. In Greece in 2012, 72% of centenarians claiming pensions, about 9,000 people, were dead.
Newman’s argument is that clerical errors, missing birth records and pension fraud explain much of the apparent longevity. Okinawa also has higher obesity and higher mortality between ages 40 and 65 than mainland Japan.
It’s one researcher’s analysis, not a settled verdict. The lesson stands either way: before building a theory on a striking statistic, check how the numbers were recorded.
ENLIGHTENMENT
Short Squeez Picks
What volunteering teaches leaders that business school doesn’t
College is not social anymore
Jeff Bezos on the cure to stress
How to criticize with kindness
The best charity of the next 50 years might be a company
MEME-A-PALOOZA
Memes of the Day




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