Good Morning! Barclays is planning to spend at least $1B to renovate its iconic skyscraper in New York’s Times Square. A new study found that French pensioners now earn more than their working-age counterparts.

Hundreds of Americans have been fired for allegedly celebrating Charlie Kirk’s murder, with a new site called Charlie’s Murderers claiming 30,000 submissions. Alphabet became the fourth company to hit a $3T market cap on AI momentum, even as hype masks recession warning signs.

A new study found NYC buses run slower than Central Park joggers. Wealthy Americans are driving a $200B boom in structured products, and UBS may relocate to the U.S. to dodge Swiss regulations.

Plus: Robinhood is launching a publicly traded VC fund, and Tesla jumped after Elon bought $1B of stock (up 80% since April lows).

Backed by early investors in Uber and eBay, discover Pacaso.

SQUEEZ OF THE DAY

RIP Quarterly Earnings?

President Trump is floating the idea of scrapping quarterly earnings reports and switching to semi-annual reporting. And Wall Street has mixed views about it.

In a Truth Social post yesterday, he argued the move would “save money, and allow managers to focus on properly running their companies.”

He flirted with the idea during his first term, and Warren Buffett and Jamie Dimon have made similar arguments before. In a 2018 Wall Street Journal op-ed, Buffett and Dimon called for abolishing quarterly guidance (but not reports), warning that companies often slash R&D or financial-engineer results just to avoid missing their number by a penny.

But while Buffett and Dimon want more long-term thinking, firms like Citadel and Millennium are completely against Trump’s idea. Quarterly reports fuel volatility, trading volume, options activity, and billions in transaction fees. And semi-annual reporting could arguably cut their revenue in half.

Proponents say that, with semi-annual reporting, companies could lean into bigger bets on R&D or capex without the same fear of being punished for a temporary hit to EPS. Ideally, quarterly executives could spend more time running their businesses without constant investor pressure. Globally, the U.S. would also look more like Europe, where semi-annual reporting is the norm.

But paradoxically, markets might get even choppier, since six months of news crammed into one earnings report could mean bigger shocks and wilder swings. Critics also warn that less frequent reporting could reduce transparency, and watchdogs are already warning of the risk of accounting fraud and insider trading.

Other losers in the investment world? Retail speculators would see fewer catalyst moments to gamble on options plays. And sell-side analysts would be left with fewer data points to publish research, justify fees, or move markets.

Takeaway: Trump’s idea isn’t just about paperwork. It’s about who controls the tempo of capitalism. CEOs and long-term holders want the freedom to think in decades. Trading firms want the oxygen of quarterly volatility. So changing the rhythm will inevitably lead to winners and losers on Wall Street.

HEADLINES

Top Reads

• Barclays to revamp trading floors in overhaul of New York HQ (BB)

• French pensioners now have higher income than working-age adults (FT)

• Blackstone mulls tactic to unleash cash from bets on its peers (BB)

• Hundreds of Americans fired for reportedly celebrating Charlie Kirk’s assassination (CNN)

• Alphabet becomes fourth company to reach $3T in market cap (CNBC)

• AI hype is masking recession signals in the economy (Axios)

• NYC buses reportedly slower than Central Park joggers (SNY)

• Swiss bank UBS eyes move to the U.S. to dodge new regulations (NYP)

• Robinhood launches a publicly traded venture capital fund (NYT)

• Elon Musk makes billion-dollar Tesla share purchase (CNN)

• NFL star Saquon Barkley has invested millions in tech startups (CNBC)

• The 3 execs now in a horse race to succeed Moynihan at BofA (YF)

• NYC renters see significant savings over nixed broker fees (NYP)

• Markets gear up for series of Fed cuts with bullish bets at risk (BB)

• 5 fintechs that could IPO after Klarna (CNBC)

• EQT launches new fund giving retail investors access to private markets (WSJ)

• Wall Street’s SPAC engine restarts as deal volume hits post-2021 high (CNBC)

• The best MBA programs in the world, 2025 ranking (CNBC)

• Tech M&A boom will keep rolling, says Goldman bankers (BB)

• China launches investigation into Nvidia over anti-monopoly law (CNN)

• The new threat facing active fund managers (WSJ)

• The niche tool at the heart of Apollo’s private credit machine (FT)

• Stock rally could stall as Fed rate cuts loom, say Wall Street strategists (BB)

PRESENTED BY PACASO

Former Zillow Exec Opens the Door to a $1.3T Market

Austin Allison sold his first company for $120M. He later served as an executive for Zillow. But both companies reached massive valuations before regular people could invest. 

“I always wished everyday investors could have shared in their early success,” Allison later said. So he built Pacaso differently. 

Pacaso brings co-ownership to the $1.3T vacation home market, earning $110M+ in gross profit in just 5 years. No wonder five major investment firms already backed Pacaso.

They even reserved the Nasdaq ticker PCSO. Now, after adding 10 new international destinations, Pacaso is hitting their stride. 

And unlike his previous stops, you can invest in Pacaso as a private company. But you don’t have time to waste. Invest before Pacaso’s opportunity ends Thursday.

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. stocks closed higher, with communication services and consumer discretionary leading, while staples and health care lagged.

• 10-year Treasury yield fell to 4.04%, as markets positioned ahead of the Fed’s meeting.

• Asia finished mixed, with China’s August industrial production and retail sales missing forecasts.

• European equities rose, led by financials and real estate.

• Dollar declined, while WTI oil traded higher after Ukrainian drone strikes on Russian refineries.

Economic Data Highlights

• Fed meeting in focus this week: Markets expect the first rate cut of the year.

• Quarterly Fed projections (“dot plot”) due, with June’s forecast showing fed funds at 3.6% by end-2026.

• Bond markets are more dovish, pricing fed funds below 3% over the same period.

Movers & Shakers

• (+) Alphabet ($GOOGL) +4% after the company joined the $3T club, AI rally gains steam.

• (+) Tesla ($TSLA) +4% because Elon Musk will buy $1B worth of the company’s shares.

• (–) Alaska Air ($ALK) -7% after lowering guidance due to rising fuel costs.

Private Dealmaking

• Lila Sciences, a developer of AI tools for scientific discovery, raised $235 million

• Hala, a fintech, raised $157 million

• Mojo Vision, a micro-LED platform, raised $75 million

• Diana Health, a network of women’s health practices, raised $55 million

• Arch, a private markets investment platform, raised $52 million

• GreenLite, a construction permitting startup, raised $28.5 million

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

BOOK OF THE DAY

Welcome to the Metaverse

Description: A clear-eyed, accessible guide to what the metaverse really is—beyond hype. It explores the overlap of VR, AR, spatial computing, and digital communities; shows how those technologies are already reshaping business, social interaction, and daily life; and outlines what’s coming next while flagging both opportunities and risks.

Book Length: 208 pages
Release Date: July 8, 2025

Ideal For: Tech futurists, business leaders, policy thinkers, creators, and anyone trying to understand what immersive digital worlds will mean for society, economy, identity, and culture.

“A clear-eyed guide to the metaverse and how this powerful technology—along with advances in spatial computing, VR, and AR—will impact our economy, our lives, and our world.”

DAILY VISUAL

Something just came across my desk…

PRESENTED BY CARTA

What If You Were Tax Ready Already?

Picture a tax season that looks like this:

• No ping-ponging between providers, because you’ve got one trusted partner for your fund accounting and tax needs

• Lightning-fast K-1s and returns, because they’re built from your real-time fund activity 

• Tax support from pros who get it, because they know the ins and outs of every kind of fund structure

With Carta Fund Tax, that picture becomes reality.

Because when your fund data already lives in Carta, tax season is suddenly faster, more precise, and a whole lot easier.

This year, plug tax season into the platform that powers your fund and discover a faster path to "filed."

DAILY ACUMEN

Time-Weighted Returns

Markets have price-weighted and time-weighted returns.

A stock can be a ten-bagger on paper, but if you sold too early, your personal return is zero.

In life, time-weighted returns matter too.

The quality of an hour isn’t constant.

An hour spent deeply present with your craft compounds more than an hour spent doomscrolling.

An hour of sleep before midnight is worth more than one after 2 a.m.

A year in your twenties spent building rare skills might compound at 10x the rate of a year in your fifties.

Treat your time like capital: deploy it where the future return is highest.

You don’t need more hours.

You need better-weighted hours.

ENLIGHTENMENT

Short Squeez Picks

• How often should you stretch to prevent injury?

• How AI is exposing the BS economy

• a16z on hiring a strong founding team

• 7 things to always say no to

• Housing map shows only 5 remaining sellers markets in U.S.

MEME-A-PALOOZA

Memes of the Day

📣 Partner With Us: Get in front of an audience of over 1 million finance professionals, business leaders, and policy influencers. Submit a partnership inquiry.

📈 Grow With Us: Work directly with the Overheard on Wall Street team to scale your finance brand. Schedule your free consult.

🔒 Short Squeez Premium – Insiders: Access exclusive content, including investment analysis, wellness features, career tools, and our full recruiting resource library. Upgrade to Premium. 

🧢 Wall Street Shop: Explore our collection of finance-themed apparel and merchandise. Visit the shop.

📬 Deals Newsletter – Buysiders: A curated roundup of major M&A, private equity, and VC activity. Plus access to private deal flow. Subscribe here.

🏠 Real Estate Newsletter – City Squeez: Latest news and exclusive listings for those looking to buy, rent, or invest in real estate around the world. Sign up here.

📚 Courses: Level up with our excel, modeling, and private equity courses. View offerings.