🍋 Wall St Comp Results (2023)

Wall St comp report drop plus the future of sick days.

"In finance, everything that's interesting is illegal, everything that's legal is boring." — Lloyd Blankfein (ex. Goldman Sachs CEO)

Good Morning! Please find the results of the 2023 Wall Street compensation survey here.

Bonus szn for investment bankers may be rough, but at least the average babysitter got a 10% raise in 2022. Most are making over $20/hour - which may have been better than Goldman bankers last year.

Americans bet an estimated $16 billion on the Super Bowl last night, and adult beverage companies dominated the commercial breaks (ads sold for $7-8 million).

Remote work is costing Manhattan up to $12 billion every year - most workers are only in three days a week. And investors are eyeing the CPI data scheduled to be released on Tuesday.

1. Story of the Day: Surviving the Sick Day Apocalypse

It looks like Americans may have turned sick days into a relic of the past. Gone are the days when taking a sick day meant lounging on the couch with a box of tissues and a pot of chicken noodle soup. The rise of remote work and technology has brought about a new trend - work-while-sick.

It used to be that taking a sick day was a given, almost like a rite of passage for employees. It was considered part of the unwritten social contract, giving us the right to take a break and tend to our health. But now, with the ability to work from anywhere, it seems the line between work and life has become blurred.

The 21st century has brought us the gift of remote work, but also the curse of being expected to grind non-stop, even when our bodies are begging for a break. Some workers say there’s still a certain level of guilt that comes with asking for time off, whether it's a full-blown sick day or just a mental health break. 

Takeaway: 65% of Americans say they would be more likely to work while sick post-Covid, especially if they can easily do so from home. But working while sick, even at home, could contribute even more to employee burnout.

2. Markets Rundown

Stocks closed mixed to close last week ahead of this week’s inflation data.

Movers & Shakers

  • (+) Valero ($VLO) +6% on a strong day for both oil and energy stocks.

  • (-) Wayfair ($W) -10% after the company was named in a class action lawsuit by its suppliers.

  • (–) Lyft ($LYFT) -37% after the company’s earnings plunged last year.

Private Dealmaking

  • Stonepeak completed its $2.4 billion purchase of Intrado’s safety unit from Apollo

  • Ushur, a customer interaction platform, raised $50 million 

  • Tado, a German thermostat meter, raised $46 million

  • NOCD, a telehealth startup focused on treating OCD, raised $35 million

  • Canoe, an automation platform for asset managers, raised $25 million

  • Atomos Space, a developer of orbital transfer vehicles for outer space, raised $16 million

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3. Top Reads

  • Yield curve may be wrong when it comes to predicting recessions (Axios)

  • What to know about AI-focused ETFs as the chatbot craze grows (CNBC)

  • This week’s inflation data will test disinflation optimism (YF)

  • Layoffs are making LinkedIn the hot new social network (Vox)

  • Mark Cuban says misinformation will only grow as ChatGPT grows (CNBC)

  • Entertainment has become increasingly hard to monetize (Axios)

  • What Tom Brady’s decision tells us about retirement planning (Forbes)

  • What it's like to use Microsoft’s AI-powered Bing (YF)

  • Where will the jobs be during rolling recessions (CNBC)

  • Inside venture capital’s new NYC power building (Info)

4. Book of the Day: Stealing Fire

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It’s the biggest revolution you’ve never heard of, and it’s hiding in plain sight. Over the past decade, Silicon Valley executives like Eric Schmidt and Elon Musk, Special Operators like the Navy SEALs and the Green Berets, and maverick scientists like Sasha Shulgin and Amy Cuddy have turned everything we thought we knew about high performance upside down.

Instead of grit, better habits, or 10,000 hours, these trailblazers have found a surprising short cut. They're harnessing rare and controversial states of consciousness to solve critical challenges and outperform the competition.

New York Times bestselling author Steven Kotler and high-performance expert Jamie Wheal spent four years investigating the leading edges of this revolution—from the home of SEAL Team Six to the Googleplex, the Burning Man festival, Richard Branson’s Necker Island, Red Bull’s training center, Nike’s innovation team, and the United Nations’ Headquarters.

And what they learned was stunning: In their own ways, with differing languages, techniques, and applications, every one of these groups has been quietly seeking the same thing: the boost in information and inspiration that altered states provide.

“Tell me what you value and I might believe you,” management guru Peter Drucker once said, “but show me your calendar and your bank statement, and I’ll show you what you really value.”

5. Short Squeez Picks

What Else to Read

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6. Daily Visual: Gap Between Remote & Onsite work Narrows

Share of employed US workers who are onsite, remote or hybrid

Source: Axios

7. Daily Acumen: How To Quit Caffeine

1. Ease into it on vacation.

If you want to fast-track to the Land of Despair, starting your caffeine detoxification at work is an excellent idea. Vacation might be an ideal time to lay off the caffeine habit.

2. Keep a running list of all the ways giving up caffeine is improving your life.

Better sleep. More money in your pocket for artisanal seltzer. Less sugar or dairy in your diet (unless you drink your coffee black). Freedom from what is, technically, an addiction.

3. Brew up some teas.

Obviously, caffeinated teas are a no-go if you’re cutting out caffeine completely, but think beyond the office stash of good old Lipton. “Make teas using herbs in the adaptogen family of plants as coffee substitutes.

Rhodiola, licorice, and maca are all energizing sans caffeine content, and are amazing for when you really need a pick-me-up,” says board-certified naturopathic physician Maria Geyman, ND. “Plus, part of being a habitual coffee drinker is the ritual of brewing and smelling the coffee, and that same ritual can be had when you make [these] teas.”

4. Find a productive substitute.

Diet Coke need not apply. But finding something that will make you feel less deprived as you give up caffeine will help make the transition easier and increase your odds that the habit sticks.

5. Prepare for three days or more of caffeine-withdrawal headaches and migraines.

Try to stay very well hydrated and utilize headache relief remedies like magnesium, turmeric, and simple ibuprofen for those first couple days to make the most difficult part of your transition that much smoother.

8. Memes of the Day






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