🍋 Wall Street Goes Suburban

Why Wall Street firms are launching a construction boom in a small Connecticut suburb, plus Boeing wants to buy Spirit AeroSystems.

Together With

“You can have a job if you wanted to have a job for personal satisfaction. But the AI would be able to do everything.” — Elon Musk

Good Morning! Ozempic is coming for gyms next - some chains like Equinox and LifeTime are buying up weight-loss clinics and building up GLP-1 departments. Boeing is in talks to acquire its main supplier, Spirit AeroSystems. Apollo’s chief economist doesn’t think the Fed will cut rates this year. Dune 2 opened to a blockbuster $81.5 million weekend. Plus why you need to learn how to do nothing if you want to live a meaningful life, and the ultimate guide to unstoppable motivation.

Gary Stevenson’s much anticipated book "The Trading Game" drops tomorrow. Pre-order here.

SQUEEZ OF THE DAY

Wall Street Goes Suburban

There's an office construction boom in a sleepy Connecticut suburb, about an hour north of New York City. Darien is on the Long Island Sound and has typically been home to multimillion-dollar homes (and an average household income of over $350k), but doesn't have a downtown. 

That’s all going to change as, during the post-Covid shift, finance firms like banks and buy-side shops are building new space in areas closer to where their workers live. Firms demand workers come in, but they’re willing to meet them halfway with a posh new space closer to home. Charles Schwab was one of the first to go all-in on Darien, and more companies are following.

Last year, office leasing in Darien surged 164%. Darien wants to build another 100k sq ft of office space, and just opened a new downtown equipped with a Naya, and Equinox and plans for a Barry's Bootcamp (all staples of Manhattan that you haven’t really been able to find anywhere else… until now).

But it’s not just Darien - it’s a trend we’re seeing all across the country as office sales plummet in downtown areas, while at the same time office and home values are soaring in the suburbs. We’re seeing it in Boston, Chicago, and even Los Angeles, too. If you’re a high-earning manager in your 40s or 50s and live over an hour from the downtown office, why wouldn’t you work a little closer to home?

Takeaway: Banks and other financial services firms have typically rented out floors and floors of office space in New York City. But as senior management lobbies for new space in the suburbs, you have to wonder if the future of work is going to drastically change over the next ten to fifteen years. Pre-Covid, nobody had a choice - everybody came to the office. But now? It seems like it’s mostly junior staff in the city offices.

BOOK DROP

The Trading Game: A Confession

Are you ready to dive deep into the world of high stakes and high finance? We're excited to bring you a new book release that's bound to captivate your imagination and challenge your perceptions of the financial world.

If you liked “The Wolf of Wall Street” or “Liar’s Poker”, you’ll enjoy this book.

Introducing "The Trading Game" by Gary Stevenson

From the gritty streets of East London to the glossy high-rises of the city's financial district, "The Trading Game" tells the remarkable story of Gary Stevenson, a math prodigy from a challenging background who rises to become one of Citibank's most profitable traders.

But Gary's story is more than just a rags-to-riches tale. It's a journey into the heart of the trading floor, a place of unimaginable wealth, intense pressure, and moral dilemmas. With the eye of a seasoned trader and the heart of a storyteller, Gary reveals the inner workings of the global economy and the individuals who run it. 

“The Trading Game” will be published tomorrow and is available for pre-order.

"The Wolf of Wall Street with a moral compass." Irvine Welsh, author of Trainspotting

"A thrilling story of high finance—and its low points..." Matt Levine, Bloomberg Money Stuff columnist

“Not since Liar’s Poker has a book brought the trading floor into such vivid, boisterous life” Diana B. Henriques, author of The Wizard of Lies and Taming the Street

HEADLINES

Top Reads

  • Nvidia CEO says AI could pass human tests in five years (Reuters)

  • Boeing in talks to acquire Spirit AeroSystems (YF)

  • Disney's $8.5 billion Reliance merger is a streaming wars win (CNBC)

  • Thoma Bravo ups Everbridge takeover price to $1.8 billion (Axios)

  • Immigration is 'taking pressure off' the job market and U.S. economy (CNBC)

  • Dune 2 delivers on promise (HR)

  • Apollo’s chief economist doesn’t think the Fed will cut rates this year (YF)

  • Ozempic is coming for gyms (CNN)

  • Wall Street is worried about NYCB's loan losses and deposit levels (CNBC)

  • Why regional banks have so much commercial real estate exposure (CNN)

  • Apple picks a better road to AI dominance (Reuters)

CAPITAL PULSE

Markets Rundown

Stocks soared as Wall Street made sense of recent inflation data.

Movers & Shakers

  • (+) Dell Technologies ($DELL) +32% after beating Q4 earnings, driven by significant AI demand.

  • (+) Spirit AeroSystems ($SPR) +15% because Boeing is in takeover talks for the supplier.

  • (–) New York Community Bancorp ($NYCB) -26% after the bank announced an internal controls issue, CEO change.

Private Dealmaking

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

BOOK OF THE DAY

Protect Your Peace

Your perspective on life can be your power or your prison. It can serve your anxiety, your stress, and your depression, or it can support your peace, your courage, and your growth.

Trent Shelton, one of the most groundbreaking and dynamic teachers of our time, wants to help you chart your path to a new perspective. Protect Your Peace offers tools to reshape your mindset and redefine the meaning you find in your life—tools that he knows can work for you, because he has used them himself to transform his own life.

In these pages, Trent outlines nine essential principles to help you:

Protect your energy from the things that drain it.

Protect your mind from the things that distract you.

Protect your soul from the things that don’t fulfill you.

You'll learn simple strategies for setting clear boundaries, disconnecting from negativity, honing your vision and your focus, and bringing your life into alignment with your true power and purpose—with Trent as your straight-talking, profoundly inspiring guide who's with you every step of the way.

Trent lets you know in no uncertain terms that there is a war on—a war for your worth. The toughest battle in it is the one you’re fighting within yourself. And Protect Your Peace gives you a road map to victory.

“Hard-won wisdom, practical strategies, personal stories, and deep inspiration to help you reframe your life as a force for good.”

DAILY VISUAL

Top 20% Account for 40% of Spending

Share of US Consumer Spending, By Income

Source: Apollo

PRESENTED BY JURNY

Beyond Nvidia: Explore AI’s Hidden Jewels

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But profiting from the AI wave isn’t just for major players–savvy investors can take advantage, too. 

Jurny and its AI-powered platform is streamlining hotel and short-term rental operations, targeting over $1 trillion in inefficiencies.

With customers already reporting improvements upwards of 80%, are we surprised Jurny has the backing of leading investors Mucker Capital, Okapi Venture, and others?

Over $12 million in capital has already poured in, but there’s still time to jump aboard. 

Secure your investment by March 7th to qualify for up to 20% bonus shares.

DAILY ACUMEN

T Boone Pickens

"There's nothing better than being the underdog.

The more people count me out, the more I count myself in.

I don’t like to show all my cards too early, and that gives me two distinct advantages: my opponents often get the wrong read on me, and I push myself longer and harder.

When it looks like you should pack it in but you still dig in anyway, you also pick up a lot of support."

ENLIGHTENMENT

Short Squeez Picks

MEME-A-PALOOZA

Memes of the Day

 

 

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