🍋 Working Under the Influence

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Good Morning! Economists are feeling pretty good about where inflation is heading, and new studies are backing that thinking up. Gas prices have officially fallen by 30% in the last year. And even executive pay is taking a tumble, with S&P 500 CEOs seeing their 2022 paychecks shrink for the first time in a decade.

First, it was quiet quitting, but now there’s a new workplace trend, the ‘Big Stay,’ as job-hopping declines. And Peacock will carry one NFL playoff game next season, for the first time, an NFL postseason game will be shown chiefly on a streaming service.

If you are interested in getting in front of a smart, young audience of business leaders, bankers, investment professionals, policy influencers of over 500,000 people, then fill out this form, we’ll be in touch.

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1. Story of the Day: Working Under the Influence

Are you cracking open a cold one before a Zoom meeting with your boss? Blazing up before you hit the Excel sheets? Turns out, you might be far from the only one. New data suggests millions of Americans could be turning to alcohol and recreational drugs during the remote work day.

20% of remote employees admit to using recreational drugs while working remotely. The hybrid working era has led to a perfect storm that may have exasperated drug and alcohol usage. Remote work brings the allure of a steady paycheck, coupled with the temptation of drugs and alcohol lurking just out of sight from prying eyes. The resulting cocktail of circumstances, exacerbated by social isolation, has given rise to an alarming trend.

Let's face it—substance use has always been present in society. However, remote work has blurred the boundaries between personal and professional life, leading to a disconcerting shift in behavior. With the pandemic-induced upheaval, the number of working-age Americans struggling with substance use disorders has skyrocketed by a jaw-dropping 23%.

As companies begin to transition back to the office, an unintended consequence is surfacing: previously undetected drug habits are now coming to light. And bosses’ antennae might be up from employees slurring words on Zoom calls - random drug testing rose over 30% last year.

Takeaway: Remote work may have blurred work-life balance, but drug usage during the workday isn’t cool with most employers. While it’s harder to prove, we’ll see if some suspects are targeted if more companies enact layoffs.

2. Markets Rundown

Stocks closed higher as investors brushed off inflation worries.

Movers & Shakers

• (+) Western Digital ($WDC) +11% after reportedly close to acquiring Kioxia.

• (+) Shake Shack ($SHAK) +8% because an activist investor plans a proxy battle.

• (–) SoFi ($SOFI) -5% after the stock was downgraded by Wedbush.

  Private Dealmaking

• Newmont bought Newcrest, an Australian gold and copper miner, for $17.5 billion

• TPG bought Angelo Gordon, a credit and real estate investment firm, for $2.7 billion

• Creditor group led by Soros Fund Management bought Vice Media for $225 million

• Fanatics bought the U.S. operations of PointsBet, an online sportsbook operator, for $150 million

• Smart, a pension monitoring and management startup, raised $95 million

• M-KOPA, an asset financing platform, raised $55 million

A Message from Composer

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3. Top Reads

• The greatest wealth transfer in history is here (NYT)

• Inflation fears from Corporate America are falling fast (YF)

• America’s surprise suburban revival (Axios)

• How Wall Street is preparing for a possible debt default (YF)

• Memorial Day travel projected to reach pre-pandemic levels (Axios)

• EU approves Microsoft’s $69B acquisition of Activision Blizzard (CNBC)

• Investing book that flopped 32-years-ago now sells for thousands (WSJ)

• What happens if the debt ceiling and banking crisis collide? (CNN)

• $27B electric vehicle deal shows that SPAC craziness is back (BB)

4. Book of the Day: Spark

Spark is an unconventional business book. It has been built on the idea that coming from a perspective of 'getting' something is a severely self-limiting position. Instead, a career should be seen as an opportunity to give - to your funders, your team, your customers and the world at large.

Doing so, the authors argue, can lead to expansive possibilities. At the same time, however, people should be averse to bloat, bureaucracy, and everything that comes with achieving a certain level of inert mass.

So, how can these two positions be reconciled? How can we complain about companies getting too big while presenting a book to help entrepreneurs and leaders think and act more effectively?

This is why, unlike most business books, Spark doesn't use the authors' business backgrounds or personal stories as a launchpad for their views on best practices. It's not a step-by-step guide to building an empire, and it doesn't pretend to have all the answers to creating the world's best businesses.

Instead, Spark aims to deliver an unhurried, thought-provoking experience about what drives individuals, teams and organizations to thrive. The 24 concepts in the book are commonplace inside venture capital firms and high-performing private equity firms, but they haven't yet made their way to the broader marketplace.

“Spark provides an unhurried, thought-provoking experience about what drives individuals, teams and organizations to thrive.”

5. Short Squeez Picks

• 9 pieces of expert-approved graduation advice

• How a 28-year ex-Goldman banker started an investment bank

• 7 signs someone is addicted to drama

• Is your remote job making you lonely?

• How to improve your life with the 80/20 rule

A Message from Babbel: Learn a New Language This Year

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6. Daily Visual: The World is Surviving a Stronger US Dollar

US dollar index

_{Source: Axios}

7. Daily Acumen

The single biggest factor that distinguishes people is their consistent ability to show up and take action. Many dreams and aspirations remain unrealized simply because individuals fail to embrace the power of consistency.

When we neglect to consistently invest our time, effort, and energy into our pursuits, we unintentionally limit our potential for success.

Commit yourself to the path of consistency. Embrace the daily practice of showing up and doing the work, no matter how small the steps may seem.

Remember, it is through consistency that extraordinary achievements are realized, and seemingly insurmountable obstacles are overcome.

8. Job Board

• Hudson River Trading - Equity Trader - New York, NY

• UBS - Associate, Wealth Strategy - New York, NY

• Citi - VP, Trading - New York, NY

Full Job Board.

9. Memes of the Day

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