"Remember what Epictetus said: Just because someone spends time reading doesn't mean they're smart. It matters how and what you read. So start this practice earlier, start it now. Be a real reader, be a wide-ranging, critical reader. A questioner. A reviewer. A thinker."
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A: Call Allen or Robert at (623) 244-5657. For the first time we are offering a full 90 day refund for no reason policy exclusively for the Ultima Income Generator. If you sign up now and change your mind 5 minutes later just email us. I hope you give it a fair chance, but I don't want anything to hold you back from taking action right now. Go here now: https://theotrade.com/skew/
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You are capable at this time of feigning ignorance and pretending you know nothing about what is swiftly becoming a challenge in your love life. Current astral energies indicate that by burying your head in the sand you are actually cheating yourself of a golden opportunity to recreate your relationship along new and more positive lines. It is worth a little turmoil for the good that will result.
You are capable at this time of feigning ignorance and pretending you know nothing about what is swiftly becoming a challenge in your love life. Current astral energies indicate that by burying your head in the sand you are actually cheating yourself of a golden opportunity to recreate your relationship along new and more positive lines. It is worth a little turmoil for the good that will result.
Is your partner “the one?” Is it true love? Our True Love Tarot reading answers these questions so you can finally get some clarity. Shop Now ›
LOVE COMPATIBILITY REPORT
Two signs may seem like the most compatible zodiac signs, but in reality, they may have completely different relationship goals. Find out whether you and your partner are a perfect match by putting your zodiac compatibility to the test. Shop Now ›
Love can be like the weather - hot and steamy one day, cold and foggy the next. Your Daily Love Tarot is like a forecast for each day.... Pick A Card ›
Don't miss our daily articles
Twin Flame vs. Soulmate—What's the Difference?
Weekly Horoscope: July 5-11, 2021
How to Read 'Bad' Tarot Cards Positively: The Devil, The Tower, and Death
Games for You
BOOK OF LOVE
Pick a page in the Book of Love to receive a hint about your romantic destiny. Pick a Page ›
This week, we're looking at the public listing landscape.
As always, feel free to send me tips or comments by replying to this email or on Twitter @imkialikethecar.
Playing on my Spotify: Thelma Houston's "Don't Leave Me This Way" and Donna Summer's "On The Radio."
Today's Smart Brevity™ count is 897 words, a 3-minute read.
1 big thing: The "hybrid" direct listing is here — and still waiting
Illustration: Sarah Grillo/Axios
Nobody wants to be the guinea pig. Regulators approved a new process for "hybrid" listings back in December — but no company has yet taken this route.
Specifically, the SEC said companies can make direct listings with a primary capital raise on the NYSE. It subsequently approved such listings on the Nasdaq in May.
Why it matters: The new listing format was hailed as a solution for companies that want the benefits of a direct listing and need to raise new capital.
The big picture: Since December, four companies have gone public via the classic direct listing: Roblox, Coinbase, ZipRecruiter, and Squarespace.
For comparison, only three did in all of 2020, and three in 2018 and 2019 combined.
Between the lines: The devil's always in the details — and those still need to be ironed for hybrids.
The first mover will face a laborious SEC process that's sure to take much longer than the established methods.
For context, Spotify completed the first-ever direct listing, in 2018, and it put in several more months with regulators than it would have taken with an IPO.
What they're saying: "It's a structure that's fascinating on paper ... and exceptionally difficult to figure out what company this would be for," says Lise Buyer, founder of IPO consulting firm Class V Group.
IPO experts and top bankers still have questions around pricing and Regulation M, among other things.
Pricing: Under the NYSE rules, issuers would have to price within the range they set — or refile. This could prove tricky and add delays that companies would prefer to avoid, and it's unclear if the SEC would be willing to allow them to set a wider range than the usual 20% top-to-bottom range.
Reg M: While Spotify was able to get a no-action letter from the SEC for how it planned to ensure that the company and its advisors wouldn't manipulate the price, it's unclear how an issuer and its underwriters would do so in hybrids — or what the SEC will bless.
Meanwhile: Companies using the IPO route have increasingly been able to customize in ways that rival what they'd get from a direct listing — like shorter employee lockup periods.
Unity, Airbnb and DoorDash, which all went public last fall, used a new system for an auction-like price setting process. Recall that price discovery was among the top arguments touted by direct listing advocates.
And those who wanted to raise fresh capital and conduct a direct listing simply raised a private funding round prior to going public.
Yes, but: Insiders are optimistic that it's only a matter of time before a company makes the jump.
It'll be one that won't mind the protracted timeline, and more likely when the SEC is less stretched with more urgent matters. (This may turn out to be wishful thinking if the commission's agenda remains jam-packed.)
The bottom line: The hybrid listing so far has been more of a solution in search of a problem.
2. Uncertainty for Chinese IPOs
Illustration: Aïda Amer/Axios
Beijing is going after a financial engineering technique that allows some local companies to tap foreign capital markets.
Why it matters: Chinese companies are facing more regulatory challenges at home — but regaining the confidence of spooked American and other foreign investors could be their biggest test.
Driving the news: Beijing is reportedly considering closing a loophole in its laws that's allowed companies in certain sectors that are normally barred from taking foreign investment to tap into the U.S. capital pool by going public stateside.
The so-called "variable interest entities" structure allows Chinese companies to set up a shell company in, say, the Cayman Islands. Foreign investors then buy shares of the shell company.
Beijing is reportedly looking at requiring regulatory review of companies that use this structure before they go public in Hong Kong or the U.S., according to Bloomberg. It could also apply to public companies seeking to issue new shares.
State of play: Didi has made the splashiest headlines this week for Beijing's backlash after its IPO — but there are already other ripple effects.
Medical data company LinkDoc was supposed to price its IPO on Thursday but has postponed. And fitness app Keep just pulled its planned IPO altogether.
The bottom line: The pipeline of Chinese companies going public in the U.S. has been growing over the past couple of years. But that trend is now in limbo.
3. What to watch
Illustration: Sarah Grillo/Axios
The U.S. and global IPO markets had their biggest quarters in more than 10 and 20 years, respectively, and Q3 is poised to be another strong one.
Here are some of the largest upcoming global IPOs, per Renaissance Capital:
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Today's waxing crescent moon in Cancer aspects Neptune and Pluto. Neptune's energy can confuse emotions and situations by making us turn a blind eye to critical matters. It can also mark a creatively fluid time. The moon opposing Pluto threatens our sense of security. Times are changing, and it's time to make a move to evolve.
Today's waxing crescent moon in Cancer aspects Neptune and Pluto. Neptune's energy can confuse emotions and situations by making us turn a blind eye to critical matters. It can also mark a creatively fluid time. The moon opposing Pluto threatens our sense of security. Times are changing, and it's time to make a move to evolve.
Read our Summer Horoscopefor tips on how to live it up during the summer of 2021. Our astrology forecast outlines the energy of the week and areas your sign should focus on.
In your natal chart, the zodiac sign energy at play show your strengths, weaknesses, biggest fears, and more. Here, you'll receive a detailed birth chart analysis that shows who you really are. Shop Now ›
MOON SIGN READING
Did you know that your natal moon reveals your emotional world, but also holds secrets when it comes to compatibility? With our Moon Sign Reading, you’ll be able to dig deeper into what makes you tick and how to be sure your needs are being met. Shop Now ›
Love can be like the weather - hot and steamy one day, cold and foggy the next. Your Daily Love Tarot is like a forecast for each day.... Pick A Card ›
insidecroydon posted: " MARVELS OF THE MINSTER: Four paintings in the Museum of Croydon's collection show the town 250 years ago as a rural idyll. They are by a talented watercolourist whose career was marred by politics and professional jealousies, as DAVID MORGAN explains "
MARVELS OF THE MINSTER: Four paintings in the Museum of Croydon's collection show the town 250 years ago as a rural idyll. They are by a talented watercolourist whose career was marred by politics and professional jealousies, as DAVID MORGAN explains Over the years, many artists have been inspired to paint a canvas of Croydon […]
The information in this email is intended for informational purposes only and does not guarantee specific results as there is a high degree of risk involved with trading. Also, our traders are real traders and may have financial interests in the companies discussed. Please see our Terms and Conditions for more information.
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Today can be lucky for love and romance, but at the same time, the best relationships will support each other's freedom of action and ideas. A love interest who is insecure or possessive may not be for you. Talk to a close relative if you are feeling frustrated.
Today can be lucky for love and romance, but at the same time, the best relationships will support each other's freedom of action and ideas. A love interest who is insecure or possessive may not be for you. Talk to a close relative if you are feeling frustrated.
Confused about your relationship? Get an accurate prediction with a live psychic reading.Chat online now.
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YES/NO TAROT READING
Sometimes, the best answer is the most direct one. Our “yes or not” Tarot reading provides just that, so you can finally come to grips with what you need. You’ll get a straight, honest Tarot reading as if you were sitting in front of a Tarot reader. Shop Now ›
Love can be like the weather - hot and steamy one day, cold and foggy the next. Your Daily Love Tarot is like a forecast for each day.... Pick A Card ›
Don't miss our daily articles
Twin Flame vs. Soulmate—What's the Difference?
Weekly Horoscope: July 5-11, 2021
How to Read 'Bad' Tarot Cards Positively: The Devil, The Tower, and Death
Games for You
BOOK OF LOVE
Pick a page in the Book of Love to receive a hint about your romantic destiny. Pick a Page ›
Some hidden problems in your house could suddenly appear, Gemini. This could involve plumbing, electricity, or the walls. Repairs are definitely indicated. It's best if you see to them right away rather than wait. The problem will only escalate if neglected. It's probably better to call in professionals than to try to do it yourself. Things like this are a drag, but they happen.
Some hidden problems in your house could suddenly appear, Gemini. This could involve plumbing, electricity, or the walls. Repairs are definitely indicated. It's best if you see to them right away rather than wait. The problem will only escalate if neglected. It's probably better to call in professionals than to try to do it yourself. Things like this are a drag, but they happen.
You are capable at this time of feigning ignorance and pretending you know nothing about what is swiftly becoming a challenge in your love life. Current astral energies indicate that by burying your head in the sand you are actually cheating yourself of a golden opportunity to recreate your relationship along new and more positive lines. It is worth a little turmoil for the good that will result.
Today's planetary alignment is a marriage of feminine and masculine qualities. You are taking stock of your emotional cupboard: do you have what you need in your personal life? Are you OK with being alone? Do you feel you need more attention from others? These are confusing questions for some of you, who are accustomed to going without or making do with very little. It's a lot easier to know what you need emotionally when you are in reasonably good physical shape.
You may have a solid plan worked out in your mind, but someone else's confused ideas are getting in the way and making you second guess your ideas. Don't doubt yourself. Have faith that your thinking is sound and that you are on the right track.
Confused about your relationship? Get an accurate prediction with a live psychic reading.Chat online now.
In your natal chart, the zodiac sign energy at play show your strengths, weaknesses, biggest fears, and more. Here, you'll receive a detailed birth chart analysis that shows who you really are. Shop Now ›
TRUE LOVE TAROT READING
Is your partner “the one?” Is it true love? Our True Love Tarot reading answers these questions so you can finally get some clarity. Shop Now ›
Love can be like the weather - hot and steamy one day, cold and foggy the next. Your Daily Love Tarot is like a forecast for each day.... Pick A Card ›
In 2012, I made Bitcoin millionaires doing just this…
And now, the question I get asked more than any other question:
"When should I buy?" … and "When should I sell?"
If you want this MILLION DOLLAR Answer, I highly suggest you take me up on my exclusive invite to discuss these exact questions with fellow Bitcoin Legend, Max Wright and I.
Here is the Invitation: [Berwick-Wright Reveal All]
On it, we will reveal:
- The 4 year crypto cycle and why it will be slightly different this time around.
- Why the next 2 years is so exciting.
- How to play the end of the cycle when it occurs.
- What asset class to shift into before the great Crypto bubble pop in 18 months time
- A specific price target for May of 2021 and December of 2021.
You will get a confirmation email with the date and time you selected.
It is CRITICAL that you attend.
See you there!
P.S. Also when you attend this event you will learn why and when certain asset classes will boom and bust. Including Crypto, precious metals, cash, real estate and the stock market. It is literally the keys to the kingdom.
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Editor's Note:Below is an important message from our friends at Casey Research. They've uncovered a groundbreaking tech that promises to be a huge stock market story of 2021. We urge you to continue reading to see if this opportunity is right for you.
Dear Reader,
Rachel Bodden here, managing editor at Casey Research.
Today's I have a special tech update for you, all thanks to Dave Forest.
He's a top angel investor. And last year, he closed out 12 plays in one of his research services. Ten of them were winners…
Including grand slams like 4,942% and 2,805%!
But what Dave's projecting in the months ahead could be HUGE for you!
It's a major tech story that will disrupt 5G in 2021.
And at the heart of it sits one micro–cap trading for a few dollars.
Trading involves risk. The information provided is NOT trading advice. Neither the Editors, the Publisher, nor any of their respective affiliates make any guarantee or other promise as to any results that may be obtained from the newsletter. Past performance is no guarantee of future performance. This recipient of this email assumes responsibility for conducting its own due diligence on the aforementioned company or entity and assumes full responsibility, and releases the sender from liability for any purchase or order made from any company or entity mentioned or recommended in this email.
The information provided is for educational purposes only. Please contact your financial advisor for specific financial advice tailored to your personal circumstances. Actual results may differ. Nothing here constitutes a recommendation respecting the particular security illustrated.
No, it's not a market crash, or hyperinflation, or anything like that. What's brewing is a completely different market phenomenon. One that's so rare, it only happens once every twenty years or so.
But when it does hit... it can completely transform your wealth for decades to come."
Everything you need to know is covered in his new video update, which is quickly going viral.
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"Old school" folks might be skeptical of listening to financial advice from someone half their age, but this stock whiz beat out 15,000 experts to claim #1 title.
Nothing in this email should be considered personalized financial advice. ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
By reading this communication, you agree to the terms of this disclaimer, including, but not limited to: releasing The Company, its affiliates, assigns and successors from any and all liability, damages, and injury from the information contained in this communication. You further warrant that you are solely responsible for any financial outcome that may come from your investment decisions.
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Investing is inherently risky. While a potential for rewards exists, by investing, you are putting yourself at risk. You must be aware of the risks and be willing to accept them in order to invest in any type of security. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell securities. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
Roger Breaks Silence on This Simple Trading Strategy
WealthPress Senior Strategist and former multi-million dollar hedge fund manager Roger Scott has finally broken his silence on his breakthrough discovery…
One that could save traders hours of research.
It all revolves around what he calls a "Sniper Line."
Once a stock crosses a sniper line, investors can place a quick trade, check back in a handful of days…
2 Semiconductor Stocks With Big Potential for the Rest of 2021
It's no secret that the pandemic caused the massive chip shortage. First, we saw car sales significantly drop off during the early COVID-19 stages, with manufacturers cutting orders for parts.
Now we're seeing declining sales for consumer electronics like webcams, tablets and other Consumer Discretionary devices to help people cope.
We're seeing a major pickup in car sales while the chip industry won't catch up until 2023. At least that's what Pat Gelsinger, the CEO of Intel, is warning. He's forecasting strong growth in demand over the next decade.
Disney, Netflix, Amazon… Who Will Win the Streaming Wars?
There's a war being waged over the internet as everyone debates what the best streaming service is. Which one has the best shows? Which one has the most subscribers? Which one is worth the cost? But most important for us… Which one is the best streaming stock?
Every service has its own niche…
If your household has younger kids, you'd probably want Disney Plus. Or maybe you love Netflix originals and want to subscribe there. Or maybe, you just want all of the streaming services because it's still cheaper than cable.
But as traders, we're more focused on the charts. So we need to figure out which company is the best from a financial perspective.
"Hi Roger, Really enjoy the classes and learned so much, and appreciate very much."
Kelvin L.
A Speculator utilizes strategies and typically a shorter time frame in an attempt to outperform traditional longer-term investors. Speculators take on risk, especially with respect to anticipating future price movements, in the hope of making gains that are large enough to offset the risk. Speculators who are profitable over the long-term control their risk through position sizing, stop loss orders, and monitoring the statistics of their trading performance. Speculators are typically sophisticated risk-taking individuals with expertise in the markets in which they are trading.
Disclaimer:
The material in this document is for informational purposes based on our proprietary research. It is not an offering, specific recommendation, or a solicitation of an offer to buy or sell any securities mentioned or discussed herein.
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The Chariot card has selected you today for the purpose of making you aware that you need to take hold of the reins if others have too much control. You know this is true if you sense you are doing the opposite of what you want. If dating, there are lots of people out there who speed in on their Chariot and speed away leaving stardust in their wake.
The Chariot card has selected you today for the purpose of making you aware that you need to take hold of the reins if others have too much control. You know this is true if you sense you are doing the opposite of what you want. If dating, there are lots of people out there who speed in on their Chariot and speed away leaving stardust in their wake.
Confused about your relationship? Get an accurate prediction with a live psychic reading.Chat online now.
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TRUE LOVE TAROT READING
Is your partner “the one?” Is it true love? Our True Love Tarot reading answers these questions so you can finally get some clarity. Shop Now ›
LOVE COMPATIBILITY REPORT
Two signs may seem like the most compatible zodiac signs, but in reality, they may have completely different relationship goals. Find out whether you and your partner are a perfect match by putting your zodiac compatibility to the test. Shop Now ›
Love can be like the weather - hot and steamy one day, cold and foggy the next. Your Daily Love Tarot is like a forecast for each day.... Pick A Card ›
Don't miss our daily articles
Twin Flame vs. Soulmate—What's the Difference?
Weekly Horoscope: July 5-11, 2021
How to Read 'Bad' Tarot Cards Positively: The Devil, The Tower, and Death
Games for You
BOOK OF LOVE
Pick a page in the Book of Love to receive a hint about your romantic destiny. Pick a Page ›
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This is the calm before the storm - something big is brewing in the financial markets...
And the decisions you make in the coming weeks could affect your wealth for the next decade.
Dr. Sjuggerud just teamed up with another big-name investor to get his new prediction into the hands of as many Americans as possible - before it's too late.
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It's the company that's been supplying this key piece of tech to Elon Musk that will shock everyone. (By clicking the link above, you'll also be opted in to the Morning Bullets and The Bleeding Edge free newsletters. You may unsubscribe at any time.)
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Because if Elon Musk mentions this company in a tweet, there's no telling how high shares could go.
Sincerely,
Jeff Brown Founder, Brownstone Research
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Good morning. The marketing folks at ESPN are calling this the "Weekend of Champions," and they're not wrong. Sports fans will be treated to the Wimbledon finals, Argentina vs. Brazil in the Copa América final, England vs. Italy in the Euro final, an NBA Finals game, and the rubber match of Conor McGregor vs. Dustin Poirier at UFC 264.
Markets: After a bumpy Thursday when investors questioned economic growth prospects, stocks rebounded to close at all-time highs. Biogen stock fell after the FDA's acting head called for a federal investigation into the controversial approval of the company's Alzhiemer's drug.
Covid: The CDC released new guidance around school reopenings this fall. It wants schools to stay open for in-person instruction and said teachers and students who are vaccinated don't need to wear masks or physically distance.
Tired of Teddy Roosevelt getting all the "trustbuster" recognition in the history books, President Biden signed a beefy executive order yesterday containing 72 measures meant to target big business and promote competition in the US economy.
The order, which is less, "You must do this or else!" and more, "Here's a guide to what I think," reflects the Biden administration's focus on slowing corporate consolidation in order to help the US consumer. "In total, higher prices and lower wages caused by lack of competition are now estimated to cost the median American household $5,000 per year," the White House said.
So what's the game plan?
The James Harden approach: Take an egregious amount of shots and hope you score some. The executive order mentions everything from shipping fees to over-the-counter hearing aids to banking mergers. Let's look at some of the most interesting bits:
Noncompetes: The White House wants to limit employers' ability to stop their employees from going to rivals, which Biden says would increase worker mobility and wages.
Transportation: Biden encouraged the Transportation Department to compel airlines to disclose fees and hand out refunds when your bags get lost or delayed.
Tech mergers: The order calls for "greater scrutiny of mergers, especially by dominant internet platforms..."
Not everyone agrees that Corporate America is too concentrated. For example, the CEO of the Bank Policy Institute said in response to Biden's order, "Banking is among the most competitive, least concentrated industries in America, as anyone who has shopped for a credit card, mortgage, or deposit account knows." Republicans generally agree that consolidation isn't a huge problem (at least outside of Big Tech).
Bottom line: Don't expect Facebook to spin off Instagram because of this executive order. But it shows where Biden is focusing his attention, and it puts more pressure on Congress to revamp antitrust laws for the 21st century.
If all goes according to plan tomorrow, Richard Branson will win the first leg of the billionaire space race in time for brunch. Branson will be onboard Virgin Galactic's VSS Unity flight, nine days ahead of Jeff Bezos's expected launch for Blue Origin on July 20.
VSS Unity isn't like other spaceships. Instead of a traditional launch, the craft will take off in the air attached to a larger mothership called WhiteNightTwo at an altitude of 50,000 feet.
When the ship reaches peak altitude, Branson and the three other passengers—all Virgin Galactic employees—will feel weightless. The whole trip will last about an hour and a half.
Peak altitude = 57 miles above the ground, which won't pass what scientists call the "Kármán line," or the invisible boundary to outer space.
Blue Origin bragged on Twitter that it would be taking Bezos past the line at the end of the month.
Big picture: Branson is using this trip to show that space tourism is a legitimate industry, even if it will only be available to the ultra-rich for a while.
Wyoming became the first US state to officially recognize a Decentralized Autonomous Organization (DAO) this week, its latest step to becoming the country's most crypto-friendly place to live.
To be specific, the Cowboy State announced that the American CryptoFed DAO is now an LLC.
DAO 101: A DAO is any community that uses blockchain to govern itself without the intervention of a central authority. American CryptoFed's mission, for instance, is to "create and sustain a monetary system with zero inflation, zero deflation, and zero transaction costs."
If you already knew that…
Wyoming wants you to round up your buddies and settle down in Cody. The state has been writing new legislation to make its Zillow listings stand out to crypto folks, and it's working: Major crypto companies Ripple and Kraken both set up operations there, as well as about 50 smaller LLCs with "bitcoin" in their names.
To make things official, Wyoming Senator Cynthia Lummis temporarily added laser eyes to her Twitter profile picture earlier this year.
What's in it for Wyoming? The US' No. 1 coal-producing state is looking to crypto as a new means of revenue generation and jobs as it weans itself off Santa's little punishment rock.
We can all thank him for bringing the Brew into our lives, but this high-performer also 1) has a life outside of work and 2) is in pretty good shape tbh.
Turns out, Alex Lieberman's life outside of work includes a killer—and pup-tastic—fitness regimen that helps him tackle his work week as:
TL;DR: He runs along the most iconic trail in New Jersey when most of us are reading our Brew in bed. Rambo, his pup, demands a healthy dose of hiking. And he only does it in shoes engineered for easy and seriously supportive experiences—like HOKA ONE ONE runners and hikers.
Stat: Zaila Avant-garde not only became the first Black American to win the Scripps National Spelling Bee Thursday night, she also holds three Guinness world records for basketball: most basketballs dribbled simultaneously (six for 30 seconds), most basketball bounces (307 in 30 seconds), and most bounce juggles in 1 minute (255 with four basketballs).
Quote: "Hollywood as we know it is irrelevant. It no longer has any meaning or whatever. Streaming and everything, movies. It's all really changed, and it no longer has hegemony over anything."
Media mogul Barry Diller acknowledged at the Allen & Co. conference that the old-guard movie studios no longer have the power to shape culture that they once did.
Read: Great Jones cookware and the illusion of the millennial aesthetic. (New Yorker)
In this Summer 2021 segment, the Brew's personal finance writer Ryan Lasker is nose-diving into our inbox to address your personal finance questions. Submit your money woes here.
What are some tips for being patient when saving money? I'm currently doing a good job, but knowing how long it'll take to build up sizeable savings is bothering me.—Zach
Before I get to your question, a story: A few years ago, I had a (free) gym session with a trainer, and knowing my goals was of paramount importance. I told him I had none...which didn't go over well.
Well, to be fair I had goals, but like you, I thought it'd take too long before I'd see results. I wanted abs, arms, maybe even a nice butt, but I wasn't sure I'd ever get there.
You see where I'm headed, Zach. Saving is like hitting the gym in that months and years may pass before you notice results, and consistency and persistence is the key. To stay motivated:
Maintain your focus by plastering pictures that represent your savings goals somewhere you can see them.
Periodically look back at how much you've saved (kind of like looking at "before" gym pics), because you might surprise yourself to see how far you've come from where you started.
Bottom line: Consider the alternatives to saving. If you stopped now and bought a cheaper version of whatever you're saving for, would you be just as satisfied? The answer is probably no.
P.S.: Later this summer, Ryan will be writing a twice-weekly personal finance newsletter to make you smarter about your money. Become one of the first subscribers.
WHAT ELSE IS BREWING
Finance ministers are meeting in Venice to finalize their plan to overhaul the global tax system.
President Biden told Russian President Vladimir Putin in a call that he expects Putin to act to stop ransomware attacks coming from Russia even if they weren't state-sponsored.
Chinese regulators ordered the removal of 25 more apps owned by the ride-hailing company Didi.
The US Anti-Doping Agency wrote a letter to lawmakers basically saying it can't change the rules that led to the suspension of American track star Sha'Carri Richardson, who tested positive for marijuana.
BREW'S BETS
Invest in sports gambling tech. Fantasy Sports Co. develops premium analytics and tools to help make sports-betting decisions easier. Sports betting revenue is forecasted to surpass $1B+ in 2021 as more states legalize it—and it only gets legalized once in a lifetime. Invest in Fantasy Sports Co. before the opportunity ends soon.*
'Holy credit card cannoli.' That's what our grandpa who loves great credit card deals would say if he saw this new cash back card, which gives you unlimited 2% cash rewards on purchases, a $200 cash rewards bonus after spending $1,000 on purchases within three months, and more. Apply here.*
Remembering the victims of Surfside: Here is a running list of the missing and the dead from the condo tower collapse in South Florida.
If this isn't the most summer-feeling crossword puzzle we've ever encountered...play it here and let the nostalgia flow through your veins.
SHARE THE BREW
We think you should share the Brew. Not only is it a smart thing to do for your friends, it's also the smartest way to get showered in free Brew swag and exclusive content.
Reminder: We're calling on everyone active in the global private funds ecosystem to take our 2021 Sustainable Investment Survey, which covers subtopics like ESG risk factors and impact investing.
The survey takes about 10 minutes and participants are eligible to win one of 10 gifts in our prize pool!
Many of US PE's annual records will be broken this year
The US private equity industry is putting up ludicrous figures.
Dealmaking, exit activity and fundraising are all trending toward record figures. Performance, being driven by a buoyant stock market, is coming along nicely, as well.
Dealmaking is red hot up and down the size spectrum. Nearly three-quarters of all deals have been add-ons through the first six months of the year.
Conversely, $5 billion+ buyouts are back with a vengeance. An expected jump in capital gains taxes is spurring a rush to close buyouts of family-owned businesses by year-end, including a gargantuan deal for a majority stake in Medline, which pegs the company's enterprise value at a staggering $34 billion.
Exit activity has perhaps been the most surprising. Driven by public listings, PE-backed exit activity is already approaching 2020's annual figures. SPACs and IPOs dominated the largest exits and continue to propel pricing higher.
Robust economic growth and increasing PE allocations are driving LPs to find new strategies and GP relationships.
Fundraising is benefitting from pent-up demand because funds did not close in 2020, as well as a plethora of mega-fund offerings ($5 billion+). On average, LPs continue to view private equity favorably and are seeking to maintain or boost allocations.
To read about these trends, and more, in greater detail, download our just-released Q2 2021 US PE Breakdown.
As always, feel free to reach out to our analysts with any comments or questions.
Nontraditional investors have become a very regular part of the venture ecosystem.
And according to the data we have on VC returns, don't expect the outsized influence of hedge funds, PE firms, corporate investors and others to change any time soon. Some highlights from our new research:
Nontraditional investors participated in 77% of the US VC deal value last year and 95% of total exit value.
Annualized returns for nontraditionals have surpassed 30% at the Series A stage, while later-stage returns are around 10% to 15%.
The median hold time for nontraditionals (often focused on later stages) is under four years, far shorter than is typical for the broader industry.
We unpack much more on the impact of nontraditional investors, with their estimated $300 billion in capital supply, and what to expect in the future:
Private equity's private nature has led to much debate about the true benefit of investing in the asset class relative to public equities.
Indeed, several pieces of academic research haven't been flattering to PE returns when accounting for the fees and illiquidity.
So, is it all worth it?
In new research this week, we introduced a new way to measure PE performance by simulating realistic investor outcomes using historical cash flows and data on net asset value. Our findings show:
The addition of a 20% allocation to randomly selected buyout funds in a 60/40 portfolio did result in positive annualized excess returns (i.e., investing in PE added value).
Differences in fund selection created a wide dispersion of excess returns across the upper and lower quartiles.
The value added by PE has fluctuated over different periods and returns have been less positive over the past decade ended 2020.
Read the full note to get the exact values and more insight into how we approached this analysis:
SPACE TECH: It's no secret that much attention these days is being directed toward the stars.
And with billionaires Branson and Bezos soon flying to suborbital space, VC funding into space tech is also taking off.
Our latest Vertical Snapshot, available to clients only, provides an in-depth overview across the terrestrial, orbital and exploratory segments. The research also features industry growth drivers, a market map, a time horizon chart of future space tech opportunities (see above), and a visualization of key categories and companies.
Key themes:
Greater commercial participation in the space economy is being driven by decreasing costs due to improved launch technologies and smaller satellites.
Big ideas about colonies on Mars or asteroid mining are exciting, but they're not realistic in the short term until additional underpinning technologies are refined and established in orbit.
Substantive international cooperation will be required to set rules around the tracking and disposing of space objects, the militarization of space, and orbital priority.
Senior PE analyst Wylie Fernyhough weighs in on the recent news involving private equity firms going public:
"The value of private equity firms has continued to balloon as assets have poured in. Some firms have amassed tens of billions in AUM, making these companies worth several billions of dollars.
"The largest managers, including KKR, Blackstone and Apollo, tapped public markets years ago, but the next generation of managers chose other options.
"Firms like Dyal, Petershill and Blackstone have provided a private financing option for years in the form of GP stakes—buying a minority equity stake in the manager.
"Now, though, it appears the largest GPs are once again interested in publicly listing. In the past two weeks, Bridgepoint, a UK-based buyout firm with circa €27 billion in AUM, publicly announced plans to list on the London Stock Exchange.
"Soon after, news broke about Texas-based TPG considering a SPAC merger that would value the manager at approximately $10 billion. This all comes on the heels of a recent Blue Owl listing.
"With Blue Owl, EQT and several other private capital managers achieving healthy valuations, it is likely that more $50 billion+ AUM private capital firms consider public listings, as detailed in previous research on monetizing GP stakes."
Wylie Fernyhough
Senior Analyst Private Equity
In the News
Our insights and data featured in the press:
Does the surge in public listings for autonomous vehicle startups indicate a tech breakthrough? Maybe not, says analyst Asad Hussain: "I definitely feel like this is more of a sentiment shift than a technological shift." [Bloomberg]
Analyst Andrew Akers explains how he approached measuring the value that PE adds to an LP's portfolio, and also why there are still issues to be resolved as the asset class opens to retail investors. [Insider]
A new breed of hydroponic farm is proliferating across America. Our supporting data shows just how much venture funding to going into indoor farming startups. [New York Times]
If you're a media member interested in interviewing our analysts, contact our PR team.
ICYMI
Highlights from our other research content published over the past few months:
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