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<?xml version="1.0" encoding="UTF-8"?> <rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom"> <channel> <title>Exec Sum</title> <description>The daily newsletter that curates major news from Wall Street to Silicon Valley, with a touch of memes. Read by 300K+ investment bankers, institutional investors, venture capitalists, and more.</description> <link>https://www.execsum.co/</link> <atom:link href="https://rss.beehiiv.com/feeds/iH9DsaNnv0.xml" rel="self"/> <lastBuildDate>Fri, 22 Nov 2024 11:53:19 +0000</lastBuildDate> <pubDate>Fri, 22 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-22T11:45:00Z</atom:published> <atom:updated>2024-11-22T11:53:19Z</atom:updated> <category>Business</category> <category>Venture Capital</category> <category>Finance</category> <copyright>Copyright 2024, Exec Sum</copyright> <image> <url>https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/publication/logo/f2aedf85-682c-47c2-8ad0-f44433524834/Screen_Shot_2021-11-12_at_12.05.03_AM.png</url> <title>Exec Sum</title> <link>https://www.execsum.co/</link> </image> <docs>https://www.rssboard.org/rss-specification</docs> <generator>beehiiv</generator> <language>en-us</language> <webMaster>support@beehiiv.com (Beehiiv Support)</webMaster> <item> <title>Down Bad in China</title> <description></description> <link>https://www.execsum.co/p/down-bad-in-china</link> <guid isPermaLink="true">https://www.execsum.co/p/down-bad-in-china</guid> <pubDate>Fri, 22 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-22T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/cba53d32-180c-4b84-a180-bdba36be83dd/image.png?t=1732214596"/></a></div>Good Morning,PJT's founder is Wall Street's newest billionaire, Ken Griffin is open to selling a stake in his hedge fund, Citron Research took a short position in MicroStrategy, and private equity is floundering in China. With deal flow picking up, there's absolutely zero reason for financial modeling to be as tedious as it is, and <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">Mosaic</a> has the biggest names agreeing. Try 'em out and see why their <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">digital deal modeling platform</a> is taking the industry by storm.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5c93fed4-94dc-4a05-8f7a-a1ebb1bfdc25/image.png?t=1732236795"/><div class="image__source">As of 11/21/2024 market close.</div></div>Markets<ul><li>US stocks inched upwards yesterday as investors rotated into cyclical stocks<ul><li>S&P rose for a fourth-straight day </li><li>S&P and Dow hit one-week highs to trade near ATHs</li></ul></li><li>Bitcoin traded above $98k for a new record high</li></ul>Earnings<ul><li>John Deere beat Q4 EPS estimates and gave a poor FY profit outlook but shares rose 8% on expectations for the agriculture slump to turn (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-21/deere-sees-lower-profits-in-2025-with-farmers-still-not-spending" target="_blank" rel="noopener noreferrer nofollow">BBG</a>) </li><li>Baidu beat Q3 EPS and revenue estimates as growth in its AI cloud business offset ongoing weakness in their online marketing stream; the Chinese tech giant has not seen any recovery despite China's stimulus efforts (<a class="link" href="https://www.cnbc.com/2024/11/21/baidu-q3-2024-earnings.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Gap rose 22% after beating Q3 EPS estimates and raising its guidance thanks to a strong start to the holiday season (<a class="link" href="https://www.cnbc.com/2024/11/21/gap-gap-q3-2024-earnings.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>PE firms are trapped in China after $1.5T betting spree (<a class="link" href="https://www.bloomberg.com/news/articles/2023-11-13/pe-firms-get-trapped-in-china-after-1-5-trillion-betting-spree" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>US hedge funds exposure to China stocks rose to a three-year high (<a class="link" href="https://www.reuters.com/business/finance/hedgeflow-us-hedge-funds-pile-into-chinas-jdcom-gds-goldman-2024-11-21/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Chinese firms are hoarding dollars as trade tensions rise (<a class="link" href="https://www.reuters.com/markets/asia/corporate-china-seeks-dollars-trade-tensions-rise-2024-11-21/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Ken Griffin is open to selling a minority stake in Citadel (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-21/ken-griffin-says-he-s-open-to-selling-minority-stake-in-citadel" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>PJT founder/CEO Paul Taubman is a billionaire (<a class="link" href="https://www.ft.com/content/4887d9bf-d1cc-4109-972f-7bc0c427cd64?shareType=nongift" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Big banks asked buyers of bank risk to disclose leverage (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-21/goldman-morgan-stanley-bofa-scrutinize-srt-buyers-leverage?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Business spending on AI surged 500% to $13.8B this year (<a class="link" href="https://www.cnbc.com/2024/11/20/business-spending-on-ai-surged-500percent-this-year-to-13point8-billion-says-menlo-ventures.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>SEC chair Gensler will step down on Trump's first day (<a class="link" href="https://www.cnbc.com/2024/11/21/sec-chair-gensler-will-step-down-jan-20-making-way-for-trump-replacement.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Big accounting firms will have to submit financial statements annually (<a class="link" href="https://www.wsj.com/articles/large-accounting-firms-will-have-to-submit-financial-statements-to-u-s-regulator-2ed22953?mod=business_lead_pos5" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>CFPB expands oversight of fintech services like Apple Pay, Zelle (<a class="link" href="https://www.cnbc.com/2024/11/21/cfpb-expands-oversight-of-apple-pay-other-digital-payments-services.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>A court struck down SEC's overhaul of Treasury dealer rules (<a class="link" href="https://www.reuters.com/markets/us/us-court-vacates-sec-dealer-rule-treasury-markets-2024-11-21/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Citron Research took a short position in MicroStrategy (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-21/microstrategy-tumbles-after-citron-research-shorts-the-stock?fromMostRead=true" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>UK PM Keir Starmer met with BlackRock CEO Larry Fink (<a class="link" href="https://www.ft.com/content/b2279b03-320f-4dec-b241-a755d36c7b9e" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Firstrade will join peers in offering overnight trading (<a class="link" href="https://www.reuters.com/markets/us/firstrade-offer-overnight-trading-joins-growing-list-us-brokerages-2024-11-20/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>McKinsey is nearing a $600M settlement deal over opioid claims (<a class="link" href="https://www.ft.com/content/354c7d23-0709-4ec0-ac54-070da3698a0e" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Gautam Adani's net worth sank by $15B after US indictments (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-21/us-charges-erase-15-billion-from-gautam-adani-s-wealth-in-hours" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>French investment firm Tikehau may move its listing to New York (<a class="link" href="https://www.ft.com/content/12a5630c-64e5-451e-8f85-3bafc6965bdd" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Hong Kong's private wealth assets rose for first time since Covid (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-22/hong-kong-s-private-wealth-assets-rise-for-first-time-since-2020?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Three BofA India bankers quit amid insider information probe (<a class="link" href="https://www.ft.com/content/495c6fdd-7a2a-44ae-8e93-debd89f22313" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>OpenAI is weighing developing a web browser to take on Google (<a class="link" href="https://www.theinformation.com/articles/openai-considers-taking-on-google-with-browser" target="_blank" rel="noopener noreferrer nofollow">TI</a>)</li><li>FBI arrested a man plotting to bomb NYSE (<a class="link" href="https://apnews.com/article/new-york-stock-exchange-attack-charge-0136576efbbfd327787f522eaf6857ae" target="_blank" rel="noopener noreferrer nofollow">AP</a>)</li><li>US existing home sales rose for the first time since 2021 (<a class="link" href="https://www.reuters.com/markets/us/us-existing-home-sales-rebound-october-2024-11-21/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-mosaic">A Message from Mosaic</h2><div class="image"><a class="image__link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/f7359552-5653-4a1a-b97d-c340ff85e12c/image.png?t=1732214646"/></a></div>Model with MosaicWith deal flow gathering steam, it's time to reconsider the way we spend time building models. Which is why I want to shine light on the buzzworthy deal modeling platform, <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">Mosaic</a>.Mosaic was recently featured in Bloomberg and FT for their next-gen technology that allows investment professionals to <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">build LBO models in mere minutes</a>.The platform was built by PE veterans themselves, and its accuracy, complexity and practicality virtually eliminates the tediousness of modeling tasks that many of us face daily.I wish I had this tool during my PE days and I'm not surprised that Mosaic is emerging as the new industry standard in deal modeling. Some of the biggest investors already use <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">Mosaic</a> to save hours on modeling workflows and it's something that you must try. <div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)"> Try Mosaic today </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Building materials provider Quikrete is in advanced talks to acquire $9B-listed Summit Materials </li><li>A Chinese consortium agreed to acquire the industrial gasses business of AirPower Technologies from Asian investment firm PAG in a $6.8B deal </li><li>Czech family office Se.ven GI acquired Spanish steelmaker Celsa's UK and Norway mills for $630M </li><li>Blackstone invested over $500M in Texas data center infrastructure firm Lancium <a class="link" href="https://www.bloomberg.com/news/articles/2024-11-21/blackstone-invests-500-million-in-lancium-ai-buildout?srnd=phx-deals" target="_blank" rel="noopener noreferrer nofollow"> </a></li><li>Advertising software firm Mediaocean will acquire peer Innovid for $500M </li><li>Värde Partners acquired healthcare real estate-focused Unity Investment Management from Unity Medical Properties </li></ul>VC<ul><li>Fintech giant Stripe will buy back shares at a ~$70B valuation</li><li>Data center start-up Crusoe Energy raised $686M of a targeted $818M round from Founders Fund and Felicis Ventures </li><li>Enveda, a biotech AI translating nature into new medicines, raised a $130M Series C led by Kinnevik and FPV </li><li>OneRail, a last-mile delivery solutions, raised a $42M Series C led by Aliment Capital </li><li>Nivoda, a digital marketplace and supply chain for the diamond industry, raised $51M led by Northzone</li><li>AI management platform Lightning AI raised a $50M round from Cisco, JPMorgan, Nvidia, and K5 Global </li><li>Swedish eFuel production facilities developer Liquid Wind raised a $47.9M Series C led by Uniper, HYCAP, and Samsung Ventures </li><li>Iontra, a next-gen battery charging technology, raised a $45M Series C led by Volta Energy Technologies </li><li>Healthcare financial aid startup TailorMed raised $40M led by Windham Capital Partners </li><li>Clean Skin Club, a skincare and hygiene brand, raised a $32M round led by Asto Consumer Partners and Amberstone </li><li>CellPoint Digital, a payment solutions for airline and travel industries, raised $30M from Toscafund and Penta Capital </li><li>Viso Trust, an AI-powered third-party risk management platform, raised $24M from BCV, Allstate Strategic Ventures, Cisco, and more</li><li>Apaleo, a German API-first open property management platform, raised a $21M growth equity round led by PSG Equity </li><li>Aviz Networks, an AI-driven networking solutions provider, raised a $17M Series A led by Alter Venture Partners </li><li>Aira Technologies, a company applying AI to cellular network infrastructure, raised a $14.5M Series B from AT&T, Intel, IQT, and more </li><li>EV boat startup Candela raised a $14M Series C extension led by SEB Private Equity </li><li>Echion Technologies, a supplier of niobium-based anode materials, raised a $12.8M round led by Barclays Sustainable Impact Capital and BGF </li><li>AI-powered security compliance startup Trustero raised a $10.4M Series A led by Bright Pixel Capital </li><li>Anitian, a compliance automation solutions, raised a $7M Series D led by Sageview Capital</li><li>Toku, an enterprise cloud communications and customer experience solutions, raised a $5M Series A extension led by Betatron Venture Group </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Password management security firm 1Password, last valued at $6.8B in 2022, is preparing for a potential 2025 IPO </li><li>Medical supply firm Medline Industries, which is owned by Blackstone, H&F and Carlyle, plans to raise over $5B at a $50B valuation in a H1 2025 US IPO </li><li>Bain-backed Japanese memory chipmaker Kioxia is planning a December Tokyo IPO at a $4.8B valuation </li></ul>Debt <ul><li>Blackstone's private credit fund BCRED raised $1.5B via a bond and CLO issuance </li><li>Adani scrapped its $600M dollar bond sale</li><li>Canadian clothing manufacturer Gildan Activewear raised $500M in a loonie bond sale </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Swedish battery maker Northvolt filed for Chapter 11; Swedish truck maker Scania will lend $100M in bankruptcy </li><li>Snack maker Hearthside Food Solutions, which is owned by Charlesbank Capital Partners and Partners Group, is preparing to file for bankruptcy </li></ul>Fundraising<ul><li>Tech-focused PE firm Accel-KKR closed its debut secondaries fund at $2.2B </li><li>Renewables focused PE firm Neos Partners raised $1.4B for its second fund </li><li>Chinese PE firm Trustar Capital raised a $1B continuation fund for its McDonald's China unit from QIA and Chinese investors </li><li>VC Blue Bear Capital raised $160M for its third fund to back AI founders in climate, energy, and industry </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Charles Schwab will offer spot crypto trading once regulations ease (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-21/charles-schwab-eyes-spot-crypto-trading-once-regulations-change?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Trump Media is mulling a crypto payment service TruthFi (<a class="link" href="https://www.nytimes.com/2024/11/21/business/trump-media-crypto-payment-service.html" target="_blank" rel="noopener noreferrer nofollow">NYT</a>)</li><li>MicroStrategy's magical Bitcoin buying machine relies on wacky math (<a class="link" href="https://www.wsj.com/finance/investing/microstrategys-magical-bitcoin-buying-machine-uses-some-wacky-math-da7d85d0" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>Check out <a class="link" href="https://hubs.la/Q02YsWMC0" target="_blank" rel="noopener noreferrer nofollow">OLarry</a>, a personalized tax service for individuals and businesses with emerging wealth or high net worth. Providing a level of service previously only accessible to the ultra-high net worth, OLarry gives unlimited access to tax advice and strategy supported by industry experts and modern technology. <a class="link" href="https://hubs.la/Q02YsWMC0" target="_blank" rel="noopener noreferrer nofollow">Book a free consultation today and see why thousands have turned to OLarry to tame their taxes</a>. </li><li>Julia Carpenter shared her insights on <a class="link" href="https://sherwood.news/personal-finance/how-millennials-are-rewriting-the-american-dream/" target="_blank" rel="noopener noreferrer nofollow">why millennials are saving more than previous generations</a>. </li><li>Carson Group's Ryan Detrick explained why <a class="link" href="https://www.carsongroup.com/insights/blog/why-we-arent-permabulls/" target="_blank" rel="noopener noreferrer nofollow">being bullish at the top doesn't necessarily imply being a permabull</a>, especially when considering historical stock market trends.</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="hedge-fund-analyst-opportunity">Hedge Fund Analyst Opportunity 💼</h1><ul><li>We are working with Pantera Capital to hire an Investment Analyst for their Liquid Token Fund, an open-ended fund focused primarily on liquid tokens.</li><li>With $5B total firm AUM, Pantera was the first US institutional asset manager focused exclusively on blockchain technology.</li><li>If you are crypto native and have deep fundamental analysis skills with 1-4 years of investment banking, private equity, hedge funds, consulting, or equity research experience, this is the perfect opportunity for you!</li><li>Bonus points if you manage your own portfolio of digital assets and can discuss your investment strategy.</li><li>Learn more and apply below:</li></ul><div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/search/pantera-capital-new-york-hedge-fund-analyst-2024-may"> Apply here 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/0xgaut/status/1858637288411926842" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/0939fe9d-8d01-4ad0-bf16-ec17f196f5f4/image.png?t=1732214356"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/conksresearch/status/1858645714055614796" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/422ca116-0005-4463-92da-6d85a3916a64/image.png?t=1732214305"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/CoorsLightCEO/status/1858669640601182704" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c7625b86-bf48-4832-971d-8ac6b195ddbf/image.png?t=1732214275"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Just a Chill Company That Beats Earnings</title> <description></description> <link>https://www.execsum.co/p/just-a-chill-company-that-beats-earnings</link> <guid isPermaLink="true">https://www.execsum.co/p/just-a-chill-company-that-beats-earnings</guid> <pubDate>Thu, 21 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-21T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/9fc22d45-d556-41c7-a3bc-65aabab78108/image.png?t=1732135171"/></a></div>Good Morning,Marc Rowan emerged as a top contender for Treasury Secretary, Citadel Securities set its sights on Europe bond markets, Bill Hwang was sentenced to 18 years, DOJ proposed a forced sale of Google Chrome, and Nvidia's profit doubled in another strong earnings report.Invest in institutional-caliber private markets with <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">10 East</a>, a membership-based investment platform offering targeted exposure to PE, VC, and more.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/95edcde7-7dde-415a-8d33-e0721634aec2/image.png?t=1732150909"/><div class="image__source">As of 11/20/2024 market close.</div></div>Markets<ul><li>US stocks closed mixed as investors digested earnings and geo-political developments</li></ul>Earnings<ul><li>Nvidia beat Q3 estimates and Q4 sales forecasts on strong demand for AI chips; revenue growth has slowed from 265%, 262% and 122% YoY in previous quarters to 94% in Q3 and a projected 70% in Q4 (<a class="link" href="https://www.cnbc.com/2024/11/20/nvidia-nvda-earnings-report-q3-2025.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Target plunged 22% after posting its largest earnings miss in two years and cutting FY guidance due to minimal increase in customer traffic despite price cuts and discounts (<a class="link" href="https://www.cnbc.com/2024/11/20/target-tgt-q3-2024-earnings.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Palo Alto Networks beat Q1 EPS and revenue estimates on healthy demand for cybersecurity service but failed to impress with Q2 and FY guidance (<a class="link" href="https://www.reuters.com/technology/cybersecurity/palo-alto-tops-revenue-profit-estimates-steady-cybersecurity-demand-2024-11-20/" target="_blank" rel="noopener noreferrer nofollow">RT</a>) </li><li>Snowflake jumped 20% after beating Q3 estimates and Q1 sales forecast thanks to strong reception for new products (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-20/snowflake-gives-strong-sales-outlook-on-pickup-of-new-products?srnd=phx-deals" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>TJX issued a Q3 beat-and-raise but their Q4 guidance failed to match expectations for a strong holiday quarter (<a class="link" href="https://www.cnbc.com/2024/11/20/tjx-companies-tjx-earnings-q3-2025.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>What we're watching this week: <ul><li>Today: John Deere, Baidu, Gap</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>Apollo's Marc Rowan emerged as top candidate for Treasury Secretary (<a class="link" href="https://www.ft.com/content/cbe0e1a1-c6fa-49f0-9a8a-47499b9ad0fb" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Goldman expects credit valuations to hold strong in 2025 (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-20/goldman-says-rich-credit-valuations-unlikely-to-cheapen-in-2025?srnd=phx-fixed-income" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Eurozone risks another debt crisis if unable to boost growth (<a class="link" href="https://www.ft.com/content/8f2dac5d-b64a-43dc-8f4b-5e76e1a60a43" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Citadel Securities is targeting European sovereign bond markets (<a class="link" href="https://www.ft.com/content/f75c0fc5-8377-4f6d-9609-876eb6a2ebf3?shareType=nongift" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>AIMCo named ex-Canadian PM Stephen Harper as chair two weeks after firing entire board (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-20/alberta-taps-former-canadian-pm-harper-to-oversee-pension-manager?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>ECB warned of a 'bubble' in AI stocks (<a class="link" href="https://www.reuters.com/world/europe/ecb-warns-bubble-ai-stocks-funds-deplete-cash-buffers-2024-11-20/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Speculative fever in Chinese stocks is running red hot (<a class="link" href="https://www.reuters.com/markets/asia/chinas-cashed-up-crowd-is-back-stock-market-2024-11-20/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>China funds slash ETF fees amid intense price competition (<a class="link" href="https://www.reuters.com/markets/asia/china-funds-cut-etf-fees-escalating-price-war-booming-market-2024-11-20/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>DOJ asked a judge to force Google to divest Chrome and Android (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-21/justice-department-seeks-google-chrome-sale-to-curb-monopoly?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Apple urged a judge to end DOJ smartphone monopoly case (<a class="link" href="https://www.reuters.com/technology/apple-urge-judge-end-us-smartphone-monopoly-case-2024-11-20/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Bill Hwang was sentenced to 18 years in prison (<a class="link" href="https://www.wsj.com/finance/archegos-founder-bill-hwang-sentenced-to-18-years-in-prison-1bbef6bc" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>US charged Gautam Adani in a massive bribery and fraud scheme (<a class="link" href="https://www.cnbc.com/2024/11/20/billionaire-gautam-adani-charged-in-new-york-with-massive-fraud.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>News Corp defeated activist Starboard to cement Murdoch control (<a class="link" href="https://www.cnbc.com/2024/11/20/news-corp-says-investors-reject-proposal-to-end-dual-class-voting-structure.html" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Activist Effissimo stirs speculation with stake in struggling Nissan (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-20/hedge-fund-effissimo-stirs-speculation-with-its-stake-in-nissan?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Nvidia is helping Google design quantum computing processors (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-18/nvidia-is-helping-google-design-quantum-computing-processors?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Ford will cut 4k Europe jobs as EV sales slow (<a class="link" href="https://www.nytimes.com/2024/11/20/business/ford-layoffs-europe.html" target="_blank" rel="noopener noreferrer nofollow">NYT</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-10-east">A Message from 10 East</h2><div class="image"><a class="image__link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d9bc0e8a-c15e-4910-8f8f-250f52d9c24c/image.png?t=1732135197"/></a></div>Where Sophisticated Investors Access Private Markets10 East is a co-investment platform where sophisticated investors access private market investments alongside a veteran team with a 12+ year track record of strong performance across over 350 transactions. The firm is led by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner.Members have the flexibility to participate on a deal-by-deal basis across private equity, credit, real estate, and venture capital.Benefits of <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">10 East membership</a> include:  <ul><li>Flexibility – members have full discretion over whether to invest on an offering-by-offering basis. </li><li>Alignment – principals commit material personal capital to every offering.  </li><li>Institutional resources – a dedicated investment team that sources and diligences each offering.</li></ul>There are no upfront costs or commitments associated with joining 10 East.Exec Sum readers can join 10 East with complimentary access <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">here</a>.<hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Blackstone emerged as the frontrunner to buy a mixed-use office complex in Tokyo from Seibu Holdings in a potential $2.6B deal </li><li>A consortium including PSG Equity and Golub Capital agreed to acquire a minority stake in data center monitoring firm LogicMonitor from Vista Equity Partners at a $2.4B valuation, including debt </li><li>PE firm Cinven acquired a stake in accounting firm Grant Thornton UK at a reported $1.9B valuation, beating out rivals including New Mountain Capital-owned Grant Thornton US who hoped for a three-way merger with the UK and Ireland affiliates</li><li>Canada's OTPP agreed to acquire a 50% stake in Swedish financial adviser Max Matthiessen from PE firm Nordic Capital at a $1.1B valuation, including debt </li><li>Thompson Street Capital Partners is exploring a sale of Freddy's Frozen Custard & Steakburgers chain for over $1B, including debt </li><li>Starbucks is considering selling a stake in its Chinese business</li></ul>VC<ul><li>Musk's OpenAI-rival xAI raised a $5B round at a $50B valuation from Qatar's QIA, Valor Equity Partners, Sequoia and a16z </li><li>Open-source ERP startup Odoo raised $527M in a secondary share sale at a $5.26B valuation led by CapitalG and Sequoia </li><li>Data security startup Cyera raised a $300M Series D at a $3B valuation led by Accel and Sapphire Ventures </li><li>Fusion energy company Tokamak Energy raised $125M led by East X Ventures and Lingotto </li><li>Aquaria, a startup building communities and cities supplied with rain water, raised $112M from Mistletoe, Ciri Ventures, Soma Capital, and more </li><li>Portuguese drone startup Tekever raised $74M led by Baillie Gifford and NATO Innovation Fund </li><li>Inversion, a startup delivering goods from space, raised a $44M Series A co-led by Spark Capital and Adjacent </li><li>Magma Math, a K-12 instructional math platform, raised a $40M Series A led by Five Elms Capital </li><li>Zarminali Health, an outpatient pediatric destination, raised a $40M seed round led by General Catalyst </li><li>European snacking brand KoRo raised a $38.8M Series C led by Coefficient Capital </li><li>Online gaming platform Monkey Tilt raised a $30M Series A led by Pantera Capital </li><li>AI-powered logistics startup Class8 raised a $22M Series A led by Xplorer Capital </li><li>AI radiology startup New Lantern raised a $19M Series A led by Benchmark </li><li>Prompt Security, a startup specializing in GenAI security, raised an $18M Series A led by Jump Capital </li><li>Cardo AI, a next-gen ABF and private credit tech platform, raised a $15M Series A led by Blackstone, FINTOP Capital, and JAM FINTOP </li><li>Twine, a cybersecurity startup building digital employees, raised a $12M seed round led by Ten Eleven Ventures and Dell</li><li>Cloud-native identity infrastructure startup Zitadel raised a $9M Series A led by Nexus Venture Partners </li><li>Four Growers, a startup building robots to serve as greenhouse labor, raised a $9M Series A led by Basset Capital </li><li>API software provider Apideck raised a $7.5M Series A led by Airbridge Equity Partners </li><li>Distru, a cannabis supply chain platform, raised a $6M Series A led by Global Founders Capital </li><li>Shinami, a developer platform for Move-based blockchains, raised a $5.6M seed round led by Race Capital </li><li>Converge Bio, a startup building an 'everything store' for biotech LLMs, raised a $5.5M seed round led by TLV Partners </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>EQT, ADIA, and Auba Investment are offering to sell a 6.7% stake in Swiss skincare group Galderma to raise ~$1.5B </li><li>SoftBank-backed Indian B2B e-commerce firm OfBusiness is preparing a $1B India IPO </li><li>Chinese autonomous driving startup Pony AI is seeking to raise $260M at a $4.6B valuation in an upsized US IPO </li><li>Chinese solar-energy materials supplier Qinghai Lihao is preparing a $138M Hong Kong IPO for H2 2025 </li></ul>Debt <ul><li>EU raised $7.4B via a syndicated sale of conventional and green bonds </li><li>AppLovin, a marketing platform for app developers, is planning a debut $3.5B high-grade bond sale</li><li>MicroStrategy upsized its 0% convertible note offering by 50% to raise $2.6B as part of plans to buy Bitcoin </li><li>Taiwan’s Nvidia partner Foxconn raised a $1.1B syndicated bank loan </li><li>India's Adani Green Energy raised $600M in a dollar bond offering </li><li>Canadian budget airline Flair is seeking to raise $150M in senior debt </li><li>Clearlake-backed healthcare software firm FinThrive raised $155M in a refinancing </li></ul>Fundraising<ul><li>Frazier Healthcare Partners raised $2.3B for its eleventh growth-buyout fund </li><li>Real estate investment firm Belveron Partners raised $354M for its seventh flagship fund </li><li>Seed VC Bling Capital raised $270M for its fourth flagship fund </li><li>German VC Extantia Capital raised $215M to invest in early-stage climate startups </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>FTX co-founder Gary Wang will avoid jail time for cooperating (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-20/ex-bankman-fried-ally-gary-wang-avoids-prison-over-ftx-fraud?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Trump is weighing creating a White House crypto role (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-20/trump-team-mulls-creating-first-ever-white-house-crypto-role" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1>Greg Obenshain wrote a great piece explaining <a class="link" href="https://mailchi.mp/verdadcap/shorting-credit" target="_blank" rel="noopener noreferrer nofollow">why shorting junk debt isn't the same as shorting equity</a>.Mark Rzepczynski briefly summarized new research on <a class="link" href="https://mrzepczynski.blogspot.com/2024/11/vix-and-corporate-bonds.html" target="_blank" rel="noopener noreferrer nofollow">what the VIX tells us about corporate bond spreads</a>.In another piece on debt, Larry Swedroe explained <a class="link" href="https://www.morningstar.com/alternative-investments/why-private-direct-lending-is-an-attractive-alternative-public-securities" target="_blank" rel="noopener noreferrer nofollow">why publicly traded vehicles for private credit don't work as well</a>. <h3 class="heading" style="text-align:left;" id="learn-ai-in-5-minutes-a-day">Learn AI in 5 minutes a day.</h3>What’s the secret to staying ahead of the curve in the world of AI? Information. Luckily, you can join 700,000 early adopters reading <a class="link" href="https://magic.beehiiv.com/v1/4d03390d-2481-4299-b949-ffd8b38b4c38?email={{email}}&utm_campaign={{publication_alphanumeric_id}}&redirect_to=https%3A%2F%2Fwww.therundown.ai%2Fupgrade&redirect_delay=1&_bhiiv=opp_c4ac672c-9b85-4313-8711-488765db57fd_e4221c46" target="_blank" rel="noopener noreferrer nofollow">The Rundown</a>– the free newsletter that makes you smarter on AI with just a 5-minute read per day.<a class="link" href="https://magic.beehiiv.com/v1/4d03390d-2481-4299-b949-ffd8b38b4c38?email={{email}}&utm_campaign={{publication_alphanumeric_id}}&redirect_to=https%3A%2F%2Fwww.therundown.ai%2Fupgrade&redirect_delay=1&_bhiiv=opp_c4ac672c-9b85-4313-8711-488765db57fd_e4221c46" target="_blank" rel="noopener noreferrer nofollow">Sign up.</a><hr class="content_break"><h1 class="heading" style="text-align:left;" id="hedge-fund-analyst-opportunity">Hedge Fund Analyst Opportunity 💼</h1><ul><li>We are working with Pantera Capital to hire an Investment Analyst for their Liquid Token Fund, an open-ended fund focused primarily on liquid tokens.</li><li>With $5B total firm AUM, Pantera was the first US institutional asset manager focused exclusively on blockchain technology.</li><li>If you are crypto native and have deep fundamental analysis skills with 1-4 years of investment banking, private equity, hedge funds, consulting, or equity research experience, this is the perfect opportunity for you!</li><li>Bonus points if you manage your own portfolio of digital assets and can discuss your investment strategy.</li><li>Learn more and apply below:</li></ul><div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/search/pantera-capital-new-york-hedge-fund-analyst-2024-may"> Apply Here 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/junkbondinvest/status/1859081805896323204" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/14d6d966-20ec-42cb-8a07-1e0875605151/image.png?t=1732136090"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/velvetmilkman0/status/1859363981044965666" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/7281e9ed-05aa-4179-92af-a0239197da83/image.png?t=1732151803"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/HighyieldHarry/status/1859335996162085144" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ff5d711c-8e14-4ae4-863a-bd4b19528fc2/image.png?t=1732151852"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/FusionptCapital/status/1858928067546390574" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/2a9eca99-51c2-4f46-a43a-a3826b07d032/image.png?t=1732136059"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. 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We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Happy Nvidia Earnings Day</title> <description></description> <link>https://www.execsum.co/p/happy-nvidia-earnings-day</link> <guid isPermaLink="true">https://www.execsum.co/p/happy-nvidia-earnings-day</guid> <pubDate>Wed, 20 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-20T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://go.joingelt.com/ExSSaC" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5f97abc7-3fb7-4270-877d-727bc0677722/image.png?t=1732043688"/></a></div>Good Morning,US execs are dumping stocks in record numbers, Bridgewater is expanding its strategy to retail investors, Ken Griffin thinks the multi-strat hedge fund boom is over, Morgan Stanley is courting wealth clients who are not yet wealthy, and markets have once again shifted all attention to Nvidia's earnings.Exec Sum folks, in 2025 we're turning the page from old-fashioned inefficient CPAs to bespoke tax platforms to save us the time and money we deserve. No matter your profession, Gelt has the right solutions for you. <a class="link" href="https://go.joingelt.com/ExSSaC" target="_blank" rel="noopener noreferrer nofollow">Transform your tax experience with Gelt</a>. Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/918c20b4-79c2-4391-aefd-3d17dc9259cc/image.png?t=1732058271"/><div class="image__source">As of 11/19/2024 market close.</div></div>Markets<ul><li>US stocks rose as investors digested Ukraine-Russia developments and braced for Nvidia's earnings<ul><li>Options markets are implying an 8.5% swing in Nvidia shares following earnings </li></ul></li><li>Treasury shorts were met with dip-buyers as yields failed to break May highs</li><li>Gold and safe-haven currencies rose on Russia-Ukraine tensions</li><li>Bitcoin crossed $93k to hit a new high</li></ul>Earnings<ul><li>Walmart issued a Q3 beat-and-raise thanks to growth in e-commerce and a rise in discretionary spending by high-income consumers (<a class="link" href="https://www.cnbc.com/2024/11/19/walmart-wmt-q3-2025-earnings.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Lowe's beat Q3 earnings estimates and hiked FY guidance which nonetheless conveyed a YoY sales decline as high rates continue to pressure the home improvement market (<a class="link" href="https://www.cnbc.com/2024/11/19/lowes-low-q3-2024-earnings-.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>What we're watching this week: <ul><li>Today: Nvidia, Palo Alto Networks, Target, TJX</li><li>Thursday: John Deere, Baidu, Gap</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>JPMorgan chair of tech IB expects more IPOs after election (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-19/jpmorgan-tech-chair-expects-faster-regulatory-reviews-more-ipos?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>David Solomon expects deal flow to pick up in 2025 (<a class="link" href="https://www.reuters.com/business/finance/goldman-sachs-chairman-expects-deals-pick-up-2025-2024-11-19/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>David Solomon sees global investors still on the sidelines in China (<a class="link" href="https://www.ft.com/content/00f834a5-0715-4b86-b4c2-c40bf783a253" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>China pledged capital markets reform and support for Hong Kong (<a class="link" href="https://www.reuters.com/world/china/chinas-vice-premier-says-beijing-will-support-more-listings-bonds-hong-kong-2024-11-19/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Execs are cashing in in record number amid post-election rally (<a class="link" href="https://www.ft.com/content/56adeab0-2957-481b-81e4-9a9ac8181c6a" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Japan and China dumped US Treasuries before Trump's victory (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-19/two-of-america-s-biggest-debt-holders-are-dumping-treasuries?fromMostRead=true" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Ken Griffin says multi-strat hedge fund boom is over (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-19/citadel-s-ken-griffin-says-multistrategy-hedge-fund-boom-is-over?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Barings sees public and private ABF converging (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-19/barings-says-public-and-private-asset-based-credit-is-converging?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Morgan Stanley is courting near-IPO startup employees for wealth management (<a class="link" href="https://www.reuters.com/business/finance/morgan-stanley-courts-employees-near-ipo-companies-wealth-management-2024-11-19/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Bridgewater opens strategy to retail investors via State Street ETF (<a class="link" href="https://www.ft.com/content/a836199c-9ca9-49c6-a8a1-1e955caa9951" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Vanguard will allow shareholders to vote for profits over ESG (<a class="link" href="https://www.ft.com/content/f0516b4b-bdc3-4752-84f6-ee1dc9a7baff" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Car loan-backed ABS sales soar despite record delinquencies (<a class="link" href="https://www.wsj.com/finance/investing/wall-street-is-bullish-on-car-loans-despite-rising-delinquencies-5f0f1ec4?mod=finance_lead_pos2" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>EU will demand tech IP transfers from Chinese firms (<a class="link" href="https://www.ft.com/content/f4fd3ccb-ebc4-4aae-9832-25497df559c8" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Trump named Cantor CEO Lutnick as Commerce Secretary (<a class="link" href="https://www.cnbc.com/2024/11/19/trump-expected-to-pick-cantor-fitzgerald-ceo-howard-lutnick-as-commerce-secretary-nbc-sources.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>FDIC chair Gruenberg will retire in January, clearing way for Trump picks (<a class="link" href="https://www.reuters.com/markets/us/us-bank-regulator-gruenberg-retire-january-ahead-trump-presidency-2024-11-19/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Activist Elliott took a 5% stake in Tokyo Gas (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-20/tokyo-gas-shares-set-to-climb-after-elliott-declares-stake?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>New Abrdn CEO overhauled leadership amid poor performance (<a class="link" href="https://www.ft.com/content/c5a46bb4-600f-4790-b0cc-75339a854a81" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Head of Volkswagen North America stepped down amid poor results (<a class="link" href="https://www.ft.com/content/3be36ba8-cd8e-4472-83d6-24713acfeeb9" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Mulberry will cut 25% corporate jobs and slash China exposure (<a class="link" href="https://www.ft.com/content/75d3d8fc-7282-4463-bf70-59f05988e49c" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Congress is pushing for a Manhattan Project-style AI initiative (<a class="link" href="https://www.reuters.com/technology/artificial-intelligence/us-government-commission-pushes-manhattan-project-style-ai-initiative-2024-11-19/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>JPMorgan Chase UK debuted lending via credit card launch (<a class="link" href="https://www.ft.com/content/46d02a50-247b-46e2-bdff-2482bf7b1d68" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Xi's push for stable world of low tariffs undone by Trump and Putin (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-19/xi-jinping-s-push-for-stable-world-of-low-tariffs-undone-by-trump-putin?srnd=phx-industries" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Tech jobs are mired in a recession (<a class="link" href="https://www.businessinsider.com/white-collar-recession-hiring-slump-jobs-tech-industry-applications-rejection-2024-11" target="_blank" rel="noopener noreferrer nofollow">BI</a>)</li><li>Gender equality declined at fund managers (<a class="link" href="https://www.ft.com/content/1da073c8-580d-4769-9f1d-2823b24aabe6" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Milan beat London and NYC as home to most expensive shopping street (<a class="link" href="https://www.ft.com/content/65a6df6d-8e78-44a9-8690-bf2fa93d7fcc" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Paul-Tyson fight was the most-streamed sporting event in history (<a class="link" href="https://www.reuters.com/sports/paul-tyson-gate-fetches-non-vegas-record-181m-revenue-2024-11-19/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-gelt">A Message from Gelt</h2><div class="image"><a class="image__link" href="https://go.joingelt.com/ExSSaC" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeraq3aVh7YWFaCoSSQaAQIk5liiGqXBxb7haf6Vza6pny6wSU9tu1DdlyiThYNZZA3e_HFicbXgy2oSTGLBmpbVcv8hCaqYt-sdOluv4IUysSweJWmL44rPng1KpQwtBIb2HEezA?key=jpWCJncm8a5nkK7cXH4Wejxj"/></a></div>Get ahead of the tax curve with GeltBetween investments, income, and business progress, even traditional CPAs don't save you from the annual tediousness of tax filing. In fact, they often don't even optimize your tax returns and leave you paying more than what you should.<a class="link" href="https://go.joingelt.com/ExSSaC" target="_blank" rel="noopener noreferrer nofollow">Enter Gelt.</a>Gelt is built for professionals, investors, and business owners, who want to maximize their returns without the headache. Gelt understands the complexities of managing significant assets, from real estate portfolios to investment gains, and delivers solutions that minimize liabilities and maximize returns.Aided by proprietary AI, Gelt's experts tailor bespoke solutions to make your entire tax process seamless, strategic, and simple. Say goodbye to your tedious traditional tax habits and welcome premier planning and filing with Gelt. Get 10% off when you upgrade to Gelt this year.<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://go.joingelt.com/ExSSaC"> Transform your tax experience with Gelt </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Packaging firm Amcor agreed to buy US peer Berry Global in an $8.4B stock deal </li><li>Blackstone will acquire Jersey Mike's Subs at an $8B valuation, including debt </li><li>Brookfield is considering a $6.9B bid for Spanish pharma giant Grifols </li><li>SWFs ADIA and GIC are in advanced talks to acquire a minority stake in Pye-Barker Fire & Safety from Leonard Green & Partners and Altas Partners at an over $6B valuation, including debt </li><li>Drone maker AeroVironment will buy space and defense engineering firm BlueHalo from Arlington Capital Partners in a $4.1B all-stock deal </li><li>$2.6B-listed French fuel distributor Rubis is exploring a sale </li><li>Japanese trading house Mitsui emerged as the highest bidder for a ~$2B, 20% stake in First Quantum Minerals' Zambian copper mines </li><li>DT Midstream will buy three natural gas transmission pipelines from Oneok for $1.2B </li><li>Prosperity Asset Management and insurance firm Kuvare acquired minority stakes in real estate investor Evergreen Residential for $1B </li><li>Keppel DC REIT agreed to acquire two data center buildings in Singapore in a $747M deal </li><li>Robinhood agreed to buy RIA custodial platform TradePMR for $300M in cash and stock <a class="link" href="https://www.bloomberg.com/news/articles/2024-11-19/robinhood-to-buy-tradepmr-for-300-million-in-wealth-client-push?srnd=phx-deals" target="_blank" rel="noopener noreferrer nofollow"> </a></li><li>Sony is exploring a takeover of Japanese publisher Kadokawa </li><li>India is considering minority stake sales in Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank </li></ul>VC<ul><li>Kong, a developer of cloud API technologies, raised a $175M Series E at a $2B valuation led by Tiger Global </li><li>High-performance networking chip maker Enfabrica raised a $115M Series C led by Spark Capital </li><li>AI-based data processing company ChapsVision raised $90M led by Tikehau Capital, Qualium Investissement, Bpifrance, and more</li><li>Smart ring maker Oura raised a $75M Series D at a $5B valuation from Dexcom </li><li>Kubernetes management platform Spectro Cloud raised a $75M Series C at a $750M valuation led by Goldman Sachs </li><li>Rox, a startup developing AI agents for salespeople, raised a $50M seed and Series A round led by Sequoia and General Catalyst respectively</li><li>Database startup Neo4j raised a $50M round at a $2.2B valuation from Noteus Partners </li><li>Selector, an AI-based IT incident response platform, raised a $33M Series B led by Ansa </li><li>OneChronos, an Alternative Trading System optimizing electronic trading, raised $32M in expansion capital led by Addition </li><li>Lightyear, an enterprise telecom management startup, raised a $31M Series B led by Altos Ventures </li><li>Minu, a Mexican startup helping employers provide benefits, raised a $30M Series B led by QED </li><li>Goodstack, a SaaS and fintech platform for charitable donations, raised a $28M Series A led by General Catalyst </li><li>Ample, a battery swapping technology for EVs, raised $25M from Mitsubishi </li><li>Synapticure, a virtual care platform for dementia patients, raised a $25M Series A led by B Capital </li><li>Distyl, an AI engineering and research team, raised a $20M Series A led by Lightspeed Venture Partners</li><li>Levanta, an affiliate marketing platform for Amazon sellers, raised a $20M Series A led by Volition Capital </li><li>Revv, a startup simplifying auto repair, raised a $20M round from Left Lane Capital </li><li>Quantum interconnect startup Lightsynq raised an $18M Series A led by Cerberus Ventures </li><li>AI publishing platform Spines raised a $16M Series A led by Zeev Ventures</li><li>Physical AI startup BrightAI raised a $15M seed round led by Upfront Ventures </li><li>CommBox, an enterprise-grade omnichannel AI customer experience platform, raised $15M from PSG Equity </li><li>Citizen Health, an AI-powered consumer health platform, raised a $14.5M seed round led by Transformation Capital </li><li>DEScycle, a startup improving e-waste recycling, raised a $13.4M Series A led by BGF and Vorwerk Ventures </li><li>Creator marketplace startup Agentio raised a $12M Series A led by Benchmark </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Blackstone-owned casino operator Cirsa Enterprises is preparing a $1.1B Spain IPO </li><li>Cinven and CPP Investments-backed travel tech firm HBX Group is preparing a $1.1B Spain IPO </li><li>Dutch industrial infrastructure provider Vopak's India JV Aegis Vopak filed for a $415M India IPO </li><li>Comcast plans to spin off its NBCUniversal cable TV networks which include MSNBC, CNBC, and others </li><li>Thoma Bravo-backed enterprise security software firm SailPoint Technologies is planning a H1 2025 IPO </li></ul>Debt <ul><li>The family behind 7-Eleven-owner Seven & i plans to raise $52B from Japan's three largest banks and major US financial institutions to go private</li><li>Singapore hotel Marina Bay Sands is seeking a $9B loan to fund the planned expansion of its casino resort <a class="link" href="https://www.bloomberg.com/news/articles/2024-11-19/marina-bay-sands-eyes-singapore-s-largest-loan-of-s-12-billion" target="_blank" rel="noopener noreferrer nofollow"> </a></li><li>Citigroup and Santander are preparing a $4.2B debt package to back a potential LBO of Platinum Equity-owned Spanish waste management firm Urbaser </li><li>Alibaba launched a $2.7B dollar bond sale to repay offshore debt and fund buybacks </li><li>Mattress firm Sleep Country Canada is in talks for a potential loonie bond sale to finance its $1.2B LBO by Fairfax Financial </li><li>United Airlines launched a $1B junk munis sale to fund a Houston terminal renovation </li></ul>Fundraising<ul><li>Defense-focused Enlightenment Capital closed its fifth fund at $825M </li><li>Saudi Arabian PE firm Jadwa Investment raised $266M for Mideast deals </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>MicroStrategy's market cap topped $100B as Bitcoin hits new high (<a class="link" href="https://www.barrons.com/articles/microstrategy-bitcoin-stock-a1db95bb" target="_blank" rel="noopener noreferrer nofollow">BRN</a>)</li><li>Bhutan's Bitcoin holdings is now equivalent to 36% of its GDP (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-19/asia-crypto-hotspots-reap-gains-from-record-rally-sparked-by-us" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1>Joe Wiggins wrote a great piece on the <a class="link" href="https://behaviouralinvestment.com/2024/11/19/which-asset-has-the-best-bubble-potential/" target="_blank" rel="noopener noreferrer nofollow">groups of investors involved in every asset bubble</a>.With Meta and EY recently in the news for questionable firings, FT explored the real reason <a class="link" href="https://www.ft.com/content/0da37050-3c85-430d-bc1e-c52e9de44503" target="_blank" rel="noopener noreferrer nofollow">why employers have been terminating staff for minor offenses</a>.<h3 class="heading" style="text-align:left;" id="where-diversification-meets-114-cas">Where Diversification Meets 11.4% Cash Returns 📈</h3>Our friends at <a class="link" href="https://www.clkmg.com/wellput-io/179296m33nhvik/v2-r9965-p179296-c1329////?utm_medium=bhv2-{{publication_alphanumeric_id}}-{{publication_name_param}}&_bhiiv=opp_0590aebb-f2f1-4166-89e2-6b2669b4c7e2_c7e11aa7" target="_blank" rel="noopener noreferrer nofollow">Webstreet</a> are launching their eighth fund. WebStreet buys and operates cash-flowing websites and SaaS businesses for accredited investors to invest in. So far WebsStreet has delivered 11.4% cash returns and is on track for 20%+ IRR. <a class="link" href="https://www.clkmg.com/wellput-io/179296m33nhvik/v2-r9965-p179296-c1329////?utm_medium=bhv2-{{publication_alphanumeric_id}}-{{publication_name_param}}&_bhiiv=opp_0590aebb-f2f1-4166-89e2-6b2669b4c7e2_c7e11aa7" target="_blank" rel="noopener noreferrer nofollow">Want passive income? Join WebStreet’s Waitlist Here.</a><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1858943301380120585" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c5f10062-af62-489b-b119-53983df1d540/image.png?t=1732044568"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/sotp_mike/status/1858683497445016032" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/0524c85e-9f8c-4b7e-b9d4-72856dd4f1f9/image.png?t=1732044598"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/JacquieTeo1/status/1858350388132352426" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/75c2b5c1-fb86-4360-9adf-29380e7efc7a/image.png?t=1732044631"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/conksresearch/status/1858649237266841784" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/0504aa58-742f-40fb-974d-bd1c38952e07/image.png?t=1732044702"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Hunger Games at HSBC</title> <description></description> <link>https://www.execsum.co/p/hunger-games-at-hsbc</link> <guid isPermaLink="true">https://www.execsum.co/p/hunger-games-at-hsbc</guid> <pubDate>Tue, 19 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-19T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://corporatefinancialinstitute.pxf.io/q45qdY" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/0a03fd76-02d1-465d-a528-7c0e82c99a90/image.png?t=1731949383"/></a></div>Good Morning,HSBC bankers are battling each other to stay employed, VC profits are at a historic low, Chinese tech giants are building AI teams in Silicon Valley, major hedge funds piled into Bitcoin ETFs, and activist Glenview secured four CVS board seats, including a spot for Glenview's CEO.Master your valuation techniques and stand out as a top valuation expert with the <a class="link" href="https://corporatefinancialinstitute.pxf.io/q45qdY" target="_blank" rel="noopener noreferrer nofollow">FMVA® Certification from CFI</a>, the #1 rated finance training provider.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5dee3a50-a280-462a-bf74-14e5de17e425/image.png?t=1731972373"/><div class="image__source">As of 11/18/2024 market close. </div></div>Markets<ul><li>US stocks rose yesterday as investors prepared for Nvidia's earnings ahead</li><li>Oil surged 3% on Russia-Ukraine war escalation </li><li>Dollar is trading near a one-year high</li></ul>Earnings<ul><li>What we're watching this week: <ul><li>Today: Walmart, Lowe's</li><li>Wednesday: Nvidia, Palo Alto Networks, Target, TJX</li><li>Thursday: John Deere, Baidu, Gap</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>HSBC bankers are reapplying and interviewing for own jobs in fight to stay employed (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-18/hsbc-managers-are-competing-to-keep-their-jobs-in-ceo-s-revamp?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>ECB split over report showing EU bank capital requirements lower than US (<a class="link" href="https://www.ft.com/content/48f84e00-836d-4659-9d78-60ababfa83ed" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>BOJ will bid farewell to QE and embrace rate hikes in policy review (<a class="link" href="https://www.reuters.com/markets/rates-bonds/boj-bid-farewell-stimulus-era-justify-rate-hikes-policy-review-2024-11-18/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Big banks teamed with BlackRock to improve bond market pricing data (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-18/wall-street-banks-team-with-blackrock-to-provide-bond-price-data?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Chinese tech giants are building AI teams in Silicon Valley (<a class="link" href="https://www.ft.com/content/da8c29b0-0a90-4d2a-8535-c8459ccc7bb4" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>VC profits are at historic low despite booming AI investments (<a class="link" href="https://www.wsj.com/tech/ai/ai-investments-are-booming-but-venture-firm-profits-are-at-a-historic-low-f1b3ca6b?mod=tech_lead_pos2" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Race for Treasury Secretary role has gotten messy (<a class="link" href="https://www.wsj.com/politics/policy/trump-broadens-hunt-for-top-treasury-job-after-jostling-became-messy-e20eb6b6?mod=hp_lead_pos4" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Global employers boost hiring towards year end, but finance sector lags (<a class="link" href="https://www.reuters.com/markets/global-employers-boost-hiring-towards-year-end-survey-shows-2024-11-19/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>UK could force pensions to invest more in UK assets (<a class="link" href="https://www.ft.com/content/b92011cf-5c81-494a-a999-baba0a5a5fb7" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Greece will repay $5.3B of bailout debt ahead of time (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-18/greece-plans-to-repay-long-term-debt-ahead-of-time-premier-says" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Millennium, Capula, and Tudor piled into Bitcoin ETFs in Q3 (<a class="link" href="https://www.reuters.com/business/finance/millennium-capula-tudor-pile-bitcoin-etfs-into-portfolios-2024-11-15/" target="_blank" rel="noopener noreferrer nofollow">RT</a>) </li><li>Manulife CEO welcomes more scrutiny of PE de-risking deals (<a class="link" href="https://www.ft.com/content/0f361de8-63c1-4855-9f21-b30bb64355df" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Activist Glenview secured four CVS board seats (<a class="link" href="https://www.cnbc.com/2024/11/18/cvs-strikes-deal-with-activist-glenview-capital-for-four-board-seats.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Supermicro named BDO as auditor, plans to maintain Nasdaq listing (<a class="link" href="https://www.cnbc.com/2024/11/18/super-micro-hires-new-auditor-to-maintain-nasdaq-listing-shares-pop.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Perplexity added shopping features to compete with Google (<a class="link" href="https://www.reuters.com/technology/artificial-intelligence/ai-startup-perplexity-adds-shopping-features-search-competition-tightens-2024-11-18/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Sam Altman becomes latest tech exec to get involved in SF government (<a class="link" href="https://www.reuters.com/world/us/san-francisco-mayor-elect-taps-openai-ceo-sam-altman-transition-team-2024-11-18/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Kering named new CEOs of YSL and Balenciaga (<a class="link" href="https://www.wsj.com/business/retail/kering-names-balenciagas-charbit-as-ceo-of-yves-saint-laurent-d4ed8c4d?mod=business_lead_pos1" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>NYC's MTA approved a $9 congestion toll (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-18/new-york-s-transit-agency-approves-9-congestion-pricing-toll?srnd=phx-industries" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>82 y/o oil trader sentenced to 17 years for 'cheating' HSBC over $112M (<a class="link" href="https://www.ft.com/content/b5519aad-3849-45b1-941f-cf4c6732e2a2" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-cfi">A Message from CFI</h2><div class="image"><a class="image__link" href="https://corporatefinancialinstitute.pxf.io/q45qdY" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/a5b17bbe-ef02-450b-8881-a96f8cee5aa7/image.png?t=1731949228"/></a></div>Thinking About Getting Certified? Keep ReadingIf you're already thinking about your next promotion, and the one after that, and the one after that…you're in the right headspace. You know what you want, but here's how to achieve it: CFI's <a class="link" href="https://corporatefinancialinstitute.pxf.io/q45qdY" target="_blank" rel="noopener noreferrer nofollow">Financial Modeling & Valuation Analyst (FMVA®) Certification</a>. When you earn the highly sought FMVA® Certification, you will not only learn advanced financial modeling techniques, you'll also accelerate your career growth faster than you could ever imagine. Here's why so many are turning to CFI for their financial learning provider:<ul><li>CFI is the #1 rated finance training provider with courses taught by finance industry veterans.</li><li>Rated 4.9/5 stars by nearly 41,000 reviews – and counting</li><li>Certifications that are recognized by the financial industry to set you apart from the competition</li></ul>So, ready to take your financial modeling skills to the next level? <a class="link" href="https://corporatefinancialinstitute.pxf.io/q45qdY" target="_blank" rel="noopener noreferrer nofollow">Check out CFI today.</a><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Blackstone is nearing a deal to acquire Jersey Mike's Subs for $8B, including debt </li><li>Building products distributor QXO offered to acquire $6.7B-listed Beacon Roofing Supply </li><li>Orla Mining agreed to acquire an Ontario gold mine from Newmont for $850M </li><li>State-backed China Mobile, the world's largest wireless carrier, is exploring a potential $835M deal for Hong Kong broadband provider HKBN </li><li>Trump Media is in talks to buy $400M-listed crypto marketplace Bakkt </li><li>PE firm Charlesbank Capital Partners acquired a controlling stake in economic analysis software maker Implan for over $100M </li><li>Abu Dhabi's International Resources Holding is in talks to buy an indirect stake in tin mining giant Alphamin Resources via a vehicle of PE firm Denham Capital</li><li>LeBron James' media company SpringHill will merge with UK film company Fulwell 73 </li><li>PE firm Investcorp and Canada's PSP Investments will buy US accounting firm PKF O'Connor Davies</li><li>Centerbridge Partners and Bessemer Venture Partners will acquire a majority stake in accounting firm Carr, Riggs & Ingram</li></ul>VC<ul><li>Indian nutrition startup HealthKart raised a $153M round at a $500M valuation led by ChrysCapital and Motilal Oswal </li><li>Moonvalley, a startup building 'ethical' video models, raised a $70M seed round led by General Catalyst and Khosla Ventures </li><li>Text marketing firm Take Blip raised a $60M Series C led by SoftBank </li><li>Investment management software QPLIX raised $28.5M from Partech </li><li>Medical research platform Medeloop raised a $15.5M Series A led by Inovia Capital</li><li>Orderful, a cloud-based EDI solutions, raised a $15M growth round led by NewRoad Capital Partners </li><li>GridBeyond, a battery storage system for energy grids, raised $12.3M from Triodos Investment Management </li><li>Juna.ai, a German AI startup making factories more energy efficient, raised a $7.5M seed round from Kleiner Perkins and Norrsken VC </li><li>Revisto, an AI startup streamlining medical, legal, and regulatory review for pharma marketing, raised a $4M seed round led by LiveOak Ventures </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>MicroStrategy raised $4.6B in a share sale as part of plans to buy Bitcoin </li><li>Home service software firm ServiceTitan, last valued at $7.6B in 2022, publicly filed for a US IPO </li><li>Chinese foods giant WH Group plans to list 20% of Smithfield Foods in a New York IPO at a $5.4B valuation </li><li>Delivery Hero is seeking to raise $1.5B at a $10B valuation in an IPO of its Mideast unit Talabat </li><li>Oman's state energy company OQ is seeking to raise $490M at a $1B valuation in an IPO of its methanol and LPG unit OQ Base Industries </li></ul>Debt <ul><li>MicroStrategy is set to raise $1.75B via 0% senior convertible notes as part of plans to buy Bitcoin</li><li>Thoma Bravo-backed Quorum Software raised $865M in private credit led by Apollo </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Spirit Airlines filed for Chapter 11 to restructure $1.6B of debt and hand control to bondholders </li><li>Struggling Chinese property developer Country Garden submitted an offshore debt restructuring plan to creditors as it fights to avoid liquidation</li></ul>Fundraising<ul><li>EQT raised its hard cap for its latest Asia PE fund to $14.5B </li><li>Silver Point Capital closed its latest private credit fund at $8.5B </li><li>Bain Capital raised $5.7B for its second global special situations fund </li><li>Credit investor Redwood Capital Management is seeking to raise $2.5B for its next drawdown fund </li><li>PE firm Rubicon Technology Partners raised a $500M continuation fund for inventory software firm Cin7 from CVC, Ares, BlackRock, Goldman Sachs Asset Management, and Schroders Capital </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Trump will meet privately with Coinbase CEO Brian Armstrong (<a class="link" href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-11-18-2024/card/exclusive-trump-to-meet-privately-with-coinbase-ceo-brian-armstrong-DDkgF0xW1BW242rVeuqx" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Ex-Millennium and PIMCO execs launched a crypto advisory x2B (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-11/ex-pimco-millennium-executives-set-up-crypto-advisory-business" target="_blank" rel="noopener noreferrer nofollow">BBG</a>) </li><li>Goldman Sachs is looking to spin out its digital assets tech platform (<a class="link" href="https://www.reuters.com/business/finance/goldman-sachs-plans-spin-out-its-digital-assets-platform-bloomberg-news-reports-2024-11-18/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Nasdaq plans to list options on BlackRock's Bitcoin ETF by today (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-18/nasdaq-poised-to-list-spot-bitcoin-etf-options-amid-crypto-rally?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>SEC charged Bit Mining for bribing foreign officials (<a class="link" href="https://www.reuters.com/technology/us-sec-charges-bit-mining-with-violating-foreign-corrupt-practices-act-2024-11-18/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>A good night's sleep sets the tone for the rest of your day, and <a class="link" href="https://www.eightsleep.com/lit/" target="_blank" rel="noopener noreferrer nofollow">Eight Sleep's Pod</a> will have you sleeping like a baby. The Pod, which fits on any bed, uses machine learning to analyze your health while you sleep and automatically optimizes your body temperature and breathing throughout the night to have you waking up sharper, energetic, and fully rested from day one. <a class="link" href="https://www.eightsleep.com/lit/" target="_blank" rel="noopener noreferrer nofollow">Use code LIT to get $600 off your Eight Sleep Pod.</a></li><li>Mario Gabriele and Michael Dempsey published an incredible piece on whether AI companies can really just scale their way to AGI…<a class="link" href="https://www.generalist.com/briefing/the-bitter-religion" target="_blank" rel="noopener noreferrer nofollow">this time employing the analogy of religious institutions</a>.</li><li>Jon Sindreu at WSJ explained <a class="link" href="https://www.wsj.com/finance/currencies/trump-crypto-craze-sent-bitcoin-miners-surging-but-watch-out-f0961871" target="_blank" rel="noopener noreferrer nofollow">why higher Bitcoin prices isn't necessarily a boon for miners</a>.</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/GordonGekko420/status/1857047640640225371" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/50975230-87fc-4220-9d72-4b291f230ef7/image.png?t=1731950833"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/qcapital2020/status/1858638078736560522" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/4ea7069a-9004-4035-a2af-fba2328cd9b5/image.png?t=1731984127"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/BoringBiz_/status/1855804429577912648" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/130158bb-adca-4adc-bdb7-a846515b39e7/image.png?t=1731950885"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/mattturck/status/1858636491720671321" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/b192f17c-9276-4413-9a72-167dc92fd943/image.png?t=1731984168"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/junkbondinvest/status/1858208619101036982" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/4437d472-0569-4c7d-b05a-2b35caa9a8be/image.png?t=1731950798"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>New Year, New Securitization</title> <description></description> <link>https://www.execsum.co/p/new-year-new-securitization</link> <guid isPermaLink="true">https://www.execsum.co/p/new-year-new-securitization</guid> <pubDate>Mon, 18 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-18T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/78e30c9a-fec7-41e9-9b6f-a76124ff9eeb/image.png?t=1731865298"/></a></div>Good Morning,European stocks are lagging US by record margin, equity funds saw decade-high inflows, bank trading assets hit pre-2008 highs, ByteDance's valuation rose to $300B, and PE firms are turning to 'NAV loans' in yet another unique search for liquidity. Move on from the daily deluge of tedious tasks and streamline all your investment processes with <a class="link" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">BlueFlame AI</a>, an enterprise GenAI for private markets.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/f2091a55-da18-425c-83b1-21ed0a623329/image.png?t=1731876682"/><div class="image__source">As of 11/15/2024 market close.</div></div>Markets<ul><li>US stocks fell on Friday as investors digested hawkish Fed comments and economic data</li><li>Gold suffered its worst week in three years </li><li>Dollar rose for its best week since September</li></ul>Earnings<ul><li>Alibaba beat quarterly earnings estimates but missed on revenue due to sluggish Chinese consumer spending (<a class="link" href="https://www.cnbc.com/2024/11/15/alibaba-baba-q2.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>What we're watching this week: <ul><li>Tuesday: Walmart, Lowe's</li><li>Wednesday: Nvidia, Palo Alto Networks, Target, TJX</li><li>Thursday: John Deere, Baidu, Gap</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>US retail sales rose 0.4% in October (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-15/us-retail-sales-increase-on-autos-in-start-to-holiday-season" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Fed's Collins says December rate cut not a 'done deal' (<a class="link" href="https://www.wsj.com/economy/central-banking/boston-fed-president-says-december-rate-cut-isnt-a-done-deal-50ef1429" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>PE turns to collateralized fund obligations in new risky way to tap liquidity (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-14/private-equity-finds-yet-another-way-to-keep-the-money-coming-in" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>European stocks are lagging US by record margin (<a class="link" href="https://www.ft.com/content/13896787-4920-4123-95e8-1c931da7efc9" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Trading assets at US banks crossed $1T for first time since GFC (<a class="link" href="https://www.ft.com/content/d91b3a6a-583e-486e-af03-8b977449f118" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Equity funds saw the largest weekly inflow in a decade (<a class="link" href="https://www.reuters.com/markets/us/global-markets-flows-graphic-2024-11-15/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>EM stocks saw the largest foreign monthly outflow since Covid (<a class="link" href="https://www.reuters.com/markets/em-stocks-see-largest-foreign-monthly-outflow-since-2020-bonds-hang-2024-11-15/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Firms raised over $50B in US bond markets last week (<a class="link" href="https://www.ft.com/content/5f9eb247-2851-4da7-ac19-62761fb46d1d" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Ilex, Shiprock join list of hedge funds closing to new cash (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-12/hedge-funds-ilex-shiprock-join-peers-closing-doors-to-new-cash" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>TikTok-owner ByteDance's valuation rose to $300B (<a class="link" href="https://www.wsj.com/tech/tik-tok-byte-dance-value-9796a8d4?mod=tech_lead_pos1" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Musk's rise stirs hope for banks to offload $13B of Twitter LBO debt (<a class="link" href="https://www.reuters.com/business/finance/musks-political-ascendancy-stirs-hopes-redemption-x-banks-2024-11-15/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Samsung announced a $7.2B buyback amid historic struggles (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-18/samsung-jumps-as-surprise-7-billion-buyback-welcomed-by-market?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>JPMorgan weighs options for London HQ as it outgrows office (<a class="link" href="https://www.reuters.com/business/finance/jpmorgan-weighs-london-hq-options-it-outgrows-canary-wharf-tower-sources-say-2024-11-15/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>GM plans to cut 1k salaried workers in cost-cutting bid (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-15/gm-plans-to-cut-1-000-salaried-workers-in-cost-cutting-move?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Historic Netflix Paul-Tyson livestream was plagued by glitches (<a class="link" href="https://techcrunch.com/2024/11/16/jake-paul-vs-mike-tyson-fight-shows-netflix-still-struggles-with-live-events/" target="_blank" rel="noopener noreferrer nofollow">TC</a>) </li><li>Prosecutors are seeking a 21-year sentence for Bill Hwang (<a class="link" href="https://www.reuters.com/legal/archegos-bill-hwang-deserves-21-years-prison-us-says-2024-11-16/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Republicans win presidency, House, Senate and popular vote in 2024 election sweep (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-15/republican-election-sweep-emboldens-trump-s-tax-cut-dreams" target="_blank" rel="noopener noreferrer nofollow">BBG</a>) </li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-blue-flame">A Message from BlueFlame</h2><div class="image"><a class="image__link" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/46952142-c750-4874-b3a6-f26a38b9f087/image.png?t=1731865281"/></a></div>Unlock the Power of Your Firm's Collective Knowledge with BlueFlame AI<a class="link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">BlueFlame AI</a> is a GenAI solution for private markets, designed to harness the vast knowledge accumulated within your firm.<ul><li>Search everywhere: access and aggregate information from all sources<ul><li>Entire shared drives (Box, Dropbox, Egnyte)</li><li>CRM systems (Deal Cloud, Salesforce)</li><li>Outlook emails and calendar</li><li>Market data platforms (CapIQ, PitchBook, Grata)</li><li>Google and news feeds</li><li>Pre-loaded 10-Ks/Qs and earnings transcripts</li></ul></li><li>Knowledge management:<ul><li>Build and organize libraries of CIMs, board decks, expert network transcripts, C-suite candidate resumes, and more</li><li>Quickly retrieve prior deal data and portfolio company financials</li><li>Identify research insights and trends across your firm's data</li></ul></li><li>Intelligent output:<ul><li>Generate reports in template PowerPoint or Word formats</li><li>Automate tedious tasks like data aggregation for valuations / comps</li></ul></li></ul>BlueFlame AI empowers your team to effortlessly navigate your firm's collective intelligence, enhancing decision-making and operational efficiency.Experience the transformative power of <a class="link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">BlueFlame AI</a>. Request a demo today and revolutionize how you leverage your firm's knowledge.<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter"> Schedule a demo today </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>KKR raised its offer for Japanese software firm Fuji Soft to $4.1B to match Bain Capital's rival bid </li><li>Nordic Capital is nearing a $2.5B acquisition of patent software company Anaqua from PE firm Astorg Partners </li><li>Halozyme Therapeutics proposed to buy German drug developer Evotec for $2.1B cash </li><li>Compass Minerals is in talks to sell to PE firms at a $1.5B valuation, including debt </li><li>A consortium including Saudi Arabia's Zahid Group and Entsha is in talks to acquire Barloworld, an African distributor of Caterpillar equipment, for $876M </li><li>Macquarie is considering selling its 45% stake in one of Philippines' largest independent telecom tower firms at a $700M-$800M valuation </li><li>A JV between India's NTPC Green Energy and ONGC Green Energy submitted a leading $650M bid for Ayana Renewable Power </li><li>Pest control giant Rentokil Initial is exploring a sale of its $528M French workwear business </li><li>UK's TT Electronics rejected a takeover offer from an unnamed party that exceeded peer Volex's $315M bid </li></ul>VC<ul><li>Musk's xAI is raising up to $6B at a $50B valuation led by Mideast SWFs </li><li>Drone manufacturer Skydio raised a $170M Series E extension at a $2.2B valuation led by KDDI and Axon </li><li>The Exploration Company, a startup building Europe's first reusable space capsule, raised a $160M Series B led by Balderton Capital and Plural </li><li>Advanced nuclear tech startup Radiant raised a $100M Series C led by DCVC </li><li>Beta Bionics, a diabetes management solutions company, raised a $60M Series E led by Wellington Management </li><li>Plantible Foods, a startup using plants to promote health and longevity, raised a $30M Series B led by Piva Capital and Siddhi Capital </li><li>Kody, a UK PaaS provider for physical commerce, raised a $20M Series A</li><li>French online shopping startup Just raised an $8.4M seed round led by Backed </li><li>Architectural AI platform Gendo raised a $5.5M seed round led by PT1 and LEA Partners </li><li>Molg, a robotic microfactory to disassemble complex electronics, raised a $5.5M seed round led by Closed Loop Partners, Techstars, and more </li><li>Mithrl, an AI-powered scientific research platform, raised a $4M seed round led by Bonfire Ventures </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>French media giant Vivendi's planned London IPO of its Canal+ broadcasting unit could fetch an up to $8.4B valuation in London's biggest listing since 2022</li><li>Home service software firm ServiceTitan, last valued at $7.6B in 2022, plans to file for an IPO this week </li><li>German engineering conglomerate Thyssenkrupp plans to IPO its $1.6B naval shipbuilding unit </li><li>UK-based theater giant Cineworld is considering a 2026 US IPO months after emerging from bankruptcy </li><li>Chinese data center firm Zdata Technologies is considering a Hong Kong IPO at a potential $5B valuation </li></ul>Debt <ul><li>Mexico will transfer $6.7B to state oil firm Pemex to cover debt payments in 2025 </li><li>Alibaba plans to raise $5B in a dollar and offshore yuan bond sale</li><li>SVP-backed German packaging firm Kloeckner Pentaplast is seeking $2.1B to refinance debt </li><li>State Bank of India is seeking to raise $1.25B in India's largest dollar-denominated loan this year </li><li>India's Adani Green Energy is looking to revive a dollar-bond sale</li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Swedish debt collector Intrum filed for Chapter 11 to restructure $5.3B of debt </li><li>Troubled Swedish battery developer Northvolt is scrambling for emergency funding after a $300M plan fell apart </li><li>Elderly-care health system CareMax filed for Chapter 11 bankruptcy </li><li>Food sanitation firm Cosmed Group filed for Chapter 11 bankruptcy amid cancer-related lawsuits </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>MicroStrategy has more Bitcoin than IBM, Nike, and others (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-16/microstrategy-s-26-billion-bitcoin-cache-is-larger-than-ibm-nike-cash-holdings?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>RFK Jr. put most of his wealth into Bitcoin (<a class="link" href="https://cointelegraph.com/news/i-put-most-my-wealth-bitcoin-i-am-fully-committed-rfk-jr" target="_blank" rel="noopener noreferrer nofollow">CT</a>) </li><li>Founder of crypto mixer Helix was sentenced to three years (<a class="link" href="https://www.wsj.com/articles/founder-of-crypto-mixer-helix-sentenced-to-three-years-25b4e2bb?mod=us-news_lead_pos4" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>NFT weekly sales surged 94% amid crypto bullrun (<a class="link" href="https://cointelegraph.com/news/nft-weekly-sales-crypto-market-surge" target="_blank" rel="noopener noreferrer nofollow">CT</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1> Larry Swedroe shared some insightful data that may explain <a class="link" href="https://alphaarchitect.com/2024/11/private-credit/" target="_blank" rel="noopener noreferrer nofollow">if private credit is in a bubble</a>.Josh Brown shared his thoughts on <a class="link" href="https://www.downtownjoshbrown.com/p/elections-have-consequences" target="_blank" rel="noopener noreferrer nofollow">why permabears are they way they are</a>.Harvard Business Review published an insightful piece on <a class="link" href="https://hbr.org/2024/11/why-the-u-s-healthcare-system-is-so-much-worse-than-its-peers" target="_blank" rel="noopener noreferrer nofollow">why the US healthcare system is so much worse than its peers</a>.<h3 class="heading" style="text-align:left;" id="seeking-impartial-news-meet-1440">Seeking impartial news? Meet 1440.</h3>Every day, 3.5 million readers turn to <a class="link" href="https://l.join1440.com/bh?utm_source=beehiiv&utm_medium=cpc&utm_campaign={{publication_name_param}}_{{publication_alphanumeric_id}}&utm_content=prospecting_impartial&_bhiiv=opp_c9af6b1f-ed04-482c-b0ff-968031e3ef41_1b75ca79&bhcl_id=67c8c01d-8808-4b82-a1ed-dd608afbea0d_{{subscriber_id}}" target="_blank" rel="noopener noreferrer nofollow">1440</a> for their factual news. We sift through 100+ sources to bring you a complete summary of politics, global events, business, and culture, all in a brief 5-minute email. Enjoy an impartial news experience.<a class="link" href="https://l.join1440.com/bh?utm_source=beehiiv&utm_medium=cpc&utm_campaign={{publication_name_param}}_{{publication_alphanumeric_id}}&utm_content=prospecting_impartial&_bhiiv=opp_c9af6b1f-ed04-482c-b0ff-968031e3ef41_1b75ca79&bhcl_id=67c8c01d-8808-4b82-a1ed-dd608afbea0d_{{subscriber_id}}" target="_blank" rel="noopener noreferrer nofollow">Join for free today!</a><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/junkbondinvest/status/1856754383624548433" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/f28020e2-9811-42ad-9392-4fa3b5fe7701/image.png?t=1731876274"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/spooky_JL/status/1857462327496298573" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e1674315-1d94-4b25-bf4f-d4fcbc05fda8/image.png?t=1731876217"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/HighyieldHarry/status/1857473930333704550" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/cc028aa0-2b84-47e3-bd02-57df07ee8db3/image.png?t=1731876182"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Meta Meets Its Fate</title> <description></description> <link>https://www.execsum.co/p/meta-meets-its-fate</link> <guid isPermaLink="true">https://www.execsum.co/p/meta-meets-its-fate</guid> <pubDate>Fri, 15 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-15T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/f8117eaf-9ec1-4135-bcd4-0524897c233a/image.png?t=1731625118"/></a></div>Good Morning,FTC's breakup of Meta, Instagram and WhatsApp is going to trial, the Italian mafia got caught for massive tax fraud, Trump named Jay Clayton as Wall Street's top cop, and Amazon is going head-to-head with Nvidia on AI chips. Automate your complicated business spend and expense allocation process with the leading fintech software in the alternative asset management space, <a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">StavPay</a>.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/2bcbe734-e59a-485b-8b54-9442bb1bcb21/image.png?t=1731625082"/><div class="image__source">As of 11/14/2024 market close.</div></div>Markets<ul><li>US stocks fell as J Pow signaled caution on additional rate cuts <ul><li>Traders reduced bets of a 25 bps December rate cut to 62% </li></ul></li><li>Canada's TSX index hit a record high</li><li>China's dollar bond sale priced at zero spread to US Treasurys, the tightest for such debt in 30 years<ul><li>Spreads fell further to -25 bps in their trading debut </li></ul></li><li>Ukraine dollar bond prices surged past 50¢ on bet that Trump will end war </li><li>European gas futures hit their highest in a year on Russia supply concerns </li><li>Gold held near a two-month low </li></ul>Earnings<ul><li>Walt Disney rose 6% after beating Q4 earnings and revenue estimates as streaming growth propelled its entertainment segment (<a class="link" href="https://www.cnbc.com/2024/11/14/disney-dis-earnings-q4-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Applied Materials fell 6% after missing Q4 earnings estimates and forecasting a dim Q1 due to slowing sales in China (<a class="link" href="https://www.investopedia.com/applied-materials-q4-fy-2024-earnings-8745060" target="_blank" rel="noopener noreferrer nofollow">INV</a>)</li><li>What we're watching this week: <ul><li>Today: Alibaba</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>US PPI inflation rose 2.4% YoY (<a class="link" href="https://www.cnbc.com/2024/11/14/wholesale-prices-rose-0point2percent-in-october-in-line-with-expectations.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>UK GDP grew 0.1% in Q3 (<a class="link" href="https://www.cnbc.com/2024/11/15/uk-q3-gdp-uk-economy-ekes-out-0point1percent-growth-below-expectations-.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Japan GDP grew 0.9% to snap two quarters of YoY declines (<a class="link" href="https://www.cnbc.com/2024/11/15/japan-gdp-expands-by-0point3percent-in-third-quarter-snapping-two-quarters-of-year-on-year-declines.html" target="_blank" rel="noopener noreferrer nofollow">GDP</a>)</li><li>J Pow sees no need to hurry to cut rates (<a class="link" href="https://www.cnbc.com/2024/11/14/powell-says-the-fed-doesnt-need-to-be-in-a-hurry-to-reduce-interest-rates.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Trump will not appoint Jamie Dimon to his administration (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-14/bessent-hails-trump-agenda-as-candidates-vie-for-treasury-post?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>US alternatives industry asked Trump for SEC reform (<a class="link" href="https://www.reuters.com/markets/us/us-private-funds-ask-trump-transition-team-sec-reform-pro-growth-taxes-2024-11-14/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>PE investors are seeking cash back before committing to new funds (<a class="link" href="https://www.wsj.com/articles/private-equity-investors-look-for-cash-back-before-committing-to-new-funds-1e828f1d" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>US money market funds hit a record high of $6.7T (<a class="link" href="https://www.ft.com/content/97b1d572-227c-450c-a47f-03dc2ee89068" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>US credit card debt hit a record high, though delinquencies fell (<a class="link" href="https://www.cnbc.com/2024/11/13/credit-card-debt-hits-record-1point17-trillion-new-york-fed-finds.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>BoE governor and UK chancellor called for UK to rebuild ties with EU (<a class="link" href="https://www.ft.com/content/ba17fb31-350f-41bc-b81d-f5cadfddf3bb" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Nissan is facing record $5.6B in 2026 maturities amid struggles (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-14/nissan-faces-record-debt-bill-with-one-year-left-to-fix-finances?srnd=phx-industries" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Activists Glenview, Sachem Head and Third Point raised stakes in CVS (<a class="link" href="https://www.reuters.com/markets/us/glenview-sachem-head-third-point-buy-cvs-shares-during-q3-filings-2024-11-14/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>FTC breakup of Meta is going to trial (<a class="link" href="https://www.reuters.com/legal/meta-will-face-antitrust-trial-over-instagram-whatsapp-acquisitions-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>FTC will launch an antitrust investigation into Microsoft's cloud business (<a class="link" href="https://www.reuters.com/technology/us-regulators-plan-investigate-microsofts-cloud-business-ft-reports-2024-11-14/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Amazon steps up effort to build AI chips to rival Nvidia (<a class="link" href="https://www.ft.com/content/3d9b5c6d-f1ae-4f6f-adc3-51e5f1dfb008" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>EU fined Meta $840M for antitrust ad practices (<a class="link" href="https://www.wsj.com/tech/eu-fines-meta-843-million-over-marketplace-classified-ads-b28ddb38?mod=tech_lead_pos2" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>US is investigating Citigroup over ties to sanctioned Russian billionaire (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-14/citigroup-probed-by-us-over-ties-to-sanctioned-russian-kerimov" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>An ex-BofA broker pled guilty to laundering his father's bribes (<a class="link" href="https://www.wsj.com/articles/former-bofa-broker-pleads-guilty-to-laundering-his-fathers-bribe-money-366005d2?mod=finance_feat7_regulation_pos1" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Trump named ex-SEC chair Jay Clayton as US attorney for Manhattan (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-14/trump-taps-his-former-sec-chair-jay-clayton-to-lead-sdny?srnd=phx-industries" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Trump named RFK Jr. as health secretary (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-14/trump-set-to-name-rfk-jr-as-hhs-secretary?srnd=phx-industries" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Italy arrested 43 over $550M mafia tax fraud (<a class="link" href="https://www.ft.com/content/045bdb79-1603-4005-a0b2-3edd7acefcd0" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Immigration to rich countries hit a record high in 2023 (<a class="link" href="https://www.ft.com/content/c5f2ff4d-252d-45d6-ab25-44ee6bfabb96" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>NYC approved a bill shifting broker fees to landlords (<a class="link" href="https://www.nytimes.com/2024/11/13/nyregion/new-york-city-broker-fee-city-council.html" target="_blank" rel="noopener noreferrer nofollow">NYT</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-stav-pay">A Message From StavPay</h2><div class="image"><a class="image__link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/56d709f7-8e28-4c77-8d8a-b4973ed97fef/image.png?t=1731625141"/></a></div><a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">StavPay</a> was built for Alternative Asset Managers to automate the business spend and expense allocation process.More than 90 managers with over $2.2T of AUM collectively use StavPay to manage their vendors, contracts, invoices, expense allocations, budgets, services, 1099 filings, inter-entity reimbursements, and payments.Learn more at <a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">www.stavpay.com</a> and schedule a demo today.We promise you, it's an hour well spent.<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://stavtar.com/contact-us/"> Schedule a demo today </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Blackstone and Warburg Pincus are weighing a $12B sale of fintech IntraFi </li><li>Coach-owner Tapestry terminated its $8.5B deal to buy Michael Kors-owner Capri after a US judge blocked the deal </li><li>Blackstone is in talks to acquire a 20% stake in the snacks business of India's Haldiram's at an $8B valuation </li><li>French building materials producer Saint-Gobain is exploring a sale of its auto glass unit for $2.6B </li><li>EV maker Zeekr will acquire a 51% stake in peer Lynk at a $2.5B valuation as Chinese automotive giant Geely seeks to streamlines its businesses </li><li>Shale producer Ovintiv will acquire Canadian oil assets from Paramount Resources for $2.4B cash </li><li>ADQ-backed healthcare group PureHealth is weighing an acquisition of hospital operator NMC Healthcare for a few billion dollars </li><li>General Mills agreed to acquire the North American unit of Whitebridge Pet Brands for ~$1.45B </li><li>PE firm Carnelian Energy Capital is exploring a sale of US O&G producer Ridgemar Energy at an over $1B valuation, including debt </li><li>European PE firm Triton will acquire Finnish engineering firm Cargotec's cargo handler business MacGregor in a $506M deal, including debt </li><li>Warburg Pincus-backed telecoms technology firm Circles is considering a sale of its digital telecom services provider Circles.Life for several hundred million dollars </li><li>Unilever is exploring a sale of some of its Dutch food brands </li><li>Sweden's Boliden is nearing a deal to buy Lundin Mining’s two European mines </li></ul>VC<ul><li>Data analytics firm Databricks is in talks to sell ~$1B in secondary shares at a $55B valuation to Thrive Capital </li><li>Elicit Plant, an agri-biotech providing biosolutions for broadacre crops, raised a $48M Series B led by Carbyne Equity Partners </li><li>Eco-friendly aviation startup OpenAirlines raised a $47.4M round led by Eiffel IG </li><li>SwiftConnect, a digital access key for office buildings, raised a $37M Series B led by Quadri Ventures </li><li>Vaulted Deep, a carbon removal and storage startup, raised a $32.3M Series A led by Prelude Ventures </li><li>Next-gen insurtech solutions startup FASST raised a $29.5M round led by Revaia </li><li>AI-enabled travel experiences startup Tourlane raised a $26.4M Series D led by Sequoia </li><li>Homethrive, a tech-enabled caregiving solutions, raised $20M led by TELUS Global Ventures and 7wireVentures </li><li>ePlane, an Indian eVTOL startup, raised a $14M Series B led by Speciale Invest and Antares Ventures </li><li>Mach9, a startup using AI to convert mobile lidar scans into 2D and 3D models, raised a $12M seed round led by Quiet Capital </li><li>Impilo, a digital healthcare platform, raised an $11.5M Series A led by Construct Capital </li><li>Hydrogen-producing electrolyzer startup Ecolectro raised a $10.6M Series A led by Toyota Ventures</li><li>Influencer marketplace Influur raised a $10M Series A led by Point72 Ventures and HTwenty Capital </li><li>Naturbeads, a technology addressing microplastic pollution, raised a $9.9M Series A led by Eos Advisory</li><li>UAE fintech Pemo raised a $7M round led by Augmentum Fintech</li><li>SurePath AI, a governing platform for GenAI in the enterprise, raised a $5.2M seed round led by Uncork Capital </li><li>UK fintech Tangible raised a $5.1M round led by Future Positive Capital, Hardware Club VC, and more </li><li>Team-GPT, a startup offering a suite of AI tools, raised a $4.5M seed round led by True Ventures </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Chinese autonomous driving firm Pony AI is seeking to raise $348M at a $4.5B valuation in a US IPO and private placement </li><li>Telecoms group VEON is considering a US IPO for its Ukrainian unit Kyivsta </li></ul>Debt <ul><li>Banks are preparing an $11.6B debt package to back Brookfield's potential take-private of Spanish pharmaceutical giant Grifols </li><li>Tapestry is planning to buy back $6.1B of bonds it sold to fund its now-canceled acquisition of Capri </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Bankrupt sports broadcaster Diamond Sports won court approval for an $8B restructuring plan to hand control to lenders and exit Chapter 11 </li><li>Satire news website The Onion will acquire conspiracy theorist Alex Jones' Infowars out of bankruptcy </li></ul>Fundraising<ul><li>Finnish VC Maki raised $105M for its third fund to invest in Nordic deeptech </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Stablecoin issuer Tether will soon tokenize stocks, bonds, funds and commodities (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-14/stablecoin-issuer-tether-moves-into-tokenizing-stocks-and-bonds?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Eighteen states sued SEC and SEC chair for 'regulatory overreach' on crypto (<a class="link" href="https://cointelegraph.com/news/18-us-states-file-lawsuit-against-sec-gary-gensler" target="_blank" rel="noopener noreferrer nofollow">CT</a>)</li><li>Bitfinex hacker got five years in prison for Bitcoin money laundering scheme (<a class="link" href="https://www.cnbc.com/2024/11/14/bitfinex-hacker-sentenced-to-five-years-in-prison-for-bitcoin-money-laundering-scheme.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>Kathryn Gaw shared some insights on <a class="link" href="https://alternativecreditinvestor.com/2024/11/14/why-yield-compression-is-creating-new-opportunities-in-private-credit/" target="_blank" rel="noopener noreferrer nofollow">why yield compression is creating new opportunities in private credit</a>.</li><li>In his latest piece, Zvi Mowshowitz made the case <a class="link" href="https://thezvi.substack.com/p/the-online-sports-gambling-experiment" target="_blank" rel="noopener noreferrer nofollow">AGAINST mobile sports betting</a>.</li><li>FT published their Big Read exploring <a class="link" href="https://www.ft.com/content/23128945-0378-4557-bf00-c33fe37218fb" target="_blank" rel="noopener noreferrer nofollow">Goldman's years-long power struggle over its China venture</a>.</li><li>Reuters published a comprehensive list of <a class="link" href="https://www.reuters.com/markets/deals/us-deals-blocked-by-regulators-or-facing-intense-scrutiny-2024-11-14/" target="_blank" rel="noopener noreferrer nofollow">US deals blocked by regulators or facing intense scrutiny</a>.</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="hedge-fund-analyst-opportunity">Hedge Fund Analyst Opportunity 💼</h1><ul><li>We are working with Pantera Capital to hire an Investment Analyst for their Liquid Token Fund, an open-ended fund focused primarily on liquid tokens.</li><li>With $5B total firm AUM, Pantera was the first US institutional asset manager focused exclusively on blockchain technology.</li><li>If you are crypto native and have deep fundamental analysis skills with 1-4 years of investment banking, private equity, hedge funds, consulting, or equity research experience, this is the perfect opportunity for you!</li><li>Bonus points if you manage your own portfolio of digital assets and can discuss your investment strategy.</li><li>Learn more and apply below:</li></ul><div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/search/pantera-capital-new-york-hedge-fund-analyst-2024-may"> Apply Here 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/alancarroII/status/1856813842472288746" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/99071743-b3a9-4715-8c19-e3940dde7c1d/image.png?t=1731632535"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/aubreystrobel/status/1856804185716490272" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/f037ae18-45da-4ed2-9613-00380099af45/image.png?t=1731632580"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/TaikiMaeda2/status/1856729969927565676" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/fb03fd8b-884b-4f78-87f9-490b056bc4c9/image.png?t=1731632625"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity 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Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>New phone, who dis?</title> <description></description> <link>https://www.execsum.co/p/new-phone-who-dis</link> <guid isPermaLink="true">https://www.execsum.co/p/new-phone-who-dis</guid> <pubDate>Thu, 14 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-14T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/efd49714-c488-46f1-977a-ac195e168362/image.png?t=1731534749"/></a></div>Good Morning,FBI raided the home of Polymarket's founder, Citadel warned headhunters to not pitch fake jobs, Amazon launched a Temu and Shein competitor, ECB wants banks to better manage PE risk, and Seven and i proposed the largest-ever MBO offer in history.Invest in institutional-caliber private markets with <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">10 East</a>, a membership-based investment platform offering targeted exposure to PE, VC, and more.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/7bb6f0f5-8f99-40a4-a5aa-87a61fe626fb/image.png?t=1731536128"/><div class="image__source">As of 11/13/2024 market close.</div></div>Markets<ul><li>US stocks closed relatively flat as investors digested October's CPI report<ul><li>Traders raised bets of a 25 bps December rate cut to 80%</li></ul></li><li>FTSE 100 closed at its lowest since August</li><li>Pound continued to slide to its lowest since August</li></ul>Earnings<ul><li>Cisco beat Q1 EPS and revenue estimates and raised its FY forecast despite posting its fourth-straight quarterly revenue decline as the firm shifts focus to cybersecurity, cloud systems and AI-driven products (<a class="link" href="https://www.cnbc.com/2024/11/13/cisco-csco-q1-earnings-report-2025.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>What we're watching this week: <ul><li>Today: Walt Disney, Applied Materials</li><li>Friday: Alibaba</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>US CPI rose 2.6% YoY (<a class="link" href="https://www.cnbc.com/2024/11/13/cpi-inflation-october-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>US debt interest costs declined for the first time since August 2023 (<a class="link" href="https://www.reuters.com/markets/us/us-october-budget-deficit-jumps-257-billion-handing-hole-trump-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>China's dollar bond sale yields priced same as US Treasuries (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-13/china-s-dollar-bond-sale-yields-almost-same-as-us-treasuries?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>ECB wants banks to better manage PE and private credit risk (<a class="link" href="https://www.reuters.com/markets/europe/ecb-wants-banks-better-manage-private-equity-risk-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Bank CEOs expressed confidence in deals and consumer finances (<a class="link" href="https://www.reuters.com/markets/us/bank-ceos-express-confidence-deals-consumer-finances-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Banks sold $23.5B of bonds yesterday in the most since 2016 (<a class="link" href="https://www.reuters.com/markets/rates-bonds/banks-flood-us-debt-market-biggest-single-day-raise-since-2016-bmo-says-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>US green bond sales are nearing a record high (<a class="link" href="https://www.bloomberg.com/professional/insights/sustainable-finance/us-green-bonds-near-record-high/" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>China CSI A500 index sparks fresh interest from global managers (<a class="link" href="https://www.ft.com/content/bb9ad635-b206-476e-a9c5-414cb2e767e0" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>UK regulator backtracked on plan to 'name and shame' companies (<a class="link" href="https://www.ft.com/content/e19e4523-de1f-4f33-ad65-c183ad05cd72" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Citadel warned headhunters to not pitch fake jobs (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-13/citadel-warns-recruiters-don-t-pitch-fake-jobs?fromMostRead=true" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Seven & i's $58B take-private offer is the biggest MBO offer in history (<a class="link" href="https://www.reuters.com/markets/deals/seven-is-reported-offer-biggest-management-buyouts-date-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>FBI raided and seized devices from Polymarket CEO's home (<a class="link" href="https://nypost.com/2024/11/13/business/fbi-seizes-polymarket-ceos-phone-electronics-after-betting-platform-predicts-trump-win-source/" target="_blank" rel="noopener noreferrer nofollow">NYP</a>)</li><li>Amazon launched Amazon Haul to take on Temu and Shein (<a class="link" href="https://www.cnbc.com/2024/11/13/amazon-haul-discount-storefront-debuts-to-take-on-temu-and-shein-.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>D.E. Shaw took a $108M short bet on pharma giant Bayer (<a class="link" href="https://www.reuters.com/business/healthcare-pharmaceuticals/de-shaw-takes-1-bln-short-bayer-regulatory-filing-shows-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>AMD will cut 4% of jobs to focus on AI chips (<a class="link" href="https://www.reuters.com/technology/amd-cut-4-global-workforce-it-focuses-ai-chip-development-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>India's Adani Group will invest $10B in US energy following Trump win (<a class="link" href="https://www.reuters.com/markets/deals/indias-adani-group-invest-10-bln-us-energy-following-trump-win-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>US labor board banned mandatory anti-union meetings (<a class="link" href="https://www.reuters.com/technology/us-labor-board-bans-mandatory-anti-union-meetings-ruling-against-amazon-2024-11-13/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>US accused China of vast cyber-espionage against telecoms (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-13/us-accuses-china-of-broad-and-significant-cyber-spying-effort?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>F1-owner Liberty Media's CEO will step down (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-13/liberty-media-s-maffei-steps-down-capping-two-decades-of-deals" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-10-east">A Message From 10 East</h2><div class="image"><a class="image__link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/7565ee37-cefc-4f9a-a4e2-9fbfc54e7edb/image.png?t=1731534725"/></a></div>Where Sophisticated Investors Access Private Markets<a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">10 East</a> is a co-investment platform where sophisticated investors access private market investments alongside a veteran team with a 12+ year track record of strong performance across over 350 transactions. The firm is led by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner.Members have the flexibility to participate on a deal-by-deal basis across private equity, credit, real estate, and venture capital.Benefits of <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">10 East membership</a> include:  <ul><li>Flexibility – members have full discretion over whether to invest on an offering-by-offering basis. </li><li>Alignment – principals commit material personal capital to every offering.  </li><li>Institutional resources – a dedicated investment team that sources and diligences each offering.</li></ul>There are no upfront costs or commitments associated with joining 10 East.Exec Sum readers can join 10 East with complimentary access <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">here</a>.<hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Charter Communications agreed to buy Liberty Broadband in a ~$14B all-stock deal </li><li>Frontier Communications shareholders approved the $9.6B sale to Verizon despite opposition from some large shareholders </li><li>Coterra Energy agreed to acquire Permian Basin assets from Franklin Mountain Energy and Avant Natural Resources for $3.95B in cash and stock </li><li>Canada's PSP-owned airport operator AviAlliance agreed to acquire three UK airports from Spanish infrastructure giant Ferrovial and Macquarie for $1.9B </li><li>Mizuho Financial Group will acquire a 15% stake in tech conglomerate Rakuten's credit card arm for $1.1B </li><li>Germany’s BioNTech will acquire Chinese biotech Biotheus in a $950M deal </li><li>Food delivery startup Wonder will acquire Grubhub from Just Eat Takeaway for $650M </li><li>Shell is seeking to sell a majority stake in its carbon offsets business </li><li>Malaysian oil field services firm Bumi Armada is considering buying MISC's offshore energy business </li><li>Crypto ETF issuer Bitwise acquired Ethereum staking service Attestant </li><li>Arca and BlockTower Capital agreed to merge into one crypto investment platform</li></ul>VC<ul><li>AI cloud-computing startup CoreWeave closed a $650M secondary sale at a $23B valuation to Jane Street, Magnetar, Fidelity and Macquarie </li><li>Ruby Re, a third-party reinsurance startup, raised a $480M round from AllianceBernstein, EnTrust Global, and Enstar Group </li><li>CHAOS Industries, a defense and critical industry technology startup, raised a $145M Series B led by Accel </li><li>Zero Gravity Labs, a startup developing a decentralized AI OS, raised a $40M seed round from Hack VC, Delphi Digital, Polygon, and more </li><li>AI-powered healthcare training platform Stepful raised a $31.5M Series B led by Oak HC/FT </li><li>Starfish Space, a startup building satellite servicing spacecraft, raised a $29M round led by Shield Capital </li><li>Robin AI, a legal AI for businesses, raised $25M from PayPal Ventures, Willets, Cambridge University, and more </li><li>Accelsius, a two-phase liquid cooling system for data centers, raised a $24M Series A led by Innventure</li><li>Trolley, a global payouts platform, raised a $23M Series B led by Wavecrest Growth Partners</li><li>Arbolus, a startup building an expert insights platform, raised a $20M growth round led by Composition </li><li>AI-powered creative world-building platform Odyssey raised an $18M Series A led by EQT Ventures </li><li>GITAI, a space robotics startup, raised a $15.5M Series B extension led by Maezawa Fund</li><li>Neon, a D2C platform for games, raised $14M from Renegade Partners, Thrive Capital, a16z Speedrun, and more </li><li>Career coaching marketplace Leland raised a $12M Series A led by Forerunner Ventures </li><li>DLP startup MIND raised an $11M seed round led by YL Ventures </li><li>Prelude, a French startup focused on SMS verification, raised an $8M seed round led by Singular and Seedcamp </li><li>Bluespine, an AI-driven claims cost reduction platform for self-insured employers, raised a $7.2M seed round led by Team8 </li><li>Zeplyn, an AI assistant for financial advisors, raised a $3M seed round led by Leo Capital </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Swedish fintech Klarna filed for a US IPO at a $14.6B valuation </li><li>Japanese regional utility Kansai Electric plans to raise $3.3B in a share sale </li><li>Venture Global LNG plans to file for a $3B IPO </li><li>CVC-backed Japanese personal-care business FineToday plans to raise ~$570M at a $1.4B valuation in a Tokyo IPO </li><li>Indian food delivery platform Swiggy rose 17% after raising $1.3B in India's second-biggest IPO this year </li><li>Italy sold a 15% stake in Italian lender MPS in a $1.16B placement </li><li>Saudi Arabia's PIF plans to sell a 2% stake in Saudi Telecom for ~$1B </li><li>Liberty Media will spin off most assets to sharpen focus on Formula 1 </li></ul>Debt<ul><li>HSBC raised $6.5B in a bond sale</li><li>Africa's biggest data center firm Teraco Data Environments is seeking to raise $442M through a syndicated loan </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Carlyle-backed data management software firm Veritas US is nearing a deal to restructure $4B of debt maturing next year </li><li>Car financing firm Vroom filed for Chapter 11 bankruptcy with plans to restructure $290M of debt </li><li>CDS Superstores will acquire 70 Homebase stores, along with the brand and IP, after the UK home improvement retailer entered administration </li></ul>Fundraising<ul><li>D.E. Shaw raised $1B for its latest private credit fund </li><li>European VC Bek Ventures raised a $250M fund to invest in Eastern Europe and Turkey</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Coinbase launched Coinbase 50 index as crypto equivalent to S&P 500 (<a class="link" href="https://cryptonews.com/news/coinbase-launches-sp-500-for-crypto-the-coin50-index/" target="_blank" rel="noopener noreferrer nofollow">CN</a>)</li><li>Robinhood added four new tokens including Solana for US users (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-13/robinhood-adds-tokens-to-offering-for-us-crypto-clients?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1>With Bitcoin topping $90k, Roger Nusbaum shared his thoughts on <a class="link" href="https://rogersplanning.blogspot.com/2024/11/the-bitcoin-factor.html" target="_blank" rel="noopener noreferrer nofollow">how to think about Bitcoin as an investment</a>.Retiring Morningstar VP John Rekenthaler published his last piece sharing <a class="link" href="https://www.morningstar.com/columns/rekenthaler-report/farewell-now" target="_blank" rel="noopener noreferrer nofollow">the lessons he learned from watching markets for 37 years</a>.Luke Kawa wrote a great piece explaining <a class="link" href="https://sherwood.news/markets/the-golden-age-of-gold/" target="_blank" rel="noopener noreferrer nofollow">why we're in the golden age of gold</a>.<h3 class="heading" style="text-align:left;" id="long-angle-a-vetted-community-for-h">Long Angle: A Vetted Community for High-Net-Worth Entrepreneurs and Executives</h3><a class="link" href="https://www.longangle.com/join-community-bh/?utm_campaign={{publication_alphanumeric_id}}&utm_source=beehiiv&_bhiiv=opp_26eccc15-435a-4b43-8cc9-e394d38e6b81_b43db979" target="_blank" rel="noopener noreferrer nofollow">Long Angle</a> is a private, vetted community for 30-55 year-old entrepreneurs and executives with a net worth of $5M to $100M.Engage in confidential discussions, live meetups, peer advisory groups, and get access to curated alternative investments.No membership fees.<a class="link" href="https://www.longangle.com/join-community-bh/?utm_campaign={{publication_alphanumeric_id}}&utm_source=beehiiv&_bhiiv=opp_26eccc15-435a-4b43-8cc9-e394d38e6b81_b43db979" target="_blank" rel="noopener noreferrer nofollow">Join Long Angle Today</a><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/MadsCapital/status/1854967005889413226" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/50588e41-d4cf-4f89-b9a2-8e0a25fb7a01/image.png?t=1731535283"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/ParikPatelCFA/status/1856585570593513581" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/10f36634-3ee5-42bc-acdd-05125b04d4fb/image.png?t=1731535114"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/matthewesp/status/1856813127666733372" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/069388d3-a47d-443f-a970-25d14ae3857a/image.png?t=1731535251"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/Invesquotes/status/1856739851212669189" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/a2cc06b3-b8fb-4c68-979d-9f309954531d/image.png?t=1731535160"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Activist Season Came Early</title> <description></description> <link>https://www.execsum.co/p/activist-season-came-early</link> <guid isPermaLink="true">https://www.execsum.co/p/activist-season-came-early</guid> <pubDate>Wed, 13 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-13T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://www.bill.com/offers/black-friday?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=20241105-wf-dc-se-6410-demo-black-friday-promotion" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/38dec959-6d01-4ac7-8a9e-3e544cde5192/image.png?t=1731459585"/></a></div>Good Morning,Wall Street bonuses are set to rise, PE giants are hunting Japanese talent, Bridgewater's CIO is bullish on US stocks, Trump wants TikTok back on the menu, and three activist funds revealed some high-profile stakes, including Elliott making its biggest single investment ever.In another corner of the activist world (Bill Ackman's Twitter), Ackman unironically suggested that "Yale is no different than Hamas," and the memes perfectly sum up everyone's reaction.See how to streamline your financial operations with <a class="link" href="https://www.bill.com/offers/black-friday?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=20241105-wf-dc-se-6410-demo-black-friday-promotion" target="_blank" rel="noopener noreferrer nofollow">BILL</a> and they'll send you a <a class="link" href="https://www.bill.com/offers/black-friday?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=20241105-wf-dc-se-6410-demo-black-friday-promotion" target="_blank" rel="noopener noreferrer nofollow">gift of your choice!</a>Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d0cbc426-5620-4dcd-834f-2f4e56289172/image.png?t=1731453458"/><div class="image__source">As of 11/12/2024 market close.</div></div>Markets<ul><li>US stocks edged lower yesterday, taking a pause from the election rally<ul><li>S&P and Nasdaq snapped five-day win streaks</li></ul></li><li>Europe's Stoxx 600 plunged 2% to a near three-month low in its worst day since August due to China jitters and poor earnings</li><li>US yields surged back to post-election highs</li><li>Euro hit a one-year low</li><li>Canadian dollar hit a two-year low versus US dollar</li><li>Bitcoin touched $90k</li><li>Today, we'll receive a crucial October CPI report</li></ul>Earnings<ul><li>Home Depot beat Q3 earnings estimates and raised its FY outlook on improved sales, though consumers remained cautious on spending (<a class="link" href="https://www.cnbc.com/2024/11/12/home-depot-hd-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Spotify jumped 7% after posting record profitability and strong Q3 subscriber growth, and beating on Q4 profit estimates on successful cost cuts (<a class="link" href="https://www.reuters.com/business/media-telecom/spotify-forecasts-profit-above-estimates-cost-cuts-steady-user-growth-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>) </li><li>Shopify surged 21% after beating Q3 EPS and revenue estimates and forecasting an optimistic holiday season after attracting a growing number of large customers (<a class="link" href="https://www.cnbc.com/2024/11/12/shopify-stock-skyrockets-25percent-on-revenue-beat-rosy-holiday-forecast.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Cava jumped 16% on a Q3 beat-and-raise as same-store sales rose 18% (<a class="link" href="https://www.investors.com/news/cava-earnings-q3-cava-stock-chipotle-threat-sweetgreen/" target="_blank" rel="noopener noreferrer nofollow">IBD</a>)</li><li>Hertz missed Q3 EPS and revenue estimates on high depreciation costs tied to its massive Tesla EV fleet (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-12/hertz-misses-estimates-as-losses-mount-from-failed-tesla-bet" target="_blank" rel="noopener noreferrer nofollow">BBG</a>) </li><li>What we're watching this week: <ul><li>Today: Cisco</li><li>Thursday: Walt Disney, Applied Materials</li><li>Friday: Alibaba</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>Online food prices fell YoY for the first time since Covid (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-12/us-online-food-prices-post-first-year-on-year-drop-since-covid" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Wall Street bonuses are set to rise for the first time since 2021 (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-12/bonuses-set-to-grow-across-wall-street-for-first-time-since-2021" target="_blank" rel="noopener noreferrer nofollow">BBG</a>) </li><li>Big bank M&A could be spurred by Trump administration (<a class="link" href="https://www.reuters.com/business/finance/big-bank-deals-could-be-spurred-by-trump-administration-executives-say-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Bridgewater co-CIO says US stocks are 'good thing' to hold now (<a class="link" href="https://www.reuters.com/markets/us/bridgewater-co-chief-investment-officer-says-us-stocks-are-good-thing-hold-now-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Citigroup CEO Jane Fraser says it’s 'game on' for US M&A (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-12/citigroup-ceo-fraser-says-it-s-game-on-for-deals-in-the-us?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>US banks saw weaker loan demand in Q3 (<a class="link" href="https://www.reuters.com/markets/us/us-banks-saw-weaker-loan-demand-3d-qtr-fed-survey-shows-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>PE giants are hunting Japanese talent as regional M&A booms (<a class="link" href="https://www.reuters.com/business/finance/carlyle-warburg-among-investment-firms-hunting-talent-japan-deals-boom-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Trump is considering continuing Biden's crackdown on Big Tech (<a class="link" href="https://www.ft.com/content/4826f5c8-52d3-4ff5-9599-a327d849ff81" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Wall Street's Bessent and Lutnick are in lead for Treasury secretary role (<a class="link" href="https://www.ft.com/content/0d8785d4-e56e-4acd-9ebb-bc42189152c0" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>ETF inflows smashed full-year records (<a class="link" href="https://www.ft.com/content/46528a78-fe59-4f14-9909-59001cf45fb2" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Millennium sacked John Curtice after less than one year (<a class="link" href="https://www.bnnbloomberg.ca/business/company-news/2024/11/12/millennium-cuts-one-of-its-priciest-trading-hires-within-a-year/" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>OpenAI co-founder Greg Brockman returned to the firm (<a class="link" href="https://www.reuters.com/technology/artificial-intelligence/openai-co-founder-greg-brockman-returns-ai-startup-bloomberg-news-reports-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Activist Elliott took a $5B stake in Honeywell (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-12/elliott-amasses-5-billion-plus-stake-in-honeywell?srnd=phx-deals" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Activist ValueAct took a $1B stake in Meta (<a class="link" href="https://www.reuters.com/markets/deals/valueact-takes-1-billion-stake-meta-source-says-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Activist Effissimo took a stake in struggling Nissan (<a class="link" href="https://www.ft.com/content/2cac8fe7-5fc5-471f-80a4-3999dcc18c02" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Trump wants to halt the looming TikTok ban (<a class="link" href="https://www.nytimes.com/2024/11/12/technology/trump-tiktok-ban.html" target="_blank" rel="noopener noreferrer nofollow">NYT</a>)</li><li>Disney explores wider field of candidates to succeed CEO Iger (<a class="link" href="https://www.wsj.com/business/media/disney-explores-wider-field-of-candidates-to-succeed-iger-d1876792?mod=hp_lead_pos5" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Chipotle shareholders sued over fallout from smaller portion sizes (<a class="link" href="https://www.reuters.com/business/retail-consumer/chipotle-shareholders-sue-over-fallout-skimping-portion-sizes-2024-11-11/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Donald Trump Jr. is joining VC firm 1789 Capital (<a class="link" href="https://www.reuters.com/world/us/trump-son-don-jr-joining-venture-capital-firm-1789-capital-sources-say-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>US is investigating Russia accounts UBS took over from Credit Suisse (<a class="link" href="https://www.reuters.com/business/finance/us-scrutinizes-russia-accounts-ubs-took-over-credit-suisse-sources-say-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Netflix's ad-tier subscription is taking off (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-12/netflix-says-70-million-users-now-watch-shows-with-advertising?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Trump picked Musk to lead Department of Government Efficiency (<a class="link" href="https://www.wsj.com/politics/policy/elon-musk-vivek-ramaswamy-government-efficiency-trump-cabinet-d42c8a2e" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Global carbon emissions rose 0.8% in 2024 (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-13/global-carbon-emissions-rise-pushing-world-toward-dreaded-warming-threshold?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-bill">A Message From BILL</h2><div class="image"><a class="image__link" href="https://bill.com/offers/black-friday?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=20241105-wf-dc-se-6410-demo-black-friday-promotion" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:9px;" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcKFH3VEc2oBhDNYI5nVhNebIeJbSTyTTFQi7ZZ76G1UlLQtB1gaUTYNVqgDFrsFMAgkZG8HTQN7kzZ9kHnEA7jblDGFxX2DoAR_0rUoHyaNCvEgh1lb_K8pqkJYi2LU58NwgZ7q2G92jsm1KyPF1HwBnD2?key=j2tQxIYVqazTtGZVfD6CD0E3"/></a></div>Beat Black Friday with BILLWant to beat Black Friday at its own game? Choose BILL Spend & Expense and get real-time visibility, fraud protections, and automated expense reporting for your business—<a class="link" href="https://bill.com/offers/black-friday?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=20241105-wf-dc-se-6410-demo-black-friday-promotion" target="_blank" rel="noopener noreferrer nofollow">and an exclusive gift for you.</a>Take a demo of BILL by the end of the month and you can get what YOU really want for the holidays – <a class="link" href="https://bill.com/offers/black-friday?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=20241105-wf-dc-se-6410-demo-black-friday-promotion" target="_blank" rel="noopener noreferrer nofollow">your choice of gift from a Nintendo Switch, Apple AirPods Pro, Samsung 50" TV, or Xbox Series.</a>*Terms and Conditions apply. See offer page for more details. BILL Divvy Card is issued by Cross River Bank, Member FDIC, and is not a deposit product.<hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Management of 7-Eleven-owner Seven & i Holdings is considering taking the business private in a $58B deal</li><li>Energy investment firm Aethon Energy Management is exploring a sale or IPO of its natural gas assets at a ~$10B valuation, including debt </li><li>Carlyle is exploring options for Flender, a mechanical and electrical drive systems maker, which could be valued at $3.2B-$4.3B </li><li>Malaysia’s largest bank Maybank is considering buying out Ageas' minority stake in insurer Etiqa at a $4B valuation </li><li>Drug distributor Cardinal Health will take a 71% stake in gastroenterology care platform GI Alliance from Apollo and buy diabetes medicine provider Advanced Diabetes Supply Group from PE firm Court Square Partners in two deals worth ~$4B total </li><li>US sued to block UnitedHealth Group's $3.3B purchase of home healthcare provider Amedisys </li><li>Billionaire founder Pham Nhat Vuong pledged to invest ~$2B into struggling EV maker VinFast </li><li>Pfizer is exploring a sale of its hospital drugs unit for a few billion dollars </li><li>Hilcorp Energy will acquire ExxonMobil's oil drilling assets in the Permian Basin for ~$1B </li><li>Sweden's Modern Times Group will acquire Australian gaming company Aristocrat Leisure's Plarium Global mobile-gaming unit for $820M </li><li>UK REIT Segro agreed to buy $500M worth of warehouse landlord Tritax EuroBox's property portfolio </li><li>Infrastructure investor Stonepeak agreed to acquire Boundary Street Capital, a $700M AUM private credit firm </li><li>Crypto data provider Kaiko will acquire European crypto index provider Vinter </li><li>Germany's Commerzbank is considering acquiring mid-sized peer Hamburg Commercial Bank or Oldenburgische Landesbank to fend off a possible takeover by Italy's UniCredit </li><li>Food-delivery startup Wonder is in advanced talks to buy Grubhub from Just Eat Takeaway</li></ul>VC<ul><li>Volkswagen will raise its JV investment in EV startup Rivian to $5.8B</li><li>LatAm neobank Ualá raised a $300M Series E at a $2.75B valuation led by Allianz X </li><li>OpenAI rival Writer raised a $200M Series C at a $1.9B valuation led by ICONIQ Growth </li><li>Canadian fintech Neo Financial raised a $260M Series D from Tobi Lütke, Stewart Butterfield, and more</li><li>Space launch company Firefly Aerospace raised a $175M Series D at a $2B+ valuation led by RPM Ventures </li><li>Recogni, an energy efficient GenAI inference systems, raised a $102M Series C led by Celesta Capital and GreatPoint Ventures </li><li>Cloud management startup ScaleOps raised a $58M Series B led by Lightspeed Venture Partners </li><li>Auror, a New Zealand-based retail crime reporting and intelligence software, raised a $56M Series C led by Axon Enterprise, W23 Global, and more </li><li>Cash flow management platform Agicap raised a $48M Series C at a $750M valuation led by AVP </li><li>Data management platform Conduktor raised a $30M Series B led by RTP Global </li><li>Japanese personal finance app SmartBank raised $26M from Global Brain </li><li>Prokeep, a customer communication and engagement platform for distributors, raised a $25M Series A led by Dahlia Equity Partners </li><li>LocalStack, a startup helping developers emulate and test cloud apps locally, raised a $25M Series A led by Notable Capital </li><li>Klim, a regenerative farming platform, raised a $22M Series A led by BNP Paribas </li><li>Web browser automation startup Browserbase raised a $21M Series A led by CRV and Kleiner Perkins </li><li>Fleek, a online marketplace connecting second-hand clothing wholesalers and retailers, raised a $20.4M seed and Series A led by HV Capital </li><li>Cloud usage tracking startup PointFive raised a $20M Series A led by Salesforce Ventures </li><li>Vega, an alternative investment technology startup, raised a $20M Series A led by Apollo and Motive</li><li>NovoPayment, a financial and payment infrastructure service provider, received a $20M investment from Morgan Stanley Expansion Capital </li><li>Bounce, a startup providing luggage storage and delivery services, raised a $19M Series B led by Sapphire Sport</li><li>Rural Indian e-commerce startup Wheelocity raised a $15M Series A-2 led by Lightspeed </li><li>Alison.ai, a creative AI solutions for advertising, raised a $13.3M seed round led by Almaz Capital </li><li>Vatn Systems, a startup producing autonomous underwater vehicles for defense, raised a $13M seed round led by DYNE Ventures </li><li>Warehouse automation startup Brightpick raised $12M from EBRD Venture Capital </li><li>Lithium battery recycling startup Tozero raised an $11.7M seed round led by NordicNinja </li><li>Cannabis delivery startup Eaze raised a $10M Series B</li><li>Proptech startup KUGU raised an $9.3M Series A from Tengelmann Ventures, Gewobag ID, and more </li><li>AI-powered brand protection and authentication startup Ennoventure raised an $8.9M Series A led by Tanglin Venture Partners </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>NTPC Green Energy, the clean energy subsidiary of India's state-backed NTPC, is seeking to raise $1.2B at a $12B valuation in a local IPO </li><li>Saudi finance firm United International Holding's $264M IPO received $34.8B worth of orders </li><li>Indonesia's Adaro Energy, the world's sixth-largest coal miner, will spin off its Adaro Andalan unit in a $292M IPO </li><li>Spanish utility Cox ABG downsized its IPO for a second time to $186M </li></ul>Debt <ul><li>Dish Network's creditors rejected the firm's $8.9B bond-exchange offer </li><li>Vokswagen's customer financing business Volkswagen Financial Services is set to raise $2.9B via three green bonds </li><li>South Africa raised $3.5B in its first dollar bond sale since 2022 </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Spirit is preparing to file for bankruptcy after merger talks with Frontier Airlines broke down </li><li>Boeing and Airbus will provide over $450M in financial assistance to Spirit AeroSystems to keep the key supplier afloat ahead of their planned acquisition of the company </li><li>Car financing firm Vroom plans to file for Chapter 11 to restructure $290M of debt</li><li>Chinese conglomerate Geely is in advanced talks to take control of German flying taxi startup Volocopter at a $110M valuation to save it from potential bankruptcy </li><li>Fortress seized control of art house cinema chain Curzon for $5M at an auction </li></ul>Fundraising<ul><li>Defense and government-focused PE firm Godspeed Capital Management closed its third fund at $675M </li><li>Multistage VC Altos Ventures closed its latest fund at $500M </li><li>Credit firm Brigade Capital received a $300M backing from Blackstone for its private credit strategy and CLO platform</li><li>State Bank of India's SBI Ventures plans to raise $237M for its third climate fund </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>'Underbanked' households are more likely to own crypto (<a class="link" href="https://www.reuters.com/markets/us/underbanked-households-more-likely-own-crypto-fdic-report-says-2024-11-12/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>US is still trying to seize SBF's crypto (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-12/us-asks-to-seize-crypto-tied-to-bankman-fried-bribery-charge?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1>Bloomberg published an interesting read on the <a class="link" href="https://www.bloomberg.com/news/features/2024-11-10/wall-street-math-wizards-are-decoding-private-market-returns" target="_blank" rel="noopener noreferrer nofollow">quant wizards attempting to decode private market returns</a>.WSJ published a profile on Viswas "Vis" Raghavan: <a class="link" href="https://wsj.com/finance/banking/the-outsider-trying-to-restore-citi-to-investment-banking-glory-b2802e99?mod=finance_lead_pos3" target="_blank" rel="noopener noreferrer nofollow">the outsider trying to restore Citi to IB glory</a>.<h3 class="heading" style="text-align:left;" id="seeking-impartial-news-meet-1440">Seeking impartial news? Meet 1440.</h3>Every day, 3.5 million readers turn to <a class="link" href="https://l.join1440.com/bh?utm_source=beehiiv&utm_medium=cpc&utm_campaign={{publication_name_param}}_{{publication_alphanumeric_id}}&utm_content=prospecting_impartial&_bhiiv=opp_c488d563-9099-4692-85e4-56effaf7b743_1b75ca79&bhcl_id=5625a91a-764c-452e-90ec-9220fa75a6bf_{{subscriber_id}}" target="_blank" rel="noopener noreferrer nofollow">1440</a> for their factual news. We sift through 100+ sources to bring you a complete summary of politics, global events, business, and culture, all in a brief 5-minute email. Enjoy an impartial news experience.<a class="link" href="https://l.join1440.com/bh?utm_source=beehiiv&utm_medium=cpc&utm_campaign={{publication_name_param}}_{{publication_alphanumeric_id}}&utm_content=prospecting_impartial&_bhiiv=opp_c488d563-9099-4692-85e4-56effaf7b743_1b75ca79&bhcl_id=5625a91a-764c-452e-90ec-9220fa75a6bf_{{subscriber_id}}" target="_blank" rel="noopener noreferrer nofollow">Join for free today!</a><hr class="content_break"><h1 class="heading" style="text-align:left;" id="hedge-fund-analyst-opportunity">Hedge Fund Analyst Opportunity</h1><ul><li>We are working with Pantera Capital to hire an Investment Analyst for their Liquid Token Fund, an open-ended fund focused primarily on liquid tokens.</li><li>With $5B total firm AUM, Pantera was the first US institutional asset manager focused exclusively on blockchain technology.</li><li>If you are crypto native and have deep fundamental analysis skills with 1-4 years of investment banking, private equity, hedge funds, consulting, or equity research experience, this is the perfect opportunity for you!</li><li>Bonus points if you manage your own portfolio of digital assets and can discuss your investment strategy.</li><li>Learn more and apply below:</li></ul><div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/search/pantera-capital-new-york-hedge-fund-analyst-2024-may"> Apply Here🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1856155158272467182" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ee013acc-abd4-4c7b-ab51-a37d1c771bf5/image.png?t=1731461356"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/buccocapital/status/1856440080363335764" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/00d8df48-bf43-415a-84be-042383235819/image.png?t=1731461242"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/netcapgirl/status/1856401013068182013" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/290b5789-53e8-4be2-82d3-059875c4b991/image.png?t=1731462579"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/nominalthoughts/status/1856407266221797439" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/6e5b798b-352f-421a-a071-e5ee39940feb/image.png?t=1731476641"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/ShamebyJames/status/1856017276274675994" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c167d1e3-7709-416e-afba-8a78b20f97d4/image.png?t=1731462520"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/tunguz/status/1856096921212834028" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/66d8ff2c-7b29-4fca-a47e-b2245eee9b0e/image.png?t=1731461425"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/EffMktHype/status/1856280241322504424" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/05b8d492-8097-4b46-b48e-49c9d78522de/image.png?t=1731461285"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1856480305051238701" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/579ccc2b-e6d3-4e41-87f2-3be2b84c42c8/image.png?t=1731461618"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Crypto to AI to Crypto VC Pipeline</title> <description></description> <link>https://www.execsum.co/p/crypto-to-ai-to-crypto-vc-pipeline</link> <guid isPermaLink="true">https://www.execsum.co/p/crypto-to-ai-to-crypto-vc-pipeline</guid> <pubDate>Tue, 12 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-12T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://plaid.com/plaid-for-fintech-startups-ebook/?utm_source=ExecSum&utm_medium=PaidNewsletter&utm_campaign=ExecSum_Paid_Newsletter_Ad_Buy&utm_content=Startup_ebook" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/4ffd01e5-e603-4995-9780-db85b8ffbd3b/image.png?t=1731374392"/></a></div>Good Morning,PE funds and LPs are squabbling over ESG fees, Elliott named its first female partner, risk-arbitrage funds are optimistic of a Trump M&A environment, and the crypto rally is once again at the center of markets.Check out Plaid's free report uncovering the secrets behind <a class="link" href="https://plaid.com/plaid-for-fintech-startups-ebook/?utm_source=ExecSum&utm_medium=PaidNewsletter&utm_campaign=ExecSum_Paid_Newsletter_Ad_Buy&utm_content=Startup_ebook" target="_blank" rel="noopener noreferrer nofollow">the rapid growth of five fintech startups</a>. Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/f4df7cdc-5ee0-4f3f-9d2f-27a655fef731/image.png?t=1731368171"/><div class="image__source">As of 11/11/2024 market close.</div></div>Markets<ul><li>US stocks inched upwards yesterday as the election rally pressed ahead<ul><li>All three major indexes rose to new record highs</li></ul></li><li>Europe's Stoxx 600 rose 1.1% in its best day in six week after logging a third-straight weekly decline<ul><li>Defense sector index hit a record high</li></ul></li><li>China's chip index hit a near three-year high</li><li>Oil posted its biggest drop in two weeks </li><li>Gold fell to a one-month low </li><li>Dollar rose to its highest in one year </li><li>Global crypto market cap topped $3T for the first time since 2021<ul><li>Bitcoin surged to a new ATH</li></ul></li></ul>Earnings<ul><li>Live Nation Entertainment beat Q3 earnings estimates on record-high concert profitability boosted by cost controls and high ticket prices despite cautious customer spending (<a class="link" href="https://www.reuters.com/business/media-telecom/live-nation-posts-upbeat-quarterly-profit-lower-costs-shares-rise-2024-11-11/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>What we're watching this week: <ul><li>Today: Home Depot, Shopify, Cava, Spotify, Hertz</li><li>Wednesday: Cisco</li><li>Thursday: Walt Disney, Applied Materials</li><li>Friday: Alibaba</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>PE firms and LPs are fighting over ESG bills (<a class="link" href="https://www.wsj.com/articles/private-equity-firms-stick-fund-investors-with-esg-bills-4fd331a7" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Merger-arbitrage funds are hoping for smoother ride under Trump (<a class="link" href="https://www.wsj.com/business/deals/hedge-funds-hit-by-arbageddon-sense-brighter-future-after-trump-win-61c40ca0?st=4axTQ2&reflink=desktopwebshare_permalink" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Hedge funds are piling into banks at the fastest pace in three years (<a class="link" href="https://www.reuters.com/markets/hedge-flow-hedge-funds-pile-into-banks-dump-green-energy-post-us-election-2024-11-11/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Investors see safety in India as Trump win casts shadow on EM (<a class="link" href="https://www.reuters.com/markets/investors-see-safety-india-trump-win-casts-shadow-emerging-markets-2024-11-11/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Leveraged Treasury ETFs are seeing record inflows (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-11/levered-bond-etf-that-s-broken-many-hearts-sees-record-inflow?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Hong Kong finance jobs rebound to record after talent drain (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-11/hong-kong-has-a-record-number-of-jobs-in-finance-as-city-recovers-from-slump" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>SoftBank is expected to book a $1.9B Q3 profit on IPOs boost (<a class="link" href="https://www.reuters.com/business/finance/softbank-expected-book-187-bln-profit-ipos-2024-11-11/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>BlackRock targets money-market funds in new ETF push (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-11/blackrock-targets-money-market-fund-business-in-new-etf-push?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>UN countries agreed to a global carbon trading deal (<a class="link" href="https://www.ft.com/content/cb75f660-e6d0-44cb-a331-9c2683efc52f" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>UAE is overtaking China in Africa investments (<a class="link" href="https://www.wsj.com/world/africa/the-new-investment-superpower-outflanking-china-and-the-u-s-in-africa-ce52721c" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Citadel poached Nabeel Bhanji from activist hedge fund Elliott (<a class="link" href="https://www.ft.com/content/403bfd7d-f474-4415-bd3f-5c94579c1c43" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Elliott named its first female partner (<a class="link" href="https://www.reuters.com/business/hedge-fund-elliott-names-first-female-partner-promotes-two-management-committee-2024-11-11/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Chipotle named Scott Boatwright as permanent CEO (<a class="link" href="https://www.reuters.com/business/retail-consumer/chipotle-mexican-grill-names-scott-boatwright-permanent-ceo-2024-11-11/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Southwest is offering to pay employees to leave (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-11/southwest-air-to-offer-buyouts-at-18-airports-headquarters?srnd=phx-industries" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Deutsche Bank fired 111 private bankers in cost-cutting drive (<a class="link" href="https://www.ft.com/content/56b9ad41-a91e-4d5d-89d3-d7165a179e42" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>23andMe cut 40% of jobs and discontinued all therapy programs (<a class="link" href="https://www.reuters.com/business/healthcare-pharmaceuticals/23andme-cuts-40-its-workforce-2024-11-11/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Boeing's quality chief will depart (<a class="link" href="https://www.wsj.com/business/boeing-quality-chief-to-depart-d0adac6a?mod=hp_lead_pos11" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Japan's PM pledged over $65B to support chip and AI sectors (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-11/japan-s-ishiba-pledges-over-65-billion-aid-for-chip-ai-sectors?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-plaid">A Message from Plaid</h2><h2 class="heading" style="text-align:left;" id="how-5-top-startups-are-scaling-up">How 5 Top Startups Are Scaling Up</h2>In fintech, standing still is not an option—if you're not growing, you're falling behind.The path upward is fraught with complexities, confusion, and constant hurdles, but these 5 fintech startups have nailed it – and Plaid breaks down exactly how in their latest ebook:<a class="link" href="https://plaid.com/plaid-for-fintech-startups-ebook/?utm_source=ExecSum&utm_medium=PaidNewsletter&utm_campaign=ExecSum_Paid_Newsletter_Ad_Buy&utm_content=Startup_ebook" target="_blank" rel="noopener noreferrer nofollow">"The Scale Up with Plaid"</a>In this free report, you’ll unlock the secrets behind the rapid growth of five up-and-coming companies, including what they’re doing right, what mistakes they avoided, and how <a class="link" href="https://plaid.com/plaid-for-fintech-startups-ebook/" target="_blank" rel="noopener noreferrer nofollow">Plaid</a> helped them scale successfully. It’s the kind of behind-the-scenes insight you rarely get in this industry… especially for free. But hey, what can we say – Plaid loves to help our readers out. <a class="link" href="https://plaid.com/plaid-for-fintech-startups-ebook/?utm_source=ExecSum&utm_medium=PaidNewsletter&utm_campaign=ExecSum_Paid_Newsletter_Ad_Buy&utm_content=Startup_ebook" target="_blank" rel="noopener noreferrer nofollow">Download your free copy of their ebook right here.</a><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Health insurer Cigna will not pursue a merger with peer Cigna </li><li>Triton Partners is considering a takeover bid for $1.7B-listed German biotech Evotec </li><li>European asset manager Aermont Capital will acquire Spanish data center operator Nabiax from Spanish infrastructure investor Asterion Industrial Partners and Telefonica for ~$1.1B </li><li>Abu Dhabi's SWF ADIA will acquire a 10% stake in data analytics software firm Qlik from PE firm Thoma Bravo for $1B </li><li>Singapore's biggest lender DBS is exploring a purchase of Temasek's 29% stake in Alliance Bank Malaysia at a $460M valuation</li><li>Management-led OB Global will acquire Endeavor's OpenBet and IMG Arena businesses for $450M </li><li>Blackstone is in advanced talks to acquire a minority stake in $16B AUM PE firm American Industrial Partners </li><li>Canadian money managers Davis Rea and GlobeInvest agreed to merge </li><li>PE firm Tristan Capital Partners is nearing the sale of three Lisbon office buildings </li><li>Lufthansa is nearing a deal to take over ITA Airways </li><li>Goldman Sachs Alternatives will acquire HVAC business Sila Services from Morgan Stanley's PE arm </li><li>Herbert Smith Freehills will merge with Kramer Levin to form a T20 global law firm</li></ul>VC<ul><li>Italian mobile payments startup Satispay raised a $60M round from Addition, Greyhound, and Lightrock </li><li>Kardome, an Israeli voice technology startup, raised a $20M Series A led by Korea Investment Partners </li><li>Cogna, a UK precision solutions provider, raised a $15M Series A led by Notion Capital</li><li>Brazilian fintech Tako raised a $13.2M seed round led by Ribbit Capital and a16z </li><li>General Galactic, a system converting CO2 to green fuel, raised an $8M seed round led by Harpoon Ventures and Refactor Capital</li><li>Talli, a digital payments platform for the legal industry, raised a $4M seed round led by Vestigo Ventures </li><li>Deckmatch, an Norwegian AI startup streamlining private market workflows, raised a $3.1M seed round led by Alliance VC and Luminar Ventures </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Australia's HMC Capital will IPO its data centers REIT DigiCo at a $2.6B valuation </li><li>Indian supply chain startup Zetwerk is considering a $1B IPO </li><li>South Africa's Pick n Pay Stores is seeking to raise $449M in an IPO of discount retailer Boxer Retail in what would be Africa's largest listing this year </li><li>Canadian women's clothing retailer Groupe Dynamite is seeking to raise $215M at a $1.7B valuation in a local IPO </li><li>PE firm Partners Group is preparing an IPO of European conveyor belt maker Ammega </li><li>Brand holding company IAC is exploring a spin-off of home services marketplace Angi </li></ul>Debt <ul><li>Dutch lender ABN Amro Bank is seeking to sell a $3.2B portfolio of infrastructure loans to private credit funds </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>CD&R-backed tax and immigration services firm Vialto Partners and lenders including HPS agreed to a restructuring to slash $700M of debt and inject $225M of equity</li><li>Australia will lend airline Regional Express $53M to continue operations during administration</li><li>H.I.G. Capital-backed prison healthcare firm Wellpath filed for Chapter 11 bankruptcy</li></ul>Fundraising<ul><li>Canadian PE firm Onex raised $5.6B YTD for structured credit and is nearing a close on two PE funds</li><li>MM PE firm Transom Capital closed its fourth fund at $675M </li><li>VC FOF Cendana Capital is eyeing $350M for its sixth fund</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>FTX sued Binance and ex-CEO CZ to claw back $1.8B (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-11/ftx-sues-binance-former-ceo-zhao-seeking-1-8-billion-clawback" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Trump is eyeing pro-crypto candidates for key federal financial agencies (<a class="link" href="https://www.washingtonpost.com/business/2024/11/11/trump-crypto-regulation-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">WP</a>)</li><li>MicroStrategy acquired $2B worth of Bitcoin (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-11/microstrategy-buys-2-03-billion-of-bitcoin-in-latest-purchase" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>REX Shares structures a range of leveraged and inverse ETFs across a bunch of assets, and with stocks and cryptos rallying in full force, you might want to check out their funds. <a class="link" href="https://www.rexshares.com/t-rex-leveraged-etfs/?utm_source=bullish&utm_medium=display&utm_campaign=trex" target="_blank" rel="noopener noreferrer nofollow">Explore T-REX ETFs today.</a></li><li>Bloomberg Odd Lots sat down with Yale SOM director Steven Kelly to discuss <a class="link" href="https://www.bloomberg.com/news/articles/2024-11-11/steven-kelly-on-private-credit-and-de-risking-the-banking-system?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">private credit and de-risking the banking system</a>.</li><li>Scott Sumner shared some insightful thoughts on recent politics, including <a class="link" href="https://scottsumner.substack.com/p/why-political-success-leads-to-failure" target="_blank" rel="noopener noreferrer nofollow">why political success leads to failure</a>.</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="hedge-fund-analyst-opportunity">Hedge Fund Analyst Opportunity</h1><ul><li>We are working with Pantera Capital to hire an Investment Analyst for their Liquid Token Fund, an open-ended fund focused primarily on liquid tokens.</li><li>With $5B total firm AUM, Pantera was the first US institutional asset manager focused exclusively on blockchain technology.</li><li>If you are crypto native and have deep fundamental analysis skills with 1-4 years of investment banking, private equity, hedge funds, consulting, or equity research analysis, this is the perfect opportunity for you!</li><li>Bonus points if you manage your own portfolio of digital assets and can discuss your investment strategy.</li><li>Learn more and apply below:</li></ul><div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/search/pantera-capital-new-york-hedge-fund-analyst-2024-may"> Apply Here 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1855706244662878282" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/0f538314-3a07-4ed8-8f45-4028d93cd110/image.png?t=1731375603"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/TurnerNovak/status/1856143670514180131" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/f7c94b93-c65e-41ec-924a-3cb5190a0a01/image.png?t=1731376411"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1856120989232615514" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/757bcfc7-6118-4111-87dd-120c708c3159/image.png?t=1731375650"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/dougboneparth/status/1856118527943414072" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d2b58731-42ba-4db3-b0d0-85e071b7a7e2/image.png?t=1731376009"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/ThisGuyFuchz/status/1856111709032677436" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d11dc827-0cdb-42a1-bf2d-d8651f381b6f/image.png?t=1731375730"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/TikTokInvestors/status/1856122597706281090" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/3071cd86-936e-4424-a46b-a286754b4e1f/image.png?t=1731375549"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Markets are boomin'</title> <description></description> <link>https://www.execsum.co/p/markets-are-boomin</link> <guid isPermaLink="true">https://www.execsum.co/p/markets-are-boomin</guid> <pubDate>Mon, 11 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-11T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/de502c59-f555-4fb7-9cee-44f4a8d13888/image.png?t=1731262932"/></a></div>Good Morning,Election sentiment continued to dominate markets through the end of last week, with stocks and cryptocurrencies surging to new highs and gold's historic rally fading on expectations of a strong dollar. Elsewhere, Ivy League endowments are reeling from PE illiquidity and Bill Ackman wants to go full activist mode on the US government.A recent BlueFlame AI poll reveals 51% of asset managers are just beginning to explore AI capabilities. Stay ahead of the curve – discover how leading firms are already transforming their operations and adding efficiencies with the <a class="link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">BlueFlame AI</a> platform.US bond markets will remain closed today in observance of Veterans Day. Thank you to all the brave men and women who’ve served our country and fought to protect our freedom. 🇺🇸🇺🇸🇺🇸Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e665714c-d7f2-401e-883e-c4146eedd6c0/image.png?t=1731262566"/><div class="image__source">As of 11/08/2024 market close.</div></div>Markets<ul><li>US stocks continued to rally on Friday as markets digested US elections and a Fed rate cut<ul><li>All three major indexes rose to fresh ATHs</li><li>S&P and Dow notched their best weeks since November 2023</li><li>Nasdaq had its best week in two months and second-best week YTD </li><li>Small caps Russell 2000 had its best week since April 2020</li><li>S&P topped 6,000 and Dow topped 44,000 for the first time ever</li></ul></li><li>US 2Y break-even rose to 2.6%</li><li>US investment-grade credit spreads dropped to 78 bps, the lowest since 1998</li><li>Gold fell in its worst week in five months</li><li>US renewable fuel credits rallied to multi-month highs despite Trump's victory</li><li>Bitcoin hit $80k for the first time ever</li></ul>Earnings<ul><li>What we're watching this week: <ul><li>Today: Live Nation </li><li>Tuesday: Home Depot, Shopify, Cava, Spotify, Hertz</li><li>Wednesday: Cisco</li><li>Thursday: Walt Disney, Applied Materials</li><li>Friday: Alibaba</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>China unveiled a $1.4T local debt package but no direct stimulus (<a class="link" href="https://www.reuters.com/world/china/china-unveils-steps-tackle-hidden-debt-local-goverments-2024-11-08/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>China urged funds to better serve investment and financing demand (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-10/china-urges-funds-to-better-serve-investment-financing-demand?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Ivy League endowments are struggling with private markets downturn (<a class="link" href="https://www.ft.com/content/3a6a1ce4-a5cc-4180-9f2f-2665a7e08b1f" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Money funds saw the largest inflow YTD on election caution (<a class="link" href="https://www.reuters.com/markets/global-markets-flows-graphic-2024-11-08/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>EM bond funds saw the largest weekly outflow in two years (<a class="link" href="https://www.reuters.com/markets/rates-bonds/em-bond-funds-see-largest-weekly-outflow-two-years-jpmorgan-report-says-2024-11-08/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Traders turn to EM junk dollar debt as hedge against Trump FX swings (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-10/going-into-new-trump-era-risky-emerging-market-bonds-keep-luring-traders?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Bill Ackman plans to delist Pershing Square from Amsterdam after antisemitic terrorism (<a class="link" href="https://www.wsj.com/business/bill-ackman-seeks-to-scrap-pershing-square-universal-music-listings-in-amsterdam-after-attacks-dfc0c4da" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Tesla hit $1T market cap (<a class="link" href="https://www.cnbc.com/2024/11/08/tesla-hits-1-trillion-market-cap-as-stock-rallies-after-trump-win.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>JP Morgan braces for “impactful” first two years of Trump (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-10/jpmorgan-braces-for-impactful-first-two-years-of-trump?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Hedge funds burned over $5B on failed Tesla shorts (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-10/hedge-funds-shorting-tesla-just-lost-more-than-5-billion?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>TSMC will halt advanced AI chip production to China (<a class="link" href="https://www.ft.com/content/a736beeb-b38a-484e-bbe9-98e92ecb66d9" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Tech firms are rushing to redesign AI model testing and benchmarking (<a class="link" href="https://www.ft.com/content/866ad6e9-f8fe-451f-9b00-cb9f638c7c59" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Salesforce will hire 1k workers in AI product sales push (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-08/salesforce-to-hire-1-000-salespeople-for-ai-agent-push?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Qatar suspended its mediation of Israel-Hamas talks (<a class="link" href="https://www.ft.com/content/9f995dd4-4dfc-44f5-af87-15c536ef1dfd" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-blue-flame">A Message From BlueFlame</h2><div class="image"><a class="image__link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/80eeb3f1-fccd-4de1-bd52-21b4cd333a87/image.png?t=1731262847"/></a></div>Generative AI for Private Equity – Experts Weigh In <a class="link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">BlueFlame AI</a> hosted a webinar in October with experts from Bain & Company, Apax Partners, and Anthropic. The panel explored generative AI's transformative potential in private equity. Our poll of 500+ alternative asset managers showed: <ul><li>51% are in the discovery phase </li><li>24% have working groups in place </li><li>17% have partially implemented AI with some teams </li><li>8% feel they have fully implemented AI at their firm </li></ul>The panel offered actionable insights on integrating AI into operations and discussed current and future applications. Key Takeaways: <ul><li>Knowledge Management: AI unlocks insights from deal documentation, enhancing decision-making. </li><li>Due Diligence & Deal Analysis: AI accelerates initial company analysis from days to hours. </li><li>Implementation: Success requires cross-functional teams, platform selection, data integration, and training. </li><li>Agentic AI: Autonomous systems could revolutionize PE operations. </li><li>Process Redesign: AI may allow firms to reimagine processes. </li></ul>Explore more insights in our detailed <a class="link" href="https://www.blueflame.ai/blog/key-takeaways-from-the-private-equity-and-generative-ai-webinar?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">blog recap</a>.<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter"> Schedule a Demo </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Shareholders including Glendon Capital and Cerberus demanded a 30% price increase to Verizon's planned $9.6B acquisition of Frontier Communications </li><li>Boeing is exploring a sale of its $6B Jeppesen navigation unit </li><li>PE firm Partners Group is exploring a stake sale in UK private school group International Schools Partnership at an over $5.4B valuation </li><li>SWFs Temasek, GIC, and Mubadala are interested in acquiring a minority stake in Chinese household appliance maker Haier's India unit which could fetch a $4B-$5B valuation </li><li>New Zealand dairy co-op Fonterra will divest its $1.8B global consumer unit in a sale or IPO </li><li>PE firm First Reserve is exploring a sale of convenience-store operator Refuel at an over $1.5B, including debt </li><li>Asian PE firm Affinity Equity Partners is nearing a deal to acquire Southeast Asia's largest gummy maker Yupi Indo Jelly Gum for $1.2B </li><li>CVC Capital Partners is looking to sell its majority stake in Italian pharmaceutical outsourcer Genetic Group at a $750M valuation </li><li>Bain Capital is nearing a deal to acquire Blackstone's Singapore worker housing firm Avery Lodge for $566M-$589M </li><li>Deutsche Bank's asset management unit DWS is selling three shopping centers in Portugal </li><li>Russia plans to merge oil giants Rosneft Oil, Gazprom Neft, and Lukoil </li></ul>VC<ul><li>AI startup Anthropic is in talks to raise another multi-billion dollar round from Amazon</li><li>Tiger-backed French fintech Qonto is in talks to sell $215M secondary shares at a $5.3B valuation </li><li>Performance lifestyle brand Vuori raised an $825M investment round led by General Atlantic and Stripes </li><li>ZAP Surgical Systems, a non-invasive robotic brain surgery firm, raised a $78M Series E led by Qingdao Baheal Medical</li><li>ZE Energy, a French startup building renewable energy battery storage systems, raised a $57M round led by Amundi Transition Energetique </li><li>AI-powered app integration platform UnifyApp raised a $20M Series A from ICONIQ Growth </li><li>E-commerce financial platform Parker raised a $20M Series B led by Valar Ventures </li><li>AI-based video dubbing tool Panjaya raised a $9.5M round from Viola Ventures, R-Squared Ventures, and more </li><li>Pharos, a full-stack parallel layer-1 blockchain network, raised an $8M seed round led by Lightspeed Faction and Hack VC </li><li>German sustainable banking startup Tomorrow raised a $4.4M round led by Abacon Capital, ETF Partners, and Kopa Ventures </li><li>Craftt, a decentralized infrastructure platform for the modern workforce, raised a $2M seed round led by Superscrypt </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>German food delivery firm Delivery Hero plans to raise $1B at a $12B valuation in an IPO of its Middle Eastern unit Talabat </li></ul>Debt <ul><li>Chinese automaker Geely is in talks with banks for a $2.2B syndicated loan to refinance debt </li><li>Car parts maker Standard Profil is seeking to refinance a $295M bond </li></ul>Fundraising<ul><li>Ex-Two Sigma Ventures partner Villi Iltchev is seeking a debut $156M fund for his new VC firm Category Ventures</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Crypto's $135M campaign is undefeated in 48 election races so far (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-08/crypto-s-135-million-campaign-is-undefeated-in-48-races-so-far?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>The founder of crypto mixer Bitcoin Fog was sentenced to 12.5 years in federal prison for money laundering (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-08/crypto-mixer-gets-150-months-for-bitcoin-fog-money-laundering" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Binance CEO hails crypto 'golden age' as Trump win fires up industry (<a class="link" href="https://www.ft.com/content/b7ee8186-1778-4b16-bee8-279c03923a66" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>FTX sued hedge fund SkyBridge to claw back money for creditors (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-09/ftx-sues-scaramucci-to-recoup-money-poured-in-showy-investments" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Bitcoin ETFs saw a record $1.4B daily inflow on Thursday (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-08/us-bitcoin-btc-etfs-including-blackrock-s-ibit-get-record-inflows" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Bitcoin tops $80k and Dogecoin flips USDC (<a class="link" href="https://www.coindesk.com/markets/2024/11/11/bitcoin-nears-82k-in-bullish-start-to-week-dogecoin-flips-usdc/" target="_blank" rel="noopener noreferrer nofollow">CD</a>)</li></ul>For a daily roundup exclusively focused on crypto, sign up to our <a class="link" href="https://cryptosum.beehiiv.com/" target="_blank" rel="noopener noreferrer nofollow">Crypto Sum</a> newsletter.<hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1>Jack Raines wrote a great piece on the <a class="link" href="https://www.youngmoney.co/p/ask-good-questions" target="_blank" rel="noopener noreferrer nofollow">importance of asking good questions</a>, especially at a time where data can be construed to fit any narrative. WSJ published an interesting piece exploring <a class="link" href="https://www.wsj.com/tech/ai/how-chatgpt-brought-down-an-online-education-giant-200b4ff2?mod=business_lead_pos4" target="_blank" rel="noopener noreferrer nofollow">how ChatGPT brought down an online education giant</a>…one that many of us once relied on.<h3 class="heading" style="text-align:left;" id="my-go-to-holiday-drink">My go to holiday drink!</h3>The holidays are filled with delicious indulgences that often lead to digestive discomfort. If you’re seeking a natural remedy, matcha is the answer! Did you know matcha green tea has 30 times the antioxidant activity of blueberries? One cup is like drinking 10 cups of regular green tea, packed with benefits like catechin antioxidants for recovery and L-theanine for calm energy. Gift wellness this season with <a class="link" href="https://www.piquelife.com/collections/subs-collection?rfsn=8151126.91598a1&utm_source=affiliate&utm_campaign=collectionsub_{{publication_alphanumeric_id}}_{{publication_name_param}}&utm_medium=Email&utm_content=beehiiv_sgm&_bhiiv=opp_7d9191dc-97e6-48a2-a2cf-dd4ebafe923f_2ad6a9f7" target="_blank" rel="noopener noreferrer nofollow">Pique’s</a> Sun Goddess Matcha, which is organic and quadruple toxin-screened. Enjoy 20% off site-wide for a limited time! Cheers to better health!<a class="link" href="https://www.piquelife.com/collections/subs-collection?rfsn=8151126.91598a1&utm_source=affiliate&utm_campaign=collectionsub_{{publication_alphanumeric_id}}_{{publication_name_param}}&utm_medium=Email&utm_content=beehiiv_sgm&_bhiiv=opp_7d9191dc-97e6-48a2-a2cf-dd4ebafe923f_2ad6a9f7" target="_blank" rel="noopener noreferrer nofollow">Enjoy 20% off Pique site-wide</a><hr class="content_break"><h1 class="heading" style="text-align:left;" id="litquidity-padel-night-nyc-nov-19-t">Litquidity Padel Night (NYC Nov 19th) 🎾</h1><div class="image"><a class="image__link" href="https://www.tixr.com/groups/propadelleague/events/ppl-ppl-the-city-s-cup-2024-finals-120660" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:4px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/47a99165-7a6e-462b-88f3-f9fb429e6d06/Screen_Shot_2024-11-10_at_11.29.53_PM.png?t=1731299397"/></a></div>The <a class="link" href="https://propadelleague.com/finals/" target="_blank" rel="noopener noreferrer nofollow">2024 Pro Padel League Championship - The City’s Cup</a> is coming to New York November 19th - 23rd. Litquidity is partnering with the Pro Padel League for an exclusive, invite-only event on Tuesday evening featuring special access, free drinks, player meet and greets, and a front-row seat for the first day of group stages. Anyone who purchases a 5-day GA pass <a class="link" href="https://www.tixr.com/groups/propadelleague/events/ppl-ppl-the-city-s-cup-2024-finals-120660" target="_blank" rel="noopener noreferrer nofollow">here</a> using code “PPL10LIT” will receive a 10% discount and an invite to the Tuesday night event.VIP and corporate packages are also available while supplies last, reach out to <a class="link" href="mailto:lit@litquidity.co" target="_blank" rel="noopener noreferrer nofollow">lit@litquidity.co</a>Follow <a class="link" href="https://www.instagram.com/propadelleague/" target="_blank" rel="noopener noreferrer nofollow">@propadelleague</a> on Instagram for more updates.<hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/Kalshi/status/1854728225248731302" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ec3bcd65-099e-411a-acc3-f37aab4fa2e4/image.png?t=1731263512"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/BoringBiz_/status/1855051428404052188" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/55e697c2-d5ab-40f4-8875-6196767c5a1e/image.png?t=1731263546"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/FreakinDSheet/status/1854870355090796586" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5528cb7c-d8f3-4ce2-b0aa-5790682e460f/image.png?t=1731263591"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what's up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>J Pow Is Here to Stay</title> <description></description> <link>https://www.execsum.co/p/j-pow-is-here-to-stay</link> <guid isPermaLink="true">https://www.execsum.co/p/j-pow-is-here-to-stay</guid> <pubDate>Fri, 08 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-08T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with <div class="image"><a class="image__link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/2c7518d8-6894-4730-829f-3c40d6c3d25e/image.png?t=1731016069"/></a></div>Good Morning,BlackRock wants a piece of the hedge fund industry, foreign investors are dumping Asian stocks, Goldman named their biggest partner class in fourteen years, and the Fed and BoE cut rates for a second time.Speaking of the Fed, here's what J Pow said when asked if he would resign if Trump requested: "No."In 2024, there is absolutely zero reason for financial modeling to be as tedious as it is, and <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">Mosaic</a> has the biggest names agreeing. Try 'em out and see why their <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">digital deal modeling platform</a> is taking the industry by storm.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/fcff788f-1d77-4af6-9892-3db2f6a7d636/image.png?t=1731023763"/><div class="image__source">As of 11/07/2024 market close. </div></div>Markets<ul><li>US stocks rose further yesterday as investors digested a second Fed rate cut<ul><li>S&P and Nasdaq closed at record highs</li><li>Traders see a 75% chance of another 25 bps cut next month </li></ul></li><li>China's CSI 300 climbed 3% to its highest level in a month as export data and stimulus hopes outweighed US election concerns </li><li>US bond market selloff cooled</li></ul>Earnings<ul><li>Carlyle beat Q3 estimates on flat profit growth as higher fee income was offset by increased compensation expenses (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-07/carlyle-boosts-margins-even-as-shareholder-earnings-from-buyout-exits-slow" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Airbnb missed Q3 earnings estimates but beat on revenue as it seeks to expand beyond core markets (<a class="link" href="https://www.cnbc.com/2024/11/07/airbnb-abnb-q3-earnings-report-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Rivian posted a wider-than-expected Q3 loss, missed revenue estimates and lowered its FY forecast on production and supply chain issues but reiterated plans to achieve modest positive gross profit (<a class="link" href="https://www.cnbc.com/2024/11/07/rivian-rivn-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>DraftKings fell 6% despite beating Q3 earnings estimates as it cut FY guidance due to favorable sports outcomes for betters (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-07/draftkings-cuts-its-forecast-for-2025-sales-profit-shares-fall" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>J Pow will not resign even if Trump asks (<a class="link" href="https://www.cnbc.com/2024/11/07/powell-trump.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Fed cuts rates by 25 bps to 4.5%-4.75% range (<a class="link" href="https://www.cnbc.com/2024/11/07/fed-rate-decision-november-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>BoE also cut rates for a second time to 4.75% (<a class="link" href="https://www.cnbc.com/2024/11/07/live-updates-bank-of-england-interest-rate-decision-november.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Risk assets rally but bond market views Trump victory with caution (<a class="link" href="https://www.ft.com/content/49c08af1-e928-4df0-b5a1-a8662c382a8d" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Non-China Asian stocks see biggest monthly foreign outflow in 2.5 years (<a class="link" href="https://www.reuters.com/markets/asia/asia-ex-china-equities-have-biggest-monthly-foreign-outflow-nearly-2-12-years-2024-11-07/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Thematic ETFs sees interest despite headwinds and disappointments (<a class="link" href="https://www.ft.com/content/eef24b62-9d4b-4eb9-9819-04bc922fc3fb" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Double defaults on CRE loans hit decade-high in growing risk for banks (<a class="link" href="https://www.ft.com/content/185f7b12-5baf-42c4-bddd-1c723ed90a7b" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Japan intervened twice in FX markets in Q3 to stabilize yen (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-07/japan-intervened-twice-last-quarter-to-bring-yen-below-160?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Trump is considering Robinhood's legal/compliance chief for SEC chair (<a class="link" href="https://www.reuters.com/business/finance/robinhood-attorney-republican-regulators-being-considered-trump-financial-agency-2024-11-07/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Gold ETF demand turned positive for the first time YTD (<a class="link" href="https://www.reuters.com/markets/commodities/gold-etf-demand-turns-positive-year-to-date-says-wgc-2024-11-07/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Goldman named 95 members to its biggest partner class since 2010 (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-07/goldman-promotes-most-partners-since-2010-read-the-full-list" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Citi revamped pay for wealth bankers (<a class="link" href="https://www.ft.com/content/bf24e2eb-404e-492e-90f6-db18ed6dd723" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>OpenAI reportedly paid $15M to acquire <a class="link" href="https://chat.com" target="_blank" rel="noopener noreferrer nofollow">chat.com</a> domain (<a class="link" href="https://techcrunch.com/2024/11/06/openai-acquired-chat-com/" target="_blank" rel="noopener noreferrer nofollow">TC</a>)</li><li>Nissan cut 9k jobs and halved CEO pay in emergency turnaround effort (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-08/nissan-slashes-outlook-pares-production-and-will-cut-9-000-jobs-m3808d0p?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>TSMC's US investment plan remains unchanged after election (<a class="link" href="https://www.reuters.com/technology/taiwans-tsmc-says-us-investment-plan-are-unchanged-after-election-2024-11-07/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>FedEx and UPS 'price war' heats up in fight for SMEs (<a class="link" href="https://www.wsj.com/business/logistics/fedex-ups-customer-prices-holiday-packages-43d92184?mod=latest_headlines" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>US 30-year mortgage rate rose to a four-month high of 6.8% (<a class="link" href="https://www.reuters.com/markets/us/us-30-year-fixed-rate-mortgage-rise-four-month-high-679-2024-11-07/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Florida boom metros see biggest drop in home prices since 2011 (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-07/home-prices-fall-most-since-2011-on-florida-s-southwestern-coast?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Private jet emissions soared 50% in four years (<a class="link" href="https://www.ft.com/content/13a89ac6-6fa8-4e17-9ef2-698d20b657a7" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-litquidity">A Message From Litquidity</h2><div class="image"><a class="image__link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/fe53772b-75ae-44c5-9640-cd3cac3eec7e/image.png?t=1731016042"/></a></div>Model with MosaicBy now, I'm sure you've heard of the buzzworthy deal modeling platform, <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">Mosaic</a>.Mosaic was recently featured in Bloomberg and FT for their next-gen technology that allows investment professionals to <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">build LBO models in mere minutes</a>.The platform was built by PE veterans themselves, and its accuracy, complexity and practicality virtually eliminates the tediousness of modeling tasks that many of us face daily.I wish I had this tool during my PE days and I'm not surprised that Mosaic is emerging as the new industry standard in deal modeling. Some of the biggest firms already use <a class="link" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)" target="_blank" rel="noopener noreferrer nofollow">Mosaic</a> to save hours on modeling workflows and it's something that you must try. <div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.mosaic.pe/request-demo?utm_source=newsletter&utm_medium=email&utm_campaign=Exec+Sum+%3C%3E+Mosaic+(07.30.24)"> Try Mosaic </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Ayvens, the $6B-listed French car-leasing business controlled by SocGen, attracted takeover interest from Blackstone, CVC, and Brookfield </li><li>Bremer Financial, Minnesota’s fourth-largest bank with $1.4B in equity capital, is seeking a buyer </li><li>Ampersand Capital Partners and GHO Capital Partners will take Avid Bioservices private in a $1.1B cash deal </li><li>Malaysian tycoon Lim Kang Hoo is exploring a sale of toll road business Konsortium Lebuhraya Utara-Timur in a potential $1.1B deal </li><li>AT&T will acquire some spectrum assets from tower operator US Cellular for $1.1B </li><li>Scion Group acquired a ~$900M portfolio of student housing properties from real estate investor Harrison Street </li><li>Endeavor CEO Ari Emanuel raised an initial $100M from Apollo to buy live entertainment ventures including Miami Open, Madrid Open and Frieze Art Fair from Endeavor, which PE firm Silver Lake acquired this year</li><li>BlackRock is in talks with to take a minority stake in Millennium, the world's biggest hedge fund </li><li>US-Irish building materials group CRH is considering reviving a sale of its Philippines cement business </li></ul>VC<ul><li>Boston Materials, an advanced materials manufacturer for semiconductors and aircraft platforms, raised $13.5M led by AccelR8 and Diamond Edge Ventures </li><li>Accounting SaaS startup Marosa raised a $14M round from Aquiline </li><li>Indian robotics startup CynLr raised a $10M Series A led by Key Venture Partners </li><li>Glint Solar, a Norwegian SaaS startup helping energy giants transition to renewables, raised an $8M Series A led by Smedvig Ventures </li><li>Microfluidic device manufacturer Parallel Fluidics raised a $7M seed round led by J2 Ventures </li><li>Embed Security, an agentic security platform, raised $6M in funding led by Paladin Capital Group </li><li>Siit, an AI-powered service desk solution for IT and internal operations, raised a $5M seed round led by StageOne Ventures and Seventure Partners </li><li>Thesys, a UI startup focused on AI apps, raised a $4M seed round led by Together Fund </li></ul>Debt<ul><li>Blackstone is planning to refinance ~$3.6B of junior debt for their proposed LBO of Australian center operator AirTrunk </li><li>Chinese metals giant Huayou Cobalt, is seeking $2.7B in bank debt for a Ford-backed Indonesia project </li><li>Golub Capital merged four CLOs in a $1.7B CLO reset, the second-largest CLO reset on record</li><li>Bank Negara Indonesia is raising a $600M loan from six banks including Bank of America and HSBC<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-07/bank-negara-indonesia-to-sign-600-million-loan-from-six-banks" target="_blank" rel="noopener noreferrer nofollow"> </a></li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Activist Elliott made an alternative lower $5.3B bid for oil refiner Citgo </li><li>Franchise Group won court approval to borrow $250M from senior lenders to keep operating in bankruptcy</li><li>India's top court ordered a liquidation of Jet Airways, once India's second-biggest carrier</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Detroit will allow residents to pay taxes with crypto through PayPal (<a class="link" href="https://www.coindesk.com/policy/2024/11/07/detroiters-will-be-able-to-pay-their-taxes-in-crypto-next-year-using-paypal/?_gl=1*1rr73fa*_up*MQ..*_ga*NzY0MzU5ODIuMTczMTAxODk2MA..*_ga_VM3STRYVN8*MTczMTAxODk1OS4xLjAuMTczMTAxODk1OS4wLjAuNzEzODQzNDc5" target="_blank" rel="noopener noreferrer nofollow">CD</a>)</li><li>SEC crypto enforcement is slated for major rollback under Trump (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-06/sec-crypto-enforcement-slated-for-major-rollback-under-trump" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>North Korean hackers target crypto firms with malware infecting Apple's macOS (<a class="link" href="https://thehackernews.com/2024/11/north-korean-hackers-target-crypto.html" target="_blank" rel="noopener noreferrer nofollow">THN</a>)</li><li>Swiss National Bank is wary of crypto (<a class="link" href="https://www.reuters.com/markets/currencies/swiss-national-bank-chairman-wary-cryptocurrencies-2024-11-07/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>Wilson's got some incredible deals across apparel and equipment this fall. <a class="link" href="https://wilson.aqpq.net/m5AV9O" target="_blank" rel="noopener noreferrer nofollow">Shop the collection here.</a></li><li>Ben Carlson shared some insightful things <a class="link" href="https://awealthofcommonsense.com/2024/11/some-things-i-dont-believe-about-investing/" target="_blank" rel="noopener noreferrer nofollow">he DOESN'T believe about investing</a>.</li><li>Mark Zachary Taylor explained why this year's <a class="link" href="https://www.theatlantic.com/ideas/archive/2024/11/democracy-acemoglu-nobel-prize/680522/" target="_blank" rel="noopener noreferrer nofollow">Nobel Prize in Economics was the most controversial in recent memory</a>. </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="hedge-fund-analyst-opportunity">Hedge Fund Analyst Opportunity</h1><ul><li>We are working with Pantera Capital to hire an Investment Analyst for their Liquid Token Fund, an open-ended fund focused primarily on liquid tokens.</li><li>With $5B total firm AUM, Pantera was the first US institutional asset manager focused exclusively on blockchain technology.</li><li>If you are crypto native and have deep fundamental analysis skills with 1-4 years of investment banking, private equity, hedge funds, consulting, or equity research analysis, this is the perfect opportunity for you!</li><li>Bonus points if you manage your own portfolio of digital assets and can discuss your investment strategy.</li><li>Learn more and apply below:</li></ul><div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/search/pantera-capital-new-york-hedge-fund-analyst-2024-may"> Apply here🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/junkbondinvest/status/1854218684039901212" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/20cdd00a-009d-4ac6-8162-7410f4a96d07/image.png?t=1731015549"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/netcapgirl/status/1854500283977544133" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:6px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/2b1a04ae-912d-4138-bc25-04b073204fba/image.png?t=1731015614"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/netcapgirl/status/1854240473688494512" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5404a3c7-b64f-42f1-a159-27975628a871/image.png?t=1731015578"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>The Election Everything Rally</title> <description></description> <link>https://www.execsum.co/p/the-election-everything-rally</link> <guid isPermaLink="true">https://www.execsum.co/p/the-election-everything-rally</guid> <pubDate>Thu, 07 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-07T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/be00efcc-e955-4c0c-b7ea-07f1a14dde5c/image.png?t=1730942479"/></a></div>Good Morning,Markets ripped in response to Trump's election, with eyes already on some Wall Street titans who may potentially staff the new executive. Invest in institutional-caliber private markets with <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">10 East</a>, a membership-based investment platform offering targeted exposure to PE, VC, and more.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d1de90d4-b5de-47fd-be06-a4d9b26a912d/image.png?t=1730932375"/><div class="image__source">As of 11/06/2024 market close. </div></div>Markets<ul><li>US stocks rallied as investors digested Trump's presidential election <ul><li>All three major indexes surged to fresh record highs</li><li>S&P had its best post-election day ever</li><li>Dow had its best day since November 2022</li><li>Small caps Russell 2000 had its best day since November 2022</li><li>VIX index dropped 21% </li><li>A 25 bps Fed rate cut today remains fully priced in </li></ul></li><li>US yields hit their highest since July<ul><li>US 10Y yield gained by the most in seven months</li><li>US 30Y yield surged 20 bps to 4.6% in its biggest move in two years</li></ul></li><li>Corporate spreads tightened slightly</li><li>Dollar jumped 1.6% to a four-month high in its best day since Covid </li><li>EM currencies had their worst day since February 2023</li><li>Bitcoin surged to a new ATH</li></ul>Earnings<ul><li>Qualcomm beat Q3 EPS and revenue estimates and forecast strong Q4 revenue as it continues to capture chip demand beyond smartphones (<a class="link" href="https://www.cnbc.com/2024/11/06/qualcomm-qcom-earnings-report-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Arm beat Q2 EPS and revenue estimates but failed to impress on Q3 guidance amid high expectations for AI-fueled growth (<a class="link" href="https://www.reuters.com/technology/arm-second-quarter-revenue-profit-top-expectations-2024-11-06/" target="_blank" rel="noopener noreferrer nofollow">RT</a>) </li><li>CVS spiked 11% after finalizing a company-wide restructuring, though Q3 results came in mixed as high medical costs continued to hurt margins (<a class="link" href="https://www.cnbc.com/2024/11/06/cvs-health-cvs-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Novo Nordisk missed Q3 revenue estimates despite continued growth in its weight loss drugs (<a class="link" href="https://www.reuters.com/business/healthcare-pharmaceuticals/novo-nordisk-q3-line-with-expectations-narrows-fy-guidance-range-2024-11-06/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Zillow beat Q3 revenue estimates and posted a smaller-than-expected loss amid innovative strategies to capture real estate transactional value in an otherwise slow housing market (<a class="link" href="https://www.barrons.com/articles/zillow-earnings-beat-estimates-stock-price-housing-market-e75b3378" target="_blank" rel="noopener noreferrer nofollow">BRN</a>)</li><li>What we're watching this week:<ul><li>Today: DraftKings, Airbnb, Rivian</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>Jamie Dimon will remain at JPMorgan with no plans to join Trump WH (<a class="link" href="https://www.reuters.com/business/finance/jpmorgan-ceo-dimon-remain-bank-has-no-plans-take-govt-role-source-says-2024-11-06/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Tight credit conditions add to case for Fed rate cut (<a class="link" href="https://www.reuters.com/markets/us/tight-credit-conditions-add-case-fed-interest-rate-cut-2024-11-06/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>IPO market holdouts look to 2025 as Trump wins presidency (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-06/ipo-market-holdouts-look-to-2025-as-trump-retakes-white-house?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Wall Street gets M&A reboot with Trump set to undo Lina Khan era (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-06/m-a-watchers-expect-trump-to-fan-flames-of-dealmaking-recovery?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Quants funds are set to buy $50B in stocks as on short vol bets (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-06/wall-street-quants-set-to-buy-50-billion-in-stocks-as-vol-falls?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Hedge fund titan Scott Bessent is seeking to become Treasury secretary (<a class="link" href="https://www.ft.com/content/298a5fe6-8d4e-4356-86f0-0ea362d6f21f" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Nvidia surpassed Apple as the world's most valuable company (<a class="link" href="https://www.cnbc.com/2024/11/05/nvidia-passes-apple-as-worlds-most-valuable-company-.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Canada ordered TikTok to shut down its Canadian business (<a class="link" href="https://www.reuters.com/technology/canada-orders-wind-up-tiktoks-canadian-business-app-access-continue-2024-11-06/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Stellantis laid off another 1.1k workers (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-06/stellantis-lays-off-another-1-100-workers-at-ohio-jeep-factory?srnd=phx-industries" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Germany’s government coalition collapsed (<a class="link" href="https://www.cnbc.com/2024/11/06/german-chancellor-olaf-scholz-fires-finance-minister-christian-lindner.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-10-east">A Message From 10 East</h2><div class="image"><a class="image__link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/35650d0b-5633-4b2f-8f6b-7da14c131e64/image.png?t=1730942503"/></a></div>Where Sophisticated Investors Access Private Markets10 East is a co-investment platform where sophisticated investors access private market investments alongside a veteran team with a 12+ year track record of strong performance across over 350 transactions. The firm is led by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner.Members have the flexibility to participate on a deal-by-deal basis across private equity, credit, real estate, and venture capital.Benefits of 10 East membership include:  <ul><li>Flexibility – members have full discretion over whether to invest on an offering-by-offering basis. </li><li>Alignment – principals commit material personal capital to every offering.  </li><li>Institutional resources – a dedicated investment team that sources and diligences each offering.</li></ul>There are no upfront costs or commitments associated with joining 10 East.Exec Sum readers can join 10 East with complimentary access <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">here</a>.<hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Shore Capital Partners will partner with Silver Lake to merge veterinary PortCos Southern Veterinary Partners and Mission Veterinary Partners in an $8.6B deal </li><li>PE firms Advent, CD&R, PAI Partners, and Apollo are studying a potential acquisition of Reckitt's $7.7B homecare assets </li><li>$6B-listed cybersecurity firm Qualys is exploring a sale after receiving takeover interest </li><li>Advent is considering the sale of generic drugmaker Zentiva at a $5.4B valuation </li><li>Blackstone will take shopping-center REIT Retail Opportunity Investments private in a $4B cash deal </li><li>Italian lender Banco BPM will launch a buyout offer to gain full control of asset manager Anima in a $1.7B deal </li><li>Japan's Itochu agreed to acquire an 10.7% stake in Brazilian steel company CSN's iron ore unit CSN Mineracao for $769M </li><li>Teledyne Technologies agreed to buy certain aerospace and defense-electronics businesses from AEA Investors-backed Excelitas Technologies for $710M cash </li><li>Bain Capital, Apollo, and Brookfield are interested in acquiring Blackstone's $568M worker housing firm Avery Lodge </li><li>Freyr Battery will acquire Chinese renewables giant Trina Solar's US solar manufacturing operations for $340M </li><li>Swiss private bank Julius Baer is seeking to sell its Brazilian unit at a $100M-$150M valuation </li><li>French fintech Worldline is seeking to sell its Mobility and e-Transactional Services business </li></ul>VC<ul><li>OpenAI-rival Perplexity is raising a $500M round at a $9B valuation led by Institutional Venture Partners</li><li>DoorLoop, an all-in-one property management software startup, raised a $100M Series B led by JMI Equity </li><li>Simbe, a store intelligence solutions startup, raised a $50M Series C led by Goldman Sachs Alternatives</li><li>eSmart Systems, a Norwegian AI-driven inspection and maintenance solutions for critical energy infrastructure, raised a $32.5M round led by TiLT Capital </li><li>Mobile-first gaming platform Party Icons raised a $9M seed round led by BITKRAFT Ventures</li><li>LatAm apartment rental proptech MoradaUno raised a $5.6M Series A led by Flourish Ventures and Cometa</li><li>AI-based test engineer startup BlinqIO raised a $5M seed round led by Inovia</li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Middle East hypermarket chain Lulu Retail raised $1.7B in UAE's largest listing this year </li><li>KKR is weighing a $750M sale of some of its controlling stake in India's JB Pharma via a block trade </li></ul>Debt<ul><li>A group led by HPS Investment Partners will provide $1B of private credit refinancing to asset management firm Ocorian </li><li>Brookfield is in talks with banks to refinance a $700M loan that backed its purchase of a Shanghai office tower complex </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>$3.6B-listed Spirit AeroSystems warned of potential insolvency </li><li>Brazilian budget airline GOL's top lender Abra Group will take control of the firm in a $2.5B debt restructuring </li><li>Struggling battery maker Northvolt is seeking over $920M to continue its operations in the long term </li><li>Gym chain Planet Fitness made a last-minute bid for bankrupt Blink Fitness</li></ul>Fundraising<ul><li>BlackRock is preparing a $1.3B private credit continuation fund </li><li>WovenEarth Ventures is raising $300M for its second early-stage climate FOF </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>FTX co-founder Gary Wang asked a judge for no prison time (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-06/ftx-co-founder-gary-wang-asks-judge-for-no-prison-time" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Crypto industry's election spending paid off (<a class="link" href="https://www.nytimes.com/2024/11/06/technology/crypto-industry-spending-election.html" target="_blank" rel="noopener noreferrer nofollow">NYT</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>Applying to Deferred MBA programs? Did you know 40% of M7 Deferred admits used Leland last year? Check out Leland's FREE <a class="link" href="https://go.joinleland.com/mba-admissions-week-leland?utm_source=execsum" target="_blank" rel="noopener noreferrer nofollow">Deferred MBA Week event</a> Nov 12-14. Ten sessions with former AdComs (including HBS 2+2 founders) covering Test Prep, Recommendations, Essays, and more!</li><li>With cryptocurrencies going crazy after Trump's victory, JP Koning shared some thoughts on whether <a class="link" href="https://jpkoning.blogspot.com/2024/10/memecoins-are-point.html" target="_blank" rel="noopener noreferrer nofollow">memecoins ARE the point of crypto.</a></li><li>Joachim Klement shared the findings of a cool research study exploring <a class="link" href="https://klementoninvesting.substack.com/p/remember-remember" target="_blank" rel="noopener noreferrer nofollow">how our memories affect how we invest. </a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, an executive search partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1854240128610218299" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e5b453ed-2875-4fe9-862d-3e8450727f03/image.png?t=1730943402"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/middlemarketmac/status/1854168684475936859" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/8836be94-bdf4-402a-a7af-f2c7c50f8f4e/image.png?t=1730943612"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1854289217071001981" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/3d3cde0c-4589-4de9-8f57-9196686f8207/image.png?t=1730943310"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1854267335483519149" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/bbc83387-adb6-41bf-aa28-af947663c902/image.png?t=1730943348"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Prediction markets nailed it</title> <description></description> <link>https://www.execsum.co/p/prediction-markets-nailed-it</link> <guid isPermaLink="true">https://www.execsum.co/p/prediction-markets-nailed-it</guid> <pubDate>Wed, 06 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-06T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://www.eightsleep.com/lit/" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/b3098d41-6a9b-4c7c-9a18-ba5278f36f57/image.png?t=1730858266"/></a></div>Good Morning,Anyone else up until ~3AM tracking election results (or still up from last night)??? Donald Trump is set to become the 47th president of the US, Apollo delivered stellar earnings, authorities raided CVC and Netflix's offices in Europe, India's historic stock boom seems to have come to an end, and Bitcoin hit a new record high. Transform your sleep for the better with <a class="link" href="https://www.eightsleep.com/lit/" target="_blank" rel="noopener noreferrer nofollow">Eight Sleep</a>, technology trusted by the likes of Mark Zuckerberg and Lewis Hamilton.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/759c5bcb-2051-4873-b024-ecf2fb852e9c/image.png?t=1730863516"/><div class="image__source">As of 11/05/2024 market close.</div></div>Markets<ul><li>US stocks jumped as traders awaited US election results<ul><li>S&P had its best day in six weeks </li></ul></li><li>India stocks posted their worst monthly losses since Covid</li><li>Indian rupee edged towards a new record low versus the dollar</li><li>Oil hedging activity hit a record high in October </li><li>Bitcoin hit a new ATH, as traders saw early signs of a Trump election</li></ul>Earnings<ul><li>SuperMicro plunged 16% after missing on Q1 revenue and Q2 guidance as the firm deals with several challenges in corporate governance (<a class="link" href="https://www.cnbc.com/2024/11/05/super-micro-smci-q1-2025-earnings-update.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Apollo posted a 16% rise in AUM to $733B and beat Q3 EPS and revenue estimates thanks to a record quarter for fee-related earnings (<a class="link" href="https://www.reuters.com/business/finance/apollos-third-quarter-profit-rises-12-exceeds-estimates-2024-11-05/" target="_blank" rel="noopener noreferrer nofollow">RT</a>) </li><li>Ferrari posted another sales and earnings growth in Q3 and reaffirmed its FY guidance, defying an industry downtrend marred with slow EV growth and competition in China (<a class="link" href="https://www.wsj.com/business/earnings/ferrari-defies-wider-auto-industry-malaise-with-higher-sales-earnings-a6e1dde5?mod=business_feat1_earnings_pos1" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Restaurant Brands missed quarterly EPS and revenue estimates on a slowdown in US and global same-store growth attributed to budget-conscious consumers (<a class="link" href="https://www.reuters.com/business/retail-consumer/burger-king-parent-restaurant-brands-misses-quarterly-sales-estimates-2024-11-05/" target="_blank" rel="noopener noreferrer nofollow">RT</a>) </li><li>What we're watching this week: <ul><li>Today: Qualcomm, Arm, Novo Nordisk, CVS</li><li>Thursday: DraftKings, Airbnb, Rivian</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul>🇺🇸 Election Forecast<ul><li>Election markets priced in a Trump victory, including the <a class="link" href="https://kalshi.onelink.me/1r91/lit" target="_blank" rel="noopener noreferrer nofollow">popular vote</a>.</li><li>Check out how yours and a variety of other election markets performed, only on <a class="link" href="https://kalshi.onelink.me/1r91/lit" target="_blank" rel="noopener noreferrer nofollow">Kalshi</a>.</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>Donald Trump projected by Fox News to win the election (<a class="link" href="https://www.foxnews.com/politics/fox-news-projects-donald-trump-defeats-kamala-harris-become-47th-president-united-states" target="_blank" rel="noopener noreferrer nofollow">FN</a>)</li><li>Australia's central bank held rates at 4.35% (<a class="link" href="https://www.cnbc.com/2024/11/05/australias-central-bank-keeps-rates-unchanged-at-4point35percent.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>US service sector activity accelerated to an over two-year high (<a class="link" href="https://www.reuters.com/markets/us/us-service-sector-activity-accelerates-more-than-2-year-high-2024-11-05/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Wells Fargo political spending on states tripled over past decade (<a class="link" href="https://www.reuters.com/business/finance/wells-fargo-has-tripled-political-spending-with-state-groups-over-past-decade-2024-11-05/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>India stocks saw the biggest foreign exodus since Covid (<a class="link" href="https://www.ft.com/content/d7ba1339-5326-4265-a360-04574a9239c0" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Apple warned future products may never be as profitable as iPhone (<a class="link" href="https://www.ft.com/content/e30eb646-a7ad-496e-8fa4-ff1b4445e853" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>State Street is looking to acquire a private credit or infrastructure manager (<a class="link" href="https://www.ft.com/content/4eb93b34-6eb1-4e4a-a3c6-92357524a92b" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Police raided CVC's Paris office in corruption investigation (<a class="link" href="https://www.ft.com/content/785bb10a-c388-4319-871b-47e394f01e9f" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Authorities raided Netflix France and Dutch offices over tax fraud (<a class="link" href="https://www.ft.com/content/439d31e5-a431-458d-8c20-15564a69dd5c" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Amazon CEO denies in-office mandate is 'backdoor layoff' (<a class="link" href="https://www.reuters.com/technology/amazon-ceo-denies-full-in-office-mandate-is-backdoor-layoff-2024-11-05/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Mystery surrounds discovery of TSMC tech inside Huawei AI chips (<a class="link" href="https://www.wsj.com/tech/mystery-surrounds-discovery-of-tsmc-tech-inside-huawei-ai-chips-7d922a01?mod=hp_lead_pos5" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>West Bank is on edge of economic collapse (<a class="link" href="https://www.wsj.com/world/middle-east/the-west-bank-is-on-the-edge-of-economic-collapse-e713f523?mod=hp_lead_pos10" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Apple to face first EU fine under new antitrust rules (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-05/apple-to-face-first-eu-fine-under-bloc-s-digital-markets-act?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Hedge funds perform better under Democratic presidents (<a class="link" href="https://www.reuters.com/markets/us/hedge-funds-perform-better-with-democrats-white-house-hfr-data-shows-2024-11-05/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>2024 presidential election was the most expensive in US history (<a class="link" href="https://www.ft.com/content/c3613e1b-c15d-47b8-a502-400c4114c09e" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Netanyahu fired Israel’s defense minister (<a class="link" href="https://www.ft.com/content/82920eec-a4d0-4cbf-a0b2-599ae44091aa" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-eight-sleep">A Message From Eight Sleep</h2><div class="image"><a class="image__link" href="https://www.eightsleep.com/lit/" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/018077af-482c-48bb-af6b-6dc9e9969aab/image.png?t=1730856104"/></a></div>Upgrade Your Sleep with the Pod by Eight SleepYou've heard about the importance of recovery for optimal performance, but how are you prioritizing your sleep?That's where the <a class="link" href="https://www.eightsleep.com/lit/" target="_blank" rel="noopener noreferrer nofollow">Pod by Eight Sleep</a> steps in – a cutting-edge sleep technology trusted by the likes of Elon Musk and Mark Zuckerberg.The Pod is a cover that can be easily added to any bed to optimize your body temperature throughout the night, helping you gain up to one extra hour of quality sleep every night.The Pod cools to as low as 55°F, detects and reduces snoring, elevates to adjust breathing, and tracks vital health metrics for you and your partner individually and automatically…to have you waking up sharper, energetic, and fully rested from day one.Ready to elevate your sleep? Head to <a class="link" href="https://www.eightsleep.com/lit/" target="_blank" rel="noopener noreferrer nofollow">eightsleep.com/lit</a> and use code LIT to get $350 off your Pod 4 Ultra. Try it risk-free for 30 days. Your body (and mind) will thank you!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.eightsleep.com/lit/"> Transform your sleep today </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Emerson Electric proposed to buy the remaining 45% stake of industrial software firm AspenTech it does not already own at a $15.1B valuation </li><li>PE firm EQT offered to acquire Swedish components business OEM International for $1.4B </li><li>Chevron is considering a sale of all of its $400M Hong Kong gas station assets </li><li>BP plans to sell all of its Dutch gas stations and EV charging hubs </li><li>Italian insurer Generali is considering a deal to acquire credit firm MGG Investment </li><li>LeBron James is in talks to merge his TV and film production business SpringHill with UK film company Fulwell 73 </li></ul>VC<ul><li>Ampd Energy, a battery energy storage systems for heavy industries, raised a $27.3M Series B led by Kibo Invest and Openspace </li><li>Embedded Intelligence, an AI interaction interface, raised a $10M seed round led by General Catalyst, Valor, SV Angel, and more </li><li>Dash0, a low-cost observability platform, raised a $9.5M seed round led by Accel</li><li>Endeavor, an enterprise AI platform for manufacturing firms, raised a $7M seed round led by Craft Ventures </li><li>Miros, a startup using image analysis software to profile customer taste, raised a $6.5M pre-Series A led by EBRD Venture Capital and Tera Ventures </li><li>Bio-packaging startup Earthodic raised a $6M seed round led by FTW Ventures </li><li>Quanscient, a Finnish quantum algorithms software startup, raised a $5.7M seed round led by Crowberry Capital and Speen Holding</li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>CoreWeave, an AI cloud-computing provider valued at $23B, is preparing for an IPO </li><li>Advent and KKR-backed consumer intelligence firm NielsenIQ is exploring an IPO at a ~$10B valuation </li><li>CVC-owned Japanese personal-care business FineToday is preparing a $1B Japan IPO at a $2B-$3B valuation </li><li>India plans to sell a 2.5% stake in miner Hindustan Zinc for $634M </li><li>Spanish utility Cox plans to raise $242M at a $1B valuation in a Madrid IPO </li><li>Brazilian conglomerate Votorantim is considering an IPO of its North American cement business</li></ul>Debt<ul><li>Hong Kong broadband service provider HKBN is seeking an $800M loan to refinance debt </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Chinese property developer Sunac is seeking to restructure $2.2B of onshore debt </li><li>French engineering/tech consultant Alten will acquire troubled French IT firm Atos' Worldgrid unit for $294M, including debt </li></ul>Fundraising<ul><li>Pelican Energy Partners closed a $450M fund to invest in nuclear energy </li><li>LMM PE firm Saw Mill Capital closed its third fund at $435M </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Crypto ETFs saw a record $580M of outflows ahead of US elections (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-05/us-bitcoin-btc-etfs-suffer-record-outflows-ahead-of-election-day?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Altcoins become crypto's biggest risk trade as election draws to a close (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-05/altcoins-become-crypto-s-biggest-risk-trade-as-election-draws-to-a-close?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>At <a class="link" href="https://www.brightwave.io/?utm_source=newsletter&utm_medium=referral&utm_campaign=execsum_ad" target="_blank" rel="noopener noreferrer nofollow">Brightwave</a>, we're reshaping financial research with an AI-powered platform designed to revolutionize how professionals analyze and generate ideas. Our LLM helps your team accelerate workflows and drive insight across all types of markets and asset classes. Discover how Brightwave can help you make smarter, faster decisions. Unlock smarter insights – <a class="link" href="https://www.brightwave.io/?utm_source=newsletter&utm_medium=referral&utm_campaign=execsum_ad" target="_blank" rel="noopener noreferrer nofollow">request a demo to learn more.</a></li><li>Amid broad economic struggles, FT published their Big Read exploring whether <a class="link" href="https://www.ft.com/content/6c345cf9-8493-4429-baa4-2128abdd0337" target="_blank" rel="noopener noreferrer nofollow">Germany's business model is broken</a>.</li><li>The <a class="link" href="https://propadelleague.com/finals/" target="_blank" rel="noopener noreferrer nofollow">2024 Pro Padel League Championship - The City’s Cup</a> is coming to New York November 19th - 23rd. Litquidity is partnering with the Pro Padel League for an exclusive, invite-only event on Tuesday evening featuring special access, free drinks, player meet and greets, and a front-row seat for the first day of group stages. Anyone who purchases a 5-day GA pass <a class="link" href="https://www.tixr.com/groups/propadelleague/events/ppl-ppl-the-city-s-cup-2024-finals-120660" target="_blank" rel="noopener noreferrer nofollow">here</a> using code PPL10LIT will receive a 10% discount and an invite to the Tuesday night event. VIP and corporate packages are also available while supplies last, reach out to <a class="link" href="mailto:lit@litquidity.co" target="_blank" rel="noopener noreferrer nofollow">lit@litquidity.co</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="hedge-fund-analyst-opportunity">Hedge Fund Analyst Opportunity</h1><ul><li>We are working with Pantera Capital to hire an Investment Analyst for their Liquid Token Fund, an open-ended fund focused primarily on liquid tokens.</li><li>With $5B total firm AUM, Pantera was the first US institutional asset manager focused exclusively on blockchain technology.</li><li>If you are crypto native and have deep fundamental analysis skills with 1-4 years of investment banking, private equity, hedge funds, consulting, or equity research analysis, this is the perfect opportunity for you! </li><li>Bonus points if you manage your own portfolio of digital assets and can discuss your investment strategy. </li><li>Learn more and apply below:</li></ul><div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/search/pantera-capital-new-york-hedge-fund-analyst-2024-may"> Apply here </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-dump">Meme Dump</h1><div class="image"><a class="image__link" href="https://x.com/TrungTPhan/status/1853516746944303533" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/56de19f5-1a8d-4fd9-96ec-c1cba4fba926/image.png?t=1730857310"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/GordonGekko420/status/1853909326089613718" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/8d462bc4-6300-42ec-b167-4c94d3dd9321/image.png?t=1730857678"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/the_P_God/status/1853911389166805245" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d3b62786-19e1-4663-b54f-f367c26659e6/image.png?t=1730865114"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/RampCapitalLLC/status/1853991889478799717" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/009d2369-ffff-4cf1-a603-5050b18e5bc0/image.png?t=1730866415"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/BonifaceOption/status/1853851381532123353" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ee1ff1f4-b297-4960-8c6c-0a15c7122cfc/image.png?t=1730857563"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1853594522447413298" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/48589b21-84d7-45b0-8460-89199b0d4d3e/image.png?t=1730865170"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/greg16676935420/status/1853891330230927593" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/39fb8dd9-95b6-4a56-90af-d25a5cf1f2f9/image.png?t=1730857806"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Voting-Implied Volatility</title> <description></description> <link>https://www.execsum.co/p/voting-implied-volatility</link> <guid isPermaLink="true">https://www.execsum.co/p/voting-implied-volatility</guid> <pubDate>Tue, 05 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-05T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/f39cc5fa-6780-42f2-88cf-8d02d96c94dc/image.png?t=1730754132"/></a></div>Good Morning,Market volatility picked up ahead of today's elections, on a day where banks are granting PTO for employees to vote.Speaking of voting, GET OUT AND VOTE! 🇺🇸🇺🇸 Automate your complicated business spend and expense allocation process with the leading fintech software in the alternative asset management space, <a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">StavPay</a>.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/7cd5ab55-8041-4d6a-b119-1d4595ad27a5/image.png?t=1730762599"/><div class="image__source">As of 11/04/2024 market close.</div></div>Markets<ul><li>US stocks slipped yesterday as traders brace for volatility and volume on today's elections <ul><li>Rates volatility hit its highest level in over a year </li></ul></li></ul>Earnings<ul><li>Palantir jumped 14% after beating Q3 earnings and revenue estimates and forecasting a strong Q4 thanks to unrelenting AI demand (<a class="link" href="https://www.cnbc.com/2024/11/04/palantir-pltr-q3-earnings-report-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Marriott missed Q3 estimates and cut its FY profit forecast as weak travel in China offset strong group and international demand (<a class="link" href="https://www.reuters.com/business/marriott-lowers-2024-profit-forecast-us-china-domestic-tourism-drags-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>) </li><li>What we're watching this week: <ul><li>Today: Supermicro, Apollo </li><li>Wednesday: Qualcomm, Arm, Novo Nordisk, CVS</li><li>Thursday: DraftKings, Airbnb, Rivian</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul>🇺🇸 Election Forecast<div class="image"><a class="image__link" href="https://kalshi.onelink.me/1r91/lit" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c067c396-e9af-42b2-adb7-83cfd90b08ac/image.png?t=1730770955"/></a></div><ul><li>Election markets priced in a final ~56% chance of a Trump victory today. </li><li>Put your money where your mouth is! Get out and vote and <a class="link" href="https://kalshi.onelink.me/1r91/lit" target="_blank" rel="noopener noreferrer nofollow">bet the election</a> while you're at it too.</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>Banks are granting PTO to employees to vote (<a class="link" href="https://www.reuters.com/world/us/us-banks-encourage-workers-vote-carving-out-paid-time-off-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>CEOs are being sacked more quickly over poor stock performance (<a class="link" href="https://www.reuters.com/business/us-ceos-fired-more-quickly-over-low-stock-prices-this-year-report-says-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Wall Street frets as Big Tech AI CapEx tops $200B annually (<a class="link" href="https://www.ft.com/content/dc5b40cb-e446-4e2b-9faf-2d54720b33d8" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Europe-focused hedge funds posted their largest monthly loss in one year (<a class="link" href="https://www.reuters.com/markets/europe/hedge-flow-hedge-funds-stung-by-european-stock-markets-october-goldman-sachs-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Equity funds saw their biggest weekly outflow in five weeks (<a class="link" href="https://www.reuters.com/markets/us/us-equity-funds-record-biggest-weekly-outflow-five-weeks-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Eurozone manufacturing contracted for a 28th-straight month (<a class="link" href="https://www.reuters.com/markets/europe/euro-zone-manufacturing-slump-shows-signs-stabilising-october-pmis-show-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a></li><li>German firms' hiring plans dropped to a post-Covid low (<a class="link" href="https://www.reuters.com/business/world-at-work/german-companies-hiring-plans-drop-four-year-low-ifo-finds-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Blackstone targets new European markets in global wealth push (<a class="link" href="https://www.reuters.com/business/finance/blackstone-targets-new-european-markets-global-wealth-push-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>BlackRock becomes latest to file for Vanguard's ETF-mutual fund structure (<a class="link" href="https://www.ft.com/content/2eec1457-854d-49d0-b25f-cad23b3b7a06" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Australian police raided PwC's Sydney office (<a class="link" href="https://www.reuters.com/business/finance/australian-police-search-sydney-pwc-office-over-tax-leak-probe-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Boeing workers voted to end a seven-week strike (<a class="link" href="https://www.cnbc.com/2024/11/04/striking-boeing-machinists-vote-new-contract.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Banco Sabadell sued PE firm Cerberus for ~$400M over soured RE deal (<a class="link" href="https://www.ft.com/content/70f25e66-1fab-4d29-ac97-5e3884303c74" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Franklin Templeton hit by further outflows amid Western probe (<a class="link" href="https://www.ft.com/content/03de761b-ad37-4ee8-a658-5c17d0ce0d66" target="_blank" rel="noopener noreferrer nofollow">FT</a>) </li><li>OpenAI is in talks with California to become for-profit (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-04/openai-in-talks-with-california-to-become-for-profit-company" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Dollar Tree CEO Rick Dreiling stepped down amid struggles (<a class="link" href="https://www.reuters.com/business/retail-consumer/dollar-tree-ceo-rick-dreiling-steps-down-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>BNPL group Affirm launched in UK (<a class="link" href="https://www.ft.com/content/890bc897-1f9a-4f83-9fe5-e97c3e6b32fe" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Homebuyers are older than ever (<a class="link" href="https://www.cnbc.com/2024/11/04/homebuyer-average-age-rises-to-56-amid-rising-homeownership-costs.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-stav-pay">A Message From StavPay</h2><div class="image"><a class="image__link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d73daa31-1977-46c3-9fb1-6ea00a6c46bb/image.png?t=1730754141"/></a></div><a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">StavPay</a> was built for Alternative Asset Managers to automate the business spend and expense allocation process. More than 90 managers with over $2.2T of AUM collectively use StavPay to manage their vendors, contracts, invoices, expense allocations, budgets, services, 1099 filings, inter-entity reimbursements, and payments. Learn more at <a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">www.stavpay.com</a> and schedule a demo today. We promise you, it's an hour well spent.<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://stavtar.com/contact-us/"> Schedule a demo today </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Silver Lake and Bain Capital are among suitors for a minority stake in Intel's programmable chips business Altera, which Intel acquired for ~$17B in 2015 </li><li>Canadian telecoms giant BCE agreed to acquire US-based Ziply Fiber for $3.6B </li><li>Stonepeak will take airfreight carrier ATSG private at a $3.1B EV </li><li>Blackstone is in advanced talks to acquire $2.2B-listed shopping center REIT Retail Opportunity Investments </li><li>Australian power generation operator Zashvin will acquire an additional 33% stake in Australian coal mining JV Jellinbah from miner Anglo American for $1.1B </li><li>German construction firm GP Günter Papenburg plans to pursue a takeover of $1.2B-listed European steel producer Salzgitter </li><li>UK insurer and asset manager M&G bought a 65% stake in European real estate investor BauMont </li></ul>VC<ul><li>Robotics AI startup Physical Intelligence raised a $400M round at a $2B valuation from Jeff Bezos, OpenAI, Thrive Capital and Lux Capital</li><li>DeepRoute.ai, a Chinese autonomous driving tech startup, raised $100M from an unidentified Chinese automaker</li><li>Cintoo, a cloud-based reality data management and collaboration solutions provider, raised a $42M Series B led by Partech</li><li>Andium, a remote-field monitoring and communications startup, raised a $21.7M Series B led by Aramco Ventures</li><li>Yazen Health, a Swedish obesity-focused healthcare platform, raised a $19.5M Series A led by Evli Growth Partners and Helsana HealthInvest</li><li>Conflux Technology, a heat transfer and additive manufacturing startup, raised a $11M Series B led by Breakthrough Victoria</li><li>Dutch PropTech startup iDWELL raised $10.6M in funding from Knight Capital</li><li>IOTA Software, an industrial and business data visualization software, raised a $10.4M Series A-2 led by Altira Group</li><li>Digital fund operation platform Fundcraft raised a $6.6M Series A extension led by 3VC and MiddleGame Ventures</li><li>Plato, a German AI-powered ERP platform for wholesalers, raised a $6.5M pre-seed round led by Cherry Ventures</li><li>Algebrik AI, a digital loan origination platform, raised a $4M Series A</li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>India's Reliance Industries is planning a 2025 IPO its Reliance Jio telecom unit at a potential $100B+ valuation in what could be India's largest-ever listing </li><li>Middle Eastern grocer Lulu Retail upsized its Abu Dhabi IPO to $1.7B, UAE's largest IPO this year</li><li>Oman's state energy firm OQ plans to sell up to 49% of its methanol and LPG unit OQ Base Industries in a local IPO at a $1B to $1.5B valuation </li><li>Canadian women's clothing retailer Groupe Dynamite is preparing a local IPO </li></ul>Debt<ul><li>Credit investor GoldenTree agreed to buy an $872M portfolio of UK consumer loans </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Franchise Group, the owner of brands including The Vitamin Shoppe and Pet Supplies Plus, filed for Chapter 11 bankruptcy</li><li>TGI Fridays is in talks with potential buyers after filing for Chapter 11</li></ul>Fundraising<ul><li>Shamrock Capital raised $1.6B across two new PE funds </li><li>Capital Dynamics closed its sixth flagship secondaries PE fund at $1.1B </li><li>Coatue is seeking to raise $1B for its flagship fund to invest in AI </li><li>BlueFive Capital is seeking to raise $1B for a permanent capital fund focused on EM financial services firms </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Robinhood, Kraken, and Galaxy launched a global stablecoin pegged to dollar (<a class="link" href="https://www.reuters.com/technology/crypto-firms-including-robinhood-kraken-launch-global-stablecoin-network-2024-11-04/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>a16z and Coinbase pledged ~$25M each to crypto super PAC Fairshake (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-04/a16z-pledges-23-million-to-crypto-pac-fairshake-for-2026-midterm-races?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>A good night's sleep sets the tone for the rest of your day, and <a class="link" href="https://www.eightsleep.com/lit/" target="_blank" rel="noopener noreferrer nofollow">Eight Sleep's Pod</a> will have you sleeping like a baby. The Pod, which fits on any bed, tracks your health while you sleep and automatically optimizes your body temperature and breathing throughout the night to have you waking up sharper, energetic, and fully rested from day one. <a class="link" href="https://www.eightsleep.com/lit/" target="_blank" rel="noopener noreferrer nofollow">Use code LIT to get $350 off your Eight Sleep Pod.</a></li><li>Ben Carlson shared some great examples on why it's <a class="link" href="https://awealthofcommonsense.com/2024/11/dont-take-financial-advice-from-hedge-fund-managers/" target="_blank" rel="noopener noreferrer nofollow">probably best to ignore financial advice from hedge fund managers</a>, even if they put their money where their mouth is.</li><li>Reddit has been crushing it for perhaps every reason that's NOT AI. Check out what Jack Raines has to say about this <a class="link" href="https://sherwood.news/business/reddit-is-now-crushing-it-thanks-to-ai/" target="_blank" rel="noopener noreferrer nofollow">ironic internet twist</a>. </li><li>Bloomberg Odd Lots sat down with Bernstein's Bob Brackett to discuss <a class="link" href="https://www.bloomberg.com/news/articles/2024-11-01/uranium-prices-react-to-nuclear-power-plants-reopening" target="_blank" rel="noopener noreferrer nofollow">what the nuclear power revival means for the price of uranium</a>. </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, an executive search partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1853602141820076226" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/69cc69f5-3e5d-465e-bcb8-e22f6249ed19/image.png?t=1730770316"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/dougboneparth/status/1853058336817615318" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/9bbd0572-d455-4e06-ae4d-937e75517086/image.png?t=1730756098"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/nikitabier/status/1852863959503892874" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/8495c63b-f8f5-43bd-9790-8ce6c8ff9b63/image.png?t=1730756142"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity's brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Election Anxiety Everywhere</title> <description></description> <link>https://www.execsum.co/p/election-anxiety-everywhere</link> <guid isPermaLink="true">https://www.execsum.co/p/election-anxiety-everywhere</guid> <pubDate>Mon, 04 Nov 2024 11:45:00 +0000</pubDate> <atom:published>2024-11-04T11:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ebd165f6-9996-4ede-a693-e5420d7de0ff/image.png?t=1730664722"/></a></div>Good Morning,Berkshire's cash pile is now bigger than the Fed's, Nvidia is replacing Intel on the Dow, October's jobs report was the worst since Covid, and US election anxiety is unnerving traders in all corners. Trump's 30% lead on <a class="link" href="https://kalshi.onelink.me/1r91/lit" target="_blank" rel="noopener noreferrer nofollow">election markets</a> was virtually wiped out over the weekend. Meanwhile, some hedge funds are levering up to take advantage of election market volatility. Move on from the daily deluge of tedious tasks and streamline all your investment processes with <a class="link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">BlueFlame AI</a>, a bespoke GenAI for alternative investments.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/aff70d10-9539-4f18-9c5c-e5b089fd92cd/image.png?t=1730663585"/><div class="image__source">As of 11/01/2024 market close.</div></div>Markets<ul><li>US stocks rose as investors shook off a weak jobs report to trade Big Tech earnings and US elections ahead<ul><li>S&P notched its best November YTD of an election year since the Great Depression</li></ul></li><li>Europe's Stoxx 600 jumped 1.1% in its biggest one-day gain in five weeks</li><li>Markets are bracing for US elections and a Fed rate decision in a crucial week ahead<ul><li>Traders priced in 94% chance of a 25 bps Fed cut this week and 70% chance of a 25 bps cut in December </li><li>Bond market volatility is at a YTD high ahead of US elections</li><li>Bitcoin volatility jumped to a three-month high </li></ul></li></ul>Earnings<ul><li>Berkshire Hathaway's cash pile hit a record $325B after significantly reducing its Apple and BofA stake and freezing stock buybacks (<a class="link" href="https://www.cnbc.com/2024/11/02/berkshire-hathaways-cash-fortress-tops-300-billion-as-buffett-sells-more-stock-freezes-buybacks.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>ExxonMobil beat Q3 earnings estimates and raised its dividend after reaching its highest production level in over four decades (<a class="link" href="https://www.cnbc.com/2024/11/01/exxon-xom-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Chevron beat Q3 earnings and revenue estimates, though quarterly profit fell substantially YoY due to lower margins and lower prices (<a class="link" href="https://www.cnbc.com/2024/11/01/chevron-cvx-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>What we're watching this week: <ul><li>Today: Palantir, Marriott, Constellation Brands </li><li>Tuesday: Supermicro, Apollo </li><li>Wednesday: Qualcomm, Arm, Novo Nordisk, CVS</li><li>Thursday: DraftKings, Airbnb, Rivian</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul>🇺🇸 Election Forecast<div class="image"><a class="image__link" href="https://kalshi.onelink.me/1r91/lit" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/0dd35d61-31a8-4deb-aea3-4547adda0e12/image.png?t=1730680272"/></a></div><ul><li>Deposit funds now for a last chance to trade the election! Bet the US election legally, only on <a class="link" href="https://kalshi.onelink.me/1r91/lit" target="_blank" rel="noopener noreferrer nofollow">Kalshi</a>.</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>Jamie Dimon's wife is knocking on doors for Kamala Harris (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-04/judy-dimon-wife-of-jpmorgan-ceo-jamie-dimon-knocks-on-doors-for-kamala-harris" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>US economy added the fewest jobs since Covid (<a class="link" href="https://www.cnbc.com/2024/11/01/us-jobs-report-october-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>US manufacturing dropped to a 15-month low (<a class="link" href="https://www.reuters.com/markets/us/us-manufacturing-drops-15-month-low-october-2024-11-01/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Hedge fund leverage is up 21% YTD in rare risk-on ahead of elections (<a class="link" href="https://www.reuters.com/markets/us/hedge-flow-hedge-funds-risk-trends-higher-ahead-us-election-2024-11-01/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Election anxiety grips EM as investors slash risk (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-03/election-anxiety-grips-emerging-markets-as-investors-slash-risk?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Investors warn of lasting 'risk premium' in gilts following UK budget (<a class="link" href="https://www.ft.com/content/ae73cfba-b9c4-4c5c-843e-d45ada55db95" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Low-volatility ETFs lose favor as investors jump to buffered funds (<a class="link" href="https://www.ft.com/content/b477a5e4-39f9-4203-b528-a368640e608a" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Nvidia will replace Intel on the Dow Jones index (<a class="link" href="https://www.cnbc.com/2024/11/01/nvidia-to-join-dow-jones-industrial-average-replacing-intel.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>German banks cut US office loan exposure that caused bond turmoil (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-02/german-banks-start-to-cut-us-office-loan-exposure-that-caused-bond-turmoil?srnd=phx-industries" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>China piles pressure on rich and corporations to cough up taxes (<a class="link" href="https://www.ft.com/content/1570747c-313d-49e9-afb0-2567e003438e" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Volkswagen's cost-cutting a product of 'decades of structural problems' (<a class="link" href="https://www.reuters.com/business/autos-transportation/vw-cost-cutting-necessary-after-decades-structural-problems-ceo-tells-paper-2024-11-03/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>KKR projects data center spending to top $250B annually (<a class="link" href="https://www.bloomberg.com/news/articles/2024-11-01/data-center-boom-seen-fueling-250-billion-of-annual-spending?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Cantor CEO Lutnick is publicly consulting with Wall St to staff Trump WH (<a class="link" href="https://www.wsj.com/politics/elections/lutnick-consults-with-musk-kushner-wall-street-in-rush-to-staff-trump-white-house-baf83398?mod=hp_lead_pos24" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Kushners' real estate empire is now worth more than Trump's (<a class="link" href="https://www.forbes.com/sites/monicahunter-hart/2024/10/27/the-kushners-real-estate-empire-is-now-worth-more-than-trumps/" target="_blank" rel="noopener noreferrer nofollow">FRB</a>)</li><li>Nearly half of workers are saying 'no' to promotions (<a class="link" href="https://www.benzinga.com/personal-finance/24/11/41701674/nearly-half-of-workers-are-refusing-promotions-heres-why-42-are-asking-how-do-i-get-out-of-this" target="_blank" rel="noopener noreferrer nofollow">BZ</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-blue-flame">A Message From BlueFlame</h2><div class="image"><a class="image__link" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/8325f196-3502-4c91-a244-53905c5c409b/image.png?t=1730664709"/></a></div>Unlock the Power of Your Firm's Collective Knowledge with BlueFlame AI<a class="link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">BlueFlame AI</a> is a GenAI solution for private markets, designed to harness the vast knowledge accumulated within your firm.<ul><li>Search everywhere: access and aggregate information from all sources<ul><li>Entire shared drives (Box, Dropbox, Egnyte)</li><li>CRM systems (Deal Cloud, Salesforce)</li><li>Outlook emails and calendar</li><li>Market data platforms (CapIQ, PitchBook, Grata)</li><li>Google and news feeds</li><li>Pre-loaded 10-Ks/Qs and earnings transcripts</li></ul></li><li>Knowledge management:<ul><li>Build and organize libraries of CIMs, board decks, expert network transcripts, C-suite candidate resumes, and more</li><li>Quickly retrieve prior deal data and portfolio company financials</li><li>Identify research insights and trends across your firm's data</li></ul></li><li>Intelligent output:<ul><li>Generate reports in template PowerPoint or Word formats</li><li>Automate tedious tasks like data aggregation for valuations / comps</li></ul></li></ul>BlueFlame AI empowers your team to effortlessly navigate your firm's collective intelligence, enhancing decision-making and operational efficiency.<a class="link" href="https://www.blueflame.ai/?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">Experience the transformative power of BlueFlame AI</a>. Request a demo today and revolutionize how you leverage your firm's knowledge.<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter"> Demo BlueFlame </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Shore Capital Partners is in talks to partner with Silver Lake to merge veterinary PortCos Southern Veterinary Partners and Mission Veterinary Partners in an $8.6B deal </li><li>Stonepeak is in advanced talks to acquire aircraft lessor ATSG in a ~$3.1B cash deal, including debt </li><li>Saudi's PIF will acquire a 54% stake in MBC, the Middle East's biggest broadcaster, from Saudi Arabia's Ministry of Finance for $2B </li><li>Apple agreed to acquire a 20% stake in satellite provider Globalstar for $400M</li><li>Greek media giant Antenna Group is in talks to buy Time Magazine from Salesforce CEO Marc Benioff for $150M</li><li>Avenue Capital Group is seeking a buyer for its impact investing business </li><li>Apple agreed to buy photo editing app maker Pixelmator </li><li>Canadian television company Corus Entertainment is exploring a sale </li><li>PE firm ATL Partners is considering a sale of live events-focused Global Critical Logistics</li></ul>VC<ul><li>Marketing tech platform Insider raised a $500M Series E at a $2B valuation led by General Atlantic</li><li>UK corporate debt research start-up 9fin is in talks to raise funds at a $500M valuation from Mubadala and KKR </li><li>Redoxblox, a low-cost thermochemical energy storage systems, raised a $40.7M Series A led by Prelude Ventures</li><li>Israeli 'open-world' AI startup Decart raised a $21M seed round led by Sequoia</li><li>Marqii, a digital operations platform for hospitality, raised a $10M Series B led by Next Coast Ventures</li><li>AI-powered automotive platform MOTORMIA raised $8M from Lerer Hippeau, Seedcamp, QP Ventures, and more </li><li>Kuberno, a UK-based global legal entity management SaaS, raised a $6.6M Series A led by Nasdaq Ventures and Barclays </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Audio tech maker GoerTek is preparing a $300M Hong Kong IPO of its Goertek Microelectronics semiconductor unit </li><li>Apollo-backed German online car-parts dealer Autodoc is preparing a potential Frankfurt IPO </li><li>Canadian generic drug manufacturer Apotex is preparing to IPO </li></ul>Debt<ul><li>Tesla sold $499M of bonds backed by solar equipment loans </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>TGI Fridays filed for Chapter 11 bankruptcy </li><li>H.I.G-owned prison-focused healthcare firm Wellpath is preparing to file for bankruptcy </li><li>Franchise Group, the owner of brands including The Vitamin Shoppe and Pet Supplies Plus, is preparing to file for Chapter 11 bankruptcy </li><li>PE firms Partners Group and Charlesbank Capital Partners are considering handing control of snack maker Hearthside to creditors via bankruptcy </li><li>Zeo Energy won bankruptcy court approval to acquire solar installer Lumio's business for $4M and stock </li></ul>Fundraising<ul><li>Brookfield launched a $2B Brookfield Middle East Partners fund with PIF serving as an anchor</li><li>Superscrypt, a crypto VC company backed by Singapore's Temasek, plans to raise $100M for a second fund</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Coinbase accused FDIC of repeatedly telling banks to avoid crypto (<a class="link" href="https://cointelegraph.com/news/coinbase-crypto-exchange-fdic-legal-united-states-banks" target="_blank" rel="noopener noreferrer nofollow">CT</a>)</li><li>Self-proclaimed Bitcoin inventor Craig Wright faces contempt of court after filing a $1.2B lawsuit against fintech Block (<a class="link" href="https://www.reuters.com/technology/self-proclaimed-bitcoin-inventor-faces-contempt-court-case-over-12-bln-uk-2024-11-01/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Stephen Mollah claims to have invented Bitcoin, ChatGPT, euro bonds, and Twitter's logo (<a class="link" href="https://cryptobriefing.com/bitcoin-creator-claims-fall-short/" target="_blank" rel="noopener noreferrer nofollow">CB</a>) </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>REX Shares structures a range of innovative leveraged and inverse ETFs across a bunch of assets and they've just expanded their offerings. <a class="link" href="https://www.rexshares.com/t-rex-leveraged-etfs/?utm_source=bullish&utm_medium=display&utm_campaign=trex" target="_blank" rel="noopener noreferrer nofollow">Check out their funds</a><a class="link" href="https://www.rexshares.com/t-rex-leveraged-etfs/?utm_source=bullish&utm_medium=display&utm_campaign=trex" target="_blank" rel="noopener noreferrer nofollow">.</a></li><li>Financial Times produced a short and interesting film on <a class="link" href="https://www.ft.com/video/41e1ddbb-007e-40b4-8cbd-719a38746b9c" target="_blank" rel="noopener noreferrer nofollow">Sequoia Capital and the evolution of the VC industry.</a></li><li>Jack Raines explained the bizarre reason <a class="link" href="https://sherwood.news/crypto/microstrategy-bitcoin-holding-company/" target="_blank" rel="noopener noreferrer nofollow">why MicroStrategy wants $42B more in Bitcoin.</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/RainSoldier/status/1853045657176617411" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c5efd034-a7af-4dfd-9244-f2329d3175c0/image.png?t=1730664031"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/andykreed/status/1852014486246535272" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/46a49549-a6ac-4bec-a18e-131d695031d8/image.png?t=1730664140"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/EffMktHype/status/1852292793659785604" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/099ee5a5-9f74-497e-a5ef-88bc94626cba/image.png?t=1730663994"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>OpenAI Has Its Eyes on Google</title> <description></description> <link>https://www.execsum.co/p/openai-has-its-eyes-on-google</link> <guid isPermaLink="true">https://www.execsum.co/p/openai-has-its-eyes-on-google</guid> <pubDate>Fri, 01 Nov 2024 10:45:00 +0000</pubDate> <atom:published>2024-11-01T10:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Good Morning,Boeing dismantled its DEI team, investors are wary of UK's new budget, carbon emissions drastically declined in Europe, a group of former Citi bankers urged the board to cancel bonuses, and OpenAI launched ChatGPT search to compete with Google. Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/8373f2db-0925-4082-9274-f55bed439a3d/image.png?t=1730412958"/><div class="image__source">As of 10/31/2024 market close.</div></div>Markets<ul><li>US stocks slid yesterday as Big Tech earnings failed to impress <ul><li>All three major indexes suffered their worst day in two months</li><li>The S&P broke a five-month win streak</li></ul></li><li>China stock-bond correlations hit its most negative level since Covid</li><li>Europe's Stoxx 600 posted its worst month in a year</li><li>UK 10Y gilt yield hit 4.52% for a YTD high amid fiscal budget concerns</li><li>Pound fell to an over two month low versus the dollar</li></ul>Earnings<ul><li>Apple beat Q4 estimates on record revenue driven by a rise in iPhone sales but remained weak in China and issued cautious Q1 guidance amid uncertainty of AI features translating into sales (<a class="link" href="https://www.cnbc.com/2024/10/31/apple-aapl-q4-earnings-report-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Amazon beat Q3 EPS and revenue estimates on strong growth in its cloud and advertising business (<a class="link" href="https://www.cnbc.com/2024/10/31/amazon-amzn-q3-earnings-report-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Uber fell 9% despite comfortably beating Q3 estimates on record operating due to a slowdown in gross bookings, a key growth metric (<a class="link" href="https://www.cnbc.com/2024/10/31/uber-uber-q3-2024-earnings.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Intel rose 7% after beating Q3 revenue estimates and issuing optimistic guidance as the tech giant undergoes a momentous restructuring (<a class="link" href="https://www.cnbc.com/2024/10/31/intel-intc-q3-earnings-report-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Robinhood tumbled 17% after missing Q3 EPS and revenue estimates as promotional efforts ate into margins (<a class="link" href="https://www.reuters.com/business/finance/robinhood-reports-quarterly-profit-retail-trading-strength-2024-10-30/" target="_blank" rel="noopener noreferrer nofollow">RT</a>) </li><li>What we're watching this week: <ul><li>Today: ExxonMobil, Chevron</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul>🇺🇸 Election Forecast<div class="image"><a class="image__link" href="https://kalshi.onelink.me/1r91/lit" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/07ca2312-0a04-4607-a38d-94cde517d294/image.png?t=1730439989"/></a></div><ul><li>Make a deposit now to guarantee trades up until Election Day! Bet the election legally, only on <a class="link" href="https://kalshi.onelink.me/1r91/lit" target="_blank" rel="noopener noreferrer nofollow">Kalshi</a>.</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>US planned layoffs hit a three-month low (<a class="link" href="https://www.reuters.com/markets/us/us-planned-layoffs-drop-again-october-recruitment-firm-challenger-says-2024-10-31/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Blue Owl CEO draws line between public and private markets (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/blue-owl-co-ceo-draws-line-between-public-private-markets?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Growing $6T FX pile is shielding Asia from resurgent dollar (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/a-6-trillion-fx-pile-is-asia-s-shield-from-resurgent-dollar?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>China bond traders are getting squeezed by stock bets (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/china-bond-traders-are-getting-squeezed-by-stock-bets?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Western consumer groups are skeptical of China's economic stimulus (<a class="link" href="https://www.ft.com/content/03f8c528-fd3a-4586-8e8f-3aa95cc0652b" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Nasdaq and Cboe challenge SEC over new stock trading rule (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/nasdaq-and-cboe-challenge-sec-over-updated-stock-trading-rule?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Legal attacks are slowing SEC's record-high pace of rulemaking (<a class="link" href="https://www.reuters.com/legal/legal-attacks-are-slowing-sec-rulemaking-crucial-election-year-2024-10-31/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Hong Kong cracks down on block trading after Segantii's criminal insider trading (<a class="link" href="https://www.ft.com/content/a61073c2-5bc0-42b5-8b09-2086f97b049c" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Tokyo Stock Exchange increased trading hours by 30 minutes (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/high-frequency-traders-get-an-extra-30-minutes-for-japan-stocks?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Ex-Citi bankers urge board to claw back hundreds of bonuses (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/ex-citigroup-bankers-urge-board-to-claw-back-hundreds-of-bonuses?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>MicroStrategy’s $21B equity raise tops Tesla for record (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/microstrategy-s-21-billion-equity-plan-tops-tesla-for-record?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>OpenAI launched ChatGPT search to rival Google (<a class="link" href="https://www.cnbc.com/2024/10/31/openai-launches-chatgpt-search-competing-with-google-and-perplexity.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Boeing dismantled its DEI team (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/boeing-dismantles-diversity-team-as-pressure-builds-on-new-ceo" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Boeing reached a deal with workers union to potentially end strike (<a class="link" href="https://www.cnbc.com/2024/10/31/boeing-union-reach-sweetened-contract-offer-in-bid-to-end-strike.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Fed Governor Kugler violated personal trading ethics rules (<a class="link" href="https://www.reuters.com/markets/us/fed-governor-divesting-stock-bought-by-spouse-violation-trading-rules-2024-10-31/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>BlackRock filed with SEC to create ETF classes for mutual funds (<a class="link" href="https://www.reuters.com/business/finance/blackrock-becomes-latest-largest-firm-seek-approval-etf-share-class-2024-10-31/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>JPMorgan settled five SEC charges for $150M (<a class="link" href="https://www.reuters.com/business/finance/jpmorgan-chase-reaches-100-million-settlement-with-sec-over-disclosures-2024-10-31/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>EU emissions fell 8% in 2023 as renewables surge (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/eu-emissions-fall-as-renewable-energy-surges?srnd=phx-industries-energy" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>US oil output hit a monthly record high (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/us-oil-production-hits-another-record-adding-to-supply-worries?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="an-intro-to-uranium-royalty">An Intro to Uranium Royalty</h2>The AI boom has caused a surge in power demand to meet AI's intense infrastructure needs, and tech giants like Google and Amazon are turning to a rather unexplored energy source to fill this gap: nuclear power. While the rise of military nuclear programs and fossil fuel concerns have sparked the 21st century dialogue of a nuclear renaissance, it seems like AI has come as an inflection point for nuclear energy.<a class="link" href="https://bit.ly/uraniumroyalty" target="_blank" rel="noopener noreferrer nofollow">Uranium Royalty (NASDAQ: UROY)</a> is seeking to tap into this opportunity by exclusively investing in uranium interests including royalties, streams, commodities, debt and equity in uranium companies.It's a quite interesting business model considering their exclusive focus on uranium and the outlook for nuclear energy. <a class="link" href="https://bit.ly/uraniumroyalty" target="_blank" rel="noopener noreferrer nofollow">Check out Uranium Royalty's portfolio.</a><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Blackstone is nearing a $5B minority stake acquisition for parts of Rogers Communications' wireless infrastructure </li><li>State-owned Saudi Agricultural & Livestock Investment is in advanced talks to acquire the remaining ~66% stake in $4B Olam Agri from Olam </li><li>Data center operator Global Switch is exploring a majority stake sale in its UK business at a ~$2B valuation </li><li>Lionheart Capital and Orienta Capital Partners will acquire yacht maker Sunseeker International from Chinese conglomerate Dalian Wanda for $206M </li><li>Argentina’s Pluspetrol agreed to acquire most of ExxonMobil’s assets in Argentina’s Vaca Muerta shale patch </li><li>Management's CEO acquired Carlyle's majority stake in Tunisia O&G producer Mazarine Energy</li></ul>VC<ul><li>Electric aerospace startup BETA raised a $318M Series C led by QIA </li><li>Sana Labs, an AI startup personalizing online training for professionals, raised a $55M Series C at a $500M valuation led by NEA </li><li>Video AI startup Spot AI raised a $31M round led by Qualcomm Ventures</li><li>Tabs, a revenue automation platform for B2B firms, raised a $25M Series A led by General Catalyst</li><li>Noma Security, a security solutions for AI apps, raised a $25M Series A led by Ballistic Ventures </li><li>Bitcoin rollup startup Citrea raised a $14M Series A led by Founders Fund </li><li>Buddy.ai, an AI-powered English language tutor, raised an $11M seed round led by BITKRAFT Ventures </li><li>Food ordering tech startup MealMe raised an $8M Series A led by Mercury Fund </li><li>Swoove Studios, a Belgian 3D animation software firm, raised a $7.5M seed round led by European angels</li><li>Naptha AI, a platform orchestrating multiple AI agents, raised a $6M pre-seed round led by Arche Capital and Cyber Fund </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Indian food delivery giant Swiggy's $1.4B IPO is oversubscribed by over 11x </li><li>Comcast is considering spinning off its cable networks including MSNBC and CNBC</li><li>US-listed healthcare insurtech Waterdrop is considering a secondary listing in Hong Kong </li></ul>Debt<ul><li>Chinese carmaker Great Wall Motor is considering a $1B convertible bond sale </li><li>Financial services firm NewDay will acquire UK grocer Sainsbury's Argos credit card portfolio for $935M <a class="link" href="https://www.bloomberg.com/news/articles/2024-10-31/sainsbury-s-in-720-million-deal-to-sell-argos-credit-cards?srnd=phx-deals" target="_blank" rel="noopener noreferrer nofollow"> </a></li></ul>Bankruptcy / Restructuring / Distressed<ul><li>PE-backed UK fitness chain PureGym will acquire most of bankrupt US gym operator Blink Fitness's assets for $121M</li><li>CarePoint Health, a hospitals operator in New Jersey, is preparing to file for Chapter 11 bankruptcy </li><li>Restaurant chain TGI Fridays is in talks to file for Chapter 11 bankruptcy</li><li>A rival creditor group offered UK utility Thames Water a friendlier $3.9B emergency debt package </li><li>A court ruled Signa Prime Selection’s restructuring plan as unlawful, pushing the Austrian real estate unit towards liquidation </li></ul>Fundraising<ul><li>Ex-Goldman partner Jo Natauri plans to raise an $850M debut fund for her new healthcare PE firm Invidia Capital Management</li><li>MaC VC raised $150M for its third fund in three years </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>US indicted the founder of crypto firm Gotbit for wire fraud (<a class="link" href="https://www.reuters.com/legal/us-indicts-founder-crypto-firm-gotbit-alleged-market-manipulation-2024-10-31/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Crypto trading volume is up at Robinhood (<a class="link" href="https://www.theblock.co/post/323850/robinhoods-q3-crypto-trading-volumes-increase-to-14-4-billion-more-than-double-from-last-year" target="_blank" rel="noopener noreferrer nofollow">TB</a>)</li><li>Crypto industry expects friendlier regulations, regardless of presidency (<a class="link" href="https://www.reuters.com/world/us/us-crypto-industry-expects-friendlier-washington-whoever-wins-white-house-2024-10-31/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Retail investors are piling into Bitcoin and gold ahead of elections (<a class="link" href="https://www.cnbc.com/2024/10/31/retail-investors-pile-into-bitcoin-and-gold-ahead-of-the-election.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>Monetary Metals is the only company in the world offering <a class="link" href="https://monetary-metals.com/?utm_source=execsum-ad&utm_medium=secondary&utm_campaign=Execsum" target="_blank" rel="noopener noreferrer nofollow">yields on gold, paid in gold</a>. Their Gold Yield Marketplace® connects investors with businesses that use gold productively, enabling investors to earn interest from gold bonds and leases. The best part? All payments are denominated in gold and retain real exposure to price appreciation. <a class="link" href="https://monetary-metals.com/?utm_source=execsum-ad&utm_medium=secondary&utm_campaign=Execsum" target="_blank" rel="noopener noreferrer nofollow">Check out their offerings at the </a><a class="link" href="https://monetary-metals.com/?utm_source=execsum-ad&utm_medium=secondary&utm_campaign=Execsum" target="_blank" rel="noopener noreferrer nofollow">Gold Yield Marketplace</a><a class="link" href="https://monetary-metals.com/?utm_source=execsum-ad&utm_medium=secondary&utm_campaign=Execsum" target="_blank" rel="noopener noreferrer nofollow">®</a></li><li>Jared Dillian wrote an incredibly insightful long-form piece <a class="link" href="https://www.jareddillianmoney.com/street-freak/next-big-short-opt" target="_blank" rel="noopener noreferrer nofollow">making the case for a bubble in PE</a>.</li><li>With US election betting on a roll, FT's Oliver Roeder and Sam Learner sat down to explain <a class="link" href="https://www.ft.com/content/a58d23e2-476a-4935-bae7-9e78e7e01059" target="_blank" rel="noopener noreferrer nofollow">how these markets work and what can be learned from them</a>.</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1851828270003572908" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/cbdbd76c-fb27-4186-9c96-1b6c9253a770/image.png?t=1730425583"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/junkbondinvest/status/1852026722117452255" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/bd5e79dd-bdef-41e3-86dd-41afe27e1ca9/image.png?t=1730425535"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/netcapgirl/status/1851717663812391241" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1b888d04-ffa2-4c08-a1f4-068ab6e5e7f6/image.png?t=1730425664"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Super Short Micro</title> <description></description> <link>https://www.execsum.co/p/super-short-micro</link> <guid isPermaLink="true">https://www.execsum.co/p/super-short-micro</guid> <pubDate>Thu, 31 Oct 2024 10:45:00 +0000</pubDate> <atom:published>2024-10-31T10:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ee60ff7e-8416-4e3e-bc50-68b11d294cb4/image.png?t=1730344325"/></a></div>Good Morning,Florida accidentally banned banks from doing business, UK's new budget took aim at PE, FOMO is driving gold to historic highs, and EY severed ties with Supermicro on serious 'integrity' concerns.The once high-flying AI darling has been getting absolutely cooked with a whistleblower lawsuit, a scathing <a class="link" href="https://hindenburgresearch.com/smci/" target="_blank" rel="noopener noreferrer nofollow">short report</a>, delayed earnings, a federal investigation, and its auditor resigning, all within the last six months. This isn't even their first such controversy, having been delisted in 2018!Move on from the daily deluge of tedious tasks and streamline all your investment processes with <a class="link" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">BlueFlame AI, a GenAI platform for alternative investments. </a>Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d79947e7-5098-4c1c-8866-5def91b75c11/image.png?t=1730324098"/><div class="image__source">As of 10/30/2024 market close.</div></div>Markets<ul><li>US stocks fell yesterday as investors digested Big Tech earnings and economic data</li><li>UK 10Y gilt yield spiked to 4.36% in response to the UK budget </li><li>Gold soared to new ATHs</li><li>Implied dollar volatility surged to its highest since March 2023 in its biggest one-day rise since 2017 ahead of US elections</li></ul>Earnings<ul><li>Microsoft beat Q1 EPS and revenue estimates as AI demand fueled growth in its cloud business, though Q2 guidance fell short of expectations (<a class="link" href="https://www.cnbc.com/2024/10/30/microsoft-msft-q1-earnings-report-2025.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Meta beat Q3 EPS estimates and posted record revenue but missed on user growth and warned of significant acceleration in AI CapEx (<a class="link" href="https://www.cnbc.com/2024/10/30/meta-q3-earnings-report-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Starbucks missed Q3 EPS and revenue estimates on a third-straight quarterly sales decline, prompting new CEO Niccol to announce fundamental changes in menu, prices and offerings (<a class="link" href="https://www.cnbc.com/2024/10/30/starbucks-sbux-q4-2024-earnings.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Coinbase missed Q3 EPS and revenue estimates as low Bitcoin volatility led to muted crypto trading (<a class="link" href="https://www.cnbc.com/2024/10/30/coinbase-coin-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Eli Lilly missed Q3 EPS estimates and slashed FY guidance amid disappointing sales in its blockbuster weight loss and diabetes drugs (<a class="link" href="https://www.cnbc.com/2024/10/30/eli-lilly-lly-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>DoorDash beat Q3 estimates on its first-ever profit and gave a strong Q4 forecast as it seeks to capture resilient demand for online delivery (<a class="link" href="https://www.reuters.com/business/retail-consumer/doordash-forecasts-strong-fourth-quarter-bets-demand-online-delivery-2024-10-30/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>What we're watching this week: <ul><li>Today: Apple, Amazon, Intel, Uber</li><li>Friday: ExxonMobil, Chevron</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul>🇺🇸 Election Forecast<div class="image"><a class="image__link" href="https://kalshi.onelink.me/1r91/lit" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/33c37577-27d2-4158-9d34-4cebd5d7154c/image.png?t=1730350567"/></a><div class="image__source">As of 10/30/2024.</div></div><ul><li>Make a deposit now to guarantee trades up until Election Day! Bet the election legally, <a class="link" href="https://kalshi.onelink.me/1r91/lit" target="_blank" rel="noopener noreferrer nofollow">only on Kalshi.</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>US hiring surged by the most since July 2023 (<a class="link" href="https://www.cnbc.com/2024/10/30/private-job-creation-totaled-a-stunning-233000-in-october-far-more-than-expected-adp-says.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>US GDP grew 2.8% YoY on resilient consumer spending (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-30/us-economy-expands-at-2-8-rate-powered-by-resilient-consumer?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Eurozone GDP grew 1.5% YoY in a two-year high (<a class="link" href="https://www.cnbc.com/2024/10/30/euro-zone-gdp-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Treasury will maintain auction sizes for next several quarters (<a class="link" href="https://www.reuters.com/markets/rates-bonds/us-treasury-keeps-auction-sizes-through-january-2025-announces-125-billion-2024-10-30/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>UK budget reveals £40B tax hikes aimed at PE and wealthy (<a class="link" href="https://www.ft.com/content/667a4d80-4fa4-402a-a109-ac913d9e6422" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Australia inflation fell to 2.8% to its lowest since early 2021 (<a class="link" href="https://www.reuters.com/markets/australia-q3-inflation-slows-3-12-year-low-core-more-stubborn-2024-10-30/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Florida accidentally banned banks from doing business (<a class="link" href="https://www.wsj.com/finance/regulation/florida-accidentally-banned-banks-from-doing-business-in-sunshine-state-067383e3?mod=hp_lead_pos11" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Equal-weight European index funds are seeing record inflows (<a class="link" href="https://www.ft.com/content/c3fdc1d3-50d9-4948-968e-796f17ebc89f" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Value and volume of gold demand hit record highs (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-30/world-gold-demand-tops-100-billion-as-western-investors-pile-in" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>AI's $1.3T future increasingly hinges on Taiwan (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-30/how-ai-s-1-3-trillion-future-increasingly-hinges-on-taiwan?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>EY resigned as Supermicro's auditor on 'integrity' concerns (<a class="link" href="https://www.cnbc.com/2024/10/30/super-micro-auditor-resigns-after-raising-concerns-months-earlier.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Samsung's smartphone crown slips as tech giant faces reckoning (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-29/samsung-s-122-billion-market-wipeout-shows-risk-of-missing-nvidia-led-ai-boom" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Volkswagen profit plunged 64% on China woes (<a class="link" href="https://www.ft.com/content/b5d916ad-2fda-46cb-838a-070c092861af" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>KKR and ECP will invest $50B in AI data center and power projects (<a class="link" href="https://www.wsj.com/business/energy-oil/wall-street-giants-to-make-50-billion-bet-on-ai-and-power-projects-b435a549?mod=hp_lead_pos10" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Dropbox laid off 20% of its workforce (<a class="link" href="https://www.wsj.com/tech/dropbox-cuts-20-of-workforce-ecdc3003?mod=tech_lead_pos4" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Spirit will furlough 330 more pilots (<a class="link" href="https://www.reuters.com/business/aerospace-defense/spirit-airlines-furlough-hundreds-pilots-2024-10-30/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>US cracked down on Russia's facilitators worldwide (<a class="link" href="https://www.ft.com/content/7d5ed8ad-2251-47fc-835a-61f021fe12a2" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Scott Murray was sentence to prison over a fake $4B Getty Images bid (<a class="link" href="https://www.reuters.com/legal/investor-gets-prison-time-fake-4-billion-getty-images-takeover-bid-2024-10-29/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>US 30Y mortgage rate surged to 6.73%, the highest since July (<a class="link" href="https://www.reuters.com/markets/us/us-30-year-mortgage-rate-surges-673-highest-since-july-2024-10-30/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-blue-flame">A Message from BlueFlame</h2><div class="image"><a class="image__link" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/35eabc0c-991b-4c16-a745-44514420845d/image.png?t=1730320919"/></a></div>Unleash the Transformational Powers of BlueFlame AI this Halloween!<a class="link" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">BlueFlame AI</a> has conjured a wickedly powerful spell to transform your operations. Our GenAI stalks the deepest, darkest depths of your firm's bottomless data pit, devouring expert network transcripts, CIMs, board decks, emails, and broker research like a ravenous werewolf.With a wave of our digital wand, we summon templated PowerPoint decks and IC memos from the abyss, saving you from the bone-chilling horrors of manual labor.But wait, there's more! Our cauldron of tools extends to the entire firm, including the DDQ automation potion that magically slashes hours off your due diligence process, freeing you from the tedious task of battling paperwork demons.For the truly intrepid souls, summon a demo and behold the bewitching power of BlueFlame AI with your own eyes. But beware – once you've glimpsed the future, there's no turning back from the transformational power of AI!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://land.blueflame.ai/request-a-demo-with-blueflame?utm_source=execsum&utm_medium=newsletter"> Summon a demo today </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>German engineering group Siemens agreed to buy software maker Altair Engineering for $10B, including debt </li><li>The family of Susan Y. Kim, which controls Amkor Technology, is in talks to acquire a minority stake in the NFL's Philadelphia Eagles from Jeff Lurie at an $8B valuation </li><li>$2.7B-listed Japanese lift-maker Fujitec is in talks sell to PE </li><li>Brookfield acquired a $2.3B stake in four offshore wind farms from Danish energy giant Orsted </li><li>Insurers Allianz, Aviva, Sampo, and Ageas are among potential bidders for Bain Capital-owned UK insurer Esure, which could fetch $1.9B </li><li>Norway-owned energy giant Equinor will acquire a 60% stake in non-operated natural gas assets in PA from EQT for $1.3B </li><li>Francisco Partners will acquire Global Payments' medical software business AdvancedMD for $1.13B </li><li>ConocoPhillips is exploring a sale of some of its Permian Basin shale operations for over $1B </li><li>Investment firm Aquarian acquired a majority stake in PACE Equity and will invest $1B in the sustainable CRE lender </li></ul>VC<ul><li>Chinese data center firm GDS raised $1B Series B led by Coatue and Baupost</li><li>Tencent-backed fintech Airwallex is in talks to raise $200M at a $6B valuation </li><li>Customer service Ai startup Regal raised a $40M round from Emergence Capital, Founder Collective, and Homebrew</li><li>Zenity, a startup securing agentic AI, raised a $38M Series B led by Third Point Ventures and DTCP</li><li>Neara, an AI-powered predictive modeling software for critical infrastructure, raised a $31M Series C led by EQT </li><li>Specialized bond ETF provider BondBloxx raised a $27M round led by Macquarie</li><li>Procurify, a proactive spend management solutions, received $20M in growth capital from CIBC Innovation Banking</li><li>Remote sensing startup Matter Intelligence raised a $12M seed round led by Lowercarbon Capital</li><li>Databento, a financial data startup, raised $10M from Belvedere Trading, Clear Street, Lightscape Partners, and others </li><li>Bifrost, a startup helping industrial companies speed up model training, raised an $8M Series A led by Carbide Ventures </li><li>Verax AI, an enterprise-grade software solutions for visibility and control of AI in production, raised a $7.6M seed round led by TQ Ventures </li><li>Autonomous GenAI-for-code startup Diffblue raised a $6.3M round led by IP Group, Parkwalk Advisors, and AlbionVC </li><li>Hummingbirds, a platform connecting hyperlocal creators with brands, raised a $5.4M round led by Allos Ventures, Ground Game, and others </li><li>CREW Carbon, a decarbonization platform for wastewater, raised a $5.3M seed round led by Counteract </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Korea Zinc plans to raise $1.8B in a discounted stock offering equivalent to 18% of outstanding shares </li><li>A group of investors led by Emirates Driving will invest over $1B in Vietnamese EV maker VinFast </li></ul>Debt<ul><li>Danish logistics giant DSV launched a $5.4B bond sale to fund its $15.5B acquisition of Deutsche Bahn's DB Schenker unit </li></ul>Bankruptcy / Restructuring / Distressed <ul><li>BlackRock-owned insurance claims manager Alacrity Solutions is in restructuring talks with private credit lenders Antares, Blue Owl, and KKR</li></ul>Fundraising<ul><li>MM PE firm Berkshire Partners closed its eleventh flagship fund at $7.8B </li><li>PIMCO raised $2B for its specialty asset-based private lending strategy </li><li>European growth equity firm Verdane raised $755M for a second decarbonization fund </li><li>PE firm Inverness Graham closed its inaugural high-growth LMM fund with $238M </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>MicroStrategy plans to raise $42B to buy more Bitcoin (<a class="link" href="https://www.coindesk.com/business/2024/10/30/michael-saylors-microstrategy-plans-to-raise-42b-to-buy-more-bitcoin-over-next-3-years/" target="_blank" rel="noopener noreferrer nofollow">CD</a>)</li><li>MrBeast is being investigated for insider trading and crypto scams (<a class="link" href="https://crypto.news/youtuber-mrbeast-allegedly-netted-23m-from-crypto-scams/" target="_blank" rel="noopener noreferrer nofollow">CN</a>)</li><li>FTX's Nishad Singh received no prison time after cooperating (<a class="link" href="https://www.cnbc.com/2024/10/30/ftxs-nishad-singh-gets-not-jail-time-3-years-supervised-release.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>In 2024, there's no reason for your portfolio companies to be wasting time on financial busywork. <a class="link" href="https://ramp.com/pe-partnerships?utm_source=newsletter&utm_medium=paid&utm_campaign=litquidity-campaign" target="_blank" rel="noopener noreferrer nofollow">Ramp</a>'s all-in-one platform allows firms to fully automate all financial operations to improve efficiency and profitability across the board. Automate your financial operations with <a class="link" href="https://ramp.com/pe-partnerships?utm_source=newsletter&utm_medium=paid&utm_campaign=litquidity-campaign" target="_blank" rel="noopener noreferrer nofollow">Ramp, the FinOps platform trusted by hundreds of PE and VC firms.</a></li><li>Wilson's got some incredible deals across apparel and equipment this fall. <a class="link" href="https://wilson.aqpq.net/m5AV9O" target="_blank" rel="noopener noreferrer nofollow">Shop the collection here</a>.</li><li>Sujeet Indap wrote a great piece on Callaway's failed acquisition of TopGolf. In other words, <a class="link" href="https://www.ft.com/content/d9ab4455-e191-497f-80a7-207a01d80ced?shareType=nongift" target="_blank" rel="noopener noreferrer nofollow">a high-performance golf lab's ambitious venture into hospitality real estate</a>.</li><li>Jeff Bezos took to his very own Washington Post to defend their rare refusal to endorse a US presidential candidate. <a class="link" href="https://www.washingtonpost.com/opinions/2024/10/28/jeff-bezos-washington-post-trust/" target="_blank" rel="noopener noreferrer nofollow">A critical opinion in our polarized times</a>…</li><li>Luke Kawa explained why US yields seem to be bucking the Fed and the <a class="link" href="https://sherwood.news/markets/bond-market-interest-rates-donald-trump-potential-impacts/" target="_blank" rel="noopener noreferrer nofollow">Trump factor may not be the most obvious explanation</a>. </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1851641455023988935" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/322decfb-0d71-4a31-8b08-f86eaeb43ef2/image.png?t=1730319970"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/armadillo_rick/status/1851425225910423567" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/25f1b4df-59db-4ab4-a5b0-8779e50aa789/image.png?t=1730320037"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/lhamtil/status/1851635001713905779" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/22b33960-c3e5-490d-80c8-7e1055db86ed/image.png?t=1730320367"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>A Googol Fine For Google</title> <description></description> <link>https://www.execsum.co/p/a-googol-fine-for-google</link> <guid isPermaLink="true">https://www.execsum.co/p/a-googol-fine-for-google</guid> <pubDate>Wed, 30 Oct 2024 10:45:00 +0000</pubDate> <atom:published>2024-10-30T10:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/7f2584e0-593f-4fdf-8d31-ad8f2dcf4c1b/image.png?t=1730231792"/></a></div>Good Morning,OpenAI is working on an in-house AI chip, big banks see dealmaking growth continuing into next year, early megacap earnings came in mixed, and Russia fined Google more money than what exists on Earth. Invest in institutional-caliber private markets with <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">10 East</a>, a membership-based investment platform offering targeted exposure to PE, VC, and more.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/4a775523-5ed7-4a1e-9a9c-ddfbad7ba68f/image.png?t=1730239488"/><div class="image__source">As of 10/29/2024 market close.</div></div>Markets<ul><li>US stocks mostly rose as investors braced for a slew of megacap earnings<ul><li>Nasdaq closed at a new record high</li></ul></li><li>US bond markets are pricing the biggest post-election volatility in over 30 years, with some targeting a 4.5% yield on the 10Y</li><li>UK 10Y gilt yields hit 4.32%, a post-election high</li><li>Gold hit a fresh record high</li><li>Bitcoin hit $73k for the first time since March, inches away from an ATH</li></ul>Earnings<ul><li>Alphabet rose 6% after beating Q3 EPS and revenue estimates as its AI offerings boosted growth in its cloud unit (<a class="link" href="https://www.cnbc.com/2024/10/29/alphabet-to-report-q3-earnings-after-the-bell.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>AMD fell 8% despite doubling revenue for a second-straight quarter as its in-line Q4 forecast failed to impress growth-hungry AI investors (<a class="link" href="https://www.cnbc.com/2024/10/29/amd-earnings-report-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Reddit jumped 25% after beating Q3 estimates and forecasting an optimistic Q4 on resilience in user traffic (<a class="link" href="https://www.cnbc.com/2024/10/29/reddit-rddt-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Visa beat Q4 EPS and revenue estimates on an 8% jump in payments volume; it will cut 1.4k jobs to streamline its international business (<a class="link" href="https://www.wsj.com/business/visa-plans-to-lay-off-around-1-400-employees-and-contractors-cd278c71?mod=livecoverage_web" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>) </li><li>PayPal fell 4% after missing on Q3 revenue and Q4 guidance as the fintech seeks to address deteriorating take rates (<a class="link" href="https://www.cnbc.com/2024/10/29/paypal-pypl-q3-2024-earnings.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Chipotle fell 5% after missing Q3 revenue and same-store sales expectations as growth across income brackets and a re-emphasis on generous portions failed to meet investors' high bar (<a class="link" href="https://www.cnbc.com/2024/10/29/chipotle-mexican-grill-cmg-q3-2024-earnings.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>McDonald's beat Q3 EPS and revenue estimates as US restaurants reversed a same-store sales decline, though the E. coli outbreak may weigh on Q4 (<a class="link" href="https://www.cnbc.com/2024/10/29/mcdonalds-mcd-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>Pfizer beat Q3 EPS and revenue estimates and hiked FY guidance on strength in its Covid products; a crucial win amid an activist campaign (<a class="link" href="https://www.cnbc.com/2024/10/29/pfizer-pfe-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>What we're watching this week: <ul><li>Today: Microsoft, Meta, Coinbase, Eli Lilly </li><li>Thursday: Apple, Amazon, Intel, Uber</li><li>Friday: ExxonMobil, Chevron</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul>🇺🇸 Election Forecast<div class="image"><a class="image__link" href="https://kalshi.onelink.me/1r91/lit" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/3bc57efa-63d7-41d4-b575-53d47426d429/image.png?t=1730248489"/></a></div><ul><li>Trump's lead is hovering near a 28% high on Kalshi! Get $20 to trade the election when you deposit $100 or more. <a class="link" href="https://kalshi.onelink.me/1r91/lit" target="_blank" rel="noopener noreferrer nofollow">See live odds and bet now.</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>US job openings dropped to the lowest since January 2021 (<a class="link" href="https://www.cnbc.com/2024/10/29/consumer-confidence-surges-as-election-nears-job-openings-move-lower.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>China may issue over $1.4T in extra debt over next few years (<a class="link" href="https://www.reuters.com/world/china/eyeing-us-election-china-considers-over-14-trillion-extra-debt-over-next-few-2024-10-29/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Goldman and Morgan Stanley CEOs see more dealmaking in 2025 (<a class="link" href="https://www.reuters.com/business/finance/goldman-sachs-morgan-stanley-ceos-see-more-dealmaking-2025-2024-10-29/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>FTC's new merger rules came from rare bipartisan compromise (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-29/ftc-antitrust-merger-rules-issued-after-rare-bipartisan-compromise?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Asset-backed debt sales topped $313B to beating a post-GFC record (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-29/asset-backed-sales-top-313-billion-beating-post-gfc-record?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>JPMorgan says fear has receded in a $1.8T SSLs market (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-29/jpmorgan-says-fear-has-receded-in-a-1-8-trillion-loans-market?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>PwC profits fell 13% in Asia after China and Australia scandals (<a class="link" href="https://www.ft.com/content/8e86e691-5192-4cd8-8ea5-839b4a1c352a" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Saudi Arabia's PIF is pivoting away from international investments (<a class="link" href="https://www.ft.com/content/5004fbc6-23e2-4b9f-9885-14e1ea724ce2" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>OpenAI is working with Broadcom and TSMC to build in-house AI chips (<a class="link" href="https://www.reuters.com/technology/artificial-intelligence/openai-builds-first-chip-with-broadcom-tsmc-scales-back-foundry-ambition-2024-10-29/" target="_blank" rel="noopener noreferrer nofollow">RT</a>) </li><li>Adani Enterprises profit rocketed 7x on growing infrastructure business (<a class="link" href="https://www.ft.com/content/c9fe5f16-ee48-46f0-98ea-3c13cc09765f" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Russia fined Google $2.5D (<a class="link" href="https://www.themoscowtimes.com/2024/10/29/russia-fines-google-25-decillion-over-youtube-bans-rbc-a86846" target="_blank" rel="noopener noreferrer nofollow">MT</a>)</li><li>Adidas settled all lawsuits with Kanye West (<a class="link" href="https://www.wsj.com/business/retail/adidas-sprints-in-recovery-race-as-profit-surges-bcf74e47?mod=business_feat1_retail_pos2" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>'Roaring Kitty' Keith Gill dissolved his entire stake in Chewy (<a class="link" href="https://www.reuters.com/markets/us/roaring-kitty-dissolves-stake-chewy-filing-shows-2024-10-29/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Feds raided the NYC jail where SBF and Diddy are being held (<a class="link" href="https://www.bloomberg.com/en/news/thp/2024-10-28/urgent-authorities-launch-interagency-operation-at-federal-jail-in-new-york-housing-sean-diddy-combs?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-10-east">A Message from 10 East</h2><div class="image"><a class="image__link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/bedb5672-3674-4b22-8544-7ce03ac22064/image.png?t=1730231699"/></a></div>Where Sophisticated Investors Access Private Markets<a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">10 East</a> is a co-investment platform where sophisticated investors access private market investments alongside a veteran team with a 12+ year track record of strong performance across over 350 transactions. The firm is led by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner.Members have the flexibility to participate on a deal-by-deal basis across private equity, credit, real estate, and venture capital.Benefits of <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">10 East membership</a> include:  <ul><li>Flexibility – members have full discretion over whether to invest on an offering-by-offering basis. </li><li>Alignment – principals commit material personal capital to every offering.  </li><li>Institutional resources – a dedicated investment team that sources and diligences each offering.</li></ul>There are no upfront costs or commitments associated with joining 10 East.Exec Sum readers can join 10 East with complimentary access <a class="link" href="https://app.10east.co/?utm_source=ExecSum&utm_medium=CPC&utm_campaign=Feb24-&utm_content=Newsletter1" target="_blank" rel="noopener noreferrer nofollow">here</a>.<hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>BlackRock is in advanced talks to buy private credit giant HPS at an over $11B valuation</li><li>America's largest pipeline system Colonial Pipeline is weighing a sale at a $10B valuation </li><li>Europe's largest broadcaster RTL Group is exploring a merger for its $2.1B Fremantle production unit </li><li>A JV between Hilco Global and TPG acquired rights to B. Riley Financial's consumer brands for $236M </li><li>Municipal finance lender Preston Hollow is exploring a sale </li><li>Sports PE firm Arctos is in talks to buy minority a stake in NFL's Buffalo Bills </li><li>Czech utility CEZ acquired a 20% stake in Rolls-Royce's small nuclear reactor business</li><li>Abu Dhabi-owned growth equity firm CYVN agreed to acquire 100% of McLaren's automotive business from Bahrain's SWF Mumtalakat </li></ul>VC<ul><li>Musk's xAI in talks to raise funding at a $40B valuation</li><li>Data center start-up Crusoe Energy is raising $500M at a $3B valuation led by Founders Fund </li><li>Fingercheck, a payroll and HR platform for SMBs, raised a $115M growth round led by Edison Partners </li><li>African fintech Moniepoint raised a $110M Series C at a $1B valuation led by Development Partners International </li><li>GMI Cloud, a GPU cloud infrastructure startup, raised an $82M Series A led by Headline Asia </li><li>INBRAIN Neuroelectronics, a brain-computer interface therapeutics startup, raised a $50M Series B led by imec.xpand </li><li>Petfolk, a provider of veterinary and urgent care, raised a $36M Series C led by Deerfield Management </li><li>Reflexivity, an AI solutions for the investment industry, raised a $30M Series B led by Greycroft and Interactive Brokers </li><li>EvoluteIQ, an AI-powered end-to-end automation platform, raised $20M led by Round2 Capital </li><li>Elevate, a consumer-directed benefits administration platform, raised a $20M growth round led by Fin Capital</li><li>Infraspeak, a collaboration platform for facility management, raised a $19.5M Series B led by Endeit Capital </li><li>Semble, a UK-based healthtech SaaS startup, raised a $15M Series B led by Mercia Ventures </li><li>Brightwave, an AI agent to help asset managers find signal, raised a $15M Series A led by Decibel Partners </li><li>Tilled, a PayFac-as-a-Service startup, raised $12.5M in funding led by Canvas Ventures and UPC Capital Ventures </li><li>HOMEE, an AI-driven direct repair network for the insurance industry, raised a $12M Series C led by W.R. Berkley Corporation </li><li>RIFT, a startup decarbonizing energy-intensive industries with iron fuel, raised an $11.5M Series A from PGGM, Invest-NL, and more </li><li>Table22, an e-commerce tools for the food and beverage industry, raised an $11M Series A led by Lightspeed Venture Partners</li><li>Matia, a unified data operations platform, raised $10.5M led by Leaders Fund and Secret Chord Ventures </li><li>Infinite Machine, a startup building futuristic urban transit alternatives, raised a $9M seed round led by a16z </li><li>CredibleMind, a mental wellbeing platform, raised a $7.5M Series A led by Horizon Mutual </li><li>Auquan, an AI startup automating deep work in finance, raised a $4.5M seed extension led by Peak XV </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Boeing raised $21.1B in an expanded share sale </li></ul>Debt<ul><li>Colombia sold $3.6B of dollar bonds </li><li>Slovakia sold $2.2B of Eurobonds in a syndicated sale </li><li>Soccer team investor Eagle Football is seeking to borrow $300M to help repay part of a loan from Ares </li></ul>Bankruptcy / Restructuring / Distressed<ul><li>TPG-owned orthopedics medtech Exactech filed for bankruptcy after being sued for defective implants </li></ul>Fundraising<ul><li>Blackstone raised $22B for an evergreen direct-lending fund </li><li>Energy-focused PE firm Quantum Capital raised $10B for its eight flagship and other funds </li><li>TPG raised $4.4B for its second climate fund </li><li>Adams Street Partners raised $1.1B for its Global Fund Program to invest in small to mid-market firms </li><li>Carlyle-subsidiary AlpInvest Partners closed a $1B collateralized fund obligation</li><li>Hollywood's Olivia Wilde co-founded Proximity Ventures with plans to raise over $100M</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>USDC stablecoin issuer Circle raised fees to cash out <a class="link" href="https://www.bloomberg.com/news/articles/2024-10-29/circle-raises-stablecoin-fees-despite-rising-crypto-market-competition-usdc" target="_blank" rel="noopener noreferrer nofollow">BBG</a></li><li>Treasury's new financial inclusion strategy makes no mention of crypto (<a class="link" href="https://www.coindesk.com/policy/2024/10/29/crypto-ghosted-in-us-treasury-departments-new-strategy-on-financial-inclusion/" target="_blank" rel="noopener noreferrer nofollow">CD</a>)</li><li>Bitcoin miners are cutting costs and embracing AI post-halving (<a class="link" href="https://cointelegraph.com/news/bitcoin-miners-compete-costs-pivot-ai-post-halving-coinshares" target="_blank" rel="noopener noreferrer nofollow">CT</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>Alt Managers, stop wasting your time managing vendors, contracts, invoices, and expense allocations manually in Excel. StavPay was built to automate and streamline this process and now has over 90 managers with $2.2T AUM leveraging the system daily. Learn more at <a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">stavpay.com</a> and <a class="link" href="https://stavtar.com/contact-us/" target="_blank" rel="noopener noreferrer nofollow">schedule a demo today.</a></li><li>Recruiting for Investment Banking? Check out Leland's <a class="link" href="https://go.joinleland.com/courses/investment-banking-recruiting-bootcamp?utm_source=ExecSum" target="_blank" rel="noopener noreferrer nofollow">Investment Banking Recruiting Bootcamp</a> taught by expert coaches from top banks. Includes 8 hours of LIVE instruction, technical skill assignments and drills, 1:1 mock interview with expert coaches and more. Use code "LIT600" to get 50% off!</li><li>Joachim Klement explained the curious case of <a class="link" href="https://klementoninvesting.substack.com/p/the-curious-case-of-cross-country" target="_blank" rel="noopener noreferrer nofollow">why stock market momentum seems to persist across borders. </a></li><li>Callie Cox wrote an interesting piece on the issue of US national debt, <a class="link" href="https://www.optimisticallie.com/p/the-35-trillion-fright" target="_blank" rel="noopener noreferrer nofollow">this time playing the devil's advocate. </a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/varunkhurana99/status/1851318940300939533" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/566251f5-e1a3-46f2-b793-8de720c014f8/image.png?t=1730232905"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/james406/status/1850900464885219625" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5190beff-a198-44f6-972b-242cf291c8e8/image.png?t=1730232861"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/junkbondanalyst/status/1851312861550698986" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/a4fb9241-8369-4c4a-86a7-7d07a6908e67/image.png?t=1730233017"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>Trouble Brewing at Volkswagen</title> <description></description> <link>https://www.execsum.co/p/trouble-brewing-at-volkswagen</link> <guid isPermaLink="true">https://www.execsum.co/p/trouble-brewing-at-volkswagen</guid> <pubDate>Tue, 29 Oct 2024 10:45:00 +0000</pubDate> <atom:published>2024-10-29T10:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://www.bill.com/offers/spooky-spending?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=202410-prm-dc-up-6198-demo-apple-airpods-giveaway-product-interest-se" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe9s8ME8REV1StwkwUBsN2Jqbmj_Zee39lq1fCWA31IHs8cJhi9outrUgK7PXXA57uYyvyOfBsCgfBeXHT9MHcwtenR5ZbpVmy0t2rLwkD3g5V_OWaSGlWsOjslwGJbQEz6FNtxV1V4BLyzCf1naExaxBBM?key=s-VLoVXTbVkZcgNFUNXnCg"/></a></div>Good Morning,Jamie Dimon blasted financial regulations, leveraged loan sales hit a record high, Boeing launched a historic share sale, Meta is developing its own AI search engine, and Volkswagen is facing a major reckoning as it struggles against Chinese competition. Check out BILL's smart corporate credit card and they’ll send you a pair of new <a class="link" href="https://www.bill.com/offers/spooky-spending?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=202410-prm-dc-up-6198-demo-apple-airpods-giveaway-product-interest-se" target="_blank" rel="noopener noreferrer nofollow">Apple AirPods 4.</a>Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5814d50f-8e7b-4bdf-b1ad-3c2eef97929c/image.png?t=1730150424"/><div class="image__source">As of 10/28/2024 market close.</div></div>Markets<ul><li>US stocks rose ahead of a packed week of S&P 500 earnings </li><li>UK 10Y gilt yields hit 4.3%, on track for their worst month since April </li><li>Oil slid for its worst day in two years after Israel's attack on Iran avoided energy facilities </li></ul>Earnings<ul><li>Ford fell 6% despite topping Q3 EPS and revenue estimates due to a low FY forecast amid softening demand and hurdles in cost and quality (<a class="link" href="https://www.cnbc.com/2024/10/28/ford-motor-f-earnings-q3-2024.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>) </li><li>What we're watching this week: <ul><li>Today: Alphabet, AMD, Reddit, McDonald’s, Chipotle, Visa, PayPal, Pfizer</li><li>Wednesday: Microsoft, Meta, Coinbase, Eli Lilly </li><li>Thursday: Apple, Amazon, Intel, Uber</li><li>Friday: ExxonMobil, Chevron</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul>🇺🇸 Election Forecast<div class="image"><a class="image__link" href="https://kalshi.onelink.me/1r91/execsum" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5a95d82d-2c14-4142-8eb2-ba417ea7df9e/image.png?t=1730160076"/></a><div class="image__source">As of 10/28/2024.</div></div><ul><li>Trump's lead is at a record high 24% on Kalshi with just one week left to go!</li><li>Get $20 to trade the election when you deposit $100 or more. <a class="link" href="https://kalshi.onelink.me/1r91/execsum" target="_blank" rel="noopener noreferrer nofollow">See live odds and bet now.</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>Jamie Dimon said it's time to fight back on regulation (<a class="link" href="https://www.reuters.com/business/finance/jpmorgan-ceo-says-its-time-fight-back-regulation-2024-10-28/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>JPMorgan began suing customers over viral 'money glitch' fraud (<a class="link" href="https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>US leveraged loan sales hit a record-high $1T (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-24/us-leveraged-loan-sales-hit-record-986-billion-in-repricing-run" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>IPOs are staging a fall comeback in Europe (<a class="link" href="https://www.reuters.com/markets/europe/ipos-stage-fall-comeback-europe-2024-10-10/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>UK gilt sales are expected to rise to a record-high $400B (<a class="link" href="https://www.ft.com/content/432166d7-d0c4-4410-83cd-5ddc40021c4f" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Seven European countries match US in startup-friendly laws (<a class="link" href="https://www.reuters.com/markets/europe/seven-european-countries-match-us-startup-friendly-laws-report-says-2024-10-28/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Asset managers roll out new ETFs to tap in to AI buzz (<a class="link" href="https://www.reuters.com/technology/artificial-intelligence/asset-managers-roll-out-new-etfs-tap-ai-buzz-2024-10-28/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Elliott hunts bigger prey, testing limits in wave of activism (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-28/elliott-hunts-bigger-prey-testing-limits-in-barrage-of-activism?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Franklin Templeton hit by record outflows as clients ditch Western unit (<a class="link" href="https://www.ft.com/content/425315cf-d360-4898-863a-fb8a4c4fef42" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>US finalized restrictions on investments in Chinese tech and AI (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-28/biden-finalizes-curbs-on-us-investment-in-chinese-chip-ai-tech?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>VW may lay off tens of thousands and shutter factories for the first time since WWII (<a class="link" href="https://www.nytimes.com/2024/10/28/business/volkswagen-plant-closures-germany.html" target="_blank" rel="noopener noreferrer nofollow">NYT</a>)</li><li>CrowdStrike sued Delta for suing CrowdStrike (<a class="link" href="https://www.cnbc.com/2024/10/25/delta-suit-against-crowdstrike-after-it-outage-caused-cancellations.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Meta is developing its own AI search engine (<a class="link" href="https://www.theinformation.com/articles/meta-develops-ai-search-engine-to-lessen-reliance-on-google-microsoft" target="_blank" rel="noopener noreferrer nofollow">TI</a>)</li><li>CenterPoint reported a 700% spike in Texas AI-data center requests (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-28/centerpoint-reports-700-spike-in-texas-ai-data-center-requests?srnd=homepage-americas" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Meta, Google, TikTok and Snap will face addiction lawsuits by schools (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-24/social-media-giants-must-face-school-districts-addiction-claims?srnd=phx-technology-big-tech" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Starbucks threatened to fire staff who don’t RTO (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-28/starbucks-threatens-to-fire-staff-who-don-t-come-back-to-office?srnd=phx-industries" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Estée Lauder picked an insider but non-family member as new CEO (<a class="link" href="https://www.wsj.com/business/estee-lauder-picks-insider-as-new-ceo-7b29768f?mod=hp_lead_pos11" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-bill">A Message From BILL</h2><div class="image"><a class="image__link" href="https://www.bill.com/offers/spooky-spending?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=202410-prm-dc-up-6198-demo-apple-airpods-giveaway-product-interest-se" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXefJ50J4V5lYdC3yr4w5UeYeBdDxlaycnhFgWGfMF2QHJydufFRTawF8n2ngfZt3VEJ9VNwGHJYVehp_NGO_6cp_cZjSqH5338ur_NF_mDUZ7F55CL1fhCGhnVWloGXR0uq1N3oZyRQdedBFGwFenaDlWD5?key=s-VLoVXTbVkZcgNFUNXnCg"/></a></div>Help protect against fraud, overspending, and manual expense reports with BILL's corporate card + free software. Take a demo and we'll give you a pair of Apple AirPods 4.Are your financial operations giving you nightmares? You need BILL Spend & Expense—our powerful combination of free expense management software + the BILL Divvy Corporate Card.1Make this spooky season a little less scary by choosing BILL to help keep your company safe from fraud, overspending, and manual expense reports.With BILL, you can:<ul><li>Control spending with customizable budget controls</li><li><a class="link" href="https://www.bill.com/offers/spooky-spending?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=202410-prm-dc-up-6198-demo-apple-airpods-giveaway-product-interest-se" target="_blank" rel="noopener noreferrer nofollow">Create virtual cards that help protect from fraud & overspending</a></li><li>Automate expense reports—so you can focus on strategy </li></ul><a class="link" href="https://www.bill.com/offers/spooky-spending?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=202410-prm-dc-up-6198-demo-apple-airpods-giveaway-product-interest-se" target="_blank" rel="noopener noreferrer nofollow">Take a demo to see how BILL Spend & Expense can help you take control of spending by the end of the month and we'll give you a pair of new Apple AirPods 4</a> with noise canceling.2 So you don't have to hear what goes bump in the night.1Card issued by Cross River Bank, Member FDIC, and is not a deposit product. 2Terms and Conditions apply: See <a class="link" href="https://www.bill.com/offers/spooky-spending?utm_source=execsum&utm_medium=sponsored-email&utm_campaign=202410-prm-dc-up-6198-demo-apple-airpods-giveaway-product-interest-se" target="_blank" rel="noopener noreferrer nofollow">offer page</a> for more details.<hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>The management of Canadian security solutions firm GardaWorld will acquire most of PE firm BC Partners' controlling stake at a $9.7B valuation </li><li>Austrian crypto trading platform Bitpanda is exploring a sale or Germany IPO at a $4B valuation </li><li>Blackstone, DWS, Partners Group, Generali, Athora, Sixth Street and a consortium of Fortress and BlackRock are considering bids for Cinven-owned German life insurance firm Viridium at a potential $3.3B valuation </li><li>$2.5B-listed cybersecurity firm Rapid7 is exploring options after attracting PE takeover interest </li><li>French PE firm Ardian is in advanced talks to buy ICG-backed French renewable energy developer Akuo Energy at a ~$2.5B valuation, including debt </li><li>Japan's Nippon Paint will acquire US chemicals firm AOC from Lone Star Funds for $2.3B </li><li>AbbVie will acquire biotech Aliada Therapeutics for $1.4B cash </li><li>Infrastructure investor DigitalBridge agreed to buy UK data center firm Yondr </li><li>UK telecom BT is exploring a sale of its financial communications unit Radianz </li></ul>VC<ul><li>Sierra, an AI startup founded by OpenAI's chair, raised a $175M round at a $4.5B valuation led by Greenoaks Capital</li><li>Cybersecurity startup Armis raised a $200M Series D at a $4.2B valuation led by General Catalyst and Alkeon Capital</li><li>EV motorcycle firm Zero Motorcycles is raising a $120M round from undisclosed investors</li><li>Luxury chauffeur startup Blacklane raised a $65M Series G at an over $540M valuation from PIF </li><li>Read AI, a productivity and AI automation startup, raised a $50M Series B at a $450M valuation led by Smash Capital </li><li>European cybersecurity startup Filigran raised a $35M Series B led by Insight Partners</li><li>Osigu, an AI-powered healthcare revenue cycle and claims management platform, raised a $25M Series B led by IDC Ventures </li><li>Hydrogen-powered electric business aircraft startup Beyond Aero raised a $20M Series A led by Giant Ventures and Bpifrance </li><li>Wildfire Systems, a financial platform to power loyalty and reward programs, raised a $16M Series B led by Intuit Ventures and Mucker Capital </li><li>Abstract Security, a security data fabric and analytics platform, raised a $15M Series A led by Munich Re Ventures</li><li>German AI startup paretos raised an $9.2M Series A led by Acton Capital </li><li>Vamo, a startup building a high-efficiency heat pump, raised a $7.7M seed extension led by Extantia Capital and the GET Fund</li><li>Australian construction tech startup BuildPass raised a $7.5M seed round led by Carthona Capital</li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Boeing launched a $19B share sale, one of the largest ever by a public company, to address liquidity needs and avert a credit downgrade </li><li>Oman's OQ Exploration & Production declined 8% in its trading debut after a record $2B IPO </li><li>Renewable energy firm NextEra Energy plans to sell $1.5B of equity units to fund new projects </li><li>Middle Eastern grocer Lulu Retail's $1.4B IPO sold out within an hour </li><li>South African retailer Pick n Pay Stores will potentially IPO its low-cost Boxer for $452M in Africa's largest IPO this year </li><li>Saudi Arabian financial services firm United International Holding's $264M IPO sold out within minutes </li></ul>Debt<ul><li>Electronic equipment maker Amphenol launched a $1.5B bond sale </li><li>Mexican airline Aeromexico will sell $1.1B of bonds to refinance debt</li><li>Goldman Sachs refinanced Pallas Capital’s $330M private credit CRE fund </li><li>Bahrain-based Investcorp raised $125M to fund a dividend recap to some FOF LPs</li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Brazilian airline Azul reached a $500M financing deal with bondholders as part of a restructuring </li></ul>Fundraising<ul><li>PE firm H.I.G. Capital closed its seventh lower-MM PE fund at $2B </li><li>Private-credit firm 5C raised $1.6B for their debut fund </li><li>Bain Capital-backed Indian asset manager 360 One WAM plans to raise $357M for a private credit fund </li><li>Civil rights group NAACP plans to raise a $200M impact investment fund </li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>Crypto exchanges are turning to derivatives to lure cautious investors (<a class="link" href="https://www.ft.com/content/2c53eed9-c931-4429-b079-c1d1e52a26fa" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Hong Kong pledged more licenses for crypto exchanges by year-end (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-28/hong-kong-pledges-more-licenses-for-crypto-exchanges-by-year-end?srnd=phx-crypto" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>A good night's sleep sets the tone for the rest of your day, and <a class="link" href="https://www.eightsleep.com/lit/" target="_blank" rel="noopener noreferrer nofollow">Eight Sleep's Pod</a> will have you sleeping like a baby. The Pod, which fits on any bed, tracks your health while you sleep and automatically optimizes your body temperature and breathing throughout the night to have you waking up sharper, energetic, and fully rested from day one. <a class="link" href="https://www.eightsleep.com/lit/" target="_blank" rel="noopener noreferrer nofollow">Use code LIT to get $350 off your Eight Sleep Pod.</a></li><li>WSJ explored the growing trend of men who are staying home to facilitate their wives' high-powered careers. Read about the 'househusbands' behind some prominent <a class="link" href="https://www.wsj.com/lifestyle/careers/successful-professional-women-house-husband-1339832a" target="_blank" rel="noopener noreferrer nofollow">Big Tech C-suite execs to PE partners</a>. </li><li>Luke Kawa explained the motives behind NYSE's move to 22-hour trading, <a class="link" href="https://sherwood.news/markets/nyse-stock-exchange-22-hour-trading/" target="_blank" rel="noopener noreferrer nofollow">and it's certainly not aimed at domestic degens.</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/RampCapitalLLC/status/1850572840996638936" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:9px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/9c98aec3-2a6f-4bac-b60d-3ddd9115a30d/image.png?t=1730149168"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/BoringBiz_/status/1850573847806066888" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/61070aff-fce0-4c29-a1e0-c6eac5129c6e/image.png?t=1730149102"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/HighyieldHarry/status/1850912920374255702" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/a4f8541a-8866-4759-ab13-8fbf44fb4518/image.png?t=1730149070"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">this form</a>.☎️ <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">Book a call with Lit</a>: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time <a class="link" href="https://calendly.com/litquidity" target="_blank" rel="noopener noreferrer nofollow">here</a>.📧 <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Launch your own newsletter</a>: Have great content ideas and looking to launch your own publication? We highly recommend <a class="link" href="https://www.beehiiv.com/?via=litquidity&_ga=2.68091284.425865747.1655068082-1751285988.1638793928&_gl=1*8md5w7*_gcl_au*NDIwODY2NjAyLjE2ODA3MDIwOTIuMTI3MDk0OTA2Ny4xNjg0NzI1NzYzLjE2ODQ3MjU3NjM.*_ga*NjA3NTUwNDEuMTY4MDcwMjA5Mg..*_ga_E6Y4WLQ2EC*MTY4NDg5NTkzOS4yOTguMS4xNjg0ODk3OTY3LjYwLjAuMA.." target="_blank" rel="noopener noreferrer nofollow">Beehiiv</a> to get started.<hr class="content_break"></div></div> ]]></content:encoded> </item> <item> <title>PhDs Are the New MBAs</title> <description></description> <link>https://www.execsum.co/p/phds-are-the-new-mbas</link> <guid isPermaLink="true">https://www.execsum.co/p/phds-are-the-new-mbas</guid> <pubDate>Mon, 28 Oct 2024 10:45:00 +0000</pubDate> <atom:published>2024-10-28T10:45:00Z</atom:published> <dc:creator>Litquidity Capital</dc:creator> <content:encoded><![CDATA[ <div class='beehiiv'><style> .bh__table, .bh__table_header, .bh__table_cell { border: 1px solid #C0C0C0; } .bh__table_cell { padding: 5px; background-color: #FFFFFF; } .bh__table_cell p { color: #2D2D2D; font-family: 'Helvetica',Arial,sans-serif !important; overflow-wrap: break-word; } .bh__table_header { padding: 5px; background-color:#F1F1F1; } .bh__table_header p { color: #2A2A2A; font-family:'Trebuchet MS','Lucida Grande',Tahoma,sans-serif !important; overflow-wrap: break-word; } </style><div class='beehiiv__body'>Together with<div class="image"><a class="image__link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" rel="noopener" target="_blank"><img alt="" class="image__image" style="" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c667fecb-6c25-4488-b997-f80bdfd26784/image.png?t=1730050485"/></a></div>Good Morning,NYSE is extending trading nearly around the clock, PE and credit folks saw a mega jump in pay, investors are looking to India for US election safety, the China rally seems to have fizzled, and STEM PhDs are replacing MBA traders in numbers. Automate your complicated business spend and expense allocation process with one of the fastest growing fintech softwares in the alternative asset management space, <a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">StavPay</a>.Let's dive in.<div class="image"><a class="image__link" href="https://forms.gle/avC7V9tJseG6P39Q9" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/74cf1ad5-57ba-44c3-9546-cd89e7129556/Partner_with_us_logo_FINAL_V3.png?t=1722407247"/></a></div><h1 class="heading" style="text-align:left;" id="before-the-bell">Before The Bell</h1><div class="image"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/f789c179-1fc5-417c-bba4-78176c1b88a9/image.png?t=1730050450"/><div class="image__source">As of 10/25/2024 market close.</div></div>Markets<ul><li>US stocks closed mixed as investors positioned for further corporate earnings<ul><li>Nasdaq rose for a seventh-straight week to hit an ATH ahead of <a class="link" href="https://www.bloomberg.com/news/articles/2024-10-27/big-tech-stocks-lose-some-of-their-aura-as-earnings-growth-slows?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">crucial Big Tech earnings</a> </li><li>S&P and Dow snapped six-week wins streaks </li></ul></li><li>Canada's TSX fell for a fifth-straight day in its worst streak since April</li><li>US bonds are coming off their worst selloff in six months</li><li>Yen fell to its lowest in three months on surprise Japan election results</li></ul>Earnings<ul><li>What we're watching this week: <ul><li>Today: Ford </li><li>Tuesday: Alphabet, AMD, Reddit, McDonald’s, Chipotle, Visa, PayPal, Pfizer</li><li>Wednesday: Microsoft, Meta, Coinbase, Eli Lilly </li><li>Thursday: Apple, Amazon, Intel, Uber</li><li>Friday: ExxonMobil, Chevron</li></ul></li><li>Full calendar <a class="link" href="https://www.nasdaq.com/market-activity/earnings" target="_blank" rel="noopener noreferrer nofollow">here</a></li></ul>🇺🇸 Election Forecast<div class="image"><a class="image__link" href="https://kalshi.onelink.me/1r91/execsum" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/2d7e33b1-0017-4ff9-80be-70f73688d03a/image.png?t=1730071878"/></a></div><ul><li>Trump's lead holds steady on Kalshi with just one week left to go! </li><li>Get $20 to trade the election when you deposit $100 or more. <a class="link" href="https://kalshi.onelink.me/1r91/execsum" target="_blank" rel="noopener noreferrer nofollow">See live odds and bet now.</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="headline-roundup">Headline Roundup</h1><ul><li>NYSE will extend trading to 22 hours a day (<a class="link" href="https://www.cnbc.com/2024/10/25/new-york-stock-exchange-to-extend-after-hours-trading.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Pay for alternative investment pros rose to $1.4M (<a class="link" href="https://www.wsj.com/articles/average-pay-rises-to-1-4-million-for-private-markets-pros-93c57034?st" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>US stocks are seeing increased volatility this Q3 earnings (<a class="link" href="https://www.ft.com/content/f87e5d13-0801-4951-b69e-8b8648a099ce" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Hedge funds cut most China stock purchases since the September rally (<a class="link" href="https://www.reuters.com/markets/us/hedge-flow-hedge-funds-have-cut-most-chinese-stock-purchase-since-late-september-2024-10-25/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>European stocks hit by 'Trump effect' as odds favor Republicans (<a class="link" href="https://www.ft.com/content/c0f1d1b9-8348-4b7d-8ab7-186fcf2ebbd1" target="_blank" rel="noopener noreferrer nofollow">FT</a>)</li><li>Money funds continued to draw inflows on election caution (<a class="link" href="https://www.reuters.com/markets/us/us-money-market-funds-see-large-inflows-election-nears-2024-10-25/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Investors look to India as US election jitters pick up (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-27/global-funds-look-to-india-as-financial-market-jitters-pick-up?srnd=phx-markets" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Catastrophe bond funds suffered virtually no losses from Milton (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-24/catastrophe-bond-funds-suffered-virtually-no-losses-from-milton" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Swedish PE giant EQT is eying M&A in push to expand PE reach (<a class="link" href="https://www.ft.com/content/f6862f4b-9052-477c-9ba8-0e3007eaf1e5" target="_blank" rel="noopener noreferrer nofollow">FT</a>) </li><li>Bank execs warned EU governments to not interfere with bank M&A (<a class="link" href="https://www.reuters.com/markets/deals/euro-zone-governments-should-not-interfere-with-bank-consolidation-bank-execs-2024-10-25/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Nvidia briefly overtook Apple as world's most valuable company (<a class="link" href="https://www.reuters.com/technology/nvidia-overtakes-apple-worlds-most-valuable-company-2024-10-25/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>Accel filed with SEC to tap thriving secondaries market (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-25/vc-firm-accel-files-with-sec-to-tap-thriving-secondary-market?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>General Atlantic opened a Saudi office (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-27/general-atlantic-opens-saudi-office-to-scout-for-mideast-deals?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>EY rolls out future-focused ads and slogan after failed breakup (<a class="link" href="https://www.wsj.com/articles/ey-rolls-out-future-focused-ads-and-slogan-after-failed-breakup-0c6c9642?mod=business_feat2_media_pos2" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>Google is developing an AI that can control computers (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-26/google-to-preview-ai-that-takes-over-computers-information-says?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>TSMC faces severe challenges as free trade falters (<a class="link" href="https://www.bloomberg.com/news/articles/2024-10-26/tsmc-faces-severe-challenges-as-free-trade-falters-founder-says?srnd=phx-technology" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Delta sued CrowdStrike for $500M over its global IT outage (<a class="link" href="https://www.cnbc.com/2024/10/25/delta-suit-against-crowdstrike-after-it-outage-caused-cancellations.html" target="_blank" rel="noopener noreferrer nofollow">CNBC</a>)</li><li>Alibaba will settle a shareholder monopoly lawsuit for $433M (<a class="link" href="https://www.reuters.com/business/retail-consumer/alibaba-pay-4335-million-settle-shareholder-lawsuit-over-monopoly-claims-2024-10-26/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li><li>PhDs take on MBAs in credit investing as quants jump in (<a class="link" href="https://www.bloomberg.com/news/articles/2024-05-20/it-s-phds-against-mbas-in-credit-investing-as-quants-jump-in" target="_blank" rel="noopener noreferrer nofollow">BBG</a>)</li><li>Israel conducted its largest-ever strike on Iran (<a class="link" href="https://www.wsj.com/world/middle-east/how-israel-pulled-off-its-largest-ever-strike-on-iran-689022ca" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li></ul><hr class="content_break"><h2 class="heading" style="text-align:left;" id="a-message-from-stav-pay">A Message From StavPay</h2><div class="image"><a class="image__link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/bde48956-c809-4591-bd22-c67d6f756f11/image.png?t=1730050497"/></a></div><a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">StavPay</a> was built for Alternative Asset Managers to automate the business spend and expense allocation process.More than 90 managers with over $2.2T of AUM collectively use <a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">StavPay</a> to manage their vendors, contracts, invoices, expense allocations, budgets, services, 1099 filings, inter-entity reimbursements, and payments.Learn more at <a class="link" href="https://stavtar.com/stavpay/?utm_source=newsletter&utm_medium=email&utm_campaign=exec_sum_liquidity_august" target="_blank" rel="noopener noreferrer nofollow">www.stavpay.com</a> and schedule a demo today.We promise you, it's an hour well spent.<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://stavtar.com/contact-us/"> Schedule a demo today </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="deal-flow">Deal Flow</h1>M&A / Investments<ul><li>Blackstone is in advanced talks to acquire minority stakes in US natural gas pipelines owned by EQT for ~$3.5B </li><li>Infrastructure investor DigitalBridge is exploring a sale of Brazil's Scala Data Centers, which could fetch over $2B </li><li>$1.9B-listed marketing data firm Integral Ad Science is exploring a sale after receiving takeover interest </li><li>PE firm Permira agreed to take a 40% stake in jacket maker K-Way from brand manager BasicNet at a $546M valuation </li><li>Boeing is weighing options for its troubled space program which includes Starliner and the NASA space station </li><li>Japanese franchise operator Watami will buy Subway's Japan operations </li><li>KKR-owned Swiss vending machine operator Selecta is exploring a sale to deal with upcoming $1.2B debt maturities </li></ul>VC<ul><li>Self-driving tech firm Waymo raised a $5.6B Series C led by Alphabet, with a16z, Tiger Global, Silver Lake, and others participating </li><li>Self-driving EV truck startup Outrider raised a $62M Series D led by KDT and NEA </li><li>EV charging startup MobilityPlus raised a $44M round led by Suma Capital </li><li>Innovative solar panel startup Merlin Solar raised a $31M Series B led by Fifth Wall </li><li>Arcade AI, an AI jewelry designing platform, raised $16M from Sound Ventures, Reid Hoffman, and others </li><li>Spanish cleantech startup Matteco raised a $15M Series A backed by Grupo ASV, Napali, and Zubi </li><li>Twitter-rival Bluesky raised a $15M Series A led by Blockchain Capital </li><li>Pharos, a data extraction platform for electronic medical records, raised a $5M seed round led by Felicis </li></ul>IPO / Direct Listings / Issuances / Block Trades<ul><li>Indian food delivery giant Swiggy again lowered its $1.4B IPO valuation to $11.3B </li><li>Chinese self-driving firm WeRide rose 7% in its trading debut after its $441M IPO </li></ul>Debt<ul><li>Ares and a group of banks will provide a $1.6B debt package to fund KKR’s $3.2B acquisition of a 25% stake in Eni unit Enilive </li><li>Brookfield-owned insurer American National is seeking to sell $1.5B of private credit stakes</li><li>Ares acquired $491M of private credit LP stakes from an unnamed investor</li></ul>Bankruptcy / Restructuring / Distressed<ul><li>Nexus Capital secured $765M of financing to acquire discount retailer Big Lots out of bankruptcy </li><li>Defaulted Indonesian clothes maker Pan Brothers proposed a restructuring plan to creditors </li><li>Evergrande liquidators ceased discussions for a stake sale of its EV unit</li></ul>Fundraising<ul><li>SFW Mubadala raised $3.1B for its fourth MM PE fund</li><li>MM PE firm Nautic Partners raises $4.5B for its eleventh fund</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="crypto-corner">Crypto Corner</h1><ul><li>US is probing stablecoin issuer Tether for violating sanctions anti-money laundering rules (<a class="link" href="https://www.wsj.com/finance/currencies/federal-investigators-probe-cryptocurrency-firm-tether-a13804e5" target="_blank" rel="noopener noreferrer nofollow">WSJ</a>)</li><li>BoE will press on with digital currency in case banks fall short (<a class="link" href="https://www.reuters.com/business/finance/bank-england-press-with-digital-currency-case-banks-fall-short-bailey-says-2024-10-26/" target="_blank" rel="noopener noreferrer nofollow">RT</a>)</li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="execs-picks">Exec’s Picks</h1><ul><li>BlueFlame AI discussed crucial GenAI insights for Private Equity with Bain, Apax, and Anthropic. Their recap reveals how AI reshapes knowledge management, due diligence, implementation, agentic capabilities, process redesign, and Anthropic's innovations. <a class="link" href="https://www.blueflame.ai/blog/key-takeaways-from-the-private-equity-and-generative-ai-webinar?utm_source=execsum&utm_medium=newsletter" target="_blank" rel="noopener noreferrer nofollow">Stay ahead in PE - read now!</a> </li><li>Goldman recently published a high-profile long-term <a class="link" href="https://www.gspublishing.com/content/research/en/reports/2024/10/18/29e68989-0d2c-4960-bd4b-010a101f711e.pdf" target="_blank" rel="noopener noreferrer nofollow">forecast for the US stock market</a>, but some experts were quick to push back. Here's Sam Ro summarizing <a class="link" href="https://www.tker.co/p/counterargument-to-goldman-10-year-returns" target="_blank" rel="noopener noreferrer nofollow">the dangers of forecasting decade-long returns</a>.</li><li>WSJ published an incredible piece on the <a class="link" href="https://www.wsj.com/lifestyle/workplace/stop-networking-start-connecting-77e54fe7" target="_blank" rel="noopener noreferrer nofollow">advantages of going beyond bland 'networking.'</a></li></ul><hr class="content_break"><h1 class="heading" style="text-align:left;" id="financial-services-recruiting">Financial Services Recruiting 💼</h1>If you're a junior banker looking for your next career move, check out <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a>, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking. We're currently seeking talent for some incredible roles. Head over to <a class="link" href="https://www.litneypartners.com/" target="_blank" rel="noopener noreferrer nofollow">Litney Partners</a> to drop your resume / create your profile and we'd love to get in touch!<div class="button" style="text-align:center;"><a target="_blank" rel="noopener nofollow noreferrer" class="button__link" style="" href="https://www.litneypartners.com/"> GET HIRED 🤝 </a></div><hr class="content_break"><h1 class="heading" style="text-align:left;" id="meme-cleanser">Meme Cleanser</h1><div class="image"><a class="image__link" href="https://x.com/litcapital/status/1850625900465000489" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/10fe732c-8899-4607-ad4c-fe933cc9f04c/image.png?t=1730073319"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/netcapgirl/status/1849163619067425221" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d75d9f1b-1d4d-467f-92ed-733c94e050e5/image.png?t=1730053981"/></a></div><hr class="content_break"><div class="image"><a class="image__link" href="https://x.com/LinkedinFlex/status/1849883139549823144" rel="noopener" target="_blank"><img alt="" class="image__image" style="border-radius:10px;" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/70a45d75-721c-40ca-9916-a29268836e02/image.png?t=1730051429"/></a></div><hr class="content_break">🛒 <a class="link" href="https://litquidity.co/" target="_blank" rel="noopener noreferrer nofollow">Merch Store</a>: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 💵 <a class="link" href="https://forms.gle/Ukgywm3t79cqTSKA8" target="_blank" rel="noopener noreferrer nofollow">Litquidity Ventures</a>: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. 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