Good Morning! Panera’s filing to go public again through IPO. Apple and Paramount want to team up and bundle streaming. Short sellers took an $80 billion hit when the November rally upended bets. Goldman says 2024 will be “the year of bonds,” while Deutsche sees the S&P 500 rallying to a record 5,100. Bitcoin topped $40k for first time in 19 months and Ronaldo faces $1 billion lawsuit for endorsing worthless NFTs.

For insights into the latest private equity, venture capital, and M&A deals, subscribe to our Buysiders newsletter.

_{SQUEEZ OF THE DAY}

Airline Mergers are Back

Mega-mergers are back, and Alaska Air wants to drop $1.9 billion to snatch up one of its rivals, Hawaiian Airlines. 

Alaska Airlines has burst onto the scene over the past decade. They’re based out of Seattle and are constantly sliding into those lists of America’s best airlines. 

Hawaiian, on the other hand, has been struggling. Its stock has tumbled 52% YTD - more Airlines are crowding the U.S.-to-Hawaii market. So the acquisition could be a lifeline for the struggling airline. 

And at $18 per share, this deal is a 270% premium compared to Hawaiian Holdings' Friday closing stock price of $4.86. 

Takeaway: Alaska and Hawaiian had dueled it out for almost a century on the West Coast. But they’ve been dwarfed by the major carriers like Delta and American - and Alaska wants to take them on. But don’t expect the deal to be a sure thing - the DOJ is looking at competition in the airline industry and has sued to block the JetBlue-Spirit merger, and broke up the JetBlue-American Airlines alliance.

_{SPONSORED BY ECKARD}

Investing in the Future: The Eckard Approach to Energy Assets

Troy W. Eckard is a leading expert in domestic energy and energy asset management. Since 1985, he has focused solely on the U.S. energy sector and alternative investment portfolios. 

His expertise offers in-depth knowledge to private investors aiming to build successful, diverse portfolios.

As the owner and Chairman of Eckard Enterprises, Troy leads a skilled team that specializes in finance, operations, land, engineering, and geology. 

Eckard is top player in mineral rights acquisitions and manages over 1,400 high-net-worth partners.

Troy advocates for tangible asset ownership as a secure long-term investment strategy for investors. The Eckard Team focuses on selecting and developing prime assets for their partners.

Learn what makes Eckard a leader in alternative asset management.

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_HEADLINES

Top Reads

• Panera files to go public again through IPO (CNBC)

• Inflation is starting to look normal again (Axios)

• Apple, Paramount to bundle? (WSJ)

• Goldman says 2024 is the year of the bond (CNBC)

• Short sellers see $80 billion hit as November rally upends bets (YF)

• Neiman Marcus rejects a $3 billion takeover bid by Saks (WSJ)

• The richer you are, the more money you need to be happy (Axios)

• Cashing in on Swiftonomics at Harvard (NYT)

• Ronaldo faces $1 billion lawsuit for endorsing worthless NFTs (CNN)

• Amazon is coming for Microsoft and Google (YF)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher as investors bet rate hikes are over.

Movers & Shakers

• (+) Paramount ($PARA) +10% because the company is in talks to launch a streaming bundle with Apple.

• (+) Coinbase ($COIN) +7% because the crypto company has escaped crypto chaos; Cathie Wood sold shares.

• (–) Pfizer ($PFE) -5% after the company announced it would halt progress on weight-loss drug because of adverse side effects.

Private Dealmaking

• Castore, a British performance sportswear brand, raised $157 million

• BlueVoyant, a cyber threat intelligence firm, raised $140 million

• MyLight150, a French solar energy systems maker, raised $108 million

• Paysend, a multicurrency payments firm, raised $65 million

• Second Front Systems, a national security software provider, raised $40 million

• Kognitos, a back-office automation software provider, raised $20 million

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

_{BOOK OF THE DAY}

The Power Of Giving Away Power

A few rare leaders have learned to embrace a new organizational shape and mindset: Constellations. Organizations designed as constellations are dynamic and flexible networks of distinct yet interwoven individuals. Each member of the team feels like a singular star and is also connected to others to form something greater.

That is how Visa reimagined how we pay for things, how Wikipedia beat the richest company in the world and how Barack Obama and his grassroots team revolutionized political campaigning. These leaders did what most leaders dread – they gave away power.

Barzun brilliantly layers lessons across history and industries with his own experiences as an internet entrepreneur, political organizer, and US ambassador to the United Kingdom and Sweden.

The Power of Giving Away Power shows how the Constellation mindset shines in some of the most impactful organizations and innovations the world has ever known. And it encourages us all to recognize, as Barzun writes, "the power we can create by seeing the power in others" — and making the leap to lead. Together.

“If you let go of hierarchy, chaos will reign...or so many leaders believe.”

_{DAILY VISUAL}

Stocks Hit 2023 High

S&P500 YTD change; as of Dec 1, 2023

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• Scarce Locations: High demand meets short supply, slowing new construction and negative absorption all support ongoing investment opportunities.

• Consistent and Reliable Income: Steady cash flow that is securitized by long-term leases with strong American manufacturing companies. 

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_{DAILY ACUMEN}

Hues Of Your Thoughts

Marcus Aurelius astutely observed that the quality of your mind is shaped by the things you contemplate, and your soul mirrors the color of your thoughts. In essence, our lives are an embodiment of our thoughts.

If you perceive the world through a lens of negativity, it will conform to that perception. Seeking out the unpleasant will undoubtedly reveal it.

Believing you've been dealt an unfair hand will only affirm that belief. However, should you choose to find beauty in the ordinary, it will reveal itself. The same applies to discovering goodness in people—it's there if you actively seek it.

Recognizing your agency and power over your life, especially in the realm of thought, unveils a substantial reservoir. Ultimately, the world reflects the thoughts you choose to nurture, and the choice is yours.

_{ENLIGHTENMENT}

Short Squeez Picks

• 9 things that distinguish the rich from the poor

• The differences between being frugal and independent

• How doodling can boost productivity

• How your physical surroundings shape your work life

• How to respond to passive-aggressive emails

_{MEME-A-PALOOZA}

Memes of the Day