Good Morning and Happy Friday! Kim Kardashian has stepped away from SKYY Partners, the private equity firm she co-founded in 2022. Elon Musk defended increased immigration of high-skilled workers, while retail investors have poured $30 billion into Nvidia shares this year.

Netflix's Christmas Day NFL games drew over 24 million viewers each, making them the most-streamed NFL games in U.S. history. Private equity firms are capitalizing on the defense boom for exits, and Bain and KKR are locked in a $7.6 billion bidding war for Seven & i assets.

Finish the year strong. Invest in Mode Mobile’s pre-IPO offering today.

_{SQUEEZ OF THE DAY}

Banker Recharge

Banks and work-life balance are like oil and water. Despite some firms’ efforts to improve conditions for junior bankers—such as JPMorgan’s 80-hour week cap—many of these initiatives are dismissed as mere lip service. But one firm, BNY Mellon, is putting its money where its mouth is.

The bank’s CEO, Robin Vince, has reinstated a two-week “recharge period” for employees, running from December 23 to January 3. During this time, employees are encouraged to hit pause on non-essential work, focusing only on core business activities and client needs.

Vince himself set the tone with a candid LinkedIn post: “I’m missing the free Starbucks at our global HQ, but it’s worth it to spend more time with my family.”

BNY Mellon is also urging employees to delay internal meetings, hold off on sending non-urgent emails, and even work remotely, sending a clear signal that it’s okay to be less tethered to the office during the holidays.

This initiative isn’t just about time off; it’s part of a broader strategy to enhance employee well-being. The bank has also partnered with Spring Health to expand mental health services for employees and their families, and it plans to raise its minimum hourly wage in 2025.

In an industry notorious for grueling hours and high-pressure environments, BNY Mellon’s recharge period is a refreshing move—especially in a year that saw Wall Street grappling with renewed discussions on mental health after the tragic deaths of two young Bank of America associates.

Takeaway: BNY Mellon’s decision to encourage employees to treat this stretch as a winter break is a thoughtful, forward-looking move that sets a strong precedent for prioritizing employee well-being. Hoping that other banks take note and follow suit.

_{PRESENTED BY MODE MOBILE}

Elon Dreams and Mode Mobile Delivers

As Elon Musk puts it, “Apple used to really bring out products that would blow people’s minds.” Those days, however, seem to be behind us. Meanwhile, a new smartphone company, boasting an astonishing 32,481% revenue growth rate over three years, is stepping up to deliver the kind of groundbreaking moments we've been missing in the industry. They’ve just secured their Nasdaq ticker $MODE, and you can still make an investment in their pre-IPO offering. 

Turning smartphones from an expense into an income stream, Mode has already helped users earn and save an eye-popping $325M+, driving $60M+ in revenue and a massive 45M+ consumer base. This ranked them last year’s #1 fastest-growing software company in North America, according to Deloitte. Uber did it to taxis, Airbnb did it to hotels. And now, Mode Mobile is doing it to the $1 trillion smartphone industry.

This is your last chance to invest in Mode before 2025. Join 30,000+ shareholders and invest at $0.26/share today.*

_HEADLINES

Top Reads

• Kim Kardashian no longer managing private equity firm (Axios)

• Nvidia seeing 'remarkable' influx of retail investor dollars (CNBC)

• Elon Musk stands up for increased immigration of high-skilled workers (Fox)

• NFL, Netflix break streaming records with Christmas Day double-header (Axios)

• Larry Ellison wraps up banner year, Oracle’s rallies most since dot-com boom (CNBC)

• Trump's 'made in USA' bitcoin is a promise impossible to keep (YF)

• FTX executives shave serious time off their sentences (YF)

• Defense boom sets stage for private equity exit run (WSJ)

• Bain, KKR bids touch $7.6 billion for Seven & i assets (YF)

• The AI agents are coming in 2025 (YF)

• Blackstone projects $775 million in revenue realization in Q4 2024 (YF)

• Low-cost airlines lift small cities (NYT)

_{CAPITAL PULSE}

Markets Rundown

Stocks Close Little Changed

U.S. stocks ended near the flatline on Thursday, maintaining their gains for the holiday-shortened week. Most sectors of the S&P 500 hovered near unchanged in a session light on economic and corporate news.

Overseas, Asian markets were mostly higher overnight, while European markets were closed for Boxing Day. The 10-year Treasury yield remained steady at 4.58%, while in the commodity space, oil prices fell 0.8%, and gold gained 0.7%.

Initial Jobless Claims Remain Contained

Last week’s initial jobless claims came in at 219,000, slightly below expectations of 223,000 and largely unchanged from the prior week's 220,000. Continuing claims edged higher to 1.9 million, up from 1.86 million the previous week.

Throughout 2024, initial jobless claims have averaged 223,000, consistent with 2023 levels but well below the 30-year average of nearly 370,000, underscoring the strength of labor market conditions. 

While some moderation in the labor market may occur in 2025, it should remain supportive of consumer spending, helping to extend the ongoing economic expansion.

Stocks on Pace for Another Year of Strong Returns

The S&P 500 has returned over 28% including dividends in 2024 through Tuesday’s close, following a 26.3% gain in 2023. If this year’s gains hold, it would mark the first time since 1999 that the index delivered back-to-back years of 20% or greater returns. 

Historically, after two consecutive years of such strong returns, the S&P 500 has delivered an average gain of 13% in the third year, with positive returns occurring seven out of nine times since 1940.

While no guarantees exist, the fundamental backdrop remains supportive of the current bull market.

Movers & Shakers

• (+) Toyota Motor ($TM) +9% after the automobile maker raised its return on equity target.

• (+) GameStop ($GME) +6% after Roaring Kitty posted on social media again.

• (–) MicroStrategy ($MSTR) -5% because Bitcoin is pulling back from its record highs.

Private Dealmaking

• xAI, Elon Musk’s AI startup, raised $6 billion

• Canada’s Vermillion Energy bought Westbrick Energy for $747 million

• CCC Intelligent Solutions bought EvolutiionIQ for $730 million

• GEMMABio, a gene therapy startup, raised $34 million

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

_{NEIGHBORHOOD WATCH}

Real Estate Digest

Mortgage rates edged higher for the second consecutive week, reversing the decline seen earlier in the month.

The housing market is showing slight improvements in both new and existing home sales, with November shaping up as a rebound month.

But the persistent undersupply of homes continues to weigh on the market's overall recovery.

Looking ahead, a strong economy entering 2025 could help build momentum for the housing sector.

With Wall Street and the Federal Reserve aligned on expectations for lower bond yields, the outlook for mortgage rates appears favorable, signaling potential relief for buyers in the new year.

Latest News

• Fed-spectations: The Future of Rates Moving into 2025

• REBNY Sues to Block Broker Fee Bill

• Super Rich Spending Spree Boosts New York Luxury Housing

• US New-Home Sales Rebound in November After Storm-Stricken Month

• Homeowners Are Paying More For Insurance and Taxes Than Their Mortgages

• Rocket Homes Accused of Illegal Kickback Scheme by Government Watchdog 

New Listings

• 1021 Rock Rimmon Rd Stamford, CT: 10 Bed / 8 Bath - $5,995,000 

• Rue du Mont Thabor Paris, France: 3 Bed / 3 Bath - $4,328,740 

• Beausoleil, Alpes-Maritimes France: 4 Bed / 4 Bath - $2,102,929 

• Vinci, Toscana Italy: 30 Bed / 25 Bath - $7,823,025

• 80067 Sorrento, Campania Italy: 3 Bed / 3 Bath - $2,451,214 

_{Fill out this form if you're looking to buy, sell, rent or invest.}

_{BOOK OF THE DAY}

The Whole Story

The growth of Whole Foods isn’t just a business success story—it’s the story of a retail, cultural, and dietary revolution that has forever changed the industry and the way we eat.

After more than four decades at the helm, John Mackey is ready to share never-before-told tales of the people and passions behind the beloved brand.

The Whole Story invites readers on the adventure of building Whole Foods Market: the colorful cast of idealists and foodies who formed the company’s DNA, the many breakthroughs and missteps; the camaraderie and the conflict, and the narrowly avoided disasters.

Mackey takes us inside some of the most consequential decisions he had to make and honestly shares his regrets looking back.

“An upbeat self-portrait of a business titan."

_{DAILY VISUAL}

Apple Market Value

_{PRESENTED BY MARBLE}

1%-ers Don’t Have Time For Pen Pals

Nobody wants a pen pal, especially the One-Percent. Marble is transforming the way people date by putting the focus where it belongs: real-life connections.

Here’s how it works:

1. Plan your date: Book a reservation for two and share it with the Marble community.

2. Choose your match: Invite someone to join you or browse dates created by others.

3. Chat after the date is set: Once confirmed, access the chat and start planning the fun.

Why Marble Stands Out:

• Dates first, messages second—cut through the noise.

• Share real-life experiences with curated reservations at restaurants and cocktail bars.

• Keep it manageable with a max of three dates at a time.

Marble’s features make it easy to connect and meet, with tools like a map view of available dates, simple date creation, and timely reminders to confirm or cancel reservations.

Stop wasting time swiping and start making memories.

_{DAILY ACUMEN}

Strategic Relationships

Strong, strategic relationships are the cornerstone of business success. High-level connections built on trust, mutual value, and emotional intelligence can drive innovation, resilience, and collaboration, making them essential for long-term growth.

Emotional intelligence plays a vital role in understanding the emotions and motivations of clients, partners, and investors, fostering trust and collaboration.

To cultivate these relationships, focus on offering value without immediate expectations, practicing active listening and empathy to develop emotional intelligence, leveraging existing networks to create new opportunities, and prioritizing sustained connections over transactional interactions.

In today’s competitive landscape, these relationships are not just an advantage but a necessity for enduring success. Ask yourself: How can I strengthen connections that foster trust, collaboration, and mutual growth?

_{ENLIGHTENMENT}

Short Squeez Picks

• 3 powerful phrases you should use at work

• Seven tips for how to become a good public speaker

• What you can learn from young Warren Buffett

• Starbucks is the new Venmo for Gen-Z

• 3 passive income ideas for busy professionals in 2025

_{MEME-A-PALOOZA}

Memes of the Day