Good Morning! Netflix beat estimates after its ad-supported memberships jumped 34%. Bud Light dropped to the No. 3 beer in America after getting canceled last year. Private credit lenders and Wall Street banks are in a heated battle for M&A deal flow, and Texas' biggest pension fund pulled $10B from private equity. Software developer jobs keep disappearing, and Americans spent a record $14.2 billion during Amazon’s 2-day Prime event. Plus 6 signs a marriage will end in divorce, and 3 mind games to elevate your public speaking skills.

Reading Dry Powder is like reading Buffett's annual letter before it's published. For the most consequential stories taking place on Wall Street, start your 2-week trial here.

_{SQUEEZ OF THE DAY}

Dimon to DC?

For the past year or so, many Americans have been calling on one of Wall Street's greatest CEOs, Jamie Dimon, to run for President.

And with Dimon hinting that his tenure at JPMorgan could be ending sooner than people expect… he could have another gig on the horizon. According to a new report, Trump is heavily considering Dimon to become the Treasury secretary.

And he has a ringing endorsement from one of his buddies, Bill Ackman who said Dimon would be an incredible choice, and that Jamie is a patriot who wouldn't say 'no'.

Trump says he has a ton of respect for Dimon now, who he once called a 'highly overrated globalist.' And while Dimon has traditionally donated mostly to Democrats and criticized Trump before, he's been cozying up to some of Trump's policies and positions recently - praising Trump for some of his economic policies. 

Takeaway: Former investment banker and CIO of Goldman Sachs Steven Mnuchin previously ran the Treasury Department under Trump, so it wouldn't be the first time he turns to Wall Street for help. We’ll see what happens, but Treasury Secretary might not be such a bad post-JPMorgan gig for Dimon. It comes with a pretty cool office and fewer shareholder meetings!

_{PRESENTED BY PUCK}

Like Walking the Halls of Goldman Sachs

Everybody on Wall Street reads Bill’s private newsletter, Dry Powder, religiously.

As a former investment banker, Bill has unparalleled access. Recent correspondences include Warren Buffett, David Solomon, and Leon Black. If you’re even loosely connected to the capital markets, Bill is essential reading.

Read Dry Powder at no cost with a 14-day trial to Puck.

_HEADLINES

Top Reads

• Netflix adds 8 million subscribers, disappoints on revenue outlook (YF)

• Wall Street's battle with private credit hits fever pitch in M&A game (Axios)

• Bud Light keeps going flat, slipping to No. 3 in America (YF)

• Amazon Prime Day drives U.S. online sales to record $14.2 billion (CNBC)

• Blackstone posts modest Q2 profit jump on private equity, credit gains (Reuters)

• Penn lays off about 100 employees as it focuses on ESPN Bet growth (CNBC)

• Texas' biggest pension fund pulls $10B from private equity (YF) 

• U.S. buyout firm loses bid to shield docs from Austrian fraud investigation (Axios)

• Ticket-price cuts hinder airlines (CNBC)

• The rise and fall of software developer jobs (Axios)

_{CAPITAL PULSE}

Markets Rundown

Stocks extended their losses on Wednesday as China curb risk rattles tech.

Movers & Shakers

• (+) DR Horton ($DHI) +10%after the home construction company beat earnings.

• (–) Beyond Meat ($BYND) -10% because of a report of balance-sheet restructuring.

• (–) Domino’s Pizza ($DPZ) -13% after a revenue miss and warning of fewer new store openings.

Private Dealmaking

• Darden Restaurants bought Chuy’s for $605 million

• Nearfield Instruments, an inspection solutions for chipmakers provider, raised $147 million

• Kandji, an endpoint management platform, raised $100 million

• CytoReason, a disease model developer, raised $80 million

• Truvian Health, a blood-test developer, raised $74 million

• Nagomi Security, a threat exposure management startup, raised $30 million

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

_{BOOK OF THE DAY}

Assembling Tomorrow

In Assembling Tomorrow, authors Scott Doorley and Carissa Carter explore the intangible forces that prevent us from anticipating just how fantastically technology can get out of control, and what might be in store for us if we don’t start using new tools and tactics. Despite our best intentions, our most transformative innovations tend to have consequences we can’t always predict.

From the effects of social media to the uncertainty of AI and the consequences of climate change, the outcomes of our creations ripple across our lives. Time and again, our seemingly ceaseless capacity to create rubs up against our limited capacity to understand our impact.

Assembling Tomorrow explores how to use readily accessible tools to both mend the mistakes of our past and shape our future for the better. We live in an era of “runaway design,” where innovations tangle with our lives in unpredictable ways. This book explores the off-­­kilter feelings of today and follows up with actionable to alter your perspective and help you find opportunities in these turbulent times.

Mixed throughout are histories of the future, short pieces of speculative fiction that imagine the future as if it has already happened and consider the past with a critical yet hopeful eye so that all of us—as designers of our own futures—can create a better world for generations to come.

“A powerful guide to why even the most well-intentioned innovations go haywire.”

_{DAILY VISUAL}

Bud Light Falls Further

_{PRESENTED BY MOSAIC}

CIM to LBO Model in < 5 Minutes

Ever get a CIM on a Friday evening and have to grind all weekend just to get the LBO model in good shape for your VP to review? What if you could build an LBO model in a fraction of the time without sacrificing accuracy? Enter Mosaic.

Mosaic is changing the game for private equity professionals. Transition seamlessly from a CIM to an LBO model in under 5 minutes, without a single error or a faulty template.

Plus you can add all the complexity you’ll need. Want to explore an IPO exit scenario? Just activate the IPO exit module and see the results unfold in real-time. Dividend recaps. M&A. Cost savings. Extended investment hold periods. Mosaic can do it all.

The best part? All Mosaic models can be exported into fully functional Excel models with working formulas so you can audit everything each time.

Already trusted by thousands of professionals at funds like CVC, Investcorp, Onex, Warburg Pincus, and New Mountain, Mosaic is making waves in the industry.

Ready to see Mosaic in action? Request a demo today.

_{DAILY ACUMEN}

Listening

In a world full of noise, true listening is a rare and valuable skill.

It's not just about hearing words; it's about understanding meaning, emotion, and intention.

How often do you listen to understand, rather than to respond?

Great leaders, from Mahatma Gandhi to Richard Branson, are known for their exceptional listening skills.

It builds trust, fosters innovation, and strengthens relationships.

Practice active listening. Give your full attention.

Ask questions.

Seek to understand before being understood.

Remember, we have two ears and one mouth for a reason.

_{ENLIGHTENMENT}

Short Squeez Picks

• Delete your dating apps and meet people offline

• 6 signs a marriage will end in divorce 

• The best canned cocktails of the summer

• 3 mind games to elevate your public speaking skills

• Principles of emotional regulation

_{MEME-A-PALOOZA}

Memes of the Day