🍋 Dimon for Prez?

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Good Morning and Happy Friday! Elon Musk is back on top as the world’s richest man. And turns out the world’s largest company is having a rocky foray into the banking world, with some customers saying it’s hard to get their money out of their Apple savings accounts.

The S&P 500 is now up over 10% this year thanks to the big tech rally. And many Fortune 500 companies are getting creative and using non-traditional ways to juice profits amidst recession concerns.

Composer is the first platform that lets you invest in or build quant strategies, without owning a hedge fund. Their Buy the Dips: Nasdaq 100 strategy made a return of 32%+ last year. Check them out here.

1. Story of the Day: Dimon for Prez?

It wasn’t too long ago that JPMorgan Chase’s CEO Jamie Dimon professed his total lack of interest in politics. But he told Bloomberg earlier this week that he’d love to serve his country in some capacity. And that’s music to Wall Street’s ears.

After Dimon’s interview Bill Ackman took to writing an essay on Twitter to urge him to run for president. Ackman thinks Dimon would be perfect for the role because a centrist, pragmatist, and the leader America needs. And Jamie Dimon has a strong track record of success, having turned JPMorgan Chase into arguably the most powerful bank in America.

Right now, Wall Street is dreading a Trump-Biden rematch. Dealmakers and business leaders think most of the declared candidates have serious question marks about their ability to lead the economy. And while Jamie Dimon had previously ruled out running, it sounds like his tone is changing.

Takeaway: It seems like most Americans aren’t too hot on the current candidates, and there could be an appetite for an outside candidate Jamie Dimon could bring all the excitement that Michael Bloomberg did - a successful Wall Street billionaire that knows how to create jobs and invest in communities. Let’s hope Dimon can last more than 5 seconds in the debates though.

2. Markets Rundown

Stocks closed at highest levels since August over optimism over debt ceiling bill.

Movers & Shakers

• (+) Chewy ($CHWY) +22% after the pet retailer beat earnings.

• (+) NetApp ($NTAP) +8% after the software company's earnings exceeded analyst expectations.

• (–) Dollar General ($DG) -10% after the retailer revised guidance on weaker sales.

Private Dealmaking

• Constellation Energy bought a stake in a Texas nuclear plant for $1.75 billion

• CoreWeave, a cloud computing platform, raised $200 million

• Lightmatter, a large-scale computing developer, raised $154 million

• Measurabl, an ESG data platform, raised $93 million 

• NomuPay, a payments startup, raised $53.6 million

• Union AI, a data workflow automation startup, raised $19 million

A Message from Composer: The Power of Quant, in Your Portfolio

If X happens do Y. The ideas behind algorithmic investing are generally pretty simple.

But once layered, tested and implemented they can be unbelievably powerful — which is why trillions of dollars are run by quantitative hedge funds, which use algorithmic strategies to remove emotion from the decision-making process.

Now, with Composer, you can access quantitative strategies that used to be reserved for only the hedge fund elite.

Composer is the first platform that lets you invest in or build quant strategies, what they call “symphonies”, without needing a PhD or owning a hedge fund.

Last year, Composer users built 31k symphonies, ran a million backtests, and automated 1.8 million trades. And, with dozens of pre-built symphonies, any user can put the power of quant in their portfolio, like:

• The ‘Volatility Hedge’ symphony, which had the lowest maximum drawdown of 2.8% in 2022 as a result of holding safe haven assets (gold and USD).

• The ‘Ride the Oil Trend’ symphony which made a cumulative return of 17% in 2022, driven by a rally in oil fund ETFs in Q2.

• Composer’s ‘Buy The Dips: Nasdaq 100’, which was the top performing symphony in 2022, making a return of 32%+.

Unlock Quant Investing With Composer.

3. Top Reads

• Why Apple’s headset could succeed where every similar product has failed (CNBC)

• JPMorgan closes 25% of First Republic branches (Fox)

• Goldman making targeted job cuts amid pretty difficult Wall Street slump (CNBC)

• SVB Securities prepares management buyout backed by Baupost (WSJ)

• Microsoft inks deal for AI computing power with startup CoreWeave (CNBC)

• America’s quit boom is over (Axios)

• How a carmaker’s mistake created the ultimate internet challenge (Vox)

• Why Goldman’s CEO loves summer camp (BB)

• Mexico is trying to lure the world’s biggest car makers (YF)

• What to watch out for in Friday’s jobs report (CNBC)

4. Book of the Day: The New Roaring Twenties

Not unlike the famed decade of the previous century, our next ten years will be filled with striking cultural shifts, new challenges, and, ultimately, abundant financial opportunities.

Paul Zane Pilzer, the economist/entrepreneur and New York Times bestselling author of 13 books, sees a better world on the horizon.

In The New Roaring Twenties , the imparts inspiration and a new template for escaping the shadow of a global pandemic, with all its fallout, and stepping into the resplendent possibilities of the future.

“The new roaring twenties—a resurgent era of technology-driven advancement with greater financial equity and economic expansion.”

5. Short Squeez Picks

• Do we really need an app for everything?

• 6 career choices that lead to the top

• 3 ways to create multiple streams of income

• Is WFH in NYC harming the city?

• 5 ways to improve nonverbal communication

6. Daily Visual: The End of America’s Quit Boom

Number of quits as a share of total employment

_{Source: Axios}

7. Daily Acumen

Your mindset is a powerful force that shapes your reality.

Cultivate a positive outlook, believe in your abilities, and watch as possibilities unfold before you.

Nurture a growth mindset that embraces challenges, sees setbacks as opportunities for growth, and fosters a belief in your capacity for continuous learning and improvement.

Your mindset can be the catalyst that propels you toward success, helps you overcome obstacles, and inspires others through your unwavering determination and positive mindset.

8. Memes of the Day

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