Good Morning! Ivan Boesky, the infamous insider trader who inspired the character of Gordon Gekko, died yesterday. It was also a rough day for Red Lobster, as the chain officially filed for bankruptcy. FDIC’s Chair is out after a probe into the firm’s toxic culture. On a brighter note, Wall Street's most prominent bear reversed course and increased his S&P 500 target by 20%. A Goldman exec will replace Grayscale’s CEO, and ChatGPT’s mobile app saw the biggest spike following the release of GPT-4o. Sweetgreen’s future involves the suburbs and steak, and Goldman is expanding private equity credit lines as dealmaking heats up.

Curious how the world’s best investors are using AI? Then check out Hebbia that can even draft one-pagers based on your team’s investment philosophy.

_{SQUEEZ OF THE DAY}

Dimon Retiring Soon

Jamie Dimon, the CEO of JPMorgan Chase, says his retirement plans are well on the way. 

Dimon’s been the legendary boss at JPMorgan since 2005. And in recent years, he’s become the authoritative voice of Wall Street as one of finance’s biggest titans.

But Dimon recently turned 68 years old. And while he typically told investors that his retirement was perpetually five years away... he says that timetable is no longer on the table.

Recently, Dimon has shuffled top executives around and he says the firm is working on succession plans, though he’s likely keeping specifics close to the vest.

Takeaway: It sounds like Dimon’s retirement could come a lot sooner than previously expected. And it will be a big loss for Wall Street when he eventually steps away. Dimon has become America’s go-to source for all things finance and Wall Street. So the day he decides to hang them up will definitely be a sad day for bankers across the country. And who knows, maybe a presidential run is next?

_{PRESENTED BY HEBBIA}

Curious How the World’s Best Investors are Using AI?

Hebbia is changing the investing game with AI.

Hebbia works with some of the largest investing firms in the world. And they’ve been around for 3 years longer than ChatGPT!

Hebbia can draft one-pagers based on your team’s investment philosophy (and so much more).

Book a 20-minute demo to see it for yourself.

_HEADLINES

Top Reads

• Ivan Boesky, convict in 1980s insider trading scandal, dies at 87 (CNBC)

• Seafood chain Red Lobster files for bankruptcy (Axios)

• FDIC Chair out after scathing investigation on firm culture (CNN)

• Wall Street's biggest bear flips, raises S&P 500 price target by 20% (YF)

• Grayscale CEO steps down, Goldman exec to take his place (CNBC)

• Macy's, Kohl's and Nordstrom chasing younger shoppers (CNBC)

• ChatGPT's mobile app revenue saw biggest spike yet following GPT-4o launch (YF)

• Ex-49ers QB Steve Young on PE in the NFL (Axios)

• Goldman Sachs to expand private equity credit lines as dealmaking picks up  (Reuters)

• Sweetgreen's future in a new norm: Suburbs, steaks, shiny automation (Axios)

• US regulators reconsider capital hike for big banks (Reuters)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher; Nasdaq index hit a record high as Nvidia closed 2% higher.

Movers & Shakers

• (+) Him & Hers Health ($HIMS) +28% because the telehealth company will offer GLP-1 injections.

• (+) Wix ($WIX) +24% after the web development company posted better-than-expected Q1 results.

• (–) Target ($TGT) -2% after the retailer will reduce prices on 5,000 items as higher inflation persists.

Private Dealmaking

• Thoma Bravo sold Venafi, a machine identity management company, to CyberArk for $1.54 billion

• Alicorn Venture Partners bought Glassbox, an intelligence solutions provider, for $150 million

• R3 Vascular, an artery disease treatment developer, raised $87 million

• AssetWatch, an asset monitoring firm, raised $38 million

• Agora, a real estate investment management platform, raised $34 million

• Swtch Energy, an EV charging company, raised $27.2 million

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

_{BOOK OF THE DAY}

The Wolves Of K Street

A dazzling and infuriating portrait of fifty years of corporate influence in Washington, The Wolves of K Street is a masterpiece of narrative nonfiction—irresistibly dramatic, spectacularly timely, explosive in its revelations, and absolutely impossible to put down.

In the 1970s, Washington’s center of power began to shift away from elected officials in big marble buildings to a handful of savvy, handsomely paid operators who didn’t answer to any fixed constituency.

The cigar-chomping son of an influential congressman, an illustrious political fixer with a weakness for modern art, a Watergate-era dirty trickster, the city’s favorite cocktail party host—these were the sort of men who now ran Washington.

Over four decades, they’d chart new ways to turn their clients’ cash into political leverage, abandoning favor-trading in smoke-filled rooms for increasingly sophisticated tactics, such as “shadow lobbying,” where underground campaigns sparked seemingly organic public outcries to pressure lawmakers into taking actions that would ultimately benefit corporate interests rather than ordinary citizens.

With billions of dollars at play, these lobbying dynasties enshrined in Washington a pro-business consensus that would guide the country’s political leaders—Democrats and Republicans alike.

A good lobbyist could ghostwrite a bill or even secretly kill a piece of legislation supported by the president, both houses of Congress, and a majority of Americans.

Yet nothing lasts forever. Amid a populist backlash to the soaring inequality these influence peddlers helped usher in, DC’s pro-business alliance suddenly began to fray.

And while the lobbying establishment would continue to invent new ways to influence Washington, the men who’d built K Street would soon find themselves under legal scrutiny, on the verge of financial collapse, or worse.

One would turn up dead behind the eighteenth green of an exclusive golf club, with a $1,500 bottle of wine at his feet and a bullet his head.

“An instant classic—deeply reported, powerfully told and profoundly important.”

_{DAILY VISUAL}

Airlines that Carried the Most Passengers in 2023

_{DAILY ACUMEN}

Changing Minds

Changing someone's mind is a delicate process that requires understanding the dynamics of persuasion and human psychology. Reflecting on various debates and conversations, from formal contests to casual discussions, reveals that while formal debate may seem like the ideal setting for changing minds, in practice, it often fails to do so.

People are deeply influenced by social cues and rarely examine their beliefs critically. Instead, a more gentle and empathetic approach, inspired by conversational techniques like "street epistemology" and "deep canvassing," may be more effective.

These methods prioritize building rapport, active listening, and inviting individuals to elaborate on their views, creating a space for self-persuasion to occur. While formal debates may entertain audiences, true mind-changing conversations require a deeper level of engagement and mutual respect.

_{ENLIGHTENMENT}

Short Squeez Picks

• How to enjoy life when everything is more expensive

• Public speaking tips for introverts

• How to gracefully decline a promotion

• Protecting your personal integrity at work

• The best Trader Joe’s finds of May 2024

_{MEME-A-PALOOZA}

Memes of the Day