Good Morning! Jim Cramer is back and timed the Nvidia top perfectly. Since his 'own it, don't trade it' tweet, Nvidia has experienced a $500 billion sell-off. On-cycle private equity recruiting kicked off yesterday for first-year banking analysts, some of whom have yet to hit the desk.

The Moelis banker filmed punching a woman officially quit his job. Shein filed for a London IPO with a rumored £50 billion valuation. Ozempic maker Novo is planning a $4.1 billion factory, and major music labels are suing AI startups. Plus the emotional side of money, and how Lego builds a new set.

Looking for niche private market opportunities led by a Wall Street veteran with skin in the game? Check out today’s sponsor, 10 East.

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Finance Bros Turned Lax Bros

Summer in NYC has always been the time to get away and escape from the city. But while some professionals head to the Hamptons, others are turning to a unique side hustle - playing professional lacrosse.

A handful of investment bankers and other finance professionals are headed to lacrosse practices and matches every weekend for the Premier Lacrosse League, particularly in areas like Albany, NY.

Professional lacrosse players only make around $25k a year - and most of them went to elite high schools and universities. So there’s definitely a lacrosse-to-Wall Street pipeline - it’s a fantastic conversation starter if you can find an alum who played for your college lacrosse team and is now in a position of influence at a bank.

Advancements in technology and evolving workplace norms have facilitated these dual careers, exemplified by individuals like Ryan Conrad, an associate at private equity firm KKR and a PLL player.

With how measly professional lacrosse salaries are, anyone still playing is absolutely doing it for the love of the game. And it’s safe to say - those willing to balance a high-finance job with the demands of a professional sport are a different breed.

Takeaway: There’s hope that professional lacrosse won’t be just a side-hustle for long. Professional lacrosse salaries have quadrupled in the last 15 years - up from an average of $8,000 in 2008. And there's hope that with the PLL signing a new media deal back in 2022, player salaries could reach the million-dollar mark one day. Top draft picks are still graduating from Ivy League schools and the like but, until lacrosse can become a full-time gig, Wall Street is going to remain a top destination for lax bros.

_{PRESENTED BY 10 EAST}

Where Sophisticated Investors Access Private Markets

10 East, led by Michael Leffell, allows qualified individuals to invest alongside private market veterans in vetted deals across private credit, real estate, niche venture/private equity, and other one-off investments that aren’t typically available through traditional channels.   

Benefits of 10 East membership include:    

• Flexibility – members have full discretion over whether to invest on an offering-by-offering basis.   

• Alignment – principals commit material personal capital to every offering.    

• Institutional resources – a dedicated investment team that sources, monitors, and diligences each offering.   

10 East is where founders, executives, and portfolio managers from industry-leading firms diversify their personal portfolios.  

There are no upfront costs or minimum commitments associated with joining 10 East.

_HEADLINES

Top Reads

• Nvidia stock falls 6%, extends slide into correction territory (YF)

• Fashion retailer Shein confidentially files for London IPO as U.S. listing stalls (CNBC)

• Moelis banker filmed punching woman quits job (NYP)

• Vivek Ramaswamy meets with BuzzFeed CEO amid activist campaign (Axios)

• Ozempic maker Novo plans another $4.1 billion U.S. factory (Reuters)

• Paramount+ to increase prices for its streaming plans (CNBC)

• Major music labels sue AI startups (Reuters)

• Elon Musk won his Tesla pay battle, now he has to win his legal war (YF)

• Target teams up with Shopify for its third-party marketplace (CNBC)

• Why NYC’s floating pool could change beach access for the entire state (FC)

• Robinhood CEO discusses evolution leading up to another meme stock wave (ABC)

_{CAPITAL PULSE}

Markets Rundown

Nvidia stock pullback has markets on edge for S&P 500; Nasdaq correction.

Movers & Shakers

• (+) RXO ($RXO) +24% after the freight company said it struck a deal to buy Coyote Logistics from UPS.

• (+) Affirm ($AFRM) +13% after Goldman Sachs assumed coverage of the name at a buy rating.

• (–) ResMed ($RMD) -11% because the sleep apnea medicine developer facing competition from Eli Lilly.

Private Dealmaking

• KPS sold Eviosys, a cans and closures manufacturer, for $3.9 billion

• KKR bought Superstruct for $1.4 billion 

• UPS sold its brokerage to RXO for $1 billion

• Altaris Capital Partners bought Sharecare for around $518 million

• BillionToOne, a precisions diagnostics company, raised $130 million

• Char.gy, an EV charging network, raised $107 million

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

_{BOOK OF THE DAY}

You’re Invited

That’s what You’re Invited is about: The most universal strategy for success is creating meaningful connections with those who can impact you, your life, and the things you care about. But how do you make those connections and build trust quickly? What do you do if you’re introverted or hate networking?

Behavioral scientist Jon Levy had no money, reputation or status, but was able to convince groups of Nobel Laureates, Olympians, celebrities, Fortune 500 executives, and even an occasional princess to not only give him advice, but cook him dinner, wash his dishes, sweep his floors, and then thank him for the experience. The goal of his gatherings, much like this book, was not networking, but to build meaningful and lasting relationships. 

This private community based around the dinner experience became known as “The Influencers”, named for the member’s success and industry influence. Since its inception more than a decade ago, The Influencers has grown into the largest private group of its kind worldwide, with a thriving community both in person and through digital experiences.

In You’re Invited, Levy guides readers through the art and science of creating deep and meaningful connections with anyone, regardless of their stature or celebrity, and demonstrates how we develop influence, gain trust, and build community so that we can impact our communities and achieve what’s important to us.

“The people around you define your success and they have the potential to change the course of your life.”

_{DAILY VISUAL}

Canadian VC Activity

_{PRESENTED BY PERCENT}

Explore the Benefits of Private Credit Investing

Curious about expanding your portfolio beyond stocks and bonds? You might be interested in private credit, where you can lend money to corporate borrowers in exchange for an expected contractual return on your principal. 

Why private credit? Allocating 10% of a portfolio to private credit instead of stocks and bonds alone has historically raised returns and lowered volatility¹. As a result, private credit has become increasingly popular with institutional investors, like Blackstone, Morgan Stanley and KKR.

Percent simplifies access to private credit investing with low minimums (just $500) and shorter durations (typically 6-36 months) through their marketplace. Plus, deals are available to both institutional and individual accredited investors, making it one of the few places an everyday investor could get in. 

Historical data on private credit returns remains strong: In 2023, private credit averaged a 12% return² globally, and on Percent, a net return of 14.5%. 

Visit Percent to learn more - plus get up to $500 with your first investment.

_{DAILY ACUMEN}

Perseverance

Imagine a world where the Wright brothers gave up after their first crash, or where Thomas Edison called it quits after his 9,999th failed light bulb attempt.

Failure isn't the enemy of success - it's the secret ingredient. Just ask J.K. Rowling, whose Harry Potter manuscript was rejected 12 times before casting its spell on the world.

Or consider James Dyson, who created 5,126 failed prototypes before revolutionizing the vacuum industry.

These titans of innovation didn't just tolerate failure - they embraced it as a teacher, a refiner, a crucial step on the path to greatness.

So the next time you stumble, remember: you're not falling behind, you're falling forward. Each setback is a setup for a comeback.

Your 'failed' attempts are simply unfinished victories. Will you let your stumbles stop you, or will you use them as stepping stones to your dreams?

The choice is yours, and the world is waiting for your masterpiece.

_{ENLIGHTENMENT}

Short Squeez Picks

• 5 ways to use small wins for big happiness at work

• The best Trader Joe’s finds of the month

• The essential skills for leadership and teamwork

• The emotional side of money and harm of moralizing it

• How Lego builds a new set

_{MEME-A-PALOOZA}

Memes of the Day

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