Good Morning! Markets were closed yesterday for Juneteenth, but on Tuesday, Nvidia surpassed Apple and Microsoft to become the world’s most valuable company. OpenAI co-founder Ilya Sutskever announced his new AI startup, Safe Superintelligence. Netflix will launch mega-experience stores in two U.S. malls. Warren Buffett bought Occidental shares for 9 straight days and Bitcoin dipped below $65k for the first time in more than a month. Plus Danny Meyer’s advice for new graduates and 3 ways successful people work with frustrating colleagues.

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_{SQUEEZ OF THE DAY}

Golden Goose Pulls IPO

Wall Street was all in on Golden Goose, the brand behind those $500+ “worn-out” sneakers Taylor Swift loves. The Italian company was prepped and ready to make its stock market debut in Milan, aiming to raise over $600 million. With seven banks and fund manager Invesco backing them, the table was set for its IPO.

But just as things were heating up, Permira (the private equity owner) pulled the plug on Tuesday. This move was a surprise to advisers and investors in shock. Wall Street thinks it could be a shock to the rest of the European IPO market and that now other companies might think twice before IPOing this year.

It turns out Permira’s been a bit spooked by past IPO flops like Dr Martens, which tanked after its 2021 debut. Last-minute nerves led to heated debates and ultimately Permira felt comfortable pulling the plug on this one.

And Permira’s hesitation wasn’t just about past failures. Recent political turmoil in France and investor pullbacks (major players like BlackRock and GIC got out) didn’t help either. Shares in big names like LVMH and Moncler took a hit, making investors skittish. 

Takeaway: The roadshow wasn't a total waste, though. Silvio Campara, Golden Goose's top exec, remains hopeful. He believes the brand’s story of “love” and luxury still resonates with the right investors. Maybe we’ll see them attempt a comeback soon. For now, the European IPO market is in a bit of limbo, and we’ll have to wait and see which companies step up next.

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_HEADLINES

Top Reads

• Nvidia overtakes Microsoft as most valuable stock in the world (YF)

• Retail sales stay weak in May as consumers remain cautious (Axios)

• Paris loses stock market crown to London as political upheaval looms (CNN)

• Netflix to launch mega experience stores in two U.S. malls (Axios)

• Citigroup is 'no longer the financial supermarket of the past’ (YF)

• Steve Cohen is set to make a big push into investing in AI (CNBC)

• Why employers wind up with mouse-jiggling workers (Axios)

• Why automakers are backtracking on their ambitious EV game plans (YF)

• Warren Buffett buys Occidental shares for 9 straight days (CNBC)

• Investors can't afford to miss the AI rally (YF)

• HSBC’s Swiss private banking arm breached money-laundering rules (TG)

• Bitcoin drifts back under $65,000 for the first time in more than a month (CNBC)

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Markets Rundown

S&P 500, Nasdaq hit record highs on AI momentum.

Movers & Shakers

• (+) La-Z-Boy ($LZB) +19% after the furniture company topped Wall Street expectations for the fiscal fourth quarter.

• (+) Celsius Holdings ($CELH) +8% after Piper Sandler reiterated its overweight rating.

• (–) Lennar ($LEN) -5% after the home delivery forecast fell short of estimates.

Private Dealmaking

• Boston Scientific bought Silk Road Medical, a vascular medical devices maker, for $1.26 billion

• Waabi, an autonomous trucking solutions developer, raised $200 million

• Marea Therapeutics, a cardiometabolic medicines developer, raised $190 million

• Huntress, a small business cybersecurity startup, raised $150 million

• Talkiatry, a psychiatric care startup, raised $130 million

• Finbourne, a financial data management startup, raised $59 million

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

_{BOOK OF THE DAY}

Pattern Breakers

The breakthrough concepts of Pattern Breakers come from the observations of Mike Maples Jr., a seasoned venture capitalist, who noticed something strange.

Start-ups like Twitter, Twitch, and Lyft had achieved extraordinary success despite their disregard for “best practices.” In contrast, other startups deemed highly promising often failed, even when they seemed to do everything right.

Seeking answers, Maples and coauthor Peter Ziebelman set out to discover the hidden forces that drive extraordinary start-up success. Pattern-breaking success, they reveal, demands a different mindset and actions to harness developments others miss or that may, at first, seem crazy.

Pattern Breakers is filled with firsthand storytelling about initial interactions with some of the most transformative start-ups of recent times. 

Maples and Ziebelman vividly illustrate an unexpected world where chaos is welcome, naysayers are a positive signal, movements galvanize believers—but one that ultimately change the future. They challenge us to rethink how to transcend the ordinary and achieve the extraordinary.

"The most important start-up book of the last ten years."

_{DAILY VISUAL}

The Positive Effect of Fed Hikes On Consumer Spending

Money market funds currently pay $500 billion in dividends (2.5% of annual consumer spending)

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_{DAILY ACUMEN}

Analytical Thinking

Analytical thinking involves breaking things down into components and making sense of them to gain clarity. It is essential for effective problem-solving, decision-making, and equitable leadership.

Factors Influencing Analytical Thinking

• Positive traits like humility, courage, empathy, autonomy, integrity, perseverance, confidence in reason, and fair-mindedness can enhance analytical thinking.

• Cognitive biases, information overload, and emotions can hinder analytical thinking.

Tactics for Improving Analytical Thinking

1. Examine Language: Ask "What do I mean by that?" to identify gaps, assumptions, and unintentional interpretations in problem statements.

2. Use 5W2H: Ask who, what, where, when, why, how, and how much to uncover important details and patterns.

3. Identify Biases: Ask questions like "What might I be missing?", "What might I be making up?", "What might I be jumping to conclusions about?", and "What might I be misremembering?" to challenge assumptions and biases.

4. Consider Different Perspectives: Gather stakeholder input or use tools like Edward de Bono's "Six Thinking Hats" to explore the problem from multiple angles.

_{ENLIGHTENMENT}

Short Squeez Picks

• 3 ways to clearly communicate your company’s strategy

• Danny Meyer’s advice for new graduates

• 3 ways successful people work with frustrating colleagues

• A 10-item test to assess your emotional quotient 

• How to break free from the cycle of overthinking

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Memes of the Day