Good Morning! Investors are growing anxious about downside risks to their portfolios, with VIX call volume and S&P 500 put buying near record-high levels. A former Goldman Sachs banker is set to become Canada’s new Prime Minister.

The Department of Justice is investigating soaring egg prices and looking into potentially illegal supply restrictions. Tesla shares have now declined for seven straight weeks—every week since Elon Musk’s trip to Washington.

Plus: Scott Bessent says, "MAGA doesn't mean 'Make M&A Great Again'," private credit could help the U.S. lower its deficit, and about a third of U.S. adults have fallen victim to financial fraud over the past year.

Smart home tech is booming—here’s your chance to invest early.

_{SQUEEZ OF THE DAY}

Goldman’s Project Voyage

Goldman Sachs is rolling out its latest cost-cutting initiative—Project Voyage—giving some managing directors and partners a blunt choice: relocate to Dallas or Salt Lake City, or leave the firm.

This move is part of Goldman’s broader effort to trim $1.3 billion in operating costs by shifting roles to lower-cost cities. While middle- and back-office jobs have already been migrating, leadership has been reluctant to follow.

Now, the firm is pushing senior executives—vice presidents, MDs, and even partners—to build careers beyond traditional financial hubs like New York and London.

Goldman has been expanding its Dallas hub into one of its largest global offices, while staffing in New York has remained flat. Today, 43% of Goldman’s 46,500 employees already work outside major financial centers, and that number is set to grow. But while relocating junior employees has helped the firm’s bottom line, these expanding offices still lack experienced leadership.

CEO David Solomon has made “calibrating the pyramid structure” a priority—aiming for leaner leadership in high-cost cities and expanded teams in cheaper locations. The firm sees this as a strategic shift, not just a real estate play.

Takeaway: For Goldman, this isn’t just about cutting costs, it’s a shift in how the bank operates. Legacy finance hubs are taking a back seat to cost efficiency. But the real question is: will seasoned Wall Streeters actually pack up for Salt Lake City?

By cutting costs and diversifying its geographic footprint, the firm is betting that it can maintain its elite status without keeping everyone at 200 West Street in Manhattan.

_{PRESENTED BY RYSE}

Mr. Wonderful (Kevin O’Leary) Lost Out On $400 Million…

Imagine passing on Ring before it got bought for $1.2 billion by Amazon.

That’s exactly what happened to the Sharks—a 67,765% return gone.

Now, there’s another smart home startup making waves, and investors have a chance to get in before the next big potential buyout.

Meet RYSE—the company revolutionizing smart shades with patented retrofit technology that installs in minutes, controllable via your smartphone or voice.

Here’s why we like it:

• $10M+ in revenue and 200% year-over-year growth

• In 127 Best Buy locations, with Home Depot expansion coming in 2025

• 10+ patents protecting its industry-leading technology

• The smart home market is booming, growing at 23% annually

RYSE’s public offering is now live at just $1.90/share. If you missed out on Ring, this could be your second chance.

_HEADLINES

Top Reads

• U.S. payroll growth totals 151,000 in February, less than expected (CNBC)

• Former Goldman banker Mark Carney is Canada’s new PM (BBC)

• DOJ launches probe into sky-high egg prices and possible supply restrictions (NYP)

• Tesla shares have declined every week since Elon Musk went to Washington (CNBC)

• Nasdaq plans for 24-hour trading (YF)

• Apollo ditched M&A deal teaches a lesson in hardball M&A (BB)

• Treasury Secretary Bessent says economy could be ‘starting to roll a little bit’ (CNBC)

• Private credit could help US lower its deficit (YF) 

• Hedge funds give up half of 2025 gains in 'challenging' markets (YF)

• Chipmakers are finding that good earnings aren’t enough to please Wall Street (CNBC)

• Why one of Tesla's biggest bulls is doubling down after 34% drop (YF)

• Major TSA change to shorten airport security wait times (NYP)

• Stephen A. Smith agrees to new $100 million deal with ESPN (USA)

• US adults hit by financial fraud (BR)

_{CAPITAL PULSE}

Markets Rundown

Markets Edge Up as Jobs Data Signals Resilience Amid Softening Trends

On Friday, markets closed a turbulent week on a modestly positive note, buoyed by a jobs report that revealed a solid yet softening labor market, with 151,000 jobs added in February—slightly below forecasts—and the unemployment rate edging up to 4.1%.

Stocks rose, with the Nasdaq leading thanks to an 8% surge in Broadcom shares after an optimistic AI-driven forecast, while bond yields climbed following Fed Chair Powell’s remarks that the economy remains stable, signaling no urgency for rate cuts. 

Oil prices nudged up 1% to $67 despite a weekly drop, and international stocks paused their rally as diversification emerged as a vital strategy amid shifting market leadership and policy uncertainty.

The data paints a picture of resilience tempered by moderation, suggesting a cautious economic outlook where precision in key sectors like healthcare and finance matters, yet tolerance for broader softening—such as in leisure or government jobs—keeps the focus on adaptability, with investors bracing for the next inflation update to gauge the Fed’s next moves.

Movers & Shakers

• (+) Broadcom ($AVGO) +9% after the chipmaker beat earnings.

• (+) Walgreens Boots Alliance ($WBA) +7% because the pharmacy chain agreed to be taken private.

• (–) Hewlett Packard Enterprise ($HPE) -12% after the server maker issued weak outlook; will cut its workforce by 2,500.

Private Dealmaking

• Shield AI, a drone tech developer, raised $240 million

• InsuranceDekho, an Indian insurance startup, raised $70 million

• Zeitview, a visual AI solutions provider, raised $60 million

• Flowdesk, a crypto market maker, raised $52 million

• Tandem PV, a solar panel developer, raised $50 million

• Across, an interoperability startup, raised $41 million

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

_{NEIGHBORHOOD WATCH}

Real Estate Digest

Mortgage rates saw their biggest weekly drop since mid-September, boosting homebuyers' purchasing power and providing a strong incentive to act. The decline also opened the door for some homeowners to refinance, with mortgage refinance applications surging nearly 44%—the highest since mid-December.

Latest News

• Why holding off on buying a home is a bad idea

• Ken Griffin pays $45 million for Julia Kock’s Park Ave Co-op

• Trump’s SALT Tax promise hinges on an obscure loophole

• US home prices increase strongly in December

New Listings

• 88 Prince St Apt: 6th Floor New York, NY: 4 Bed / 4 Bath - $6,495,000

• 1422 S Miami Ave Apt: 6204 Miami, FL: 4 Bed / 4.5 Bath - $6,433,900

• 39 Adams Ln Southampton, NY: 8 Bed / 8 Bath - $7,695,000

• 111 Manitou Drive King City, York, Canada: 6 Bed / 7 Bath - $8,880,000

• Trocadero Paris, Île-de-France, France: 5 Bed / 5 Bath - $6,976,530

Fill out this form to get personalized support for buying, selling, renting, or investing in real estate.

_{BOOK OF THE DAY}

Subtract

We pile on “to-dos” but don’t consider “stop-doings.” We create incentives for good behavior, but don’t get rid of obstacles to it. We collect new-and-improved ideas, but don’t prune the outdated ones.

Every day, across challenges big and small, we neglect a basic way to make things better: we don’t subtract. Klotz’s pioneering research shows us what is true whether we’re building Lego models, cities, grilled-cheese sandwiches, or strategic plans: Our minds tend to add before taking away, and this is holding us back.

But we have a choice―our blind spot need not go on taking its toll. Subtract arms us with the science of less and empowers us to revolutionize our day-to-day lives and shift how we move through the world. More or less.

“A great book changes the world you live in, revealing mysteries you didn't even know were there. This is a great book."

_{DAILY VISUAL}

Investors Aggressively Buying Downside Protection

Investors fear downside risks as VIX call and S&P 500 put buying near record highs

_{PRESENTED BY DEEL}

Your International Hiring Playbook

Expanding your team across borders or hiring global contractors? Before you sign a contract, make sure you equip your team for success. International payroll, labor laws, and tax compliance can get messy fast. After all, global compliance is just like playing “The Floor is Lava”… but the lava is made of legal risks. Let Deel be your navigator.

The Deel International Hiring Guide gives you the tools to hire global talent with confidence and avoid unnecessary legal hurdles.

• 4 hiring strategies: Learn the best approach for freelancers, subsidiaries, or something in between.

• Country-specific compliance: Understand the laws before making your first hire.

• Payroll with peace of mind: Pay your team on time, without hidden fees.

Before your next hire, read Deel’s guide and get the insights that make global hiring a breeze.

_{DAILY ACUMEN}

Precision vs Tolerance

Mastering the dance between precision and tolerance is key to unlocking a productive and intentional relationship with time.

Precision shines when accuracy shapes meaningful results—such as ensuring a bridge stands strong with exact measurements, a project launches on schedule, or a crucial calculation avoids costly errors—but it turns into a burden when obsession over tiny imperfections, like a misplaced comma or a slightly off routine, derails progress.

Tolerance, meanwhile, acts as a quiet strength, embracing adaptability and trusting that minor deviations won’t unravel the bigger picture, whether it’s a day that starts later than planned or a task completed without perfect polish.

The art lies in discerning which moments demand meticulous care and which invite flexibility, weaving both into a system that bends without breaking, driving efficiency and peace in equal measure.

_{ENLIGHTENMENT}

Short Squeez Picks

• How Gen-Z can avoid the financial pitfalls of previous generations

• The real-life diet and routine of Sahil Bloom

• A better way to compare yourself to colleagues

• Why you should raise your hand for opportunities you might not be ready for yet

• Weekly practices for a happier work life

_{MEME-A-PALOOZA}

Memes of the Day