Good Morning! Stocks finally bounced back yesterday, snapping a 3-day losing streak as investors weigh recession concerns. Airbnb shares dropped 14% after-hours as the bookings just aren’t meeting expectations. Corporate America is jumping into debt, with bond sales topping $1 trillion year-to-date. Vista Equity is winding down its hedge fund and Starbucks is losing customers. Plus Amazon’s CEO on the one thing that separates successful from stagnant careers, and why Kamala Harris chose Tim Walz as her VP pick.

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_{SQUEEZ OF THE DAY}

Ken Griffin's Cannabis Fight

Hedge fund billionaire and Citadel CEO Ken Griffin has a new crusade: stopping the legalization of recreational marijuana in Florida.

Griffin has so far pledged $12 million to oppose a constitutional measure that would legalize recreational marijuana use in Florida.

He even wrote an opinion article for the Miami Herald last week. His two biggest gripes? First, legalizing marijuana would create a monopoly for large dispensaries. Secondly, he doesn't think it would be great for Florida's society - and could potentially cause a spike in crime, car accidents, and addiction. 

Ever since Griffin moved his hedge fund from Chicago to Miami in 2022, he's been trying to use his $42 billion net worth to influence policy in Florida. In comparison to other major financial hubs like New York, Washington, D.C., Boston, Chicago, and San Francisco - Miami may be the one city where you don’t smell pot on every block.

Griffin’s using San Francisco and Chicago as case studies, and the evidence is clear: marijuana usage increased once it became legal. While 64% of Floridians support legalizing cannabis, Ken Griffin could give this fight a run for its money.

Takeaway: It looks like keeping pot illegal in Florida is a hill Ken Griffin will die on. So far, he has used his Wall Street influence and capital to shape policy in Florida. Earlier this year, he helped block casino expansion in South Florida, and before that, he managed to water down proposals restricting real estate purchases by international buyers. Titans like Ken Griffin understand power and how to wield it, and we could see him influence more key decisions in Florida going forward.

_{PRESENTED BY ARMRA}

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_HEADLINES

Top Reads

• Wall Street economists say investor fears about recession are overblown (YF)

• Why Kamala Harris chose Tim Walz (Politico)

• The stock market didn't just fall out of a coconut tree (Axios)

• Airbnb shares drop 14% on earnings miss (CNBC)

• Corporate America stampedes into debt as bond sales top $1T (YF)

• Vista winds down hedge fund, citing dominance of private markets (BB)

• Why Starbucks is losing customers (CNBC)

• New Goldman Sachs index shows financial stress relatively normal (Reuters)

• 3 thoughts about the market correction (CS)

• SunPower files for bankruptcy, plans to sell off assets (CNBC)

• The popular 'carry trade' is unwinding (CNBC)

_{CAPITAL PULSE}

Markets Rundown

Stocks bounced back on Tuesday as investors weigh recession concerns.

Movers & Shakers

• (+) Lumen Technologies ($LUMN) +93% after securing $5B in new business amid AI boom.

• (+) Uber ($UBER) +11% after the rideshare company announced strong Q2 earnings.

• (–) Chegg ($CHGG) -22% after the online learning company announced a ChatGPT-driven slowdown in subscribers.

Private Dealmaking

• Veritas Capital bought the digital banking business of NCR Voyix for $2.45 billion

• Bernhard Capital Partners bought New Mexico Gas Co. for $1.25 billion

• Abnormal Security, an email security company, raised $250 million

• Ziff Davis bought CNET for $100 million

• Riverlane, a quantum error correction startup, raised $75 million

• Muon Space, a space-as-a-service startup, raised $56.7 million

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

_{BOOK OF THE DAY}

Master of Change

From social disruptions like economic recessions, pandemics, and new technologies to individual disruptions like getting married, career transitions, and becoming a parent, we undergo change and transformation—both good and bad—regularly. Change is not the exception, it’s the rule. Yet we endlessly fight it, often viewing it as a threat to our stability and sense of self.

Master of Change flips this script on its head and offers a path for embracing and even growing from life’s constant instability.

Brad Stulberg, sustainable excellence expert, coach, and bestselling author of The Practice of Groundedness offers a new model that describes change as an ongoing cycle of order, disorder, and reorder—yes, we return to stability, but that stability is somewhere new.

Drawing on modern science, ancient wisdom, and daily practice, Stulberg offers concrete principles for developing a mindset called rugged flexibility, along with habits and practices to implement it.

“A revelatory book on rethinking change, creating a rugged and flexible mindset and identity, and developing habits for life's intensifying flux.”

_{DAILY VISUAL}

Who's Winning the Fast-Food Value War

_{PRESENTED BY HARVEST RETURNS}

Our World’s Greatest Problem = Your Greatest Opportunity

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With Harvest Returns, you can invest in the farms, ranches, and agribusinesses solving our food shortage–and grow your portfolio.

Once reserved for the wealthy, high-performing ag investments have little correlation with the stock market (AKA they offer potential stable returns, inflation protection, and passive income).

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_{DAILY ACUMEN}

Forgiveness

Forgiveness is not about forgetting or excusing.

It's about freeing yourself from the burden of anger and resentment.

It's a gift you give yourself.

What grudges are you holding onto that no longer serve you?

Nelson Mandela emerged from 27 years of imprisonment with forgiveness, not bitterness.

His ability to forgive transformed a nation.

Practice forgiveness.

Let go of past hurts.

Choose peace over rightness.

Remember, forgiveness does not change the past, but it does enlarge the future.

_{ENLIGHTENMENT}

Short Squeez Picks

• Amazon’s CEO on what separates successful from stagnant careers

• The soft skill that MIT considers fundamental for career success

• Why receiving feedback seems so difficult

• How to break your loops and build better habits

• 5 signs staying at the same company is stalling your career growth

_{MEME-A-PALOOZA}

Memes of the Day