🍋 Millionaire Yacht Weeks

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Good Morning! Queen Elizabeth II passed away yesterday at the impressive age of 96. RIP to Britain's longest reigning monarch. Back on our side of the pond, Citigroup won its appeal against Revlon, as a 3-0 decision in a Manhattan court said Revlon lenders were not entitled to the ~$500 million they were accidentally wired.

Princeton has made no mistake in their recent announcement, saying that it will cover all costs for families making up to $100k a year, and cut costs for those earning more. Elon Musk is also making big moves, working with Apple to discuss iPhone satellite service. Apparently the parties have had "promising conversations."

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1. Story of the Day: Millionaire Yacht Weeks

Bankers, CEOs, and other members of the elite have been busy booking yachts this summer, Fischer Travel Enterprises has seen. Stacy Fischer-Rosenthal and her 30 person team have seen bookings spike 20% from already lofty 2021 levels.

Now that COVID is over, the wealthy are spending millions on week-long luxury cruises. Even more luxurious than a typical cruise, with kids sticking their hands in the buffets? Yes. Even more luxurious than that. Michelin-starred food? Check. Submarine on board? Check.

Fischer-Rosenthal said, "Yacht charters are very popular because our clients want the privacy, security and flexibility that it gives them." Fischer Travel Enterprises charges a healthy $150k just to join the members only service.

The clientele is becoming increasingly American, as gaps left by rich Russians are waiting to be filled. Another company, Fraser Yachts, which sells, manages, and arranges charters on superyachts, booked almost 500 private trips in the first half of this year.

Mark Duncan, Director of Marketing and Business Development for Fraser, said bookings are up 32% for the year. Again, this increase is driven by Americans, and many of them are first time renters.

Short Squeez Takeaway: Last year was a great year for the rich to get richer. If you've got the extra cash, might as well spend it, as there is blood in the water of the markets this year. Then again, if you've got the money to rent Wheels (a 247 foot megayacht in Fraser's fleet that comes with a nightclub) for example, I doubt you'll be hurting too bad after this year either.

2. Markets Rundown

Equities were back and forth between gains and losses today, before finally closing in the green. Crypto is down as the dollar has strengthened, weighing on risk assets.

Movers & Shakers

• (+) GameStop($GME) +7% after announcing a partnership with crypto exchange FTX.

• (+) Rivian ($RIVN) +11% as the EV company and Mercedes are planning a joint venture in Europe, building electric commercial vans under both brands.

• (–) Dave & Buster's ($PLAY) -14% because earnings per share missed Wall Street's Q2 estimates.

Private Dealmaking

• Texas Capital sells insurance premium finance unit to Truist for $34 billion 

• Westfield buys Argo Underwriting Agency for $125 million

• Battle Motors, a custom-built vehicle manufacturer, raised $150 million 

• Boopos, a small business acquisition and growth platform, raised $58 million 

• Crypto firm 21.co raises $25 million 

• Bond Pet Foods, a plant-based pet manufacturer, raised $17.5 million

3. Top Reads

• BlackRock strikes back at ESG critics (Axios)

• Powell vows to raise rates until ‘job is done’ (CNBC)

• Goldman Sachs and Morgan Stanley expect new bear market lows (Axios)

• Derek Jeter launches new sports card collecting platform (Fox)

• Why zero-down mortgages are gaining ground (Axios)

• Amazon CEO says he has no plans for workers to return to office (CNBC)

• The Fed wants you to lose money in stocks and probably crypto, too (YF)

• U.S. weekly jobless claims fall to three-month low (Reuters)

• Tesla changes leadership and sets new goals at Nevada Gigafactory (CNBC)

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4. Book of the Day: Confessions of a Wall Street Analyst

Dan Reingold was a top Wall Street analyst for fourteen years and Salomon Smith Barney analyst Jack Grubman's chief competitor in the red-hot sector of telecom. Reingold was part of the "Street" and believed in it.

But in this action-packed, highly personal memoir written with accomplished Fast Company senior writer Jennifer Reingold the author describes how his enthusiasm gave way to disgust as he learned how deeply corrupted Wall Street and much of corporate America had become during the roaring stock market bubble of the 1990s.

Confessions of a Wall Street Analyst provides a front-row seat at one of the most dramatic -- and ultimately tragic -- periods in financial history. Reingold recounts his introduction to the world of Wall Street leaks and secret deal-making; his experiences with corporate fraud; and Wall Street's alarming penchant for lavish spending and multimillion-dollar pay packages.

Reingold spars with arch rival Grubman; fends off intense pressures from Wall Street bankers and corporate CEOs; and is wooed by Morgan Stanley's CEO, John Mack, and CSFB's über-banker Frank Quattrone.

Reingold describes instances in which confidential deals are whispered days before their official announcement. He recalls the moment he learns that Bernie Ebbers's WorldCom was massively cooking its books. And he is shocked to have been an unwitting catalyst for a series of sexually explicit e-mails that would rock Wall Street; bring Jack Grubman to his knees; and contribute to the stepping aside of Grubman's boss, Citigroup CEO Sandy Weill.

Some of Reingold's stories are outrageous, others hilarious, and many are simply absurd. But, together, they provide a sobering exposé of Wall Street: a jungle of greed and ego, a place brimming with conflicts and inside information, and a business absurdly out of touch with the Main Street it claims to serve.

He shows how government investigators, headlines notwithstanding, never got to the heart of the ethical and legal transgressions of the era. And how they completely overlooked Wall Street's pervasive use of inside information, leaving investors -- even sophisticated professionals -- cheated. The book ends with a series of important policy recommendations to clean up the investing business.

In the tradition of Liar's Poker and Den of Thieves, Confessions of a Wall Street Analyst is a no-holds-barred insider's account that will open the eyes of every investor.

“Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies and cuts through to the essence of the evolutionary spirit.”

5. Short Squeez Picks

• 7 tips to get a better night of sleep

• How one man makes six figures walking dogs in NYC

• How to avoid return-to-office backlash

• An economist studied popular finance tips and some may be leading you astray

What Else To Read

If you love getting Short Squeez (which we'll assume you do), you must value getting crisp insights and actionable intel without all the BS.

The Daily Upside, founded by a team of bankers and journalists, is another great newsletter for big-brained readers. Built with investors in mind, The Daily Upside is packed with heavy-hitting analysis and stories you simply won’t find elsewhere.

It’s the perfect addition to your media diet, striking that elusive balance of gravitas and wit. There’s a reason 700,000+ readers start their days with The Daily Upside. Sign up for free here.

6. Daily Visual: Email Still Winning

Share of adults who say they use select communications tools daily

Source: Axios

7. Daily Acumen: Constraints

“If only” is a soothing refrain. If only the constraints were lifted, and the things that are scarce were abundant. If only the barriers were lifted and there was more time or fewer obstacles…

That’s a trap.

If the constraints went away, you’d be playing a totally different game, because your competitors would see their constraints lifted as well.

Constraints are a gift because they bring us something to lean against, and they give us the chance to focus on work we can actually do.

Every once in a while, the situation changes and constraints are lifted. In those moments, we need to be hyper-aware of the new possibilities. The rest of the time, instead of cursing the boundaries, we can celebrate them.”

Source: Seth Godin

8. Crypto Corner

• World’s largest crypto exchange shakes up stablecoin race

• SEC chief sends warning to crypto industry

• Coinbase employees, Ethereum supporters sue U.S. Treasury

• U.S. seizes $30 million in crypto from North Korea-linked hackers

• Mark Cuban is no longer excited about crypto

• More than 70% of crypto investors think they can become billionaires

9. Memes of the Day

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