Good morning! Recession fears are back as the labor market cooled in August, though Yellen believes we’re still headed for a ‘soft landing.’ JPMorgan thinks cash will stay hot despite falling interest rates. Goldman Sachs bankers laid off are facing the toughest job market since early Covid. Meanwhile, Selena Gomez is now a billionaire thanks to her beauty brand. Plus, small-cap stocks could be worth investing in, and meet the 33-year-old paying $2,100 a month to live with 23 roommates in Brooklyn.

For access to the most coveted rolodex on Wall Street, Puck’s Dry Powder is a must read for anybody even loosely connected to the capital markets. Start your free trial today.

Partnership Announcement

We're thrilled to announce a partnership with global real estate firm Nest Seekers International. Starting this Thursday, Short Squeez will feature a Real Estate Digest section packed with everything you need to know:

1. Market Indicators

2. Real Estate News

3. Exclusive Listings for Buying and Renting

Whether you're looking to buy, sell, rent, or invest, we've got you covered. Don't miss out—fill out this form to get started.

_{SQUEEZ OF THE DAY}

OnlyBillionaires

The simp economy is in full swing - and Leonid Radvinsky, the owner of OnlyFans, is looking to cash out.

According to a filing, Radvinsky, the sole owner of OnlyFans, paid himself $472 million in dividends last year. He's made more than $1 billion over the past three years and pocketed most of OnlyFans' $485 million 2023 profit.

Radvinsky bought OnlyFans in 2018. The platform was relatively obscure when he bought it, but it exploded and became a household name during the Covid lockdowns less than two years later. 

OnlyFans made its name serving as a platform for risky adult content that other websites wouldn't touch. However, the company has been expanding its base and recruiting personal trainers, chefs, and comedians.

In 2023, content creators on OnlyFans made $6.6 billion - and the company takes a 20% fee from their earnings. OnlyFans' operations are so lean they'd make most elite boutiques jealous - only 41 employees work for OnlyFans. 

Takeaway: Ethics aside - Radvinsky stumbled on a very lucrative niche in the social media and “NSFW” entertainment industry and looks like he’s the only guy making more from OnlyFans than its top creators. In years past, OnlyFans has mulled banning explicit content. But until that day happens, you can count on Radvinsky to continue getting some fat dividend checks. He's proof that sometimes it does pay to mind your own business.

_{PRESENTED BY PUCK}

The Newsletter Wall Street Can’t Stop Forwarding

After working on Wall Street for decades, Bill Cohan has risen to become a star journalist and a deeply sourced reporter on high finance’s inner circle. You might’ve read his definitive history of Goldman Sachs or seen him on CNBC, where he is a frequent guest.

You can read Bill at Puck, a unique, journalist-led partnership that covers the inside stories sitting at the nexus of Wall Street, Washington, Silicon Valley, Hollywood, and more. Check it out here.

_HEADLINES

Top Reads

• U.S. labor market cools again in August, adding 142,000 jobs (Axios)

• Goldman Sachs’ hundreds of laid-off bankers face tough job market (Fortune)

• Yellen says U.S. economy remains solid, on path to ‘soft landing’ (CNBC)

• This is a soft landing (Apollo)

• Top Wall Street rainmaker left Evercore after ‘affair’ with younger banker (NYP)

• Selena Gomez reaches billionaire status (CNN)

• Why now might be the best time to invest in small-cap stocks (WSJ)

• JPMorgan says cash could stay attractive despite falling interest rates (YF)

• NYC’s hottest pick-up spot is a brick wall in Brooklyn (NYP)

• SEC fines Esmark, chairman over false tender offer for US Steel (YF)

• 7-Eleven’s parent company rejects $38.6 billion takeover bid (CNBC)

• Carlyle-Backed StandardAero files for IPO, showing a profit (YF)

_{CAPITAL PULSE}

Markets Rundown

Stocks tumbled, having the worst week of the year as recession fears reemerged.

Movers & Shakers

• (+) Guidewire Software ($GWRE) +12% after the software company raised its revenue outlook.

• (+) DocuSign ($DOCU) +4% after the software company posted an earnings beat.

• (–) Super Micro Computer ($SMCI) -7% after a downgrade by JPMorgan.

Private Dealmaking

• Dongchedi, the car info unit of ByteDance, is raising up to $600 million

• OrsoBio, an obesity treatment developer, raised $67 million 

• Laravel, a web application framework, raised $57 million

• Thatch, a health benefits startup, raised $38 million

• Calyxia, a microplastics removal startup, raised $35 million 

• Argyle, an employment data provider, raised $30 million

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

_{BOOK OF THE DAY}

Dark Calories

Did you know that consuming a large serving of french fries—cooked in vegetable oil—delivers the toxicity of smoking 24 cigarettes?

Cornell-trained biochemist turned family physician Dr. Cate Shanahan introduces us to well-respected scientists who warn that vegetable oils are a public health disaster, wreaking havoc on our bodies’ cells by depleting antioxidants and promoting free radical toxicity.

Americans were enticed into buying these oils based on their cholesterol-lowering property, but the idea that cholesterol-lowering is beneficial was pushed on us without solid evidence to support it. In Dark Calories, Dr. Cate reveals the financial entanglements between industry and underhanded academics who created and sustain our 1950s-era, arbitrary dietary rules.

As a solution, she proposes a clear, no-nonsense plan that aligns with our genetic needs and nature’s laws. Thankfully, recovering our health is simplified by the fact that nutrients that treat one condition also tend to treat all the rest. As an added bonus, we also revive our sense of taste so that our cravings shift to wholesome, nourishing foods instead.

“The New York Times bestselling author of Deep Nutrition explains how eight common seed oils cause the cellular damage that underlies virtually all chronic disease, exposes the corruption that deceives doctors and consumers alike, and gives us a clear roadmap to recovery and rejuvenation.”

_{DAILY VISUAL}

U.S. Labor Market Cools Again in August

Change in U.S. nonfarm payrolls

_{PRESENTED BY SURE DIVIDEND}

The Only 79 Dividend Stocks That Pay Every Month

Thousands of publicly traded companies have a dividend – that means they pay you just for owning their stock.

However, only a select few pay out dividends monthly instead of quarterly.

Sure Dividend has put together a list of all 79 individual stocks that pay dividends every month.

• Monthly dividend payments matter because they give investors cash every month instead of quarterly

• Monthly dividend payments show a company prioritizes paying shareholders

• Monthly dividends allow for faster reinvesting of dividends

You can instantly get your free list of all 79 monthly paying dividend stocks, by clicking the link below:

_{WHAT ELSE TO READ}

The Best PE, VC & M&A Newsletter

Buysiders is our deals newsletter to bring y’all the best insights on deals around Wall Street.

Every month, you get insider details on the month’s top 3 deals. For this month’s edition, we cover the following deals:

1. Mars to acquire Kellanova for $36 billion.

2. Consol Energy and Arch Resources combine in $5 billion merger of equals.

3. CVC leads consortium in £5.4 billion acquisition of Hargreaves Lansdown

Read the full edition here and subscribe to the newsletter below.

_{DAILY ACUMEN}

Lifelong Learning

Imagine a world where knowledge has an expiration date. In fact, you don't have to imagine - you're living in it.

In the 1980s, the "half-life" of an engineer's knowledge was estimated at 10 years. Today, it's down to 18 months.

That's right - in less than two years, half of what you know becomes obsolete. In this breakneck world, learning isn't just a hobby; it's a survival skill.

Enter John, a 67-year-old retiree who decided to learn coding. His grandkids laughed, his friends were puzzled, but John was undeterred.

He started with free online courses, then joined local coding meetups.

Today, at 72, John has launched three apps, mentors young coders, and says he feels more alive than ever.

His secret? He treats his brain like a shark - always moving, always learning, never stopping.

As the great futurist Alvin Toffler said, "The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn."

Remember, in the game of life, the learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.

_{ENLIGHTENMENT}

Short Squeez Picks

• The do’s and don’ts of working with 5 types of communicators

• How to gauge a company’s culture

• Forensic listening strategies for negotiation

• Questions to engage people beyond ‘how are you’?

• The 33-year-old paying $2,100/month to live with 23 roommates in Brooklyn 

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Memes of the Day