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Good Morning and Happy Juneteenth! Diabetes drugs like Ozempic are taking the medical world by storm, being hailed as a game-changing way to treat addictions like smoking and alcohol-use disorder. Trip Miller, the founder of Nashville hedge fund Gullane Capital Partners, wants to buy the Tampa Bay Rays for $1.85 billion.

Regional bank stocks are rallying, even though profits remain sluggish. Boeing foresees an $8 trillion jet market within the next 20 years even as climate reshapes the industry.

Our Investment Banking Excel course drops next week (June 27th). You can pre-order here using coupon PREORDER and save $200 off the original price.

1. Story of the Day: OnlyStonks

Everyone knows the traditional investing rule, right? The "100 minus age" equity-allocation rule has been a conventional guide for determining how much of your portfolio should be allocated to stocks.

For example, the 20-year-old intern in your office should be holding 80% stocks in his portfolio, with the remaining 20% in bonds. Your 50-year-old MD should be holding more of a balanced 50/50 split between stocks and bonds.

As for the baby boomers, well, they were expected to pivot predominantly towards bonds and reduce their stock holdings, but it seems they have developed an insatiable appetite for equities that they just can't kick.

Surprising as it may be, over 67% of baby boomers are still holding onto their stocks as if there's no tomorrow. Why? Well, the stock market has been unstoppable since its 2009 low, soaring a staggering 700%.

And at the same time, interest rates have hovered near zero, with stocks having emerged as the sole source of promising returns.

And starting last year when bonds and cash seemingly became more appealing recently due to the rapid ascent in interest rates, boomers refused to part ways with their stock-market wagers.

Takeaway: What’s driving this attachment to stocks by baby boomers? One word: FOMO. You see, many of these boomers started investing during the 1980s. So they’ve been through numerous market crashes, starting with Black Monday in 1987, the bursting of the dot-com bubble, the 2008 financial crisis, and 2022.

So they’re more optimistic than ever that stocks only go up, and have the emotional experience to prove it. While risk tolerance will always be correlated with time-horizon, we could be seeing a shift in how older Americans invest.

2. Markets Rundown

Stocks closed lower, but the S&P 500 finished higher for the fifth-straight week.

Movers & Shakers

• (+) iRobot ($IRBT) +21% after the UK cleared the company’s $1.7 billion sale to Amazon.

• (+) Virgin Galactic ($SPCE) +17% as the company readies for its first commercial space flight.

• (–) SoFi ($SOFI) -10% after a downgrade from Bank of America.

Private Dealmaking

• Eavor Technologies, a geothermal developer, raised $37 million

• Helium Health, a telemedicine provider, raised $30 million

• Vectara, an enterprise search startup, raised $28.5 million 

• Blackbird AI, an AI-powered risk intelligence startup, raised $20 million

• Kanastra, a capital markets infrastructure startup, raised $13 million

• SpotHopper, a sales and marketing software platform for restaurants, raised $12 million

A Message from Daloopa: Get Access to 10 Financial Models

Part of being a finance professional consists of being one of the world's best-paid data-entry professionals.

It's a pain—and a rite of passage—to build a financial model by painstakingly transcribing information from 10-Qs, 10-Ks, presentations, and transcripts. Or, at least, it was: Daloopa uses machine learning and human validation to automatically parse financial statements and other disclosures, creating a continuously-updated, detailed, and accurate model.

Thomas Li (CEO) puts it best: "Daloopa collects literally everything a company discloses."

Daloopa is giving Short Squeez readers access to ten financial models (any public company) when you sign up for a free account on their website.

3. Top Reads

• A former Wall Street titan’s new age investment bank is flailing (Forbes)

• A bank China backed to challenge the U.S. dollar now needs the dollar (WSJ)

• SVB agrees to sell its investment banking division (Reuters)

• The end of megafunds (TI)

• A.I. human voice clones are coming for Amazon, Apple, Google audiobooks (CNBC)

• Why Gen-Z is turning to cash stuffing (Fox)

• Silicon Valley’s contemporary divides (Axios)

• Tech layoffs haven’t ended the tech talent wars (Forbes)

• The Cava IPO had a secret ingredient (YF)

• Florida is losing its affordability edge (BB)

4. Book of the Day: Hidden Potential

We live in a world that’s obsessed with talent. We celebrate gifted students in school, natural athletes in sports, and child prodigies in music. But admiring people who start out with innate advantages leads us to overlook the distance we ourselves can travel. We can all improve at improving. And when opportunity doesn’t knock, there are ways to build a door.

Hidden Potential offers a new framework for raising aspirations and exceeding expectations. Adam Grant weaves together groundbreaking evidence, surprising insights, and vivid storytelling that takes us from the classroom to the boardroom, the playground to the Olympics, and underground to outer space.

He shows that progress depends less on how hard you work than how well you learn. Growth is not about the genius you possess—it’s about the character you develop. Grant explores how to build the character skills and motivational structures to realize our own potential, and how to design systems that create opportunities for those who have been underrated and overlooked.

Many writers have chronicled the habits of superstars who accomplish great things. This book reveals how anyone can rise to achieve greater things. The true measure of your potential is not the height of the peak you’ve reached, but how far you’ve climbed to get there.

“We underestimate the range of skills that we can learn and how good we can become.”

5. Short Squeez Picks

• The case for selfishly managing time

• Car-rental companies are ruining EVs

• 6 psychology books everyone should read

• 20 best coffee shops in NYC

• Morgan Housel on how optimism compounds

• The leap to leader

A Message from Buena Fe: Investing in Tequila Isn’t Just For Celebrities

Unless you've been living under a rock for the last two years, it certainly seems as if every celebrity has their own tequila company. Tequila has been on an unstoppable rise in popularity, and the excitement just keeps on flowing.

But that's not all. The other cool kid on the block is spirit-based ready-to-drink (RTD) products. Remember the splash White Claw and Truly made? Well, now folks are getting savvy and swapping these beer-cousins for higher quality spirit-based drinks.

So, here's where Buena Fé comes in, riding this wave with its organic, tequila-based RTDs. But get this - they're not playing around with any second-rate mixto tequila. No sir, Buena Fé's all about the real deal - 100% agave tequila.

These guys hit the scene in 2022 and have already made a splash in 12 states, scoring deals with major chains like Albertsons and Total Wine. Their impressive leadership team includes the former President of Mike's Hard Lemonade.

Buena Fé is inviting you to join the party and be a part of their growth and expansion. They're raising capital through crowdfunding, so you can become a proud owner of a tequila company*, and receive some excellent perks (including their “I’m not a celebrity but I do own a Tequila company” tee).

Unleash your inner celebrity and own a tequila company today.

6. Daily Visual: Status of Paid Family Leave Laws by State

_{Source: Axios}

7. Daily Acumen

Developing the habit of imagining the strongest possible arguments against your claims or positions is crucial for intellectual growth. Similar to how a skilled chess player considers their opponent's strongest replies, individuals who engage in this practice in their daily lives can make more informed decisions.

Many people fall into the trap of "hope chess," where they assume their plans will succeed without considering potential flaws or counterarguments. By actively evaluating the opposing perspective and anticipating strong responses, one can identify weaknesses and refine their arguments or strategies.

Although this process may seem obvious, it is challenging to implement. Our brains often resist the act of modeling opponents or alternative viewpoints as strong, as it contradicts our desire for our ideas to prevail. Overcoming this resistance requires practice and training to train our minds to overcome biases and truly consider the resources and merits of opposing arguments.

This principle also applies beyond intellectual debates. In everyday life, people tend to overlook the best counterarguments to their beliefs and positions, resulting in limited growth and understanding. Engaging in honest self-reflection, actively seeking opposing viewpoints, and adjusting our positions accordingly can lead to more accurate and well-rounded perspectives.

8. Memes of the Day

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 *Sponsored content, Short Squeez has been compensated by Pure Brands Company.