🍋 Tesla for Boats

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Short Squeez
September 02, 2022

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"Buybacks do not add or subtract from corporate value. But they can transfer wealth." — Michael Mauboussin

Good Morning! Crypto.com accidentally sent an Australian woman $7.1 million, instead of $68, and is now suing her to get the money returned. Can their poster boy Matt Damon teach them how to act not embarrassed? Speaking of actors, Seth Rogen and Pete Davidson are apparently working on a movie called "Dumb Money" about the GameStop meme stock craze. Another topic that could become a movie is Glen Point Capital cofounder, Neil Phillips, being charged with market manipulation. Not only did Starbucks switch to its fall menu this week, they also announced that Laxman Narasimhan will replace Howard Schultz as CEO on Oct. 1.

For those of you looking to put those bonuses to work, check out Masterworks art investing that has delivered an average 29% net return.

1. Story of the Day: Tesla for Boats

Surprisingly, someone has beat Elon Musk to a "Tesla" boat. Quotes because it's not made by Tesla, but by X Shore AB rather. It is however, electric and relatively cheap. The X Shore 1 starts at just $99k before tax, which is much cheaper than other electric boats on the market.

Stockholm-based X Shore is introducing this cheaper electric boat to broaden its sales from the shores of the wealthy. CEO and founder, Jenny Keisu, said, "We could easily continue to sell 40 boats per year to very wealthy individuals. But if you want to see real impact, you need to replace traditional boats, and for that to happen the electric boats must become cheaper."

Keisu already runs a successful company, selling (apparently 40 per year) more expensive boats like the X Shore Eelex 8000, which starts at $329,000. Clearly she gets inspiration from Musk though, and not only because that boat sounds like it shares a name with one of Elon's kids. She said, "When Tesla launched its Model 3, and brought down the price of an electric car on par with that of a regular one, it pivoted the entire industry."

Not sure that Keisu is as eccentric as Musk, but she might be as smart as him. With a resume that showcases PE firm Nordic Capital, and founding Summa Equity, one of Europe's biggest impact funds, she's clearly the real deal. She also has a goal to make a net-zero emissions boat by 2030.

Short Squeez Takeaway: Work from boat anyone? That's it, I'm buying this boat, instead of trying to fight mortgage rates to be able to afford a cupboard in NYC. I don't know too much about Jenny Keisu, but I'm pretty positive you should never get in the way of a smart, determined woman that's trying to fight climate change. If only these came out a few years sooner. We could've seen every crypto tycoon own one of these X Shores in Miami.

2. Markets Rundown

An uncertain start to the month as the S&P eeked out a gain, while the NASDAQ and crypto finished the day slightly in the red, with so much up in the air.

Movers & Shakers

  • (+) Five Below ($FIVE) +6% despite disappointing earnings, revenue, and third quarter guidance.

  • (+) Nutanix ($NTNX) +29% after posting a revenue beat this past quarter.

  • (–) Okta ($OKTA) -34% even though they posted a top and bottom line beat for the last quarter, because multiple banks downgraded the company.

Private Dealmaking

  • Novo Nordisk acquires Forma Therapeutics for $1.1 billion

  • SeatGeek, a third-party events ticket platform, raised $238 million, seeks to IPO

  • OneSignal raises $50 million to automatically optimize SMS, in-app, and email campaigns

  • Fairmatic, an Israeli insurtech startup, raised $42 million

  • Iantrek, a medical devices startup that treats glaucoma, raised $23 million

  • Ambassador Labs, a software deployment platform, raised $20 million

3. Top Reads

  • A tale of two employment databases (Axios)

  • Almost no stock spared as semiconductor rout spreads (YF)

  • A risk-free 2-year Treasury now yields double average corporate dividend (CNBC)

  • Yellen kicks off month-long economic victory tour (Axios)

  • History points to challenges ahead for the market (YF)

  • Why electric airplanes are taking off at flight schools (CNN)

  • U.S. officials order Nvidia to halt sales of AI chips to China (Reuters)

  • Twitter starts testing long-awaited edit button (Fox)

  • Stocks fall to start September as market weighs rising rates (CNBC)

  • Tech’s newest giant is also an outcast (Axios)

A Message from Masterworks

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4. Book of the Day: The Power of Saying More with Less

Brevity is confidence. Length is fear. This is the guiding principle of Smart Brevity, a communication formula built by Axios journalists to prioritize essential news and information, explain its impact and deliver it in a concise and visual format.

Now, the co-founders of Axios have created an essential guide for communicating effectively and efficiently using Smart Brevity--think Strunk and White's Elements of Style for the digital age.

In SMART BREVITY: The Power of Saying More with Less, Axios co-founders Jim VandeHei, Mike Allen, and Roy Schwartz teach readers how to say more with less in virtually any format.

They also share communications lessons learned from their decades of experience in media, business and communications.

“If getting your message across matters to you, this is the way to do it.”

5. Short Squeez Picks

6. Daily Visual: Zoom Revenue Growth

Source: Finex

7. Daily Acumen: Anxiety Loves Company

"Somehow, at least in our culture, we find relief when others are anxious too.

So, we spread our anxiety, stoking it in other people, looking for solace in the fear in their eyes.

And thanks to the media, to the microphone we each have, to our hyper-connected culture, it’s easier than ever to spread our anxiety if we choose.

And when someone who seeks power offers to hear our anxiety in exchange for attention or a vote, it gets even worse.

It’s worth noting that there’s no correlation between the real world and anxiety.

In fact, it’s probably the opposite–when times are good, people with a lot to lose start to get that itch.

Absorb the anxiety if you wish, spread it if you must, but understand that it’s an invention, and it’s optional."

Source: Seth's Blog

8. Crypto Corner

9. Memes of the Day

 

 

 

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