Good Morning! Stocks closed lower yesterday as the market’s comeback fizzled out. The volatility is 'definitely here to stay' according to Adam Kobeissi. Warner Bros wrote down $9.1 billion and missed estimates. Zillow has a new CEO. Retail investors are buying the dip - just don’t tell Jamie Dimon because he sees a recession ahead. Disney finally broke a profit on its streaming unit, and airports are racing to become document-free. Plus how to overcome summer-time procrastination, and how to tell if someone has bad leadership skills.

Wall Street's newest hack? Mosaic, the tool that takes you from CIM to LBO in just 5 minutes (with zero errors). See it in action here.

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Theranos is Back

If you remember Elizabeth Holmes and Theranos, her dream of a finger-prick blood test ended up being a little too good to be true. The end result? Theranos' phony blood tests sent the startup's peak valuation from $10 billion to zero - and Holmes found herself with a decade-long prison sentence thanks to a fraud conviction.

But it turns out that other startups and biotechs are exploiting Theranos' ultimate dream - and they're finally creating similar blood tests that work. 

Take two biotech companies in Austin, TX - Becton Dickinson and Babson Diagnostic. They've been rolling out finger-prick blood tests throughout Austin - and they might have finally figured out the technological kinks that Holmes and Theranos couldn't figure out.

Several other biotech companies are also receiving regulatory clearance or plan to launch commercial products by 2025.

Theranos will be notorious for a long time - they took Silicon Valley's mantra of 'move fast and break things' a little too far. Many, including diabetics, cancer patients, and others with health concerns, were hoping Theranos could provide an easy, minimally-invasive blood testing method. The startup’s collapse likely delayed progress by a decade.

But Becton, Babson, and the like are learning a crucial lesson - sometimes one startup’s failure gives another one a lifeline. 

Takeaway: Sometimes the business world and venture capital landscape can be ruthless. Theranos’ peak $10B+ valuation with no product points to Holmes basically creating a $10 billion idea. And whether or not Becton and Babson are ‘stealing’ it or not - they’re going to be the ones who go down as heroes (and billionaires!) if their products become mainstream.

_{PRESENTED BY MOSAIC}

What To Do When Your VP Needs An LBO (It’s Friday)

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Don’t take our word for it: Mosaic is trusted by funds like CVC, Investcorp, New Mountain, Warburg Pincus, and more.

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_HEADLINES

Top Reads

• Stocks closed lower as the market’s comeback fizzled (CNBC)

• Market watcher Adam Kobeissi: Volatility 'definitely here to stay' (Fox)

• CVS seeks $2 billion in cost cuts (YF)

• Warner Bros falls as it writes down $9.1 billion (CNBC)

• Zillow has a new CEO (GW)

• Retail investors are buying the dip (Axios)

• Jamie Dimon still sees a recession ahead (CNBC)

• Disney’s streaming unit nets first profit (YF)

• Citi slapped with sexual harassment lawsuit (NYP)

• How mortgage rates could fall further (Axios)

• The race to become the world’s first document-free airport (CNN)

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Markets Rundown

Stocks stumbled on Wednesday as investors weigh recession concerns.

Movers & Shakers

• (+) Shopify ($SHOP) +18% after the e-commerce company announced a jump in earnings.

• (–) Lyft ($LYFT) -17% after the ride-share company’s gross bookings fell.

• (–) Super Micro Computers ($SMCI) -20% after missing earnings; announcing a 10-for-1 stock split.

Private Dealmaking

• Bansk Group bought PetIQ for $1.5 billion

• Placer.ai, a data analytics startup, raised $75 million

• Seeq, an industrial analytics provider, raised $50 million

• Mechanical Orchard, a cloud ops-as-a-service startup, raised $50 million

• Clarapath, a medical robotics company, raised $36 million

• CuspAI, an AI engine, raised $30 million

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

_{BOOK OF THE DAY}

The Charisma Myth

The charisma myth is the idea that charisma is a fundamental, inborn quality—you either have it (Bill Clinton, Steve Jobs, Oprah) or you don’t. But that’s simply not true, as Olivia Fox Cabane reveals. Charismatic behaviors can be learned and perfected by anyone.

Drawing on techniques she originally developed for Harvard and MIT, Cabane breaks charisma down into its components. Becoming more charismatic doesn’t mean transforming your fundamental personality. It’s about adopting a series of specific practices that fit in with the personality you already have.

The Charisma Myth shows you how to become more influential, more persuasive, and more inspiring.

“To know others is knowledge. To know oneself is wisdom.”

_{DAILY VISUAL}

Job Cuts Very Low

The source of the rise in the unemployment rate is not job cuts but a rise in labor supply because of rising immigration.

_{PRESENTED BY PUCK}

The Most Insightful Newsletter on Wall Street

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.

_{DAILY ACUMEN}

Advice Gap

"Wisdom and good advice are everywhere, now more than ever.

And yet, despite the abundance that’s available, people often make errors in job searches, product launches, or even planning a party.

There might be three reasons:

The advice might not be good, or it doesn’t appear to be valid. It’s hard to tell good advice from the not-so-good, so it may pay to simply ignore it.

The advice might be good for “someone,” but it’s easy to imagine that it doesn’t apply to us. After all, the advice giver hardly knows us, we’re a special case and this is a special situation. Not to mention that good advice is often conservative and intended to maintain the status quo, which isn’t apparently helpful for someone who wants to make a ruckus.

The person who needs advice might not actually want advice. They might simply want reassurance. Reassurance that their instincts are right, that they and they alone are the ones that can make a difference.

Of course, reassurance is futile (because it needs constant replenishment) but that doesn’t keep this from being the biggest of the three categories.

We don’t have an advice shortage. We have a gap in selection and application."

Source: Seth Godin

_{ENLIGHTENMENT}

Short Squeez Picks

• 5 strategies for overcoming summer-time procrastination

• 8 signs to quickly point out bad leadership skills

• How to revolutionize and transform your leadership

• What moral philosophy has to say about leading a business

• 7 ways to weave mindfulness into your workday

_{MEME-A-PALOOZA}

Memes of the Day