Euro 2024 kicks off today, and from a US perspective, it’s the most important tournament since the 1999 Women’s World Cup.

Sweater: The Evolution of Venture Capital

Investing in VC deals used to be for accredited investors who were well-connected.

Sweater Ventures revolutionized the way VC works.

What does Sweater do?

In 2022, they created the Cashmere Fund. This was the first VC fund that anyone could invest in — accredited or not.

Now, they've built something even more interesting: A platform that lets qualified partners start public funds.

Qualified partners are fintech companies, brokerage firms, banks, universities, even celebrities and influencers.
VC, real estate, PE, and private credit funds are all possible using Sweater.
These are SEC-registered interval funds available to both accredited and non-accredited investors.
Public solicitation is allowed (← this is huge)

Think of it as private market investing using public fund infrastructure.

Sweater Inc - A Platform For Public VC Funds

First, Sweater let anyone invest in VC. Now, they're enabling partners to create private funds at scale.

Why invest in Sweater?

Proven tech. The Cashmere fund has 5,500+ investors and $14m AUM deployed into 33 promising startups.
Accelerating sales. Their first partner contract was just signed (a $500m fund). They're in the final stage on 3 additional contracts, and have a $4.6b AUM fund partner pipeline.
Venture-backed team. Backed by 6 VCs, including Motivate, Akuna, and Bonaventure. Already raised $19m.

How to invest in Sweater:

Invest directly in the company via StartEngine
Invest in the Cashmere Fund

Check out Sweater Ventures →

📰 Market Headlines

Stocks keep winning, extending a record-setting rally boosted by tech gains and cooling inflation.
- The S&P 500 notched its 29th record this year, rising 0.23%; the Nasdaq gained 0.34%, while the Dow fell 0.17%.
- The producer price index for May fell 0.2%, shifting the Fed’s 2024 rate-cuts down to one.
- Apple overtook Microsoft as the world's most valuable company, reaching a market cap of $3.285 trillion.
The Fed voted to keep interest rates steady and penciled in one cut for 2024.
Tesla shares jumped 3% as shareholders voted to approve Elon Musk's $56 billion pay package.

Jeff Bezos' Blue Origin won its first Pentagon contract in the $5.6 billion National Security Space Launch program.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via Kalshi, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

Science prevails.

📈 Trends you need to know

How bad will things get?

🧠 What do you think?

How many rate cuts will we get this year?

📊 Stocks

Get $20 free shares at public.com using code ALTSCO.

Get my free shares →

Winners and losers

Earnings, upgrades, and acquisitions

Adobe surpassed earnings and revenue expectations, sending shares soaring 15%.
Signet Jewelers reported mixed Q1 results, missing revenue but beating EPS estimates; shares ticked 1.31% lower.
Lovesac shares slid 2.6% as downbeat Q2 profit guidance overshadowed better-than-expected Q1 results.
RH plummeted 14% after missing Q1 estimates.

Market movers

Tesla shareholders sued Elon Musk for starting xAI.
Boeing has investigated a new quality problem after discovering hundreds of fasteners were incorrectly installed.
Emirates was fined $1.5 million by the US for operating flights in prohibited airspace.
Apple was hit with a class action lawsuit accusing it of underpaying over 12,000 female employees in California.
Microsoft whistleblower told ProPublica the company chose profit over security, leaving the US government vulnerable to the SolarWinds Russian hack.

Ideas, trends, and analysis

US initial jobless claims jumped to 242,000 last week, the highest since August 2023.
Talking too much about your work stress makes you look 'less competent and less warm' to co-workers, according to a new University of Georgia study.
Cutting alcohol is saving Americans hundreds per year, with the average drinker spending over $700 on beer and wine alone in 2021.
Unhappy workers may dent the global economy by $8.9 trillion, or 9% of GDP, according to a Gallup report.
A new report showed Florida has the 7th best economy in the US in 2024.

🌍 Global Perspectives

🇺🇸 🇺🇦 President Biden and President Zelensky signed a historic 10-year bilateral agreement at the G7 summit to expand resources for Ukraine.
🇷🇺 🇺🇸 New US sanctions forced an immediate suspension of dollar and euro trading on the Moscow Exchange.
🇨🇳 🇦🇷 China handed Argentina a crucial $35 billion currency swap renewal.
🇷🇺 🇺🇸 American journalist Evan Gershkovich will stand trial in Russia on espionage charges.

📊 Crypto

Former President Donald Trump wants all future Bitcoin to be "MADE IN THE USA" after meeting with top US Bitcoin miners.
Bitcoin whales scooped up $1.4 billion in BTC in 24 hours among market correction as exchange supply hit its lowest since December 2021.
The SEC hit TerraForm with a $4.5 billion penalty, but no one is going to pay it.

🧠 Errata

23 sets of twins graduated from a single Massachusetts middle school yesterday.
Earth's inner core has changed direction, trimming down the day by a fraction of a second.
Seven stars were identified as potentially hosting hypothetical alien megastructures.
Bubi the elephant oracle predicted Germany to win the Euro 2024 opener.

📺 What to Watch Today

He should meet Punxsutawney Phil.

Bubi the elephant predicts Germany will beat Scotland in European Championship opening game

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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