| | | There’s $1 trillion carried interest sloshing around PE GP’s coffers. Find out why. |
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| | Sweater: Funds-as-a-Service | 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. | | Funds-as-a-Service (Faas): with Jesse Randall from Sweater Ventures |
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| 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: | | | | 📰 Market Headlines | | The S&P 500 notched its 30th record close of the year as stocks rallied, powered by tech gains and consumer discretionary shares. The Supreme Court agreed to hear Nvidia's bid to scuttle a shareholder lawsuit accusing the company of misleading investors about crypto-related revenue. The US Surgeon General called for warning labels on social media to protect adolescents from mental health harms. Apple announced it will stop issuing loans through Apple Pay Later, shifting to third-party installment loans globally later this year. Markets will be closed tomorrow in observance of Juneteenth.
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| | 🕶️ Market Vibes | 🎰 Market Forecasts and Futures | Forecasts via Kalshi, the prediction market. | | 😱 Fear and Greed Index | | | 🎤 What you said last time | First time for everything. | | 📈 Trends you need to know | | I have no idea what it means that search volume for Juneteenth peaked in 2022 and is down 52% this year, so I asked AI. Here’s what GPT-4o had to say: | Peak Interest in 2022: Official Recognition: Juneteenth was declared a federal holiday by President Joe Biden in June 2021, which likely led to a surge in interest and searches in 2022. This was the first full year of recognition, which increased public awareness and information seeking. Cultural Celebrations: Following the declaration, many communities organized their first official celebrations and events in 2022, further driving curiosity and searches. Media Coverage and Education: There was an uptick in media coverage, educational events, and discussions on the significance of Juneteenth in 2022, which contributed to heightened interest and search volume.
Decrease in Search Volume in 2023: Normalization and Familiarity: By 2023, many people might have already familiarized themselves with Juneteenth through earlier searches and celebrations, leading to fewer new searches. Event Saturation: With more consistent and widespread celebrations, the initial novelty might have worn off, resulting in less perceived need to seek out information online. Competing Interests: Other pressing issues or trending topics in 2023 could have overshadowed Juneteenth in online searches. It's plausible that the public's attention was diverted elsewhere.
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| | 🧠 What do you think? | How are you spending your day off? | | | 📊 Stocks | | | Winners and losers | Earnings, upgrades, and acquisitions | | Market movers | Microsoft's Xbox marketing chief Jerret West left to join Roblox as CMO. Adobe was sued by the US government for hiding hefty termination fees and making it difficult to cancel subscriptions. McDonald’s ended its AI drive-thru partnership with IBM, returning to human order takers after testing AI in over 100 restaurants. Pfizer was sued by Kansas for allegedly misleading the public about its COVID-19 vaccine. The SEC sued a Texas man for a fraudulent $200 million rescue offer for Virgin Orbit, which later filed for bankruptcy. A federal judge ordered BNSF Railway to pay nearly $400 million to the Swinomish Tribe for intentionally trespassing with crude oil trains on their reservation.
| Ideas, trends, and analysis |
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| A staggering 80% of Americans say grocery costs have notably increased since the pandemic started, with prices up 25% overall. [Ed: Why isn’t this 100%?] Immigration has helped sustain US job growth while keeping inflation in check, adding 272,000 jobs in May without raising consumer prices. Apartment markets in the Southeast and Gulf Coast have the worst occupancy rates in 40 years. The Dominican Republic's beer industry injected 92,483 million pesos into the economy in 2022, generating over 50,000 jobs. Fewer than 25% of Americans agree that the economy is strong, according to a recent Pew survey.
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| | 🌍 Global Perspectives | 🇨🇳 China's new home prices plunged 0.7% in May, the steepest drop since 2014. 🇮🇱 Israeli Prime Minister Benjamin Netanyahu disbanded his war cabinet after opposition leader Benny Gantz withdrew from the body. 🇺🇸 🇲🇽 Tensions are rising in a border water dispute between the US and Mexico as severe drought puts Mexico's ability to meet treaty obligations in doubt. 🇬🇧 🇫🇷 France's political upheaval led Paris to lose its spot as Europe's biggest stock market to London. 🇨🇳 🇪🇺 China opened an anti-dumping probe into pork imports from the EU in response to curbs on its electric vehicle exports. 🇾🇪 🇺🇸 Yemen's Iran-backed Houthi rebels have taken to social media in a bizarre offensive against the US Navy.
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| | 📊 Crypto | | The SEC's Head of Crypto Asset and Cyber Unit, David Hirsch, departed after nearly 9 years at the agency. US-listed bitcoin miners hit a record $22.8 billion market cap in June as their hash rate share climbed to 23.8%. Terraform Labs agreed to a $4.5 billion SEC settlement over the TerraUSD stablecoin collapse. Binance founder CZ's net worth doubled to $61 billion while serving a 4-month prison sentence. The TON blockchain's TVL surged past $600 million to set a new record high.
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| | | 📺 What to Watch Today | This is the rocket’s fourth test flight. I’d say it’s working. | | See SpaceX Starship liftoff in amazing launch tower view |
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| That’s all for today. Did I miss anything? Smash the reply button to let me know. | Cheers, | Wyatt |
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