Morning Brew ☕️
From June 29 - July 11, 3.9 million Americans called out from work because they were either sick with Covid or were taking care of someone who had it, according to the Census Bureau.

That's 2.1 million more people than the same period last year.
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Special Situations 🌐 Research Newsletter (Jay)
IMF: the world may be on the cusp of a recession (oh, really?)
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Special Situations 🌐 Research Newsletter (Jay)
New home sales down 8.3% to 590,000 (missing expectations of 655,000), but FHFA House price index still up 1.4% MoM again for June 2022!

S&P CoreLogic 30 City Y/Y housing prices up 20.5%

$XHB $HOV $TOL $LEN $BZH $KBH $DHI
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Ethan Mollick
Many corporate alliances turn out badly, so why do they happen?

Because the incentives of workers & firms aren't aligned! Looking at 135,580 people in the game industry, this paper shows alliances with better rivals hurt the company, but boosts the career of the workers involved https://t.co/69ECIEGdp0
New paper with @grohsjean forthcoming in SMJ (@Strategic_Mgmt) https://t.co/z9Y1NxPkim. We show that some collaborations hurt firm performance, but help employees' career. 1/10 https://t.co/ZrHpPPuPXP - Henning Piezunka
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Santangel's Review
“There seems to be some perverse human characteristic that likes to make easy things difficult.” - Warren Buffett
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Morning Brew ☕️
Tonight the Mega Millions is holding a drawing for a jackpot of $810M. If won at that amount, it'd be the 4th-largest prize in history.

Could you win? Probably not. The odds are about 1-in-302 million, which means you're more likely to die from a meteorite strike. https://t.co/Q3vasvQJRH
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Morning Brew ☕️
The head of Instagram, Adam Mosseri, responded to backlash surrounding Instagram's latest updates saying:

"I do believe that more and more of Instagram is going to become video over time. We're going to have to lean into that shift while continuing to support photos" https://t.co/TzT8RMyDch
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Morning Brew ☕️
We really did have everything didn't we. https://t.co/DVomRyxdd5
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Special Situations 🌐 Research Newsletter (Jay)
Inventory to sales ratios across U.S. retailers...the pain isn't over! $WMT $TGT $GAP $TJX $EXPR $GES $HD $COST $BIG https://t.co/WvIkHPs8ni
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Santangel's Review
“I don’t want to buy a piece of nothing, even if somebody tells me they can’t make more of it." - Charlie Munger
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Morning Brew ☕️
after successfully sending that first email of the day https://t.co/YgshIZcjxw
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Special Situations 🌐 Research Newsletter (Jay)
Tech hedge funds like Coatue have reduced net exposures dramatically:
$TSLA $SQ $MRNA $DASH $V $RIVN $BZ $LCRX $PFE $CFLT $META $SQ $SNOW $MSSFT $NFLX $AMZN $DIS $SE $UBER https://t.co/b1zraKTiBP
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Special Situations 🌐 Research Newsletter (Jay)
According to Bank of America $BAC, for every $100 of equity inflow since January 2021, only $4 has been redeemed. Retail traders have no lost all the money they gained during the pandemic, according to $MS Morgan Stanley.

Will we will fund outflows going forward? https://t.co/jWDVBJH1RA
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