July 22, 2021 Sign Up

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"Just setting up my twttr" — @jack on Twitter, March 21, 2006

Good morning! It's not easy to be an entrepreneur and it's definitely not easy to build the world's most valuable car company from scratch. Yesterday, Elon Musk became emotional discussing Tesla and admitted: “I would say I’ve had some pretty tough life experiences and Tesla’s probably responsible for two-thirds of all personal and professional pain combined to give you a sense of perspective there.”

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1. Story of the Day: Bitcoin Bounces Back

Bitcoin bounced back yesterday and flirted with the $32k mark after The Dogefather (Elon Musk) appeared alongside Jack Dorsey and Cathie Wood in “The B Word” conference hosted by the Crypto Council for Innovation. 

Musk said that he personally owns Bitcoin, Ethereum and Dogecoin, while Tesla and SpaceX both exclusively own Bitcoin. "I would like to see Bitcoin succeed... If the price of Bitcoin goes down, I lose money. I might pump but don’t dump." He also added that Tesla would mostly likely resume accepting Bitcoin once mining becomes less environmentally destructive.

Cathie Wood said companies should consider adding Bitcoin to their balance sheets as a hedge against deflation. She also said the Financial Accounting Standards Board should reconsider how it classifies Bitcoin as companies currently have to write-off holdings when the price declines. Listing it as an intangible asset could fix that.

Short Squeez Takeaway: It seems like it will take a lot more for the crypto-currencies to bounce back to the mid-May levels. A lot of investors who bought at the peak were burned badly and have become more cautious of speculative assets. No longer is your uncle at Northwestern Mutual talking about why you should buy Bitcoin and the "Have fun staying poor!" crowd has gone awfully quiet as well.

2. Markets Rundown

• Stocks finished higher Wednesday, logging back-to-back gains as investors continued to buy the dip following a sharp Monday selloff

Movers & Shakers

• (+) JinkoSolar ($JKS) +10% after the Japanese government announced an ambitious plan to double its use of renewable energy.
• (+) VTEX ($VTEX) +17% rising on its first trading day on the New York Stock Exchange.
• (–) Sleep Number ($SNBR) -13% after missing earnings estimates for Q2.

3. Top Reads

A Message from Polymarket: FREE BRITNEY

Britney Spears has called for an end to the management of her business and personal affairs saying in a Los Angeles courtroom, "I just want my life back". The singer's career has been in the hands of her father James Spears in an arrangement known as a conservatorship starting in 2008 following a public mental health crisis. Britney’s impassioned plea for help has led to a grassroots movement, known as the #FreeBritney campaign, led by the singer’s fans and other concerned people who want the singer to regain autonomy over her affairs.

Will Britney Spears' father be removed or resign from her conservatorship by October 1, 2021?

Traders are currently pricing in a 32% probability that Britney will be free by October 1st. Even though the probabilities haven’t wavered, can the #FreeBritney movement gain enough traction and push the courts to end the conservatorship?

Use code “OWS” to get your first trade reimbursed up to $100!

4. Book of the Day: The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph

The Obstacle is the Way has become a cult classic, beloved by men and women around the world who apply its wisdom to become more successful at whatever they do.

The book draws its inspiration from stoicism, the ancient Greek philosophy of enduring pain or adversity with perseverance and resilience.

The author (Ryan Holiday) shows us how some of the most successful people in history, from John D. Rockefeller and Amelia Earhart to Ulysses S. Grant and Steve Jobs, have applied stoicism to overcome difficult or even impossible situations. Their embrace of these principles ultimately mattered more than their natural intelligence, talents, or luck.

If you’re feeling frustrated, demoralized, or stuck in a rut, this book can help you turn your problems into your biggest advantages.

Source: Publisher

5. Daily Visual: America's Favorite Drive Thrus

Source: StatsPanda

6.  Daily Acumen: Money Rules by Morgan Housel

What money can and can’t do for you isn’t intuitive, so most people are surprised at how they feel when they suddenly have more or less than before.

The formula for how to do well with money is simple. The behaviors you battle while implementing that formula are hard.

“Save more money and be more patient” is too simple for most people to take seriously, but it’s the best solution to most financial problems.

Everything is relative. John D. Rockefeller was asked how much money was enough and said, “Just a little bit more.” Everyone, at every income, tends to feel the same.

Spending money to show people how much money you have is the fastest way to have less money.

Debt removes options, savings add them.

No one is impressed with your possessions as much as you are.

7. Memes of the Day

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