Nov 16, 2021 Sign Up

Together With

"If you spend too much time thinking about a thing, you’ll never get it done." – Bruce Lee

Good morning! After months of back & forth, President Biden finally signed the $1 trillion infrastructure bill into law, which is meant to repair the nation's aging infrastructure, upgrade the electric grid and expand access to internet. In some extremely nutty news coming out of Reese, it's releasing a peanut butter cup the size of a fkn pie, just in time for Thanksgiving. It has a diameter of 9 inches, weighs 3.25 pounds and only contains peanut butter and chocolate. (This is probably the easiest way to get a heart attack on Thanksgiving)

We are excited to announce the launch of Overheard on Wall Street Career Portal today, a job board that will feature the best jobs in finance and crypto. We currently have 50+ roles that we have curated for you. No more spammy jobs on LinkedIn or annoying emails from headhunters. We will be also be featuring jobs in the (new) Career Portal section below. 

If you are in the market to hire a candidate, you can post a job by clicking on the Post a Job on the top right corner of the Career Portal.

Forwarded email? Subscribe here.

1. Story of the Day: Aping into the US Constitution

A copy of the US constitution is up for sale at auction house Sotheby's this Thursday and a crypto group called ConstitutionDAO wants to ape in to it aka try to buy the historic US paper.

DAOs, which stands for Decentralized Autonomous Organization, are becoming increasingly popular in crypto land. Vitalik Buterin, Ethereum’s co-founder contemplated the DAO in the original Ethereum Whitepaper. A DAO promises shared management of organizational assets and a democratized voting structure that dictates how it will operate.

In October, a DAO called PleasrDAO purchased a Wu-Tang Clan album for $4 million but the ConstitutionalDAO has loftier goals and plans to raise $20 million, which it estimates the Constitution will cost.

At time of writing, the DAO had already raised ~$5 million (~1,100 ETH) just a day after launch on Saturday night.

The ConstitutionDAO community is using memes to promote the project, a hallmark of DAOs, and using popular crypto phrases such as WAGBTC – "we’re all gonna buy the Constitution." It's also trying to get actor Nicolas Cage involved in the project, which might be the final straw needed to get to the $20 million target.

If you'd like to get in on the action, you can here.

Short Squeez Takeaway: The proceeds from the auction will go to owner Dorothy Goldman's foundation, a non-profit focused on democracy education. There is probably no better show of democracy than a group of people coming together to buy the constitution then putting it on display for free. This might just be the crypto moment that we'll talking about at our Thanksgiving table this year. 

Source: CoinDesk, Not Boring

2. Markets Rundown

• Stocks ended a choppy trading session little changed Monday, as investors awaited data on October retail sales and another round of corporate earnings this week.

Movers & Shakers

• (+) Vita Coco ($COCO) +21% after Goldman Sachs initiated coverage of the stock with a buy rating,
• (+) Dollar Tree ($DLTR) 14% after it revealed the activist investor Mantle Ridge has built a more than 5% stake in the company.
• (–) Oatly ($OTLY) -20% after the company warned about pandemic challenges.

3. Top Reads

A Message from Kalshi: The Place Where You can Trade Your Opinions

One of the most annoying things about making large returns in the stock market is translating your knowledge into actionable trades on secondary markets. 

Introducing Kalshi, the first regulated exchange where you can trade directly on your beliefs. If you think inflation will go up, trade on November CPI, if you think COVID cases will decrease, trade directly on that as well.

A hot topic, people have been speculating about the replacement of Fed Chair Jerome Powell. The above graphic shows how Kalshi markets have reacted to past news.

Join the only regulated exchange for trading the most natural asset class ever.

4. Book of the Day: Educated: A Memoir

Born to survivalists in the mountains of Idaho, Tara Westover was seventeen the first time she set foot in a classroom. Her family was so isolated from mainstream society that there was no one to ensure the children received an education, and no one to intervene when one of Tara’s older brothers became violent.

When another brother got himself into college, Tara decided to try a new kind of life. Her quest for knowledge transformed her, taking her over oceans and across continents, to Harvard and to Cambridge University. Only then would she wonder if she’d traveled too far, if there was still a way home.

Named one of the best books of the year by dozens of publications.

5. Career Portal

6. Short Squeez Picks

7. Daily Visual: Number of Unemployed People per Job Opening

Source: Axios

8.  Daily Acumen: Henry Ford

“Henry Ford was a tinkerer. He revolutionized the factory floor by letting his workers experiment, trying anything they could think of to make production more efficient.

There was just one rule, a quirk that seemed crazy but was vital to the company’s success: No one could keep a record of the factory experiments that were tried and failed.

Ford wrote in his book My Life and Work:

I am not particularly anxious for the men to remember what someone else has tried to do in the past, for then we might quickly accumulate far too many things that could not be done.

That is one of the troubles with extensive records. If you keep on recording all of your failures you will shortly have a list showing that there is nothing left for you to try – whereas it by no means follows because one man has failed in a certain method that another man will not succeed.”

Source: Collaborative Fund

9. Memes of the Day

Love Short Squeez? Share it with your friends!