July 6, 2021 Sign Up

By Overheard on Wall Street

"If you're great at what you do, you don't need a resume."

Good morning! We hope y'all had a fantastic Fourth of July weekend. Good news for England soccer fans, as Goldman Sachs' Euro 2020 probability model predicted that England will win its first major tournament since 1966. England plays Denmark on Wednesday for a spot in the final.

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1. Story of the Day: Beijing's Big Tech Crackdown

In a bizarre turn of events, Chinese regulators asked app stores to remove Didi (China's version of Uber), just days after its blockbuster IPO in the US, which raised $4.4 billion and valued Didi at nearly $70 billion. The Cyberspace Administration of China announced the ban on Sunday, citing serious violations of data collection and usage of personal information. The specifics of the investigation still remain unclear.

It seems like the Didi crackdown is only the tip of the iceberg. Beijing is out to curb its big tech's growing influence. Companies from Alibaba to Tencent have troves of information on millions of users. To protect personal data as well as national security, China is getting stricter in its oversight, especially of US-listed companies. The regulatory agency widened its probe to two more US-listed companies, Full Truck Alliance and Kanzhun, soon after launching the review into Didi.

Short Squeez Takeway: Shares of SoftBank Group, a major Didi shareholder, fell as much as 5.9% Monday, its biggest intraday fall since May 13. The US stock market remained closed on Monday but Didi investors (& other US-listed Chinese stocks) should brace for a rough trading day today. #thots&prayers

2. Markets Rundown

• Stocks ended higher Friday after a strong jobs report; US economy added 850k jobs in June

Movers & Shakers

• (+) Alector ($ALEC) +57% after announcing a major collaboration deal with pharmaceutical giant, GlaxoSmithKline.
• (+) Cerence ($CRNC) +14% after announcing that it is being added to the S&P MidCap 400 index.
• (–) Arrowhead Pharmaceuticals ($ARWR) -26% after a paused clinical trial for cystic fibrosis therapy.

3. Top Reads

4. Book of the Day: Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts

In Super Bowl XLIX, Seahawks coach Pete Carroll made one of the most controversial calls in football history: With 26 seconds remaining, and trailing by four at the Patriots' one-yard line, he called for a pass instead of a hand off to his star running back.

The pass was intercepted and the Seahawks lost. Critics called it the dumbest play in history. But was the call really that bad? Or did Carroll actually make a great move that was ruined by bad luck?

Poker champion turned business consultant Annie Duke teaches you how to get comfortable with uncertainty and make better decisions as a result.

By shifting your thinking from a need for certainty to a goal of accurately assessing what you know and what you don't, you'll be less vulnerable to reactive emotions and destructive habits in your decision making.

5. Daily Visual: Celebrities with Highest Earnings per Instagram Post

Source: Statista

6.  Daily Acumen: Secret to Success

One thing people avoid in their lives and in their business is making mistakes.

Failure is one of your greatest assets. It tells you what worked and what didn’t so that you can take that information and improve, develop and pivot.

You can try new things to find out what does work and what helps you succeed.

Don’t be afraid of failure, as all failure, is just an experiment that didn’t work out. 

The more you fail, the more successful you will become.

7. Memes of the Day

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