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TOGETHER WITH
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Good morning. It’s July 1, about 50% through the year, and we could all use a halftime pump-up speech.
Because it ain’t about how hard you hit, it’s about how hard you can get hit and keep moving forward. No one—and we mean no one—comes into our house and pushes us around. This is your time. Their time is done. It’s over.
Remember readers, there's heroes and there's legends. Heroes get remembered but legends never die, and ducks fly together.
Now who’s ready for Q3???????
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Nasdaq
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14,503.95
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S&P
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4,297.50
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Dow
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34,502.51
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Bitcoin
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$34,729.77
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10-Year
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1.469%
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BBBY
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$33.29
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET.
Here's what these numbers mean.
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Markets: Stocks must be feeling pretty good
heading into the halftime locker room for 2021. After another quarter
in the green, the S&P and Dow have notched five consecutive
quarterly gains. Reddit fave Bed Bath & Beyond also got a boost
after reporting upbeat earnings.
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Covid: The director of the CDC confirmed
the agency’s guidance that fully vaccinated people don’t have to wear
masks in most situations. The WHO has said that everyone—fully
vaccinated or not—should continue to wear masks to combat the Delta
variant.
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Lintao Zhang/Getty Images
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The Chinese
Communist Party is celebrating its 100th birthday today, and it wants to
show the world it still has all of its teeth.
Chinese
social media is abuzz, coal miners are getting off work to reduce air
pollution, and President Xi Jinping delivered a speech that he hopes
will establish him as the most powerful Communist Party leader since Mao
Zedong.
- Of foreign
adversaries who try to bully China, Xi said, "Anyone who dares try to do
that will have their heads bashed bloodied against the Great Wall of
Steel."
The origin story
Mao was one of the original 13 members
who attended the first party congress in July 1921 (it was actually
held on July 23, but Mao misremembered and established the holiday on
July 1). At the time, China was a poor, mostly agricultural country of
400 million people plagued by civil war and unrest.
After the
Communists gained power in the 1949 revolution, Mao initiated a series
of disastrous economic reforms that led to the deaths of tens of
millions of people. The China that we know today only began to take
shape in the late 1970s, when Mao’s successor, Deng Xiaoping, opened up
its market to international investors and established private property
rights.
What happened next is the stuff of economic legend.
- GDP rose from $191 billion in 1980 to $14.3 trillion in 2019.
- More than 770 million people were brought out of poverty.
- China will eclipse the US as the world’s largest economy by 2028, per one estimate.
Since the
liberalization of China’s economy, the country has developed a close
business relationship with the West—just last week Nike’s CEO said,
“Nike is a brand that is of China and for China.” But China’s
authoritarian government, territorial ambitions, and alleged human
rights abuses have created deep splinters in its relations with
democracies. Its caginess around the origins of Covid-19 has made things
worse.
Bottom line: At
100 years old, the Communist Party remains a potent global force led by
a president who could be the first since Mao to rule until he dies.
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Robinhood was just handed the biggest fine
from the Financial Industry Regulatory Authority...ever. It will pay
$57 million to Finra and nearly $13 million to harmed investors for a
total of $70 million.
What did it allegedly do? Finra accused Robinhood of misleading customers and for failing to provide support to them when asked. Some examples:
- A feature that was supposed to allow users to block their ability to trade with borrowed money did not work for certain trades.
- Glitches
resulted in traders seeing inaccurate balances. One 20-year-old died by
suicide in June 2020 after seeing -$720,000 in his account, when his
balance was actually about half that.
- Two
major outages resulted in tens of thousands of losses for users who
weren’t able to conduct trades and couldn’t reach customer service
agents.
In addition
to the technical problems, Finra claims that Robinhood, in its pursuit
of “democratizing finance,” let too many inexperienced traders make
high-risk trades without properly educating them.
Looking ahead...Robinhood confidentially filed to go public
in March, and like a college student 10 minutes before their parents
visit, it’s hurriedly cleaning up and happy to see this particular stain
fade. Its IPO paperwork is expected any day now.
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Amazon filed
a motion yesterday to keep Federal Trade Commission Chairwoman Lina
Khan out of ongoing antitrust investigations because of her past
criticisms of the company.
- Amazon’s
spokesperson Jack Evans said, “Chair Khan’s body of work and public
statements demonstrate that she has prejudged the outcome of matters the
FTC may examine during her term.”
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In other words, Amazon feels like “Queen Victoria” arriving to Bachelor in Paradise: already the bad guy.
Who is Lina Khan? The
Yale Law grad was sworn in as chair of the FTC this month. Khan is the
Matt Damon of antitrust: broadly popular and famous because of something
she made when she was 27. In her 2017 Yale Law Journal article, Khan argued that current US antitrust law needs to be overhauled to confront...well, Amazon.
Zoom out: With a swarm of antitrust bills floating around Capitol Hill, scrutiny over its proposed acquisition of MGM, and regulators poking into its relationship with third-party sellers, Amazon thinks going on offense is the best defense.
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SPONSORED BY WEBEX BY CISCO
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Formula 1 racing is complicated. Extremely complicated. Trying to figure out how to turn a car into a steerable ground rocketship? No thanks. We can barely toast a bagel.
So when the McLaren F1 Team needed to turn to hybrid work over the past year, it’s safe to say they needed a solution that made virtual collaboration seamless. When communication and precision are key to your performance, you need a collab tool to keep up.
McLaren’s pick was obvious: Webex.
With Webex,
McLaren is collaborating like they never have before. (Just look at how
happy Lando looks up there.) And who can blame him?! In a sport where
precision is paramount, Webex enables real-time communication for the McLaren Formula 1 Team.
Learn more about how Webex is driving hybrid work.
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Stat: If you want to go to bat for Big Tech in DC, there’s a job (or hundreds) for you.
- Amazon has 76 openings for “government affairs”
- Apple has 98 openings for “government affairs”
- Facebook has 583 openings for “public policy manager”
- Google has 103 openings for “public policy manager”
Quote: “The largest on record in the history of American theater”
The Yale School of Drama announced a $150 million donation
from entertainment mogul David Geffen that will make it tuition-free
for current and future students. The department, whose alumni include
Meryl Streep and Lupita Nyong’o, will be renamed the David Geffen School
of Drama at Yale, proving nothing is truly free.
Read: What deadlines do to lifetimes. (New Yorker)
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Noam Galai/Getty Images
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New Yorkers have one less excuse to complain about Los Angeles, because the country’s worst stop-and-go conditions
moved to the East Coast last year. A study from Texas A&M found
that drivers in the New York-Newark area spent 494,268 hours in traffic
in 2020, compared to 365,543 hours for those in LA.
It’s the first time LA has lost its traffic title in nearly 30 years.
Zoom out: The
average metropolitan driver spent ~41 hours in traffic last year, but
drivers in the US’ five most-congested metro areas spent much more:
- New York-Newark: 56
- Boston: 50
- Houston: 49
- Los Angeles-Long Beach-Anaheim: 46
- San Francisco-Oakland: 46
Bottom line: Like
the Knicks’ playoff appearance, this traffic ranking is a pandemic-era
anomaly. LA will likely reclaim the crown this year as businesses reopen
and Angelenos leave their homes for more than just In-N-Out.
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The NCAA dropped its restrictions on athletes making money from their names, images, and likenesses.
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Bill Cosby
was released from prison after his sexual assault conviction was thrown
out by the Pennsylvania Supreme Court. The court ruled that Cosby
should never have faced charges after agreeing to a non-prosecution deal
15+ years ago.
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Chinese ride-hailing company Didi
went public in New York yesterday in one of the biggest US IPOs of the
past decade. Shares rose 1% to close at a valuation of nearly $80
billion.
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Donald Trump’s company, the Trump Organization, and its CFO are expected to be charged with tax-related crimes today, per multiple reports.
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Adventure-ready and comfy to boot. HOKA ONE ONE’s new sustainably crafted day-hiker is the Anacapa, and this bad boy is as good at adventuring as it is at looking cool. (Extremely good.) HOKA made the Anacapa with lightweight leather, recycled polyester, and waterproof GORE-TEX fabric to keep your feet moving wherever you put them. Wander comfortably in some new HOKA boots.
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No weights, no problem: This bodyweight workout on Reddit, complete with a guide and other resources, will kick your butt.
Sidekick recs: The most popular recs from our Sidekick newsletter last week were 1) a dessert dip that’s basically a Dunkaroos for adults, 2) Stanley’s 40-ounce travel tumbler, and 3) this pressure relief seat cushion. Be sure to sign up to Sidekick for more finds like these.
Listen up: Malcolm Gladwell’s fantastic new season of Revisionist History dives into self-driving cars, college ranking systems, and the bizarre moral universe of The Little Mermaid. Check it out.
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Brew Mini: If you can complete it in under two minutes, you’ll beat us. Play it here.
Three Headlines and a Lie
If there are two French things we love talking about they are 1) the kitchen staff from Ratatouille and 2) the Tour de France. But because Disney hasn’t announced Remy’s Return yet, we thought we’d do a biking-themed Three Headlines and a Lie. See if you can spot the fake news story.
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Cyclist chased up Giro d'Italia climb by chainsaw-wielding fans
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Tampa’s naked bike ride canceled after crop-top debate turns into city council shouting match
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California brand launches 3D-printed bike helmet with crowdfunding campaign
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Little Tikes made a Peloton-style stationary bike for kids
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When you share the Brew with your friends and coworkers this week, you’ll be entered into a raffle to win one of 15 cookware sets from Caraway.
Remember: The
more people you refer, the more likely you’ll be spending the summer
impressing all your friends with your fancy kitchen setup because 1
referral = 1 entry.
The raffle lasts just this week, so start racking up your referrals now.
Click here to share
*US winners only. For more rules, see terms and conditions here.*
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Tampa's naked bike ride was not canceled over a crop-top debate, we made that up. Does Tampa even have a naked bike ride? | |
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July 01
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| FEATURED BIOGRAPHY
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| Diana, princess of Wales
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| FEATURED EVENT
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| 1867
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| Dominion of Canada established
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Border
Agents Arrest 1M+ Illegals; On Pace for Worst Year Ever
Army
To Begin Paying For Gender Reassignment Surgeries
SPECIAL: How
your poop causes weight gain
State
Dept. to Allow Passport Applicants to Choose Gender ‘Identity’
Scouts
Face Huge Membership Declines from Scandals, Wokeness
Donald Trump: Flawed New York City Election Proves ‘Our Elections Are a Mess’
Biden’s divisive CRT indoctrination scheme
How scientists created CVD fear, producing billions in wealth
Officials cancel rally when Trump identified as speaker
July 1, 2021
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