☕ Guru clout

Why everyone‘s suddenly uninstalling their ad blockers... [Advertisement] November 08, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [The Ascent]( Good morning. Today is the 400th anniversary of the publication of Shakespeare’s “First Folio,” the first published collection of the legendary playwright’s works and a seminal moment in the history of literature. Without the First Folio, 18 of Shakespeare’s plays could have been lost forever, according to the Folger Shakespeare Library. So, what books that were recently published will humans still be reading in 400 years? Probably whatever Reese Witherspoon tells us to. —Sam Klebanov, Cassandra Cassidy, Molly Liebergall, Adam Epstein, Neal Freyman MARKETS Nasdaq 13,639.86 +0.90% S&P 4,378.38 +0.28% Dow 34,152.60 +0.17% 10-Year 4.570% -8.0 bps Bitcoin $35,616.45 +1.62% Microsoft $360.53 +1.12% *Stock data as of market close, cryptocurrency data as of 10:00am ET. [Here's what these numbers mean.]( - Markets: Look at all those green arrows. [Stocks rose]( for the seventh straight day on Tuesday, giving the Nasdaq and S&P 500 their longest winning streaks since 2021. The surge was fueled by a rally in Big Tech and a growing consensus that the Fed is done raising interest rates. Chief among the tech revelers was Microsoft, which finished the day at an all-time high amid strong demand for its cloud computing services.  FINANCE [New book calls bs on Wall Street legend Ray Dalio]( [Ray Dalio]( Illustration: Francis Scialabba, Photo: Astrid Stawiarz/Getty Images Is billionaire investor Ray Dalio a finance luminary, or would advice from your retired grandpa who spent 20 years working at Fidelity be just as sage? It’s the latter, based on characterizations of Dalio by journalist Rob Copeland in his [new book]( The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend. Copeland claims to lift the veil on Bridgewater Associates, the world’s largest hedge fund founded and—until recently—run by the self-promoting thought leader Dalio. Thanks to Bridgewater’s consistently positive returns, even amid the 2008 financial crisis, Dalio earned guru clout, which he parlayed into a best-selling book, Principles, that lays out his philosophy of life and work. But Copeland says Dalio’s maverick management dogma was [just a facade]( for a toxic work environment and centralized decision making with mediocre results. The principles in action While Bridgewater’s investment strategy was famously opaque, Dalio boasted that decisions were made algorithmically using what he called “timeless and universal” rules. And he said it was run based on his central principle of radical transparency. - Employees were encouraged to pitch investment ideas, which would be collectively scrutinized against deep research. - All meetings were recorded, and everyone would rank their colleagues based on their adherence to Dalio’s principles. Despite that, Copeland maintains that Dalio’s only real principle was that he called all the shots. Are the principles hot air? Some former Bridgewater employees told Copeland that its corporate culture was as pleasant as that of McCarthyism-era Hollywood. - The company had a China-inspired Politburo tasked with quashing dissenting opinions, and employed future FBI director James Comey, who once investigated a woman who complained about a colleague breaking a promise to bring bagels to work. - In one instance, an edited recording of Dalio screaming at a pregnant subordinate was allegedly played to colleagues. - And sexual harassment was reportedly brushed under the rug. Meanwhile, an alleged internal review of Dalio’s financial calls found that he was wrong as often as he was right over the last decade (Bridgewater denies this ever happened). Dalio says baloney…in a LinkedIn post, he [called Copeland’s work]( a “tabloid book,” claiming that it was based on distorted accounts from disgruntled former employees and noting that the author himself once unsuccessfully applied to work at Bridgewater.—SK   PRESENTED BY THE ASCENT [The perfect card doesn’t exi—]( [The Ascent]( You’ll have a hard time finishing that statement once you take a look at [this card](. Not familiar yet? Allow us to introduce. Your search for a new credit card—with benefits you can actually use—is over. With this card, you’ll enjoy: - 0% intro APR on balance transfers for 21 months (one of the longest interest-free periods on the market, FYI) - 0% intro APR on purchases for 12 months - no annual fee The best part? Those aren’t even all of the exciting offers available to you. For more deets, take a peek at [The Ascent’s expert review]( and [apply here](. WORLD [Tour de headlines](#) [Kentucky incumbent Democratic Gov. Andy Beshear is joined by his wife, Britainy Beshear (R), Kentucky Lt. Governor Jacqueline Coleman (C-L) and his family as he delivers his victory speech to a crowd]Stephen Cohen/Getty Images Democrats had a great night campaigning on abortion rights. Ohio residents voted to [enshrine abortion rights]( in the state’s constitution by a double digit margin, the latest win in a string of victories for reproductive rights advocates following the overturning of Roe v. Wade last year. In ruby-red Kentucky, incumbent Democratic Gov. Andy Beshear was re-elected. And Democrats held onto their majority in Virginia’s state Senate and flipped the state House. For Democrats, last night was a literal vote of confidence after a recent poll showed President Biden trailing former President Trump in most battleground states for the 2024 presidential election. The Supreme Court is likely to rule that domestic abusers shouldn’t have guns. After justices heard arguments for United States v. Rahimi yesterday, they appeared [ready to uphold]( a federal law that allows the government to disarm people under restraining orders for domestic violence. Even some of the conservative judges, who all voted last year to expand people’s right to carry firearms in public, signaled they’re open to preventing abusers from owning guns. The arguments came just days after the mass shooting in Lewiston, Maine, once again renewed calls for gun control. An official ruling is not expected until June. Shein wants to be valued at $90 billion. The Chinese fast-fashion retailer told potential investors that it’s targeting that valuation in its eventual US [initial public offering]( people familiar with the matter told Bloomberg. Though Shein is one of the most valuable startups in the world, a $90 billion valuation is much higher than the $66 billion at which it was valued in a funding round earlier this year. After its e-commerce sales skyrocketed during the pandemic, Shein has since faced competition from other Chinese retailers and scrutiny over its supply chain practices. TECH [YouTube has everyone frantically deleting ad blockers]( [Illustration of a screen full of ad pop ups]( Francis Scialabba Following [YouTube’s global crackdown]( on ad blockers, users are uninstalling the programs like they’re the Splitwise app after a particularly harrowing bachelorette party. The company started [restricting ad blockers]( earlier this year as a “small experiment.” It later confirmed to The Verge that it’s expanding the initiative, hoping to motivate users to watch ads or cough up $14 monthly for YouTube Premium. That led users to delete their ad-blocking apps faster than MrBeast got trolled for making a video of himself building wells in Africa. - A Wired report found users are installing and uninstalling different ad blockers at a record rate as they try to find one that YouTube can’t detect. - AdGuard, one of the biggest players in the ad-blocking market, told Wired that it typically sees 6,000 daily uninstalls. But since the crackdown, it’s seen 11,000 on average, with a one-day high of 52,000 on October 18. Meanwhile…privacy advocates are arguing that YouTube can’t block you from blocking it. Expert Alexander Hanff [filed a complaint]( last month with the Irish Data Protection Commission, alleging that YouTube’s detection of ad blockers flouts EU digital privacy law. YouTube argues that using ad blockers on the site violates its terms of service, and creators rely on ad views to monetize their content.—CC   TOGETHER WITH BETTERMENT [Betterment]( Say om. With expert-built portfolios, automated rebalancing, and tax-smart tools (to name a few), the [Betterment]( app makes it easy to manage your investments…so you can be the chill investor you’ve always wanted to be. Ready to embrace investing zen? Put your money to work when you [open a Betterment account](. FOOD & BEV [This energy drink is absolutely crushing it]( [A bucket of Celsius Tropical Rush cans]( Alexander Tamargo/Getty Images A new champion is rising through the ranks of beverages that make you feel ready to run through a brick wall. Energy drink-maker Celsius posted its [third straight quarter]( of triple-digit earnings growth yesterday, making it one of the world’s fastest-growing businesses. The company, known for its white cans of “essential energy” and conceptualized flavors like “Tropical Vibe,” [has exploded]( from a valuation of $280 million in 2018 to $13.4 billion today, according to GQ. David vs. Goliaths: Celsius has chipped away at Red Bull and Monster’s energy drink oligopoly to account for [almost one-tenth]( of the US market, per The Motley Fool. According to Celsius’s Q3 earnings release, it’s now... - The top-selling energy drink on Amazon, boasting a 21.4% share of the category to Monster’s 18.6% and Redbull’s 13%. - The third-highest-selling energy drink at US outlets/convenience stores/bodegas. How’d Celsius do it? The company resurrected itself from a [flopped 2008 IPO]( in part by [rebranding]( as a healthy, athlete-endorsed energy booster for anyone, like your coworker at 2pm or a diligent [college student](   GRAB BAG [Key performance indicators](#) [Pennsylvania retirement]Francis Scialabba Stat: Tell your grandparents to pack up their jet skis and buy some Middleswarth Chips, because Florida isn’t the best place to retire—Pennsylvania is. That’s according to US News & World Report, which [ranked]( the state capital, Harrisburg, No. 1 for its access to the outdoors and a buffet of nearby festivals. Pennsylvania accounts for seven of the top 10 towns on the list, while Florida has just one (Daytona Beach). Only three Florida cities were top 20, down from eight last year. A USNWR expert [suggested]( that’s because of the state’s expensive housing and, you know, all the hurricanes. Quote: “The president has told us to pick up the pace.” Colombian Minister of Culture Juan David Correa says that President Gustavo Petro would really like officials to hurry up and recover sunken treasure off the Caribbean seafloor before his term ends in 2026. And who can blame him? The gold and silver booty, trapped inside a Spanish galleon sunk by the British in 1708, is estimated to be worth as much as [$20 billion](. While Colombia works to salvage the riches, US treasure hunters are suing for half its value after they claimed to have found the shipwreck and handed over the coordinates in 1981. Read: Elon Musk’s brain implant startup is ready to start surgery. ([Bloomberg]( NEWS [What else is brewing](#) - [A Meta whistleblower]( told Congress that the company ignored clear warnings about the harms its social media platforms pose to teens. - [Nature]( the scientific journal that published this year’s alleged discovery of a room-temperature superconductor, officially retracted the paper yesterday after months of criticism. - [New Delhi]( will temporarily restrict the use of vehicles to mitigate dangerous air pollution levels in the Indian capital. - [Authorities]( are investigating after a Jewish man was killed during an altercation at dueling pro-Israel and pro-Palestinian rallies near Los Angeles. - [US credit card balances]( have jumped to a record $1.08 trillion, according to the New York Fed. RECS [Wednesday to-do list] Debate: Rankings of the most [memorable people]( in world history, filterable by country, gender, occupation, and more. Watch: A YouTube playlist of [movie villains]( satisfyingly falling to their deaths. Illuminate: A [guide]( to the world’s most remote lighthouses. Woof: The most popular [dog names]( in each state include Bella, Luna, and Charlie. Hack: Don’t miss today’s two free classes with Miss Excel to help you learn the best shortcuts, tools, and tricks guaranteed to make your tasks easier—no matter your industry. [Sign up now](. Confidence boost: Don’t leave your financial future up to guesswork. Turn to [Yahoo Finance]( for trusted news, market data, and innovative tools that’ll help you make informed decisions. [Start here]( *A message from our sponsor. GAMES [The puzzle section](#) Word Search: Not sure if you knew these existed, but you can get cheeseboards in the shape of your state. [Check them out]( in today’s Word Search. Billy Shakespeare trivia In honor of the First Folio’s 400th anniversary, here’s some Shakespeare trivia. We’ll give you a brief description of a film adapted from a Shakespeare play, and you have to name the movie. - A dark, chromatic musical set in New York City and based on Romeo & Juliet. (1961, 2021) - Amanda Bynes played Viola Hastings in this teen rom-com that a) was inspired by Twelfth Night and b) helped introduce Channing Tatum to the world. (2006) - Hamlet’s family drama served as the backdrop for this Pixar film in which Matthew Broderick was a voice actor. (1994) - Julia Stiles, Heath Ledger, and Joseph Gordon-Levitt starred in this high-school comedy based on The Taming of the Shrew. (1999) - OK, this is kind of a deviation from the format, but the final question: Who played Juliet opposite Leonardo DiCaprio in Baz Luhrmann’s underappreciated, beachy update on the classic? (1996) SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER - West Side Story - She’s the Man - The Lion King - 10 Things I Hate About You - Claire Danes Word of the Day Today’s Word of the Day is: oligopoly, meaning “a state of limited competition, in which a market is shared by a small number of producers or sellers.” Thanks to Elizabeth from Green Bay for not monopolizing that suggestion. Submit another [Word of the Day here](. Written by [Neal Freyman]( [Adam Epstein]( Sam Klebanov, [Cassandra Cassidy]( and [Molly Liebergall]( Was this email forwarded to you? Sign up [here](. 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