As we all know, Merry Wyfe cheese is made in England using Wyfe of Bath curds, which are pressed and then washed in apple cider every other day for four weeks. The result is a cheese with a distinctive aromatic orange rind renowned for its creamy and rich profile, a lot like this newsletter. Speaking of happy unions, we've got a couple of lovely cheddlines today that highlight the coming-together of disparate beings to create a better and more perfect whole. Just like my marriage: Cheese out! —Matt Davis, N2K Chedditor |
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"Ten years ago, you could never see a company like OpenAI raise $150 billion valuation in the private markets. They would have had to go public to achieve that type of valuation." — Steve Brennan |
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1. Good News for Harris Campaign as Inflation Drops to 2.2% |
The Federal Reserve's preferred measure of inflation shows price pressures are easing, which may lead to further interest rate cuts this year and the next. From July to August, prices rose by just 0.1%, a decrease from the previous month's 0.2%.
Notably, grocery costs have barely increased, and energy costs have decreased by 0.8% thanks to cheaper gas. The downward trend will allow the Federal Reserve to consider further rate cuts over the coming months and further boost the economy. It saw healthy 3% annual growth in the April–June quarter, bolstered by strong consumer spending and business investment.
The cooling of inflation might be eroding former President Donald Trump's polling advantage on the economy. In a survey last week by The Associated Press, respondents were nearly equally split on whether Trump or Vice President Kamala Harris would do a better job on the economy. That's a significant shift from when President Joe Biden was still in the race when about six in 10 Americans disapproved of "Bidenomics." Read More |
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2. Two Declining Satellite TV Firms Might Get Merger Go-Ahead |
DirecTV and Dish are nearing a merger agreement that could result in a pay-TV provider with more than 20 million subscribers. An announcement is expected possibly today and might also encompass Dish's streaming brand Sling TV.
The merger aims to address customer losses due to the popularity of streaming services, cutting costs and debt for DirecTV's parent AT&T. Despite past flirtations and attempts at merging — which were blocked by regulators as recently as 2001 — this time the merger could be seen differently due to the dramatic decline of satellite TV's market share amidst the rise of streaming services.
In 2015, cable and satellite TV had 104 million U.S. subscribers, but that has now plummeted to fewer than 70 million. DirecTV also recently lost the NFL "Sunday Ticket" package to YouTube TV. Don't blame this sleeping satellite. Read More |
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| You'll want your sound on for this.
OpenAI is rolling out Advanced Voice Mode for ChatGPT, enhancing conversations with more natural audio interactions.
Initially available to paying customers in the Plus and Teams tiers, Enterprise and Edu users will gain access next week. The feature now sports a blue animated sphere instead of the previous black dots. Try: "Chat GPT, write an ode to me, on my birthday, then read it aloud. Kthxbye." |
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3. UK Debuts "Rum & Pepsi" in A Can And My Inner 13-Year-Old Rejoices |
You know when you order Rum and Coke and the bartender says, "it's Pepsi, actually," and you're like, "do I look like I give a f***? I'm trying to get s***faced, here, not do a taste teste for a TV commercial."
Oh, that's just me? Right. When you start drinking as early as most Brits my age did, it's pretty academic what you're mixing your hard liquor with by the time you turn 15.
Still, Diageo and PepsiCo have announced a partnership to launch an alcoholic Ready-To-Drink (RTD) beverage that combines Captain Morgan spiced rum with Pepsi Max. The UK does have stricter ID laws than it used to for people under the legal drinking age of 18, but when I was 11 I used to go into the liquor store and buy wine telling the people behind the counter "my mum needs something that will go well with chicken," and nobody would bat an eyelid.
Assuming you've been barred from the pub for aggression (or you're literally too young to reach the bar), Pepsi's new RTD means you'll still be able to accomplish your drinking goals in England in the comfort of your own home. That's amazingly where the drink debuted in major Supermarkets on (checks notes) my birthday last week.
The drink features 5% alcohol by volume, otherwise known as hardly worth the calories. It also signifies PepsiCo's continued efforts towards innovation in the beverage sector, following its previous venture into alcoholic RTDs in Canada with Svns Hard 7Up in collaboration with Anheuser-Busch.
Diageo's Managing Director in Great Britain, Nuno Teles, said he's excited about the "unique taste experience" the new drink is likely to bring to my native land. You'll be able to get a can of the new drink for a piggybank friendly £2.59 ($3.46).
Other beverage companies have already ventured into the alcoholic market. Coca-"It's Coke, Actually"-Cola, for example, has collaborated with Bacardi, Brown-Forman, Pernod Ricard, and Molson Coors to produce different alcoholic beverages. But, you know, first isn't always better — unless it's first to pass out, and you're 13, and you're drinking underage in England, which is what these puppies seem absolutely perfect for. *This is not alcoholic advice. *We in no way condone underage drinking. Read More |
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4. Private Equity Boss Says Private Equity Is Good, Ergo It Must Be |
Almost 90% of U.S. companies with more than $100 million in revenue are private. Steve Brennan is the head of Private Wealth Solutions at Hamilton Lane based just outside Philadelphia, and he specializes in private equity investment. Some people don't like people like Steve. They say private equity is risky, involves leveraging too much debt, and risks losing your entire investment in exchange for spectacular albeit only possible returns.
I, on the other hand, love people like Steve, because Cheddar is owned by Archetype, a media company owned by Regent LP, a private equity firm! So, they're paying my rent. And so, I like them. Carry on, guys!
"Ten years ago, you could never see a company like OpenAI raise $150 billion valuation in the private markets. They would have had to go public to achieve that type of valuation," Steve said. "Companies are staying private far longer today than they ever have before, and the private equity asset class has grown to be able to support that. To give you an example, 30 years ago, there were 40% more public companies in the United States than there are today. So, the number of public companies has dropped significantly. The opportunity set for investors in the private markets is bigger than ever before."
You know who can help you navigate those markets, assuming you have the millions required to access them? That's right: Steve can. Meanwhile the rest of us suckers will just have to stick it all in an index fund, I suppose. On the other hand, there's more guarantee you won't lose the lot. *This is not financial advice. Watch Now |
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5. New 900-ft Ride at Top of the Rock Will Make You Feel Ill, Probably, But Think Of The Photos |
Top of the Rock's new ride, a revolving, open-air platform that stands about three stories taller than the building's topmost floor, opens October 1. Once elevated, the platform will continue to turn for a 360-degree experience and a "panoramic photo moment." It'll be just like "floating among skyscrapers," they say. Which presumably explains why they chose to wait to debut this thing until the month of September was well out of the way in New York City, for taste reasons. Although I'd still prefer to have my feet firmly on the ground down on Sixth Avenue, personally.
Still, the platform features marble-like tiers with 96 LED pixel flutes that "cast a magical light show that can be seen across the city skyline." Tickets start at $35 and probably stop around $1 million, but they do take a video of you at the top for posterity. So whatever you pay will be worth it. Get in line! Read More |
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