GOVERNMENT AVOIDS SHUTDOWN

On a late Saturday evening, the looming danger of a U.S. government shutdown was put to rest as President Joe Biden signed an interim budget agreement. This controversial move by Congress ensured that government agencies remain functional. The revised agreement lowered support for Ukraine, a key agenda for the White House that met resistance from a rising segment of Republican representatives. However, it increases the federal disaster relief budget by $16 billion, satisfying Biden’s complete proposal. This interim budget ensures government operations until November 17th. Following unpredictable events in the House, Speaker Kevin McCarthy unexpectedly set aside his call for major budget trims backed by the Republican party's right wing base. Opting instead for Democratic backing to get the legislation approved, McCarthy's decision might be seen as a gamble on his leadership role.

🎯 GRIT TAKE: The shutdown debate was over increased Government spending. The sector of the Republican Party that wanted to shutdown the Government wanted to introduce 12 individual appropriation bills along with single subject spending. In theory, this would allow Congress to vote on individual budgets instead of one massive spending bill. The US Government keeps spending like there is no tomorrow and something has to eventually change. Upgrade to VIP to find out all of GRIT’s takes! 🚀📊 

BILL ACKMAN WANTS TO TAKE X PUBLIC

According to the Wall Street Journal, billionaire Bill Ackman has expressed interest in striking a deal with X Corp., owned by Elon Musk, through a new type of investment structure. On Friday, regulatory clearance was granted to Pershing Square for a novel investment structure aimed at private entities aiming to secure $1.5 billion or above, and leading them to public listings. This investment instrument is a novel category of special purpose acquisition companies termed as SPARC. The biggest difference between a SPARC and a SPAC is that a SPAC requires investors to put money up front, while a SPARC doesn’t.

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Birkenstock Targets $9.2 Billion IPO

German high-end shoe company Birkenstock announced its pursuit of an estimated $9.2 billion valuation for its eagerly awaited New York IPO. The company and its shareholders plan to offer approximately 32.26 million shares at a price range of $44 to $49 each during the IPO, aiming to generate around $1.58 billion, as stated in documents submitted to the U.S. Securities and Exchange Commission. Birkenstock is a 6th generation family owned business that dates back to 1774.

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Headlines You Need To Know:

• Bank of Japan hikes bond buying as benchmark yields rise

• Why a recession is still very likely

• SBF opposes Ukraine victim testifying remotely

• The threat of an American debt crisis

• Severe crash is coming for US office properties

• Americans are still spending like there is no tomorrow

• China under pressure to fix the country’s housing market

• Nobel prize awarded to covid vaccine pioneer

• Gov. Gavin Newsom chooses Laphonza Butler as next US Senator

• Birkenstock targets $9.2 Billion IPO in US

Just for fun…

Homeless To Multi-Millionaire

This man was homeless at the age 27 but became a multi-millionaire. You might have seen the movie the pursuit of happiness, but did you know it is based on a true story? Get ready for the incredible journey of the real life story of Chris Gardner. Chis was born in 1954 and his childhood was marred by poverty, domestic violence, alcoholism, and sexual abuse. Chris faced numerous challenges in his early adulthood including homelessness. But his life took a turn when he became a father and knew he had to do better for his son. Chris made a pivotal decision when he met a stockbroker whose life and success inspired him. Despite having no background in finance, he was determined to become a stockbroker. Even though, he was working as a stockbroker trainee, Chris and his son were still homeless. They even had to sleep in public restrooms some nights. But Chris never gave up and worked really hard. Chris’ hard work finally paid off. He became a full-time employee and his financial situation dramatically improved. He eventually launched his own brokerage firm and built it into a multi-million dollar empire. Today, Chris is worth $60 million.

Chart Of The Day

Apple vs. Top Tech Companies

Apple’s revenue is insane.

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The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.