TODAY IS THE BIG DAY

Today is the day America goes to the polls to elect its next President. Regardless of political alignment whether left of right, right of left or dead center it is our right, and patriotic duty, to go to the polls today and cast our vote for President and other elected officials. Make your vote heard.

Vote today!

Gifts And Treats On Election Day

Get free sweets and treats for voters on election day. Catch an Uber or Lyft to the voter booth. Then enjoy a Krispy Cream donut, a malt from Jonny Rockets, or a frozen yogurt form IKEA.

TECH TODAY

Perplexity AI The mantra from Web3 proponents the last couple of years has suggested that AI when developed would replace jobs. The strike by New York Times employees days before the election has Perplexity AI ready to become a scab and cross the picket line.

Throwing forks (and maybe knives too) Wordpress Vs WP Engine drama continues. Matt Mullenweg Co-Founder of Wordpress and CEO of Automaticc said that he’s not worried the drama between the two will cause a fork but said he would welcome it.

Tech Crunch Disrupt 2024 live blog updates.

Google CEO says 25%+ of code is now generated by AI

HEADLINE NEWS 👀

Boeing Resolves Strike With Union Workers

Boeing machinists voted on Monday to approve a contract offer that includes pay raises of 38% over four years plus ratification and production bonuses. The agreement to end the strike affecting approximately 33,000 International Association of Machinists of Aerospace Workers. The agreement clears the way Boeing to resume production of its best selling airliner.

The beleaguered aerospace company is estimated to have lost $10 billion during the seven weeks of the strike. The end of the strike allows Boeing to start generating some desperately needed cash.

Freight Rates Are On The Rise 🚛 

Two large freight carriers in recent earnings reporting said they are seeing rate increases in what has been a weak freight market. XPO the nations largest LTL carrier and Werner Enterprises on of the nations largest truckload carrier reported strategic rate increases and see more rate increases to follow this year.

U.S. Economy Humming Along

Consumer spending helped the economy grow at a healthy 2.8% for the period July to September according to the Commerce Department report released on Wednesday. Consumer spending was up nearly 1% from the April-June period which accounts for 70% of the nation’s gross domestic product (GDP).

The Commerce Department report said business investment fell significantly on reduced investment in housing and commercial real estate. The bright spot on business reporting showed a soaring increase in investment on equipment.

Tech Giants Drag Markets Lower

Meta Platforms, parent of Facebook, and Microsoft took an 🪓 to the market cutting the NASDAQ 2.8% and sending the DJIA down 📉 378 points or 0.9% Thursday. Investors had expiring expected expectations that Microsoft Azure could grow in line with analysts’ expectations (surprise). Investors didn’t take to well to the news Meta would ramp up spending next year on further development of AI.

Two more of the Magnificent Seven contributed to the onslaught. Apple was down 2% while Amazon dropped 3.4% on the day before they were to report earnings after hours.

🚕 Your Cybercab has arrived.

Elon Musk, entrepreneur extraordinaire and Tesla founder, unveiled the much-awaited robotaxi aka Robocab on a Warner Bros studios Hollywood backlot.

Musk called his vision of the vehicle “a fun, exciting future” in an “age of abundance” for self-driving cars. The pedal free electric car is also void of a steering wheel.

The Robovan a larger EV designed to carry a larger passenger payload was also introduced at the event.

Musk is known to over promise and under deliver on timelines he sets when discussing delivery of Tesla and SpaceX products.

 The event was livestream to millions on Musk’s owned social platform X.com.

TD BANK ROBBERS UNMASKED 🔫

Emily Blunt the heroine in 2015’s Sicario even knew to stay clear of the guns, violence, and fear delivered by the heavy hand of drug cartels.

TD Bank was clobbered with $3 billion in penalties for allowing money laundering to go unchecked with 90% of bank transactions going unchecked between January 2018 and April 2024. Yikes 😳

The U.S. Justice and Treasury Departments in recent years fear the drug cartels, who do not limit criminal behavior to only drugs, are using the U.S. Banking System to launder ill-gotten gains. Flush with cash from the sale of Fentanyl and other drugs the cartels have helped propel an epidemic killing more than 112,000 people in 2023.  

TD Bank’s Chief Executive Officer Bharat Masrani announced the settlement on Thursday said “There were serious failures of our U.S. AML program” (well no shit, Sherlock). Masrani concluded that it is a “sad day in our history” while stating TD Bank has “taken full responsibility for the significant failures”. In a September announcement Masrani said he will step down as CEO in April 2025. 

Today’s $3 billion dollar settlement follows last year’s agreement to pay $1.2 billion to settle the banks part in R. Allen Stanford’s Ponzi scheme a massive investment fraud for which he was convicted in 2012.  

“Keep your friends close, but your enemies closer” Michael Corleone

TD Bank is owned by Toronto-Dominion Bank Canada’s second largest bank with $1.97 Trillion in assets. Toronto- Dominion Bank also owns brokerages TD Ameritrade, and Charles Schwab.

Growing And Funding Business 🐷 

Finding capital for startups is often an ongoing need while for Small Business entrepreneurs the need is often enough to keep things interesting and warrant a regular discussion with a banker or lender. Attracting the right kind of capital for the business is an important consideration for business owners. Today we will focus on one type of capital, private investors.

Finding the right private investor can be a game-changer for the small business. Here is a guide on how to attract these important sources of capital:

1. Tap into your network: Reach out to friends, family, and your professional network and share your need for capital. These individuals already know you, and presumably like and trust you already.

2. Hit the network trail: Sign up and attend industry conferences, startup events, and local Meetups. These are great opportunities to get face to face with people who can and may want to invest in the business.

3. Online Platforms: Platforms like AngelList, Gust, SeedInvest, and Republic connect companies looking for capital with investors with capital to invest.

4. Deck-out the deck: Design a pitch deck that clearly states the jist of the business, its business plan, any financial statements on ongoing operations or projections, MVP or proof of concept. Sell it likes its candy on Halloween, tasty when seen.

5. If available join an incubator: They can provide funding, mentorship, office and or production space, and many other resources.

6. Angels: Look for angel investors through various local and national angel investment clubs. These investors can be a treasure trove of capital.

7. Venture capital: High growth companies can consider connecting with VC’s. They have the ability to provide large checks for the right businesses they invest in plus they can offer additional assistance and resources to the founders to help the business grow.

Be prepared to pitch. Condense every piece of information you will provide to the investor into a sixty (60) second elevator pitch. Practice that pitch so you know it cold. The 60 second pitch could be the gateway to the right investor.

THE GRIND FACTORY ⚙️ 

Family Office Capital

Family offices are known to be opaque entities seldom seen in the public domain and rarely heard about as a source of investment capital. For Small Businesses seeking investment capital Family Offices (“FO”) could be a viable source of private investment capital.

Shielded by a labyrinth of private entities masking investments FO’s can be difficult to find. FO experts agree the best way to attract an FO investment is to find a point of alignment with the industry that created the FO’s wealth and or companies they are known to have a substantial investment interest. Family Offices can be more flexible that banks, private equity, and venture capitalists. When pitching an FO it is recommended by insiders that the pitch is based on projections based on known metrics instead of pi in the sky dreams and aspirations.  

WEALTH FACTOR

“You Like To Think Big”?

Masayoshi Son, CEO of SoftBank has been known to think big and place big bets like in Uber, Nvidia, Alibaba, Door Dash, WeWork, and ByteDance (TikTok). Son said it will require “200 Million chips” to build out AI with a cumulative CAPEX cost of 💰$9 Trillion which he suggests is “reasonable”. Son concluded that $9 Trillion per annum will be generated with a 50% net profit and four new GAFA companies will have split the bulk of it taking in $1 Trillion in profits. Talk about a 🔥🔥🔥 chat❗️

PIC OF THE DAY

REAL ESTATE CORNER

High real estate prices combined with high borrowing rates are anticipated to keep sales down at their lowest rate since 1995. “Home sales are stuck at low levels,” said Lawrence Yun, NAR’s chief economist. “Americans are really not moving.”

UNIQUELY INTERESTING

💡 Epiphany Moments

Daylight Savings Rescue: With the days now running shorter after the time change here are ways to stay fit, sharp, and sane.

1. Get out in the sunlight. Mornings will help regulate mood.

2. Get into a good sleep schedule. Sleep will help keep your body in sync.

3. Stay active. Boosts mood and energy.

4. Eat well. Eat a healthy diet.

5. Stay connected to friends and family.

6. Relax. Keep stress to a minimum.

7. Shelve electronic devices at least 30 minutes before bed.

8. Nest well. Create a cozy personal living space.

9. Light therapy. Void of natural sunlight use light therapy as a replacement.

10. Dial a friend, a family member, or a professional if help is needed. Don’t hesitate

 🍎 One Smart Apple

Moore’s Law may not be any more. The concept of Moore’s Law is that a micro chip’s capacity doubles every year. Now MIT Technology Review says chip manufactures “are turning to smaller, more modular “chiplets” that are designed for specific functions” and linked together to build entire systems. Chiplets will help reduce chip and thereby system costs.