Greed Is Good, Gridlock Is Better | The Daily Peel | 11/9/22

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• Walgreens is closing in on a $9bn deal for primary care provider Summit Health
• The battle of the crypto nerds is ending with Binance buying FTX
• Nvidia is rolling out a custom-made chip for the Chinese market, which contains guardrails around its AI tech
• Alright, alright, alright! Matthew McConaughey has joined the Jay-Z-Bezos bid for the Washington Commanders

We the People Want Weed, Gambling, and Guns

Legal mary jane looks like it’ll continue spreading across the country, but gambling and gun props will be hotly contested.

9 figure campaign spending has been the norm this midterm cycle, and it’ll be interesting to see how many votes it buys.

• Prop 27 in California, which would allow online gambling, has attracted nearly $400mn in campaign funding
• Iowa and Oregon are proposing opposite gun laws. You can probably figure out which side each is on
• Minimum wage boosts and tax hikes on high rollers could shake the economies of some states

The broad trend here seems to point towards loosening social restrictions. Most of the country has supported legal ganja for a while, but now states like Colorado are dipping their toes into magic mushrooms.

Back in the old days, if you wanted to throw a hundred bucks on an NFL parlay, you used to have to track down that bookie that your cousin knew. Now, FanDuel lures you into the app with free offers that get you hooked on the rush.

There’s a lot of dough to be made through vices, and governments are keen to grab their share. Tax revenues from weed have helped Colorado maintain hefty surpluses, and its stoned residents enjoy new infrastructure and other goodies.

The morality police aren’t as powerful when billions are rolling in from legal vices, which is probably why more and more states stand to legalize and tax the sh*t out of them, making everyone happy.

Source

Planet Fitness ($PLNT) ↑ 8.58% ↑

• “‘Peloton’s gain is Planet’s gain’” pretty much says it all for $PLNT of late
• People have realized that without a ton of space, home gyms kinda suck, and they’re returning to traditional gyms in droves

Kohl’s ($KSS) ↑ 7.34% ↑

• Investors gave their departing CEO a $KSS goodbye on their way out the door, sending the stock surging on the news
• The turnaround hadn’t been progressing well, but a new face in charge and a surprisingly-good Q3 put shareholders in a good mood