The future is now old man. Criminals have been writing letters to pen pals for as long as there have been jails but Sam Bankman-Fried must be the first to launch his own online newsletter. I can already tell you that it's not as good as this one though because there is no mug offer for referrals. Instead, SBF offers an explanation for why he didn’t mug FTX customers.

The lowdown

• 📰 Sam Bankman-Fried launches his own newsletter explaining why he is innocent.

• 🥪 Sandwich chain Subway is exploring the possibility of a sale.

• 🇺🇸 US inflation slows which may encourage Fed to downshift rate rises.

Featured Stories

Ubisoft lowers guidance

France is famous for its baguettes, but Paris-based game developer Ubisoft have just served investors a sh*t sandwich.

The first slice of the announcement praised the quality of the company’s IP. The filling however advised that Ubisoft was revising its full year targets, with net bookings expected to be down more than 10% year-on-year versus the previously advised 10% increase. The company would also be postponing its original IP game Skull and Bones and depreciating €500 million of capitalized R&D. Not to worry – the second slice of bread highlighted the strength of the firm’s balance sheet. Shares in Ubisoft tumbled around 20%.

CFO Frédéric Duguet said: “Our decisive reaction and our additional cost optimization measures should help us navigate the current challenging economic environment and ensure a leaner organization for the years to come.”

Luckily, there are other, more enticing items on the menu. In late 2022, Netflix announced that it had entered a partnership with Ubisoft ($) to further its ambitions in video game streaming. Bon Appetit.

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The content we're consuming today

• The Economist: Investments in ports foretell the future of global commerce ($).

• Acquired LP Show podcast: Capital Formation and the LP/GP Relationship (with Altimeter’s Meghan Reynolds).

Off-balance sheet items

• If this is the year you are planning on completing that marathon, half-marathon, triathlon, or Parkrun, then the first thing you need to know is how to choose the best running shoe. This very comprehensive guide ($) from the NY Times details all you need to know.

The bottom line