Happy Friday everyone! If you, like me, lack social skills and sometimes run out of things to talk to your colleagues about on the brief but awkward Monday morning elevator ride up to your cubicle, I suggest going to see Barbie or Oppenheimer this weekend as that is all anyone will be talking about. Someone has even created a trailer for a mash up called ‘Barbenheimer’ (there are a few going around but this one is the best).

The lowdown

• 📉 An index designed to track the US business cycle indicates the US economy will likely fall into recession in 2024.

• 🪫 Tesla stock tumbles as margins compress, following multiple price cuts.

• 🎬 Netflix stock tumbles as revenue misses expectations, despite the streaming service adding six million new subscribers.

Featured story

CVC raises largest buyout fund in history

CVC Capital Partners has managed to raise €26 billion ($29 billion), for the largest PE fund in history ($). CVC's new fund surpasses the previous largest fund raised by Blackstone in 2019, which was $26 billion.

Even more impressive is that the fund has been raised amidst a bit of a funding drought. Based on a Q2 2023 US PE analysis by PitchBook, the number of funds closed and the amounts they raised in the first half of 2023 were 15-25% lower compared to the same period last year, indicating a slowdown.

CVC has diversified its investments, with a niche in sports, taking stakes in Six Nations Rugby, the women's professional tennis organization WTA, and buying an IPL franchise. So perhaps with the size of this fund, we might see some competition with the Saudi PIF which is buying up everything in sport right now?

The content we're consuming today

• The Dial: Sins of the Salmon Kings.

• The Economist: Big tech’s dominance is straining the logic of passive investing ($).

• NY Times: The Pandemic’s Labor Market Myths ($).

Off-balance sheet items

• The FIFA Women’s World Cup 2023 has kicked off with Australia and New Zealand co-hosting. Watch the latest highlights here. Also, this ad is pretty awesome – I won’t spoil it.

The bottom line