The work from home debate has been settled. According to a big NYC landlord, Fridays are dead forever and Mondays are on life support. Now we just need to kill off Tuesday, Wednesday and Thursday and we can stay in our pajamas forever.

The lowdown

• 🏢 New York landlord Vornado says Fridays in the office are dead and Mondays are ‘touch-and-go’.

• 📉 Nvidia shares take a hit as the US considers imposing restrictions on chip exports to China.

• 📈 Heads of central banks warn further rate rises will be required to tame inflation at global conference.

Flex your finance muscle

Minsky Moment

The term ‘Minsky Moment’ was coined by Paul McCulley of PIMCO in 1998, named after economist Hyman Minsky. It refers to a sudden major collapse of asset values as part of the credit cycle. The idea is that these moments occur because long periods of prosperity and increasing value of investments lead to increasing speculation using borrowed money. The spiraling debt incurred in financing these investments leads to cash flow problems for investors.

The Minsky Moment occurs when investors, unable to pay off their debts, start to sell off their assets leading to a sharp decline in value. Once this happens, a massive sell-off begins because the market has run out of buyers, causing a sharp decline in asset prices. So should we be worried about one soon? ($).

Featured story

Arcline increases its bid for Circor

PE firm Arcline has lobbed another bid for industrial machinery maker Circor – this time for $1.8 billion including debt, surpassing KKR’s bid of $1.6 billion which was subsequently upped to $1.7 billion.

Arcline had submitted a previous bid slightly higher than the KKR bid. Despite the higher offer, Circor’s Board had recommended KKR’s bid as they believed it represented greater certainty over financing ($) than Arcline’s first offer. This new bid makes things interesting.

Arcline has given Circor until the evening of Thursday to respond to the new offer.

Financing for Arcline's bid is supported by BMO Capital Markets Corp and Bank of Montreal, while KKR has a full equity backstop, meaning it can likely finance its deal more quickly and reliably using its own and its investors' funds.

The content we're consuming today

• The Closer podcast: PetSmart & Chewy: A private equity turnaround story.

• The Telegraph: Gustav Klimt’s Lady With A Fan sells for record £85.3m ($).

• Bloomberg: SBF’s Big Shopping List: From Larry David Ads to 52-Foot Yachts ($).

Off-balance sheet items

• Last week was Paris Men’s Fashion Week and here are some of the highlights. I haven’t really been in the office much since the pandemic but is this what people are wearing now?

The bottom line