Good Morning. 68 years on the public market. One bad bet on EVs. Honda just posted its first annual loss ever. Let’s talk about the $10B mistake.
We also include a youth hockey antitrust probe, the largest tech IPO since 2019, and how to trade like Billionaire David Tepper (forwarded this email? Join 523k readers).
TOP STORY TODAY
Honda’s First Bad Year
Honda just posted its first annual loss in its 68 years as a public company, a $2.7 billion hit driven by roughly $10 billion in electric vehicle writedowns. CEO Toshihiro Mibe announced the results Thursday and admitted his 2040 all-EV target is dead.
The damage came from canceling three U.S. electric models, shelving the Sony EV joint venture, and freezing a Canadian factory project. Chinese sales have also collapsed, falling more than 50% in five years as domestic rivals took the market.
The recovery plan looks a lot like Toyota's. Honda is pivoting hard toward hybrid gas-electric vehicles for U.S. buyers and forecasts a $1.6 billion profit next year despite more EV writedowns ahead. Why Hybrids Are Eating Everything.
Youth Hockey Empire
Michigan's Attorney General has opened a formal antitrust investigation into Black Bear Sports Group, the private-equity-backed firm that now operates nearly 50 hockey rinks across 12 states (WSJ). It's the largest rink owner in the country.
Black Bear has spent a decade rolling up ice rinks, the youth leagues that skate on them, and the streaming rights to broadcast the games. Parents have been blocked from livestreaming their own kids' games at Black Bear venues, funneling them toward a $30 subscription service. Senator calls this a "Chokehold.”
The bigger question is what private capital does to a sport historically run by volunteer boards. Black Bear is now the template, and similar consolidation playbooks are already moving into youth baseball, soccer, and lacrosse. The 30 mile monopoly.
Bigger than Nvidia?
AI chipmaker Cerebras Systems soared 68% in its Nasdaq debut Thursday, closing at $311.07 after pricing shares at $185. The valuation now sits near $95 billion, with the company raising $5.55 billion in the offering.
It's the largest U.S. tech IPO since Uber in 2019. Cerebras claims speed and price advantages over Nvidia's GPUs, and has signed a $20 billion cloud deal with OpenAI through 2028, plus an Amazon Web Services partnership announced in March. Two new billionaires minted from this IPO.
The market is bracing for more. SpaceX, OpenAI, and Anthropic are all expected to hit public markets soon. Only 31 tech IPOs priced in 2025, down from 121 four years earlier. That window is reopening. Cerebras' chip is physically 58x larger than Nvidia's.
TOGETHER WITH SKECHERS
The Real Cost of a Bad Running Shoe Isn't the Shoe
It's the eight weeks off your feet because your knees gave out at mile six.
Plantar fasciitis. Shin splints. IT band syndrome. The three most common running injuries all trace back to the same thing: a shoe that ran out of cushioning, support, or both. And once you're injured, you're not just buying another pair. You're buying a physical therapist.
The Skechers AERO Razor is built to push back on all three:
HYPER BURST PRO foam absorbs impact instead of passing it up to your joints.
HYPER ARC rocker geometry rolls you forward so your calves and Achilles aren't doing the propulsion work.
Built-in Arch Fit support stays consistent across the life of the shoe instead of collapsing after three months.
$140 is a lot cheaper than a brace.
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TODAY’S LIFE ADVICE
Day Trading Secrets from a Self-Made Billionaire
David Tepper grew up working class in Pittsburgh and now runs Appaloosa Management, averaging 25% annualized returns for over thirty years. He owns the Carolina Panthers. Four rules from how he trades:
No leverage. His exact line: "What do you need leverage for?" If the deal only works with borrowed money, it isn't a deal.
Buy what scares everyone else. In 2009 he bought AIG at five cents on the dollar while everyone panicked. Made $1 billion on AIG alone.
Separate thinking from emotion. If you feel like the herd, you'll think like the herd.
Always identify the catalyst. Undervalued isn't enough. What specific event forces the market to wake up?
The Last Job You'll Ever Have
There's a concept in AI called recursive self-improvement. It's the moment AI gets smart enough to build a smarter version of itself, which builds a smarter version, which builds a smarter version. The curve goes vertical. Humans stop being the smartest thing in the room.
For 60 years it was sci-fi. Now Anthropic's co-founder Jack Clark puts the odds at 60% by 2028. What that actually means for you:
The half-life of professional skills is shrinking. Whatever you do for a living, the question isn't "will AI do this" but "in what year."
The economic premium shifts from execution to judgment, taste, relationships, and original thought.
Compounding personal assets (network, reputation, owned audience, real estate, equity) become more valuable than salary, because salary depends on being needed.
The window to build something that pays you whether you work or not is the next few years. Don't waste it.
TRENDING
5 Stories
▲ Zcash surges 1,140% in one year as bitcoin drops 24%, with Winklevoss twins backing the privacy token.
▲ Chinese engineers return home in record numbers, called 'sea turtles,' fueling Beijing's AI push against Silicon Valley.
▲ Billionaire Gautam Adani wins likely DOJ reversal on fraud charges after Trump's personal lawyer delivered 100-slide defense.
▲ Fulshear, Texas outgrows every U.S. city, jumping from 17,000 to 64,630 since 2020 as buyers flee for exurbs.
▲ Ukrainian sniper who hit a target 2.5 miles away hasn't fired in 18 months as cheap drones take over.
TOGETHER WITH FOOD HEALTH
1 in 5 GLP-1 Users Develop a Nutrient Deficiency in Year One
That's not a wellness scare line. That's a 2025 Cleveland Clinic finding.
Ozempic, Wegovy, Mounjaro, and Zepbound shrink appetite by design. The problem is what gets cut alongside the snacks: protein, fiber, key vitamins. Hair thinning, fatigue, muscle loss, and dental issues follow. Four major medical bodies have called for nutrition counseling to become standard care. It hasn't happened yet.
FoodHealth fixed this problem. It's an app that lets you snap a photo of any product, shelf, or aisle and get a personalized 1-100 score in seconds. If the pick is wrong for someone on a GLP-1, it tells you exactly what to grab instead in the same aisle.
Built by registered dietitians. Scaled by AI. Already live at Kroger, Hy-Vee, and through NielsenIQ. If you or someone you love is on a GLP-1, download FoodHealth here.
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