Good Morning. Iran's intelligence chief was killed the day after boasting his regime "cannot be defeated." We break down Israel's systematic hunt.
We also share Munger's mental model latticwork, Banksy's true identity, and how to pour a perfect Guinness (forwarded this email? Join 523k readers).
TOP STORY TODAY
Israel Targets Iran
Israel has systematically targeted Iran's internal security leadership, killing top officials including senior security adviser Ali Larijani and Basij militia commander Gholamreza Soleimani in overnight strikes near Tehran. Intelligence Minister Esmail Khatib was also confirmed killed the following day (WSJ).
Israel has dropped over 10,000 munitions across thousands of targets, with more than 2,200 strikes aimed at Iran's Revolutionary Guard, Basij, and internal police forces. Security personnel have reportedly abandoned headquarters, sleeping in vehicles, mosques, and under bridges (gas hits $111/barrel).
Iran maintains street-level control and continues suppressing public dissent. Analysts note that while air campaigns can disrupt governments, historically they rarely topple entrenched regimes outright.
Ellison Deal Tanks
Paramount Skydance stock has dropped 35 percent since the $111 billion Warner Bros. Discovery merger was accepted February 27, trading near its 52-week low. The deal would become the largest leveraged buyout in history, saddling the combined company with $79 billion in debt.
Wall Street analysts are questioning whether the merger is financially viable, citing skepticism around Ellison's $6 billion synergy projections and $30 billion in promised content spending. No investor roadshow has been scheduled. Middle East conflict may also be putting billions in expected funding at risk.
If the deal closes and fails, analysts warn thousands of jobs could be lost and media consolidation could stall industrywide for years. Potential lawsuit risk.
Sprite’s NBA Comeback
The NBA and Coca-Cola announced a new multiyear global deal on March 17, making Sprite the league's official soft drink partner again. The agreement ends rival PepsiCo's Starry brand as the previous rights holder.
Sprite and the NBA share history dating to 1986, including the "Obey Your Thirst" campaign and Slam Dunk Contest sponsorship from 2003 to 2016. Limited-edition NBA-branded cans featuring 17 teams launched in February ahead of the announcement (photos).
The deal includes brand activations, digital content, and exclusive promotions. Minnesota Timberwolves guard Anthony Edwards will serve as a featured athlete in upcoming campaigns.
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TODAY’S LIFE ADVICE
How Charlie Munger's Models Built a Billionaire Mindset
▶ Investor Mohnish Pabrai breaks down the "latticework" of mental models Charlie Munger spent decades refining. The core principle: take a simple idea and go all in. Stack enough together and 1+1 becomes 11.
Key models include:
0:47 Truth over white lies builds exponential trust over time
10:08 Your deepest desire becomes your destiny if you truly believe it
11:58 "Heads I win, tails I don't lose much" eliminates startup risk
17:45 Surround yourself only with people better than you
15:12 Shameless cloning (Walmart built an empire on zero original ideas)
Fast is slow. Go all in.
How to Pour the Perfect Guinness
Guinness requires nitrogen-infused kegs stored at 38°F, served between 40 and 43 degrees. The pour itself demands exactly 119.5 seconds.
The two-part method:
Fill glass most of the way
Rest 90 seconds for bubbles to settle
Top off; foam head should measure 18 to 22 millimeters
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