Soon, Harvard may not be the richest school...
August 26, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Dame Products]( Good morning. Fed Chair Jerome Powellâs speech in Jackson Hole, Wyomingâthe one investors have been sweating over all weekâwill take place this morning. You might be wonderingâ¦how did the countryâs biggest central bank conference end up in Wyoming? The answer: fly-fishing. Itâs always fly-fishing. In 1982, when the Kansas City Fed was looking for a prominent speaker for its annual conference, organizers wanted to go big and have Fed Chair Paul Volcker come speak. They knew that Volcker was an avid fly fisherman, so they chose the fly-fishing mecca of Jackson Hole to convince him to attend. It worked, and the Fed has held its annual symposium there ever since. âNeal Freyman, Max Knoblauch, Matty Merritt MARKETS Nasdaq 12,639.27 +1.67% S&P 4,199.12 +1.41% Dow 33,291.78 +0.98% 10-Year 3.029% -8.0 bps Bitcoin $21,631.83 -0.23% Nvidia $179.13 +4.01% *Stock data as of market close, cryptocurrency data as of 10:00pm ET. [Here's what these numbers mean.]( - Markets: Yesterday on Wall Street was kind of like when all the No. 1 seeds make the Final Four, as tech heavyweights Amazon, Apple, Alphabet, and Nvidia [lifted the market higher](. ICYMI: Powell. Speech. Wyoming. Today. BFD. EDUCATION [When your college doesnât get the bedroom invite](
[Cleveland State University](Cleveland State University. Getty Images. A college student who had his room scanned before taking a remote test won a major legal victory this week, sparking celebrations among privacy advocates whoâve been pushing back on the monitoring tactics colleges have used to crack down on cheating at home during the pandemic. On Monday, a federal judge [ruled in favor]( of Aaron Ogletree, a chemistry student at Ohioâs Cleveland State University, who successfully argued that the schoolâs scanning of his room was unconstitutional. The judgeâs reasoning: âMr. Ogletreeâs privacy interest in his home outweighs Cleveland Stateâs interests in scanning his room.â Hereâs what happened Last spring semester, Ogletree was asked by a virtual proctor to take a webcam video of his space before a General Chemistry II exam. Ogletree consented, and the scan lasted anywhere from 10 seconds to 1 minute. Ogletree later [sued]( Cleveland State over the incident, claiming that it violated his Fourth Amendment rights. - For those who skipped the history class that explained whatâs in the Fourth Amendment, part of it protects US citizens against âunreasonable searches and seizures.â
- The judge ruled that Ogletreeâs âexpectation of privacyâ¦lies at the core of the Fourth Amendmentâs protections against governmental intrusion.â In its defense, Cleveland State said its method did not amount to a âsearch,â as it was brief, voluntary, and only revealed objects in plain view. Plus, it was designed to maintain the integrity of the test. The big picture As remote learning skyrocketed during the pandemic, so did the use of remote monitoring software to ensure students werenât Asking Jeeves for help on tests. Privacy advocates repeatedly warned against the increased use of surveillance software, arguing that itâs intrusive, can be racially biased, and presents cybersecurity risks. While privacy groups are relieved by the ruling, university deans are sweating in their cardigans. Public colleges, in particular, might take more caution before peeking into a studentâs home because theyâre subject to the Fourth Amendmentâand experts say this ruling was likely the first instance that the Fourth Amendment has been used to protect students against this type of video scan.âNF    mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=When%20your%20college%20doesn%E2%80%99t%20get%20the%20bedroom%20invite%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F08%2F25%2Fjudge-sides-with-student-who-had-his-room-scanned-in-win-for-privacy-advocates%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TOGETHER WITH DAME PRODUCTS [This dynamic duo doubles the pleasure](
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[A Peloton framed as a skeleton ]Dianna âMickâ McDougall Peloton is still going in the wrong direction. Even beginners know that in order to put the car into drive, you have to take it out of reverse. Peloton has yet to do that, posting a loss of [more than $1.2 billion]( in the previous quarter as revenue dropped nearly 30% from last year. Still, CEO Barry McCarthy said he sees âsignificant progress driving our comebackâ in new initiatives such as outsourcing manufacturing and selling its products through Amazon. Investors donât see it the same way, and sent the stock 18% lower. The White House blasts Republicans over student loans. The White Houseâs official Twitter account, which isnât exactly known for its spicy tweets, unleashed a [viral thread]( accusing Republicans who denounced President Bidenâs student debt forgiveness for being hypocritical. The White House said that Rep. Marjorie Taylor Greene had $183,504 in PPP loans forgiven, Rep. Vern Buchanan had more than $2.3 million in PPP loans forgivenâ¦and the list goes on. Each of those lawmakers had called Bidenâs program unfair. Novak Djokovic will miss the US Open. The 21-time Grand Slam champion said he [wonât play]( in the upcoming tournament due to CDC rules requiring noncitizens traveling to the US to be vaccinated against Covid-19. The pandemic has been an adventure for the Djoker. You might remember the geopolitical fracas that surrounded his failed attempt to play in the Australian Open in January due to that countryâs Covid entry rules. Since then, he competed in the French Open, losing in the quarterfinals, and won Wimbledon. EDUCATION [Harvard may have to accept defeat from a state school](
[Oil barrel with longhorns and shadow of the state of Texas with a dollar sign in it.](Francis Scialabba The University of Texas could become the richest school in the US, [topping]( Harvardâs $53.2 billion endowment to occupy the No. 1 spot, Bloomberg reports. Why? Because at a time when most schoolsâ investment portfolios are falling faster than Comm 101 lecture attendance, the University of Texas System has something they donât: 2.1 million acres of oil-rich land. How the UT System makes so much money: The group leases out the countryâs largest oil field to some 250 drillers, including giants like ConocoPhillips, which pump out 300,000 barrels of crude oil per day and pay the university System royalties. And itâs a great time to be in the oil biz. The UT System is expecting its biggest payout this year thanks to steep oil prices, which hit $120 a barrel in June. The UT System brings in roughly $6 million a day from its oil assets. Big picture: UTâs trip to the top is a lonely one, as more universities are opting out of fossil fuel investments following activist and public pressure. Just last year, Harvard and Yale promised to limit fossil fuel industry investments. Fun fact: UT isnât the only university with a nontraditional investment portfolio. Emory is rolling in Coca-Cola shares, Northwesternâs endowment is packed with royalties from the pain med Lyrica, and even Harvard has [owned]( some California vineyards since 2012.âMM Â Â Â mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Harvard%20may%20have%20to%20accept%20defeat%20from%20a%20state%20school%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Funiversity-of-texas-could-be-the-richest-school-in-us%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TECH [News from the year 3000](#)
[A Futurama gif]Futurama/20th Television via Giphy Some days, with our deeply unproductive needs to âeatâ and âsleep,â it can feel like we arenât living in the future. Other days, not so much. Here are two stories from the weekâs news that are giving some real âsad Jetsonsâ vibes. 1. An AI rapper was dropped from a major label: FN Meka, an âAI rapperâ with 10+ million TikTok followers, was [dropped]( by Capitol Records on Tuesday after receiving criticism that the project amounted to digital blackface. The decision came after a 2019 Instagram post resurfaced that featured the Meka avatar being beaten by a police officer. Activist nonprofit organization Industry Blackout called for a public apology from Capitol over Mekaâs use of slurs, referring to the AI project as âan amalgamation of gross stereotypesâ and âappropriative mannerisms that derive from Black artists.â Capitol released FN Mekaâs debut single âFlorida Water,â earlier this month. 2. A crypto executive says he was deepfaked: Binanceâs chief communications officer, Patrick Hillmann, claims that sophisticated scammers created a [deepfake]( of him to hold video calls with representatives of different crypto projects as part of a scam operation. Hillmannâs evidence: a conversation in which someone told him that hackers had âimpersonated [his] hologram.â The future, folks!âMK GRAB BAG [Key performance indicators](#)
[Covid clock]Francis Scialabba Stat: Between 2 million and 4 million working-age Americans are [not currently working]( due to long Covid, which may help explain the USâ persistent labor shortage, according to a new report from the Brookings Institution. For some perspective, 3 million workers is equivalent to 1.8% of the total civilian labor force, and their not being able to work translates to $168 billion in lost annual earnings. Quote: âOur kids are going to act like itâs a rotary phone, or changing the channel on a television.â California Gov. Gavin Newsom told the NYT that his stateâs new rules around gas-powered vehicles signal the [end of the road]( for the carbon-emitting tailpipe. Yesterday, the California Air Resources Board approved a plan that will ban new gas-powered cars from being sold starting in 2035. Listen: Mark Zuckerberg talked with Joe Rogan for nearly three hours. ([The Joe Rogan Experience]() TOGETHER WITH BUICK
[Buick]( Itâs electric. What do your favorite band and barista have in common? Theyâre both full of energy. But besides being your No. 1s, music and coffee are pretty electrifying. And we know theyâll be in your life for many energizing tomorrows, wherever your journey is heading. [Join Buick for a future designed around you](. Â Â Â QUIZ [Quiet quizzing](
[Weekly news quiz]( The feeling of getting a 5/5 on the Brewâs Weekly News Quiz has been compared to drinking a large Coke with ice in a dark movie theater. Itâs that satisfying. [Ace the quiz](. WHAT ELSE IS BREWING - [Parts of the affidavit]( that the FBI used to get a search warrant for former President Trumpâs FL home will be unsealed today.
- [T-Mobile]( is teaming up with SpaceXâs Starlink unit to provide internet service in mobile dead zones across the US.
- [Ukraineâs Zaporizhzhia nuclear power plant](, Europeâs largest, was temporarily knocked offline for the first time ever yesterday as concerns about safety mount.
- [Sony]( is hiking the price of PlayStation 5 in Europe, China, and other major markets (but not the US) due to inflation and the devaluation of the yen. Itâs an unusual move, given that the company typically discounts the console ahead of the holidays. BREWâS BETS Fair grub: The best state fair in the countryâMinnesotaâsâhas kicked off. Check out the slate of [new food]( hitting concession stands this year. Teacher stories: Weâre planning a bunch of stories with a âBack to School Weekâ theme next week and want to drum up all the warm fuzzies. Whatâs something a teacher did or said that most influenced you, or even changed the course of your life? [Share your story here](. For the techies: From drones and robotics to the metaverse and augmented reality, Emerging Tech Brew keeps you up to date on the tech that shapes business and society. [Check it out](. FROM THE CREW [Finally feel good about your business education](
[Billy Madison saying I am the smartest man alive](Billy Madison/Universal Pictures via Giphy The Brewâs Business Essentials Accelerator is designed to fast-track the careers of top performers. The eight-week course is tailored to ambitious professionals who want to develop a holistic understanding of business while building authentic relationships. Donât pass up the opportunity to learn frameworks and strategies you can use to immediately level up at work. We only have a few more spots left in our September cohort, so [fill out the five-minute application today](. GAMES [The puzzle section](#) Jigsaw: Back by popular demandâthe Brewâs digital jigsaw puzzle. Today weâre hanging 10 with the aquatic pups at the World Dog Surfing Championships. [Play it here](. Friday puzzle Letâs have some fun with anagrams. Below are anagrams of famous historical figures or celebrities, and you have to unjumble the letters to discover the person. The anagrams are indirect clues about that person. Example: He bugs Gore â George Bush - Old West action
- My pale hero
- Iâll make a wise phrase
- A bad man (no lies)
- Odd silent month [Is working from home actually better?](
[Is working from home actually better?]( According to Pew Research, 60% of workers who say their jobs can be done from home are doing just that. Does everyone feel that way? We asked around. [Watch now](. Check out more from the Brew: On Business Casual, Nora talks to Elan Lee, game designer and the co-founder and CEO of Exploding Kittens, a card game that became the No. 1 most-backed project in Kickstarter history. [Listen]( or [watch]( here. Prolific economist and co-author of Talent, Tyler Cowen, is hosting a FREE talk on leadership on Sept. 1. [Sign up today](. ANSWER - Clint Eastwood
- Amy Poehler
- William Shakespeare
- Osama bin Laden
- Tom Hiddleston Sources: [here]( and [here](. ⢠A Note From Dame Products *Offer code BREW15 is valid for one-time use per customer from 08/26/2022 at 12 a.m. EST and ends 08/31/2022 at 3:00 a.m. EST. Must be applied at checkout. Cannot be combined with other offers and is not applicable to previous orders.* Written by [Neal Freyman](, [Max Knoblauch](, and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? Industry news, with a sense of humor â - [Future Social](: the Brew's take on the world of social media Tips for smarter living â - [Money Scoop](: your personal finance upgrade
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