☕ From here

How emojis became financial advice... February 25, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Augustinus Bader]( Good morning. Today is the Super Bowl for investing geeks, because Berkshire Hathaway CEO Warren Buffett is releasing his annual shareholder letter. These letters, which 92-year-old Buffett has been writing for more than 60 years, are closely analyzed for his hot takes on the US economy, nitty-gritty business analysis, and folksy advice. Maybe this will be the year he finally weighs in on the most controversial issue of the day: nuts or no nuts in banana bread? —Sam Klebanov, Jamie Wilde, Matty Merritt, Max Knoblauch, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 11,394.94 -1.69% S&P 3,970.04 -1.05% Dow 32,816.92 -1.02% 10-Year 3.953% +7.0 bps Bitcoin $23,189.11 -2.98% Boeing $198.15 -4.80% *Stock data as of market close, cryptocurrency data as of 1:00am ET. [Here's what these numbers mean.]( - Markets: Welp, all three major stock averages just finished up their [worst week]( of the year so far. Not helping things? A new data drop: One of the Fed’s favorite measures of inflation came out yesterday…and it was higher than expected for January. Meanwhile, Boeing’s shares fell on the news that the company temporarily stopped deliveries of its 787 Dreamliner jets due to a fuselage documentation problem.  INTERNATIONAL POLITICS [Where the war in Ukraine goes from here]( [The skyline of Istanbul, Turkey]( Ayhan Altun/Getty Images Russia got a major reality check in the first weeks of its invasion of Ukraine: Its military failed to “take Kyiv in three days'' (as Russian strategists predicted and Western officials feared it would). Instead, it faces stiff resistance, and the war has dragged on for a year. Here’s a look at what might happen next, and how the conflict could be resolved. What each side wants Russia’s leadership no longer appears to be trying to oust Ukrainian president Volodymyr Zelensky from power. Instead, the short-term goal seems to be gaining control over the territories Russia annexed last fall. Putin has said he’s open to negotiations, while Russian troops continue to attack Ukraine’s cities. Meanwhile, Ukrainian officials have been unwavering in their stance that a peace settlement is impossible until Russia withdraws from within Ukraine’s internationally recognized borders (which would mean leaving Crimea and regions that had been under the control of Russian-backed separatists since 2014). Ukrainian political scientist Volodymyr Fesenko told Morning Brew that the need to liberate these territories is a consensus view shared by the vast majority of Ukrainians. What’s to come? Military experts warn that the situation could morph into a stalemate and the war might drag on for months or even years, with neither side able to make any significant progress. It’s possible that the two sides will agree to freeze the conflict, which would entail minimal fighting but no peace settlement. But according to Fesenko, “there is a common understanding” among experts that this scenario “will not bring peace, but will only be a pause in the war.” He predicts that meaningful negotiations won’t begin before the end of the year, and that the next six months (at least) will be marked with active combat. Ukraine’s war effort relies on Western aid, but some voices in the US and EU have been questioning the cost of continuing to support Ukraine on such a scale. But economist Sergei Guriev told us that Ukraine’s allies “can afford this aid easily,” as it represents a very small share of their collective economies. Guriev believes that a necessary condition for permanent peace is “Putin exiting [power].” He says that after the war ends, Marshall Plan-style aid will be necessary for Ukraine—and Russia. But he says Putin remaining in the Kremlin would herald a future where Russia is “a mix of Iran and North Korea,” economically stagnant and saddled with international sanctions. But for now…both sides hope to make headway in the coming months and are suffering heavy losses as the fighting goes on.—SK �  �  �  TOGETHER WITH AUGUSTINUS BADER [The skincare G.O.A.T. is leveling up]( [Augustinus Bader]( That’s right y’all, [Augustinus Bader](’s G.O.A.T. status is rightfully earned: In just 5 years, they’ve racked up over 100 industry awards, including being voted the “Greatest Skincare of All Time” by experts. And the best part? Their products actually work. [Powered by their secret-weapon tech](, TFC8, Augustinus Bader products promote healthy, even skin. And good skincare doesn’t stop at the face. Their bodycare is revolutionary—and you could win a chance to try it all. Augustinus Bader is offering Brew readers a chance to win The Body Collection: 4 products to help you feel confident from head to toe, plus a li’l something extra just for entering. [Enter to win](. WORLD Tour de headlines [Abortion pills]Robyn Beck/Getty Images States sue over abortion pill access. With the overturning of Roe v. Wade opening the door to new abortion restrictions, legal battles over abortion pills are heating up. Yesterday, 12 Democratic state attorneys general [sued]( to strike down “excessively burdensome” dispensing restrictions on the drug mifepristone, part of a two-drug regimen for medication abortions. Meanwhile, a judge in Texas is expected to rule soon in a suit by antiabortion groups trying to overrule the FDA’s approval of the same drug. As of last year, more than half of US abortions were done with pills rather than surgery. Meta joins the AI race with a llama. Well, not *a* llama, but LLaMA, which stands for Large Language Model Meta AI, Meta [announced]( yesterday. Large language models are the tech that fuels applications like OpenAI’s ChatGPT or Google’s Bard. But LLaMA may be more democratized than its peers in a couple of ways: 1) Any researcher can see its inner workings, which isn’t the case for Google, OpenAI, or Bing and 2) It’s petite compared to its peers, which means it costs less to operate. Polls open in Nigeria's big election. Today, Africa’s largest country will choose its [next president]( among 18 potential candidates. This election will be one of the most important in the nation’s history, as Nigeria faces an economic and security crisis. The winner will likely be one of three frontrunners, including Atiku Abubakar and Bola Ahmed Tinubu—two candidates seen as political insiders and who have faced corruption allegations in the past. The third is underdog Peter Obi, who has been hailed as an antiestablishment candidate and rallied the country’s young people. LEGAL [Tennessee will be the first state to restrict drag shows]( [Asia O’Hara performs onstage for RuPaul’s Drag Race Werq The World Tour at Ryman Auditorium on August 09, 2022 in Nashville, Tennessee.]( Asia O’Hara performs on a 2022 tour in Nashville, Tennessee. Danielle Del Valle/Getty Images This week, Tennessee lawmakers passed the nation’s first bill [restricting]( public drag performances. It’s the first to pass, but there are at least 20 similar bills proposed around the country by Republican politicians. The specifics: The bill criminalizes “adult cabaret entertainment” on public property or anywhere children might see. It puts “male or female impersonators” (i.e., drag performers) into that category, regardless of the content of their performance. First-time offenders would be charged with a misdemeanor, and subsequent offenders would face a felony and up to six years in prison. Proponents of the bill say it protects children from sexualized performances, though critics note the state already has obscenity laws in place that ban things like nudity and sexual content in front of minors. What does this mean? It eliminates all-ages drag shows like drag brunches and drag queen story hours, and severely limits what will be possible at public pride parades. The language in the legislation could also be interpreted to apply to trans people doing any kind of performance—not just drag, critics warn. It doesn’t end with drag: At least [340]( anti-LGBTQ+ bills that range from limiting gender-affirming care to mandating which bathroom people can use have been introduced in the US this year, according to The Human Rights Campaign.—MM �  �  �  TOGETHER WITH CYTONICS [Cytonics]( Biotech breakthrough. Millions around the world suffer from a joint-degrading disease called osteoarthritis, and if approved by the FDA, [Cytonics]( will have the first and only treatment to reverse it. Their drug is headed through FDA trials—and they’re giving readers the opportunity to invest in their company until March 30. [Learn more](. CRYPTO [Emojis are investment advice, federal court rules]( [A gavel about to crush the emojis]( Hannah Minn Keep your little rocket ships grounded, because a federal court ruled yesterday that emojis, specifically , count as [investment advice](. A New York district court judge wrote in a filing that, even when the word “profit” isn’t directly mentioned, the emojis “objectively mean one thing: a financial return on investment.” Why was the judge looking at emojis? He was reading the tweets of the non-fungible token company, Dapper Labs—which is [being sued]( over whether its NBA Top Shot NFTs should be registered as securities. Dapper’s a big mark: Sales of the tokenized game highlight clips exceed $1 billion. The suit claims that the NFTs gained or lost value depending on the success of Dapper’s blockchain—making them more akin to securities like stocks and bonds than collectibles like baseball cards and Beanie Babies. Looking ahead…the court hasn’t ruled on the status of the NFTs yet, but it did refuse to dismiss the case in the ruling that cited the emojis. If it ultimately does find that Dapper’s NFTs are securities, it could prompt regulators to take a hard look at other NFTs, too.—JW �  �  �  GRAB BAG Key performance indicators [Federal Reserve chairman Jerome Powell]Samuel Corum/Getty Images Stat: Not everyone is as confident as Jerome Powell that the Fed can pull off lowering inflation without also tanking the economy. A group of high-profile economists presented [research]( yesterday saying they’d reviewed 16 times when central banks managed to beat back inflation in the US, UK, Canada, and Germany—and they found exactly zero where it happened without a recession. We’re still gonna spend like it’s not coming, though. Quote: “It’s not a weekend for the beach.” We’re guessing most Angelenos are taking that advice and staying inside, since parts of Los Angeles County are under their first [blizzard warning]( since 1989 through this afternoon. The heaviest snowfall will be high in the mountains, where up to eight feet are expected, but the nasty winter storm that has lashed California and swept through the US could have valley-dwellers building snowmen next to palm trees, too. Read: How I broke into a bank account with an AI-generated voice. ([Vice]() CARTOON Saturday sketch [A cartoon showing a couple on "divorce cam"]Max Knoblauch NEWS What else is brewing - [Penguin]( will publish classic (read: uncensored) versions of Roald Dahl’s novels in addition to the newly edited versions that have drawn tons of backlash. - [The UK]( is cracking down on soccer, er, football, in the wake of several financial scandals, with a new independent regulator that will police clubs’ behavior. - [Apple]( is closer than ever to creating tech that can monitor blood glucose levels without a skin prick, per Bloomberg. - [The FTC]( has dropped its last bid to stop Meta from acquiring VR startup Within, after a federal court rejected the agency’s claims earlier this month. RECS [Saturday To-Do List graphic] Protect yourself: Learn how to stop thieves from stealing [your iPhone data](. Meet us at the food court: A deep dive into [mall food](. All about the booty: Here’s what to do if you find a shipwreck full of [treasure](. Make things grow: These are the [veggies]( experts say it’s easiest to tend. Plan to retire early: We all want to, but most of us don’t know where to start. That’s why Money with Katie put together [this series]( to help break down the keys to early retirement. Get cash back: The [free Upside app]( gets you cash back on everyday items like groceries, gas, and at restaurants. Earn an extra 25¢/gal on your first tank with [code MORNINGBREW25](.* *This is sponsored advertising content. GAMES The puzzle section Brew Crossword: Pretty sure it was a coincidence, but on the same day Warren Buffett is releasing his shareholder letter, we’re releasing an investing-themed crossword. If you’re bullish, [play here](. Open House Welcome to Open House, the only newsletter section that has accepted it will never be able to afford this mansion. Never. Ever. We’ll give you a few facts about a listing and you try to guess the price. [Mega mansion on private island with infinity pool.]Knight Frank Today’s [home]( is on the highly exclusive private island of Mustique, a popular vacation spot for rock stars like Mick Jagger and David Bowie, as well as British royalty. “The Terraces” sits on a 17-acre plot. Amenities include: - 13 beds, 13 baths - Panoramic views of the Caribbean and Atlantic coasts - Hand-painted ceilings How much for this mega-mansion? Hint: it's one of the most expensive properties in the world. AROUND THE BREW You have a case; now learn how to articulate it. The Brew’s [Get a Raise]( toolkit helps you confidently ask for a salary boost. [Get paid now](. This [free email]( empowers the modern-day business leader to make better technology-related decisions. [See for yourself](. Feel like you’re searching for a unicorn in space without a spacesuit? [Join HR Brew and Duolingo for a virtual event]( where you may just find that astronaut attire. SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( Answer $200 million ✳︎ A Note From Cytonics *Disclosure: This is a paid advertisement for Cytonics’ Regulation A+ Offering. Please read the offering circular at [invest.cytonics.com](. � � � � � Written by [Neal Freyman](, Sam Klebanov, [Matty Merritt](, [Jamie Wilde](, [Max Knoblauch](, and [Abigail Rubenstein]( Was this email forwarded to you? Sign up [here](. Take The Brew to work - Marketers: [Marketing Brew](  [Future Social]( - Corporate: [CFO Brew](  [HR Brew]( - Tech: [IT Brew](  [Tech Brew]( - Retailers: [Retail Brew]( - Healthcare: [Healthcare Brew]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011