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Why hedge funders aren't great sports bosses... January 06, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Pendulum]( Good morning. Last Sunday, they watched everyone else smooch as the clock struck midnight, and this Sunday, they’re out for revenge. Tomorrow, the first Sunday of the year, is typically the most popular day for singles to use dating apps. Tinder says the number of messages sent on “Dating Sunday” runs 22% higher than normal levels, the number of likes increases 18.2%, and the average response time is 19.4 minutes faster than on a typical Sunday. To avoid being overwhelmed, keep an eye out for other Morning Brew readers. If you both like the same newsletter, then you’ll probably share similar values of emotional availability and mutual trust. —Sam Klebanov, Matty Merritt, Molly Liebergall, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 14,524.07 +0.09% S&P 4,697.24 +0.18% Dow 37,466.11 +0.07% 10-Year 4.042% +5.1 bps Bitcoin $44,174.15 -0.04% Medical Properties Trust $3.55 -29.00% *Stock data as of market close, cryptocurrency data as of 4:00am ET. [Here's what these numbers mean.]( - Markets: Stocks climbed yesterday as investors took in the news that the US [added]( more jobs than expected in December, capping off an epic 2023 for the labor market. But it wasn’t a bright start to the year, as all three major averages [broke]( a nine-week winning streak. - Stock spotlight: The country’s largest hospital landlord, Medical Properties Trust, tanked after revealing that its biggest tenant was $50 million behind on rent.  HEALTHCARE [FDA OKs 1st state to get cheaper meds from Canada]( [Canadian medicine imports]( Francis Scialabba Canada already supplies the US with hockey stars and imaginary girlfriends, and it might soon add its famously cheaper prescription drugs to the list. Yesterday, the Food and Drug Administration (FDA) [approved Florida’s request]( to import bargain meds from the country. It’s the first state to get permission from the agency to bring in meds from Canada under a law Congress passed 20 years ago to help Americans pay less for drugs. Florida officials say ordering cheaper drugs for conditions like HIV and diabetes from Canadian wholesalers will save Medicaid and other state programs $150 million over the first year. Will this go mainstream? The FDA’s go-ahead to Florida establishes an understanding that foreign suppliers can safely fill Americans’ pill bottles and paves the way for other states to get similar approvals. - Eight states besides Florida have laws that will allow them to import drugs if the FDA OKs it. And some, like Colorado, have already applied for approval, per the New York Times. - To get signoff, a state has to prove that importing the medications would actually lower consumer prices and that the drugs adhere to the FDA’s safety standards. But it’s not a done deal: Pharma lobbyists will likely challenge the FDA’s Florida decision in court, and some producers already bar Canadian companies from selling their products across the border. There’s no magic pill Experts say the high drug costs in the US are ultimately driven by the patent protections that allow pharma companies to maintain a prolonged monopoly on drug production. The Inflation Reduction Act, which enables the government to haggle with pharmaceutical manufacturers over prices for some drugs, does much more to lower costs than imports will, University of Michigan Law School expert Nicholas Bagley told the New York Times. He called Florida’s plan “political theater.” Other commentators point out that Canada’s pharma market is too small to meet all Americans’ needs. The country is already making moves to restrict exports of drugs that are scarce. Cheap drugs aren’t always a good thing…industry experts told Axios that lower drug prices sometimes [reduce the incentive]( for manufacturers to produce them, creating shortages.—SK   PRESENTED BY PENDULUM [Go with your gut]( [Pendulum]( Make 2024 the year of optimal gut health with [Metabolic Daily from Pendulum](. This multi-strain probiotic helps your body metabolize sugars and carbs and convert food into energy more efficiently.* Get yours in a limited-edition reusable container FREE with your first membership order. Formulated by PhD doctors from Johns Hopkins, Harvard, Berkeley, and Stanford, Metabolic Daily contains Akkermansia, a next-generation strain that [strengthens the gut lining]( and reduces permeability.* And the results speak for themselves. Just ask Pendulum Chief Communications Officer Halle Berry (yes, the Halle Berry). Her Metabolic Daily experience was so positive, she decided to join the company that created it. [Get 20% off your first month with code MORNINGBREW](. WORLD [Tour de headlines](#) [Sun shines on the Supreme Court building in Washington.]Douglas Rissing/Getty Images SCOTUS to wade into the 2024 presidential election. Yesterday, the Supreme Court [agreed]( to hear Donald Trump’s challenge to a Colorado ruling barring him from the state’s primary ballot. The case raises a novel legal question of whether the 14th Amendment’s clause banning people who “engaged in insurrection” from holding office applies to Trump—and inserts the high court into the middle of a presidential election for the first time since it decided Bush v. Gore in 2000. The case will be considered on an expedited schedule, with oral arguments on Feb. 8. The NRA’s longtime chief is stepping down. Wayne LaPierre, who has led the National Rifle Association since 1991 and turned it into a lobbying force against gun restrictions, said yesterday he will [resign]( at the end of the month. LaPierre, 74, cited health reasons for his decision to leave the role, but the announcement comes just before a trial, set to begin on Monday, in a civil case brought by New York Attorney General Letitia James accusing him and other NRA executives of using the nonprofit’s money for themselves. NY AG wants Donald Trump fined $370 million. LaPierre isn’t the only icon of the right James is coming for: Yesterday, she [asked]( the judge overseeing her civil fraud case against Donald Trump to order a $370 million fine and to ban the former president from New York’s real estate industry for life. Her court filing also asked for a five-year ban from the industry for his sons Eric Trump and Donald Trump Jr. The judge already ruled that Trump was liable for fraud for inflating the value of his properties (which Trump is appealing), but the two sides are scheduled to make their closing arguments for what the penalty should be next week. Trump’s lawyers, meanwhile, argued in their own filing that James has not proven her case and there should be no penalty. ENTERTAINMENT [AMC went from meme stock to mehh]( [AMC sign]( Illustration: Francis Scialabba, Photo: Scott Olson/Getty Images Whether it’s an insurance company busting out evil Kermit or AMC flatlining, all memes must fall. The movie theater chain’s stock, once the talk of r/WallStreetBets, hit its [lowest point ever]( ($5.17) after a five-day losing streak. The former meme stock hype recipient is now just…a flailing company. In 2021, at the height of meme stock mania, AMC’s stock jumped to $339.05 a share. But it’s been sliding down like it’s on a greased-up Slip ’N Slide for a while now. A quick summary of AMC’s 2023: - To try and pay off some debt (and keep the company out of bankruptcy), AMC completed a 10:1 reverse stock split in August, consolidating every ten shares that investors already had into one, and converted its “APE” preferred shares into regular old AMC stock. - Since those moves, its stock price has plummeted more than 80%. And short sellers have [reaped]( the benefits. The summer’s blockbusters weren’t enough. Hits like Barbenheimer and Taylor Swift’s concert movie [pushed]( box-office revenue past $9 billion last year. But they only provided a brief boost for AMC. What’s next? CEO Adam Aron [said]( the company is “still innovating” and already proved the haters wrong by surviving 2023.—MM   TOGETHER WITH DOLLAR FLIGHT CLUB [Dollar Flight Club]( Save $10k on travel every year. Snag round-trip flights to Spain from $249 or Hawaii from $161—and more discounted up to 90%. For the next 12 hours, get 93% off lifetime access to [Dollar Flight Club]( for $129 (normally $1,690). [Try it risk-free]( with a three-day money-back guarantee. SPORTS [This guy can’t wait for Monday]( [David Tepper wears a Carolina Panthers hat]( Jacob Kupferman/Getty Images The NFL regular season wraps up tomorrow, and at least one team is very much looking forward to it being over: the last-place Carolina Panthers. They’re about to log their sixth straight losing season under billionaire owner David Tepper—and Panthers fans may hate him even more than they hate themselves. Thousands of people have signed a [petition]( calling for the hedge fund manager to sell the Panthers. It was created after Tepper [threw a drink]( at a Jaguars fan last Sunday, earning him a $300,000 league fine, which accounts for less than 1% of 1% of his ~$21 billion net worth, according to [ESPN](. He’s not used to losing. Tepper’s hedge fund, Appaloosa Management, made $2 billion by snatching up tech stocks including Nvidia, Microsoft, and Uber last year, according to [Bloomberg](. And though the Panthers have stunk it up on the field, they’ve thrived as a financial asset: Sportico [estimates]( the franchise is worth nearly twice as much now as when Tepper bought it for $2.3 billion in 2018. Most sports teams are skyrocketing in value. Billionaires and private equity firms are [increasingly]( turning to [sports franchises]( as a quickly appreciating asset class. For instance, hedge fund Point72’s founder Steve Cohen bought the New York Mets baseball team in 2020 (though the early returns on his ownership are mixed, [at best](. Now, Citadel founder Ken Griffin is reportedly [considering]( buying part of the Miami Dolphins.—ML   GRAB BAG [Key performance indicators](#) [Ice on Lake Michigan]Scott Olson/Getty Images Stat: You’ll have to find somewhere besides the Great Lakes to perfect your double salchow. Warm weather this winter has led to the [least ice cover]( the North American Great Lakes have seen in 50 years. At this point in the year, the lakes are on average 10.6% covered with ice, but as of Thursday, it was just 0.43%, per the Great Lakes Environmental Research Laboratory. The decline in ice on the freshwater lakes is being watched closely for its connection to climate change, especially since it could trigger extreme weather nearby, according to the Financial Times. Quote: “Much of the clip is somewhat amusing.” An arbitrator recently ordered Philadelphia-based NPR affiliate WHYY [to rehire]( reporter Jad Sleiman, who was fired for sharing clips of his stand-up comedy online, ruling that he hadn’t violated WHYY’s policy against inflammatory social media posts because…the jokes were funny. Analyzing the stand-up bits, the arbitrator found that while some could potentially be offensive, many were clever critiques, and one was “simply funny.” WHYY told news outlets it was reviewing the decision and its next steps, but Sleiman has already decided on his, saying, “I’m going to walk in there like f**king Vince McMahon.” Read: Are flying cars finally here? ([Vox]( NEWS [What else is brewing](#) - [Ozempic and Wegovy]( Novo Nordisk’s blockbuster weight loss drugs, are not linked to an increase in suicidal thoughts, a large-scale study found. The study was published one day after the FDA said it was [evaluating]( reports of such thoughts with these and other weight loss drugs. - [A third round of documents]( related to the late financier and convicted sex offender Jeffrey Epstein were made public yesterday, providing new details about his actions. - [The Supreme Court]( will hear a challenge to Idaho’s strict abortion ban but allowed the law to take effect. - [Verizon customers]( may be eligible to claim up to $100 as part of a $100 million settlement over administrative charges. You can register [here](. - [Neri Oxman]( a prominent academic and the wife of Bill Ackman—the billionaire who helped lead the charge that ousted Harvard President Claudine Gay in part over plagiarism allegations—apologized for plagiarism in her dissertation. - [The Spice Girls]( will appear on commemorative stamps in the UK celebrating their 30th anniversary. RECS [Saturday To-Do List graphic] Watch: How movies make characters look [bigger or smaller](. Update your vocab: This year’s [Banished Words List]( includes rizz, iconic, and slay. Preserve: [This video]( explains the difference between pickling and fermenting. On location: Here’s [a map]( showing where Timon and Pumbaa from The Lion King could live together. Growing strong: Hair growth results in 3–6 months? Check. Nutrafol’s [clinically tested supplements]( improve hair growth by targeting the root causes of thinning from within. Start today for visibly thicker, fuller hair by summer. [Shop now]( *A message from our sponsor. GAMES [The puzzle section](#) Brew crossword: Y’all really seemed to enjoy our Mega Crossword last week, but today we are back to our standard-sized Saturday crossword. Now that you’ve conquered the 25x25 grid, the 15x15 one should be a cinch. [Play it here](. Open House Welcome to Open House, the only newsletter section that knows not all properties in the woods have to be log cabins—sometimes they can be converted barns. We’ll give you a few facts about a listing and you try to guess the price. [Renovated barn in Eureka Springs, Arkansas.]Zillow Today’s [home]( is in Eureka Springs, Arkansas, a cozy little Ozark town that houses 1) the largest Jesus statue in the US and 2) what were historically believed to be healing springs. So, there’s a whole lot going on near this 3,649-square-foot home. Amenities include: - 3 beds, 2 baths - Wide-open workshop space - Shockingly harsh fluorescent overhead lighting How much for a house among the Arkansas thickets? 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 $1.06 million Word of the Day Today’s Word of the Day is: inflammatory, meaning “intended to arouse anger or tumult.” Thanks to Debbie from Cleveland for giving us an excuse to rage about inflammable and flammable meaning the same thing. Submit another [Word of the Day here](. ✢ A Note From Pendulum *Based on in vitro studies. Written by [Neal Freyman]( [Abigail Rubenstein]( Sam Klebanov, [Matty Merritt]( and [Molly Liebergall]( Was this email forwarded to you? Sign up [here](. Get smarter in just 5 minutes - Money & Career: [Money With Katie](  [Raise](  [Bossy]( Business education without the BS - Programs in [Business Essentials]( [Analytics]( and [Leadership]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. 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