Hey there weekday warriors,

A friendly reminder today that your job might be hard, but it will never be as brutal as X CEO Linda Yaccarino’s. She was left to clean up Elon’s mess yesterday.

Here’s what else we’re getting into…

• Nelson Peltz is out for blood

• The Cybertruck launches… even though no one actually asked for it

• OPEC+ slashes output… kinda

Enjoy the next 4 minutes and 2 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

- tyler

+ US stocks “were mixed on Thursday but the S&P 500 and Dow Jones Industrial Average finished higher to close their best month this year as investors continued to bet on interest rate cuts after a key reading on consumer inflation." (Yahoo! Finance)

+ The 10-year Treasury yield “gained slightly on Thursday, but ended November far below high levels reached last month." (CNBC)

+ Oil "prices fell by more than 2% on Thursday after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations." (Reuters)

+ Don’t look now, but Bitcoin hit $38k last night…

+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Visa +0.99% 2) Nvidia -2.85% 3) Tesla -1.78%.

Nelson Peltz yells at cloud

Elon isn’t the only one beefing with Bob Iger.

Activist hedge fund manager Nelson Peltz has vowed to go nuclear on Disney. And I aspire to be that petty at age 81.

Nelson and Trian, which own more than $3B worth of Disney shares, are gearing up for a proxy fight with the House of Mouse in hopes of landing two (or more) board seats. If you’re thinking “I’ve seen this movie before”… you’re right.

Back in February, Nelson gave up trying to score a board seat after Bobby Layoffs vowed to cut costs (and by that, I mean laying off like 7k employees). But it appears he’s changed his mind…

Old man yells at cloud

The hedge fund manager who should probably be wearing Depends instead of gearing up for war apparently isn’t happy with Disney being on track to achieve $7.5B in savings.

You see, there remain question marks about the company’s streaming business (read: it not being profitable), the future of ESPN, and margins at its park’s biz.

But what probably put Nelson over the edge was Disney appointing two new members to its board (outgoing Morgan Stanley CEO James Gorman and former Sky CEO Jeremy Darroch). Spoiler: that’s a power move used by boards to protect themselves from bloodthirsty monsters like Nelson.

I’ll hit an old man in public…

Disney isn’t above slinging a little mud. The Most Magical Place on Earth (TM) reminded the world that Peltz is bffs with Ian Perlmutter, the former head of Marvel who was fired by Bob Iger…

“This dynamic is relevant to assessing Mr. Peltz and any other nominees he may put forth as directors, as Mr. Perlmutter was terminated from his employment by Disney earlier this year and has voiced his longstanding personal agenda against Disney’s CEO, Robert A. Iger, which may be different than that of all other shareholders.”

God, this is going to be good.

+ New billionaires getting rich via inheritance rather than entrepreneurship in ‘great wealth transfer’ (Read)

+ Stock market: 4 hottest areas for growth in 2024 (Read)

+ ICYMI yesterday... Munger Became a Legendary Investor Because of This One Impeccable Skill (Read)

+ Just a day after going all “f*ck them kids advertisers” Elon was back on stage… and slightly less unhinged.

This time, he was “launching” Tesla’s Cybertruck, which should not be confused with the “unveiling” event in 2019 (friendly reminder: the one where a Tesla employee broke the truck’s “indestructible” window). Deliveries will begin next year…

As per usual, Elon lied about pretty much everything related to the Cybertruck. He said the truck would be in production by 2021. It’s currently the tail end of ‘23. Grimes’ (and a whole bunch of other women’s) baby daddy also said the truck would cost $69k (because, of course) at the high end. So that was a f*cking lie. The “Cyberbeast” version is selling for $99k currently.

To be fair, the Cybertruck’s specs are pretty badass. Elon called it “a better truck than a truck, while also being a better sports car than a sports car in the same package.”

Shareholders didn’t seem impressed. The stock fell 1.7% on the day. (Read)

+ Imagine deciding the fate of the world’s energy supply on Zoom (do you think OPEC+ pays for the premium version?)…

Yesterday, OPEC+ finally held its already-delayed meeting to discuss oil output for 2024. The org decided to cut supply. Well, technically it’s a voluntary reduction of 2.2M barrels per day. Saudi Arabia will be responsible for ~1M of those barrels.

Econ 101 would tell us that the price of black gold should have risen on the news. But, it fell ~2% on the day. The reason? Well, everyone kinda saw this coming and had already priced the reduction in. Plus, “voluntary” means not all these nations (like, you know, the one currently waging war in Eastern Europe) play nice in the sandbox. (Read)

+ “Hold… hold… hollllldddd.” - J-Poww probably

We just got a PCE (spoiler: inflation) print that was in line with expectations (3.5% year over year) and below September (3.7%). That could mean that Jerome Powell and the Fed could stand down from raising again, and keep rates in a holding pattern.

Perhaps Jay could get his OPEC on and there could be a rate cut in our future? (Read)

Meanwhile, over on The Water Coolest blog…

+ McDonald’s is making more than 50 changes to its burgers… when all we really want is the McFlurry machine to work… (Read on the TWC blog)

Here's what I'm keeping an eye on today...

+ COP28 begins in Dubai

Yesterday I asked What was your most listened-to song of the year?

Lots of you dealing with 'Let it Go’ and ‘We Don’t Talk About Bruno’ thanks to your kids. I feel ya…

But the best pick was by far Calum Scott - Dancing On My Own (Tiësto Remix/Audio).

Here’s today’s question…

A weekday warrior asked for this follow-up…

How do you listen to music?

(think: Spotify, Apple Music, CDs, Napster…)

Reply directly to this email and I’ll share the results next week.

Oh, and one more thing…

Does this look like the face of a guy you should take financial advice from?

No, it’s the face of a God-fearing family man with sh*t-for-brains. So, act accordingly...

This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.