Welcome to Tuesday Thursday Saturday! I share a snapshot of trending stories across business, tech, and culture three times a week. Subscribe and tell me what you want to hear about next! - KP

The Big Story: Why Your Circle Matters

I was on the West Coast last week and saw a ton of people who really matter to me. People from wildly different parts of my life. The first person I ever sat next to at my first job. Two friends I got close with during COVID who are basically my sisters now. A co-worker I was in the trenches with. And someone I’ve been close friends with for nearly a decade after surviving what can only be described as the most hilarious SaaS startup of the late 2010s.

Each hang left me feeling recharged. Not in some overly sentimental way, but like I’d hit reset. Like I’d remembered parts of myself I hadn’t been actively using. These weren’t just nice catch-ups; they were actual reminders of the version of me I want to keep front and center.

One friend was so carefree and confident in everything she did, it made me stop overanalyzing my own life choices. Another is a logistical machine: she manages a million things without breaking a sweat, and it made me want to sharpen my own systems. Another is both brilliant and emotionally intuitive. She handles a lot, listens hard, and still shows up 100% for everyone around her — including eating strip mall sushi with me immediately after getting off a 5-hour flight.

In San Francisco, I saw a friend who might be the most loyal person I know (no exaggeration). And then there’s a friend who is essentially my emotional twin — we’re both the kind of people who say what we feel, when we feel it. Over hard ciders at a shitty Irish sports bar, we discussed how we don’t understand when people hide how they feel. 

After that trip, I felt more aligned. Clearer. And it reinforced something I already knew but hadn’t put into words lately: who you surround yourself with is not incidental. It’s formative.

You’ve heard the line: you’re the average of the five people you spend the most time with. Sure, it’s cliché, but also pretty accurate. We absorb how people move through the world. How they handle conflict, talk about ambition, and treat waitstaff. Even if you’re not consciously mirroring them, there is still an element of osmosis.

In New York, there’s an added twist to this. People here love to optimize their circles — socially, professionally, whatever. There’s this aspirational hustle to be around the “right” people. To ladder up. In NYC, proximity to status is somehow viewed as a personality trait. And listen, I get it. I’ve been here well over a decade. I’ve seen it. I’ve (unsuccessfully) attempted it. But that whole framework is jacked.

You don’t need to be around the people you think you should be around. You need to be around the ones who actually make you better: calmer, sharper, funnier, more focused. The ones who call you out. Who recalibrate you. There is no “networking” your way into a fulfilled life.

There’s a completely other side to this, which brings up the topic of attraction vs. admiration.

I keep getting served these Instagram Reels with unsolicited dating advice, and a lot of them say this: sometimes we’re not into someone — we’re into what they represent. We’re attracted to people (romantically, platonically, professionally) who have traits we wish we had. Maybe they are confident, decisive, more even-keeled, and something about that hooks us.

According to a 29-year-old man I follow who goes by the alias “Daddy Academy” (LOL and SOS), that kind of admiration masquerading as connection can be misleading. It’s easy to conflate inspiration with compatibility. You end up chasing someone not because they’re right for you, but because you want to get closer to a quality they carry.

I’ve been trying to pause when that happens. Do I actually like this person, or do I just want to be more like them? Hellooooo, Talented Mr. Ripley!

Neither answer is wrong. Sometimes the people who have what you want are exactly the ones you should keep close. But other times, they’re just holding up a mirror to something you’re still trying to cultivate in yourself.

Back in New York last night, one of my best friends had a birthday. The lore of this friendship is incredible. Decades ago, I dated her high school friend. It didn’t work out, sadly, but I stayed very close to two of his friends. I lost a boyfriend but gained two life-long soulmates. Epic divorce package if you ask me.

So a few of us went out, and as we took in a near 40-point game 6 victory from the Knicks, I looked around the table thinking the same thing I’d felt all week: I want to be more like every single one of you.

One friend has this dogged determination that doesn’t let up. Watching him chase what he wants is borderline surgical. (You should probably buy the McAtlas!) Another makes bold decisions and follows through with this grounded self-assurance that’s unshakeable. She is a force. One is wildly smart, low-key hilarious, and the most humble person you will ever meet. Another, whom I’ve been friends with for over 20 years, is just the kind of person people gravitate toward: generous, warm, quick. And then there’s one of my longest friendships: a guy who’s sharp, spontaneous, deeply thoughtful, and an absolute magician with the Dad jokes.

That’s the kind of circle I want. People who challenge you, check you, and make you sharper by association. Not with lectures or advice threads, but just by showing up and being who they are.

Circles over ladders!

Daily Rip Live: Two Shows! Securitize COO on the Tokenization of Hard-to-Reach Assets and Catching Up with eToro’s Assia Family

Every weekday, we cover the biggest market news and events LIVE on Stocktwits’ morning show, The Daily Rip Live. My co-host Shay Baloor and I had an extremely busy week, culminating with back-to-back shows on Thursday.

First up, we had a chat with Securitize COO Matthew Sonnenshein, followed by our standard news recap. Securitize is a platform that helps companies raise capital by turning real-world assets, like private company shares or investment funds, into digital tokens that can be traded more efficiently.

• 4:24 | How Securitize works: What is the benefit of a company like BlackRock going off the typical rails and tokenizing assets like treasuries? $BLK ( ▼ 1.32% )  

• 6:45 | Does tokenization disrupt or amplify the brokerage model? Companies like Robinhood are bullish on tokenization, but will brokerages become obsolete? $HOOD ( ▼ 2.35% )  

• 9:20 | Larry Fink (BlackRock CEO) and other industry leaders have been calling for more opportunities for retail investors to access “riskier” asset types. We discuss how venture capital and private equity firms are getting involved.

• 12:45 | MoonPay and Mastercard announced some MAJOR stablecoin news. The new partnership lets people spend stablecoins like cash anywhere Mastercard is accepted, bringing crypto out of the niche world of trading and into the everyday economy. $MA ( ▲ 0.14% )  

• 22:30 | Is it time to change the accredited investor rules? Currently, investors need to have a certain level of income or wealth to invest in things like startup shares or PE funds. Does this make sense given how educated retail investors are becoming?

• 24:11 | Over to the stock market, is the relief rally going up too fast? Also, when are we going to stop calling retail investors “dumb money?” They’re up 15% since April lows, while a lot of institutions retreated.

• 33:25 | Trump wants Tim Cook to stop moving manufacturing jobs to India. I explored the feasibility of making America a manufacturing powerhouse in a past edition. $AAPL ( ▼ 1.4% )  

• 47:00 | Microsoft laid off 3% of staff, and data shows that software engineers were the most impacted. Why soft skills and selling ideas are the career hacks of the future. $MSFT ( ▼ 0.23% )  

• 52:10 | Global investing app eToro goes public. We talk about the brokerage wars and who (really) has a moat. $ETOR ( ▼ 3.37% )  

• 56:00 | Fintech IPOs are so back. First, eToro, and then neo-bank Chime filed their S-1. Who’s next?

💚 We also interviewed members of eToro’s senior leadership team — who happened to be in the same family — the day after their public markets debut. Shay and I spoke with David Assia, Yoni Assia, and Ronen Assia LIVE from the Nasdaq to talk about eToro’s competitive moat and what it feels like to ring the opening bell with your family. You don’t want to miss this!

Now Here’s a Chart

I typically drop some sort of chart here designed to quickly contextualize a trend over time. I am going to change it up today because I can’t stop laughing at this clip of a Knicks fan singling out Ben Affleck of all people on 7th Avenue last night.

This guy needs to enter the mayoral race, like yesterday.

Reading List

• Wall Street Strategists React to Moody’s US Credit Rating Cut (Bloomberg)

• Trump tells Walmart to ‘eat the tariffs’ after retailer warned it will raise prices (CNBC) $WMT ( ▼ 0.04% )  

• Nvidia, Cisco, Oracle and OpenAI are backing the UAE Stargate data center project (CNBC) $NVDA ( ▼ 0.39% )  $CSCO ( ▼ 0.28% )  $ORCL ( ▼ 1.38% )  

• Galaxy Digital lists on Nasdaq, seeks to tokenize shares (Coin Telegraph) $GLXY ( ▼ 4.54% )  

• U.S. Drillers Say Peak Shale Has Arrived (WSJ)

• On Doesn’t Want to Be the Next Nike. It’s Working. (Fast Company) $ONON ( ▼ 1.75% )  $NKE ( ▼ 3.07% )  

• Senate Is Set to Pass a Stablecoin Bill. Rules for Crypto Exchanges Will Be Harder. (Barron’s) $COIN ( ▼ 2.95% )  

• Novo Nordisk Sheds 3% After Ousting CEO As Eli Lilly Rivalry Slams Stock Price (Investor’s Business Daily) $NVO ( ▼ 3.48% )  $LLY ( ▼ 2.02% )  

• Bridgewater Exec Slashes $5 Million off Historic Private Island in Connecticut (Mansion Global)

• Public Funding for Arenas Is Failing Everywhere—Except Oklahoma City (Front Office Sports)

🎧 Now playing: Post Malone X Earth, Wind & Fire: Congratulations X September (SoundCloud)

Tuesday Thursday Saturday is written by Katie Perry, owner of Ursa Major Media, which provides fractional marketing services and strategy in software, tech, consumer products, professional services, and other industries. She is also the co-host of Stocktwits’ Daily Rip Live show.

✔ Need senior marketing support? Work with Katie.

✔ Looking to reach a large audience of retail investors and young professionals? Advertise with the Daily Rip Live.

Disclaimer: The contents here reflect recaps and summaries of pre-reported or published data, news, and trends. I have cited sources and context for the information provided to the best of my ability. The purpose of the newsletter is to inform and educate on larger trends shaping business and culture — this is NOT investment advice. As an investor, you should always do your own research before making any decisions about your money or your portfolio.