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          <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
           Read to the end for an internet meme and to learn why we love blankets.
          </span>
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            <img alt="The Hustle" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FHustle_HubSpot_logo_glow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1o1mmb:eBw8v2RT-jpRgUKbj4adz8wvkQ7VmMeizJE9wLazAhE" style="width: 250px;" width="250"/>
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                  <p style="padding-bottom: 10px; font-size: 15px; line-height: 140%; margin: 5px 0px 0px;">
                   If you’re struggling with writer’s block, you may want to book a one-way ticket to Tokyo. There, at the Manuscript Writing Cafe, customers pay a $22 fine if they fail to hit their deadline before they leave.
                  </p>
                  <p style="padding-bottom: 10px; font-size: 15px; line-height: 140%; margin: 5px 0px 0px;">
                   <strong>
                    In today’s email:
                   </strong>
                  </p>
                  <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                   <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                    <strong>
                     Cars:
                    </strong>
                    Why Big Tech wants in.
                   </li>
                   <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                    <strong>
                     RIP:
                    </strong>
                    Farewell, Internet Explorer.
                   </li>
                   <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                    <strong>
                     Morgan’s Musings:
                    </strong>
                    Why recessions are inevitable.
                   </li>
                   <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                    <strong>
                     Around the web:
                    </strong>
                    Why we love blankets, timely tips for entrepreneurs, and more cool internet finds.
                   </li>
                  </ul>
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                  <p style="padding-bottom: 10px; font-size: 15px; line-height: 140%; margin: 5px 0px 0px;">
                   🎧 On the go?
                   <a style="color: #192733; text-decoration: underline !important;">
                    Listen to today’s podcast
                   </a>
                   to hear about why Big Tech is gushing over the automotive space — and what a world with autonomous cars may look like. Plus: A weird Gen Z study.
                  </p>
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               The big idea
              </td>
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               <a style="color: #192733; text-decoration: underline !important;">
                <img alt="zuck-car-screen" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3.us-west-1.amazonaws.com%252Ffinal_size-gif%2520%25282%2529_20220615225531.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLiJ9:1o1mmb:-nm-fYiZ7H4yFn847mN3lu9rAL7sfEh6p0F4E5mvVKo" style="height: auto; width: 100%; max-width: 600px;" width="600"/>
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               <h2 style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
                Why Big Tech wants to be in your car so badly
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Last week, Apple unveiled updates to its CarPlay software — available on
                <a style="color: #192733; text-decoration: underline !important;">
                 98%
                </a>
                of new cars — that expand its reach to the furthest ends of a car’s instrument panel.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Amazon and Buick are streaming
                <a style="color: #192733; text-decoration: underline !important;">
                 commercials
                </a>
                showing a dad confusing his family’s car for an Alexa (which is built in). The YouTube comments are… harsh.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Google, too, is working on software — the Android Automotive operating system (AAOS) — which research firm Gartner predicts will power
                <a style="color: #192733; text-decoration: underline !important;">
                 70%
                </a>
                of cars by 2028.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 What’s the deal with these tech companies jumping in?
                </strong>
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Consider this: The first time you’re driven by an autonomous car — something that could become normal in
                <a style="color: #192733; text-decoration: underline !important;">
                 20-30
                </a>
                years — you’re bewildered. The 10th time? Old news.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                And, after the novelty wears off, you’ll check your phone and, who knows, eat a sandwich? Have sex in your automated car?
                <a style="color: #192733; text-decoration: underline !important;">
                 Studies
                </a>
                seem to think you will.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Mostly, of course, we’ll likely engage in the dynamic duo of human activity: work and TV! Unlocking this time will lead to enormous economic potential for tech companies and will most directly impact:
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Productivity:
                 </strong>
                 Remote work is saving people nearly
                 <a style="color: #192733; text-decoration: underline !important;">
                  six hours
                 </a>
                 per week in time spent
                 <em>
                  not
                 </em>
                 commuting. Thing is, people spend ~½ of that saved time doing more work.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Entertainment:
                 </strong>
                 People spend
                 <a style="color: #192733; text-decoration: underline !important;">
                  24.5 hours
                 </a>
                 a month on TikTok. Disney is spending
                 <a style="color: #192733; text-decoration: underline !important;">
                  $32B
                 </a>
                 making content in 2022. Is there a better opportunity for watching even
                 <em>
                  more
                 </em>
                 content than in the car?
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Are cars the next battleground for data?
                </strong>
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Where Big Tech sees huge potential in being deeply embedded in the automotive experience, others see alarms going off.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                In January, activists sent a
                <a style="color: #192733; text-decoration: underline !important;">
                 letter
                </a>
                to Sen. Amy Klobuchar, Rep. David Cicilline, the FTC, and the DOJ highlighting concerns regarding Google monetizing “our behavior behind-the-wheel.”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                In April, Rep. Jamie Raskin spearheaded a
                <a style="color: #192733; text-decoration: underline !important;">
                 letter
                </a>
                to the FTC and DOJ regarding antitrust concerns in this space.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Big Tech’s already conquered the home and office. It’s clear the car is likely next.
               </p>
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               SNIPPETS
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               <p style="font-size: 15px; line-height: 160%; margin: 5px 0px 10px;">
                <strong>
                 Rate hike:
                </strong>
                The Federal Reserve
                <a style="color: #192733; text-decoration: underline !important;">
                 raised
                </a>
                the benchmark interest rate by 75 basis points, the largest increase since 1994. Fed Chairman Jerome Powell hinted that a similar hike could be coming in July.
               </p>
               <p style="font-size: 15px; line-height: 160%; margin: 5px 0px 10px;">
                <strong>
                 Work games:
                </strong>
                Microsoft is testing
                <a style="color: #192733; text-decoration: underline !important;">
                 in-app games
                </a>
                in Microsoft Teams, allowing workers to play Solitaire, Connect 4, and Wordament with each other during meetings.
               </p>
               <p style="font-size: 15px; line-height: 160%; margin: 5px 0px 10px;">
                <strong>
                 Just for kicks:
                </strong>
                Apple
                <a style="color: #192733; text-decoration: underline !important;">
                 signed
                </a>
                a 10-year deal with MLS to stream all of the league’s games on Apple TV+. The deal is worth a reported $250m per season, and Apple plans to offer select games for free on the Apple TV app.
               </p>
               <p style="font-size: 15px; line-height: 160%; margin: 5px 0px 10px;">
                <strong>
                 Free access:
                </strong>
                Adobe
                <a style="color: #192733; text-decoration: underline !important;">
                 started testing
                </a>
                a freemium Photoshop plan in Canada that lets users access the software for free online in an effort to gain exposure.
               </p>
               <p style="font-size: 15px; line-height: 160%; margin: 5px 0px 10px;">
                <strong>
                 Housing halt:
                </strong>
                Redfin and Compass, two of the biggest players in property technology (AKA proptech),
                <a style="color: #192733; text-decoration: underline !important;">
                 announced
                </a>
                a combined ~920 layoffs amid dropping demand in the housing market due to increased mortgage rates.
               </p>
               <p style="font-size: 15px; line-height: 160%; margin: 5px 0px 10px;">
                <strong>
                 Demand for carbon accounting
                </strong>
                and offset services is seeing record-high demand — especially since pending US legislation may require companies to report greenhouse gas emissions. Access our
                <a style="color: #192733; text-decoration: underline !important;">
                 carbon research report
                </a>
                .
               </p>
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                Hey —
                <em>
                 enjoy getting quick updates on what you care about?
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                 Take
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                 to personalize your Snippets.
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                Pick your preferences👇 and we’ll send you more of what you love. Boom.
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              </td>
             </tr>
            </table>
           </td>
          </tr>
          <tr style="display: block; padding: 10px 2px 0px;">
           <td style="width: 100%;">
            <table style="width: 100%;">
             <tr>
              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 0px 0px 10px;">
               Chart
              </td>
             </tr>
             <tr>
              <td style="padding: 0 0 1px;">
               <a style="color: #192733; text-decoration: underline !important;">
                <img alt="internet-graveyard" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3.us-west-1.amazonaws.com%252Ffinal_size-internet%2520graveyard%25202_20220615230400.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLiJ9:1o1mmb:-nm-fYiZ7H4yFn847mN3lu9rAL7sfEh6p0F4E5mvVKo" style="height: auto; width: 100%; max-width: 600px;" width="600"/>
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               <p style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; line-height: 20px; margin: 0px;">
                Singdhi Sokpo
               </p>
              </td>
             </tr>
             <tr>
              <td>
               <h2 style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
                Internet Explorer is done exploring
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Another staple of early-2000s tech has moved on to the great desktop in the sky.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Yesterday, Microsoft officially
                <a style="color: #192733; text-decoration: underline !important;">
                 retired
                </a>
                Internet Explorer after ~27 years.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 The browser…
                </strong>
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                … reached a peak of ~95% market share in 2003, and was once at the center of a federal antitrust case against Microsoft, but usage has plummeted since. A recent
                <a style="color: #192733; text-decoration: underline !important;">
                 report
                </a>
                shows Internet Explorer’s market share had fallen to 0.64% in May, compared to ~65% for Google Chrome.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                It joins two other discontinued tech products that have made the news this year:
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  The iPod,
                 </strong>
                 which was officially discontinued on May 10
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  AOL Instant Messenger (AIM),
                 </strong>
                 which sunset in 2017, but enjoyed a retrospective in May on what would have been its 25th birthday
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Combined, Internet Explorer, the iPod, and AIM made up the holy trinity of tech products for those of a certain age in the early 2000s…
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 … and their influence lives on
                </strong>
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                While tech’s evolution made each product obsolete on its own, each has influenced products we use on a daily basis.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Internet Explorer’s flaws led to better browsers, the iPod was integrated into the iPhone, and AIM clearly
                <a style="color: #192733; text-decoration: underline !important;">
                 influenced
                </a>
                social messaging.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The three also represent simpler times — an era before tech was ever-present and mobile notifications flooded our consciousness.
               </p>
              </td>
             </tr>
             <tr>
              <td>
               <table cellpadding="0" style="width: 100%; padding: 10px 10px 0px;">
                <tbody style="text-align: right;">
                 <tr>
                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share facebook" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Share on Facebook" height="22" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ffacebook_blue_no_circle.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1o1mmb:eBw8v2RT-jpRgUKbj4adz8wvkQ7VmMeizJE9wLazAhE" width="22"/>
                   </a>
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                   <a data-tags="share twitter" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Share on Twitter" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ftwitter%2520blue.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1o1mmb:eBw8v2RT-jpRgUKbj4adz8wvkQ7VmMeizJE9wLazAhE" width="26"/>
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                    <img alt="Send as email to a friend" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Femail%2520blue.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1o1mmb:eBw8v2RT-jpRgUKbj4adz8wvkQ7VmMeizJE9wLazAhE" width="26"/>
                   </a>
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                   <a data-tags="share site" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="View on our website" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FLink%2520Small.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1o1mmb:eBw8v2RT-jpRgUKbj4adz8wvkQ7VmMeizJE9wLazAhE" width="26"/>
                   </a>
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              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 10px 3px 0px;">
               Free Resource
              </td>
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               <center>
                <a style="color: #192733; text-decoration: underline !important;">
                 <img src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3.us-west-1.amazonaws.com%252Ffinal_size-6-16_20220615193820.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLiJ9:1o1mmb:-nm-fYiZ7H4yFn847mN3lu9rAL7sfEh6p0F4E5mvVKo" style="width: 100%; max-width: 600px; height: auto; padding: 15px 0 0;" width="600"/>
                </a>
               </center>
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              <td>
               <h2 style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
                8 elevator pitch ideas that crush
               </h2>
              </td>
             </tr>
             <tr id="bottom ad copy">
              <td class="h2020 ignore-defaults" style="padding: 0px 3px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Be honest. Is your elevator pitch corny?
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Do you
                <em>
                 have
                </em>
                an elevator pitch? Oh, Lord.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                You never think you’ll need a tight script detailing your business and product offerings until you end up behind Justin Bieber at the airport. (Steph missed out on that one.)
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <a style="color: #192733; text-decoration: underline !important;">
                 <strong>
                  Eight quick-hitting templates
                 </strong>
                </a>
                <strong>
                 for you, by HubSpot
                </strong>
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Here are eight fresh prompts for one-minute pitches that just might turn a stranger into a Belieber. Treat them as fill-in-the-blanks or inspiration.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Review the templates for examples and insights on giving personalized introductions with structure and spark.
               </p>
              </td>
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              <td align="center" style="text-align: center; padding: 10px 0px 15px;">
               <a style="background-color: #BF2434; font-size: 16px; font-family: 'Roboto', helvetica, sans-serif; font-weight: bold; text-decoration: none !important; color: #ffffff !important; -webkit-text-fill-color: #ffffff; border-radius: 8px; display: inline-block; mso-padding-alt: 0; padding: 7px 20px;">
                <!--[if mso]><i style="letter-spacing: 25px; mso-font-width: -100%; mso-text-raise: 30pt;">&nbsp;</i><![endif]-->
                <span style="mso-text-raise: 15pt;">
                 Elevation pitch templates →
                </span>
                <!--[if mso]><i style="letter-spacing: 25px; mso-font-width: -100%;">&nbsp;</i><![endif]-->
               </a>
              </td>
             </tr>
            </table>
           </td>
          </tr>
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           </td>
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           <td style="padding-bottom: 5px;">
           </td>
          </tr>
          <tr style="display: block; padding: 10px 2px 0px;">
           <td style="width: 100%;">
            <table style="width: 100%;">
             <tr>
              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 0px 0px 10px;">
               Opinion
              </td>
             </tr>
             <tr>
              <td style="padding: 0 0 1px;">
               <a style="color: #192733; text-decoration: underline !important;">
                <img alt="morgans-musings" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3.us-west-1.amazonaws.com%252Ffinal_size-Morgan%2527s%2520Musings-03%2520%25281%2529_20220615231106.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLiJ9:1o1mmb:-nm-fYiZ7H4yFn847mN3lu9rAL7sfEh6p0F4E5mvVKo" style="height: auto; width: 100%; max-width: 600px;" width="600"/>
               </a>
              </td>
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             <tr>
              <td>
               <h2 style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
                Why recessions are inevitable
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                As markets continue to wobble and more people discuss the possibility of heading into a recession, let me share a fundamental truth about money:
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 If markets never crashed, they wouldn’t be risky.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 If they weren’t risky, they would get expensive.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 When they’re expensive, they crash.
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                So markets will always crash, because if they didn’t, they would become more susceptible to crashing.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 The same is true for recessions
                </strong>
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                When the economy is stable, people become optimistic.
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 When they get optimistic, they go into debt.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 When they go into debt, the economy becomes unstable.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 When it’s unstable, you eventually get a recession.
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                A lack of recessions plants the seeds of the next recession, which is why we can never get rid of them. In other words, stability is destabilizing —  something economist Hyman Minsky figured out half a century ago.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                It’s one of the most useful observations in investing because it explains why volatility is both inevitable and caused by people acting reasonably.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Here’s why this is important
                </strong>
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                If you view every debt-fueled recession, market crash, and asset bubble as an example of your fellow people acting crazy, you might become cynical, which makes it hard to be a long-term optimist, even when you should be.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                If you view them as inevitable, you realize they’re just part of the ride and an occasional reminder that the fasten-your-seat belt sign should never be turned off.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                None of this is fun, but virtually all of it is inevitable.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Try to enjoy the ride.
               </p>
              </td>
             </tr>
             <tr>
              <td>
               <table cellpadding="0" style="width: 100%; padding: 10px 10px 0px;">
                <tbody style="text-align: right;">
                 <tr>
                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share facebook" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Share on Facebook" height="22" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ffacebook_blue_no_circle.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1o1mmb:eBw8v2RT-jpRgUKbj4adz8wvkQ7VmMeizJE9wLazAhE" width="22"/>
                   </a>
                  </td>
                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share twitter" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Share on Twitter" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ftwitter%2520blue.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1o1mmb:eBw8v2RT-jpRgUKbj4adz8wvkQ7VmMeizJE9wLazAhE" width="26"/>
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                   <a data-tags="share email" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Send as email to a friend" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Femail%2520blue.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1o1mmb:eBw8v2RT-jpRgUKbj4adz8wvkQ7VmMeizJE9wLazAhE" width="26"/>
                   </a>
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                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share site" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="View on our website" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FLink%2520Small.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1o1mmb:eBw8v2RT-jpRgUKbj4adz8wvkQ7VmMeizJE9wLazAhE" width="26"/>
                   </a>
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                </tbody>
               </table>
              </td>
             </tr>
            </table>
           </td>
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           </td>
          </tr>
          <tr>
           <td style="padding-bottom: 5px;">
           </td>
          </tr>
          <tr>
           <td style="width: 100%;">
            <table style="width: 100%;">
             <tr>
              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 10px 3px 0px;">
               AROUND THE WEB
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="font-size: 15px; line-height: 20px; margin: 0; padding: 15px 0px 0px 3px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                🎢
                <strong>
                 On this day:
                </strong>
                In 1884, the first
                <a style="color: #192733; text-decoration: underline !important;">
                 roller coaster
                </a>
                in the US opened at Coney Island in Brooklyn. It traveled at 6 mph and cost a nickel to ride.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                🎧
                <strong>
                 Podcast:
                </strong>
                In a society where success is intertwined with individualism, Yvorn “Doc” Aswad provides an alternative perspective. Listen to
                <a style="color: #192733; text-decoration: underline !important;">
                 “Success is Communal”
                </a>
                on
                <em>
                 No Straight Path
                </em>
                now.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                🤓
                <strong>
                 Useful:
                </strong>
                VC firm Sequoia hosted a series of sessions to help its founders navigate current market conditions, then published them online for anyone to enjoy
                <a style="color: #192733; text-decoration: underline !important;">
                 here
                </a>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                🛌
                <strong>
                 That’s interesting:
                </strong>
                An
                <a style="color: #192733; text-decoration: underline !important;">
                 investigation
                </a>
                into why we love sleeping with a blanket, even when it’s hot.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                🦊
                <strong>
                 Aww:
                </strong>
                And now, a Channel Island fox
                <a style="color: #192733; text-decoration: underline !important;">
                 just chilling
                </a>
                . These cuties live on six of the Channel Islands, located off the coast of California.
               </p>
              </td>
             </tr>
             <tr>
              <td style="border-bottom-color: #eaf0f6; border-bottom-style: solid; border-bottom-width: 1px; padding-top: 15px;">
              </td>
             </tr>
             <tr>
              <td style="padding-bottom: 5px;">
              </td>
             </tr>
            </table>
           </td>
          </tr>
          <tr style="padding: 10px 2px 0px;">
           <td style="width: 100%;">
            <table style="width: 100%;">
             <tr>
              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 5px 2px 15px;">
               Meme of the day
              </td>
             </tr>
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