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   Daily 2026-07-15
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   Plus, Stripe and Advent made a bid for PayPal | Your Daily Brief is ready |
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               3:12 read time
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                 View in browser
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                     WHAT'S GOING ON
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                      <div style="font-family:Trispace,monospace;font-size:12px;line-height:1.5;text-align:left;color:#7F879C;">
                       All metrics are as of the latest market close.
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
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                 <td class="s20">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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                     <td align="left" class="s9">
                      <table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
                       <tbody>
                        <tr>
                         <td class="s22">
                          S&amp;P 500
                         </td>
                         <td class="s23">
                          0.36% ▲
                         </td>
                         <td class="s24">
                          7,571
                         </td>
                        </tr>
                        <tr>
                         <td class="s22">
                          GOLD
                         </td>
                         <td class="s25">
                          0.06% ▼
                         </td>
                         <td class="s24">
                          $4,067
                         </td>
                        </tr>
                        <tr>
                         <td class="s22">
                          BITCOIN*
                         </td>
                         <td class="s25">
                          0.02% ▼
                         </td>
                         <td class="s24">
                          $64,961
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *24-hour change
                         </td>
                        </tr>
                       </tbody>
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                      <div style="font-family:Inter,sans-serif;font-size:1px;line-height:1.5;text-align:left;color:#000000;">
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                         <td class="s22">
                          FTSE 100
                         </td>
                         <td class="s25">
                          0.16% ▼
                         </td>
                         <td class="s24">
                          10,512
                         </td>
                        </tr>
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                         <td class="s22">
                          BRENT OIL
                         </td>
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                          1.43% ▲
                         </td>
                         <td class="s24">
                          $85.94
                         </td>
                        </tr>
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                         <td class="s22">
                          US BONDS*
                         </td>
                         <td class="s23">
                          0.04% ▼
                         </td>
                         <td class="s24">
                          4.58%
                         </td>
                        </tr>
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                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
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                 <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
                  WALL STREET FEAR GAUGE INDEX 
(
                  <a style="font-weight:400;font-family:Trispace,monospace">
                   VIX
                  </a>
                  )
                 </div>
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                     <img alt="Wall Street Fear Gauge Index" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F153%252F127%252F902%252FAPW1bDp49YK5X2Z26jmVoORax%252Ffcc08e98be6cc019d97f1f944ccd35c82647045a.png%253Fauto%253Dformat%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D233210d9e4299cb1a84565659dadb0b7/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODQxNTI5NjUuNzU2MTY0Nn0:1wk7gj:ggD0tGBayXQi2zRxt3uMESZp0V29hRp4Uxjp-nOaCFs" width="536"/>
                    </td>
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                      <div class="s31">
                       <p data-block-key="10zqs">
                        <b>
                         🐢
                        </b>
                        China posted its slowest economic growth in three years
                       </p>
                       <p data-block-key="e94kd">
                        <b>
                         🔥 FOR PRO MEMBERS:
                        </b>
                        FX’s carry trades haven’t looked this good in ages
                       </p>
                       <p data-block-key="d32lo">
                        🛒 Stripe and Advent reportedly made an offer for PayPal
                       </p>
                       <p data-block-key="bvg40">
                        <b>
                         👇 Keep reading to find out
more
                        </b>
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
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                 </td>
                </tr>
               </tbody>
              </table>
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                   <mj-raw>
                    <span class="s18">
                     👀
                    </span>
                    <span class="s19">
                     Today's headlines
                    </span>
                   </mj-raw>
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                  <div class="s33">
                   <mj-raw>
                    <span class="s34">
                     Stuck In The Slow Lane
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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                 <td align="center" class="s5">
                  <table border="0" cellpadding="0" cellspacing="0" class="s10" role="presentation">
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                      <a target="_blank">
                       <img alt="Stuck In The Slow Lane" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252Feditorial-150726-china_1.original.png%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dc26a7b7343851614e8dc22fcf14539c3/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODQxNTI5NjUuNzU2Mzg3NX0:1wk7gj:4JCjgHC_3j9cIdd_IHnjuq8dcpJdynTunJyy30zeDR8" width="568"/>
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                 <td align="left" class="s5">
                  <div class="s31">
                   <p data-block-key="j9xil">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="2jevu">
                    China's economy grew just 4.3% in the second quarter – its weakest pace in three years and below the government's 4.5% to 5% target range.
                   </p>
                   <p data-block-key="7cee9">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="ebebo">
                    China’s economy is running on two tracks.
                   </p>
                   <p data-block-key="1bk1g">
                    🔺 Factories are zooming along, fueled by global demand for
AI hardware and green tech – exports jumped 27% in June over the year before, the strongest rise since 2021.
                   </p>
                   <p data-block-key="1mqlr">
                    🔻 But the domestic economy is stuck in traffic. Consumer spending is weak, the property market is still sluggish, and business investment is dropping fast – funding for new factories, roads, and buildings fell 5.7% in the first half of the year.
                   </p>
                   <p data-block-key="6oan4">
                    ▶ That cranks up pressure on China’s policymakers to produce some meaningful stimulus
at their meeting later this month: cheaper borrowing, bigger infrastructure budgets, property market support – or tax cuts, subsidies, and bailouts.
                   </p>
                   <p data-block-key="ehuec">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="e8c8">
                    <b>
                     <i>
                      Zooming in:
                     </i>
                    </b>
                    <i>
                     Great timing.
                    </i>
                   </p>
                   <p data-block-key="fkn8a">
                    Chinese exporters have been racing to ship goods before July 24th, when a temporary 10% US tariff expires and higher duties are expected to kick in. That might have inflated the country’s
figures, so the export boom may fade next quarter.
                   </p>
                   <p data-block-key="aetjj">
                    <b>
                     <i>
                      Zooming out:
                     </i>
                    </b>
                    <i>
                     Limping out of deflation.
                    </i>
                   </p>
                   <p data-block-key="2mj1t">
                    China's broadest measure of inflation turned positive last quarter for the first time since early 2023, ending nearly three years of falling prices. And on paper, that’s great news.
                   </p>
                   <p data-block-key="58k56">
                    🔻 Deflation is economically toxic. When prices keep dropping, consumers delay purchases in hopes of a better deal
later. Shrinking revenue means companies cut wages or jobs, while the burden of
                    <i>
                     existing
                    </i>
                    debt grows (for consumers and companies alike). That deflationary spiral can last decades – just ask Japan.
                   </p>
                   <p data-block-key="p84r">
                    ▶ So escaping deflation should ease hefty mortgages and local government debts, revive corporate revenues, and give policymakers more room to breathe.
                   </p>
                   <p data-block-key="57dt3">
                    ⚠️ But this turnaround owes more to higher energy costs from the Iran war than to a
genuine recovery in homegrown demand. China’s not out of the woods yet…
                   </p>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="left" class="s5">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
                   You might also like ⇢
                   <a>
                    The 9% Blind Spot In Global Stock ETFs
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                  <div class="s17">
                   <mj-raw>
                    <span class="s18">
                     📈
                    </span>
                    <span class="s19">
                     Chart Of The Day
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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                    <span class="s34">
                     Goldman Says Carry Trades Haven’t Looked This Good In Decades
                    </span>
                   </mj-raw>
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                   <p data-block-key="pr7ai">
                    Currency investors love a good
                    <a>
                     carry trade
                    </a>
                    . And right now, according to Goldman Sachs, they're getting one of the best setups in more than 20 years.
                   </p>
                   <p data-block-key="6siac">
                    That's a big deal because
carry trades are one of the most popular strategies in the $9.5 trillion-a-day currency market, allowing investors
                    <a>
                     to profit
                    </a>
                    from differences in countries' interest rates.
                   </p>
                   <p data-block-key="5qd8i">
                    Here's why the opportunity looks especially compelling now – and
                    <a>
                     how to take advantage
                    </a>
                    of it.
                   </p>
                   <p data-block-key="8pdbp">
                    That’s today’s Insight:
                    <a>
                     carry trades haven’t looked this good in a long, long time
                    </a>
                    .
                   </p>
                   <p data-block-key="dhp7s">
                    <a>
                     <b>
                      Read or listen to the Insight here
                     </b>
                    </a>
                   </p>
                   <p data-block-key="73b1q">
                    <a>
                     <b>
                      Or sign up for a free one-week trial of Finimize Pro
                     </b>
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                        <a style="color:#4C5469;font-weight:400">
                         Reda Farran, CFA
                        </a>
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                   <mj-raw>
                    <span class="s34">
                     Paying For PayPal
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="center" class="s5">
                  <table border="0" cellpadding="0" cellspacing="0" class="s10" role="presentation">
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                      <a target="_blank">
                       <img alt="Paying For PayPal" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252Feditorial-150726-stripe-v2_1.original.png%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D2789c6e3d2f4fb1978c61cb796b49188/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODQxNTI5NjUuNzU3Mjc0Nn0:1wk7gj:ggsi5qXu7SQiczsJ5GYB-Orxe6CI5KJfK3IIWtDutBc" width="568"/>
                      </a>
                     </td>
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                 </td>
                </tr>
                <tr>
                 <td align="left" class="s5">
                  <div class="s31">
                   <p data-block-key="vhgpk">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="f8ubt">
                    Payments processor
                    <b>
                     Stripe
                    </b>
                    and private equity firm
                    <b>
                     Advent
                    </b>
                    reportedly put in a bid for
                    <b>
                     PayPal
                    </b>
                    – one that values the digital payments giant at $53 billion.
                   </p>
                   <p data-block-key="a1q9e">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="2f7r">
                    The duo offered $60.50 per share, around 28% above the stock’s Tuesday close. That’s well below
the $73-a-share that PayPal’s stock fetched a year ago, and miles off its 2021 peak. Financing for the deal is already lined up, and the pair plan to split ownership of PayPal equally.
                   </p>
                   <p data-block-key="ffubn">
                    ▶ No word yet on whether PayPal is even entertaining the offer.
                   </p>
                   <p data-block-key="4lj4v">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="32q6j">
                    <b>
                     <i>
                      Zooming in:
                     </i>
                    </b>
                    <i>
                     PayPal’s reset.
                    </i>
                   </p>
                   <p data-block-key="dc329">
                    Online marketplace
                    <b>
                     eBay
                    </b>
                    snapped up the internet’s
original checkout button way back in 2002. But by 2015, PayPal was struggling to compete with
                    <b>
                     Apple
                    </b>
                    and
                    <b>
                     Google’s
                    </b>
                    payments systems, not to mention rivals like
                    <b>
                     Block’s
                    </b>
                    Square and buy-now-pay-later specialist
                    <b>
                     Klarna
                    </b>
                    . So eBay spun it off into an independent company to try to kickstart growth – but that only worked for a short time.
                   </p>
                   <p data-block-key="e76bh">
                    ▶ Now, PayPal’s got a new CEO who’s planning to cut costs by $1.5 billion and reorganize the company into three
operating units. The question is whether this bid will put the kibosh on those plans before he can reboot the business.
                   </p>
                   <p data-block-key="dn6er">
                    <b>
                     <i>
                      Zooming out:
                     </i>
                    </b>
                    <i>
                     Stripe’s bid for PayPal adds up.
                    </i>
                   </p>
                   <p data-block-key="5ung2">
                    Stripe provides payments plumbing to its solid client base of sizable companies – 90% of firms in the Dow Jones Industrial Average index use it, along with 80% of those in the Nasdaq 100. And Stripe’s growing fast. The company processed $1.9
                    <i>
                     trillion
                    </i>
                    in payments last year, a 34% increase from 2024. That’s boosting its valuation: the privately held company was worth $159 billion in February, up from $106.5 billion last year.
                   </p>
                   <p data-block-key="e0qku">
                    ▶ But Stripe lacks PayPal’s deep consumer base, distribution, and brand recognition. So with PayPal looking cheap (to Stripe, at least), clicking “buy” now makes sense.
                   </p>
                  </div>
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                     Sponsored By Cboe
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                       <p data-block-key="nyvod">
                        The overall US stock market looked pretty calm during the week beginning July 6th. But that calm hid a lot of
                        <a>
                         action underneath
                        </a>
                        .
                       </p>
                       <p data-block-key="6nhil">
                        The
                        <b>
                         Cboe
                        </b>
                        <b>
                         Volatility
                        </b>
                        <b>
                         Index
                        </b>
                        , or VIX Index, fell by 0.8 points to around 15 over the week, leaving it near the
                        <a>
                         lowest level
                        </a>
                        so far this year. That’s telling: the VIX Index is a forward-looking measure of expected market volatility, based on a basket of S&amp;P 500 Index
options, so it gives a read on how much movement investors are pricing in for the broader US stock market.
                       </p>
                       <p data-block-key="5p4ml">
                        Put simply, investors weren’t anticipating
                        <a>
                         a particularly bumpy ride
                        </a>
                        for the index itself...
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                           <span class="s7">
                            Read on
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                    <span class="s18">
                     ✨
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                    <span class="s19">
                     ​​​​​​​​​​​​​​​​​​​​​​​​​Sarah's Digest
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                     🖋️
                    </span>
                    <span class="s19">
                     Quote of the day
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
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        <!--[if mso | IE]>
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</td></tr><tr><td class="" width="600px">
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<![endif]-->
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          <tbody>
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             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
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              <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td align="left" class="s5">
                  <div class="s31">
                   <strong>
                    "The strength of the team is each individual member. The strength of each member is the team."
                   </strong>
                   – Phil Jackson (an American basketball coach)
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
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<![endif]-->
            </td>
           </tr>
          </tbody>
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        </div>
        <!--[if mso | IE]>
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</td></tr></table>
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      </tr>
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</td></tr></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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    <table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
     <tbody>
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        <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" width="600px">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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          <tbody>
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             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td align="left" class="s32">
                  <div class="s17">
                   <mj-raw>
                    <span class="s18">
                     🎯
                    </span>
                    <span class="s19">
                     On Our Radar
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td></tr></table>
</td></tr><tr><td class="" width="600px">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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          <tbody>
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            <td class="s29">
             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
               <tbody>
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                 <td class="s20">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
                    <tr>
                     <td align="left" class="s30">
                      <div class="s31">
                       <p data-block-key="aaghi">
                        <b>
                         1. The Desire Path.
                        </b>
                        The running race that’s 35 kilometers of
                        <a>
                         making it up as you go along
                        </a>
                        .
                       </p>
                       <p data-block-key="c3dnh">
                        <b>
                         2. Haglund’s deformity.
                        </b>
                        Why some players are
                        <a>
                         cutting the heels
                        </a>
                        off their cleats at the World Cup.
                       </p>
                       <p data-block-key="d8bof">
                        <b>
                         3. How rude.
                        </b>
                        AI has the potential to
                        <a>
                         make us all jerks
                        </a>
                        .
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td></tr></table>
</td></tr></table>
<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
   </div>
   <!--[if mso | IE]>
</td></tr></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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    <table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
     <tbody>
      <tr>
       <td class="s2">
        <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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         <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
          <tbody>
           <tr>
            <td align="left" class="s5">
             <div class="s31">
              Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
              <a class="s39">
               Theodora
              </a>
              ,
              <a class="s39">
               Russell
              </a>
              , and
              <a class="s39">
               Linda
              </a>
              . Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
   </div>
   <!--[if mso | IE]>
</td></tr></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
   <div class="s0">
    <table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
     <tbody>
      <tr>
       <td style="direction:ltr;font-size:0px;padding:0 16px;text-align:center;">
        <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" width="600px">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
        <div class="s26">
         <table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
          <tbody>
           <tr>
            <td class="s15">
             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
             <div class="mj-column-per-100 mj-outlook-group-fix s6">
              <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td align="left" class="s32">
                  <div class="s17">
                   <mj-raw>
                    <span class="s18">
                     💌
                    </span>
                    <span class="s19">
                     THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
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           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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</td></tr></table>
<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
   </div>
   <!--[if mso | IE]>
</td></tr></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
   <div class="s0">
    <table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
     <tbody>
      <tr>
       <td class="s35">
        <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:189.33333333333337px;">
<![endif]-->
        <div class="mj-column-per-33-333333333333336 mj-outlook-group-fix s6">
         <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
          <tbody>
           <tr>
            <td align="center" class="s40">
             <table border="0" cellpadding="0" cellspacing="0" class="s41" role="presentation">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" class="s42" role="presentation" valign="middle">
                 <a class="s43" target="_blank">
                  <span aria-hidden="true" role="img">
                   🔥
                  </span>
                  Hot stuff
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td><td class="" style="vertical-align:top;width:189.33333333333337px;">
<![endif]-->
        <div class="mj-column-per-33-333333333333336 mj-outlook-group-fix s6">
         <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
          <tbody>
           <tr>
            <td align="center" class="s40">
             <table border="0" cellpadding="0" cellspacing="0" class="s41" role="presentation">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" class="s42" role="presentation" valign="middle">
                 <a class="s43" target="_blank">
                  <span aria-hidden="true" role="img">
                   👍
                  </span>
                  Just alright
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td><td class="" style="vertical-align:top;width:189.33333333333337px;">
<![endif]-->
        <div class="mj-column-per-33-333333333333336 mj-outlook-group-fix s6">
         <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
          <tbody>
           <tr>
            <td align="center" class="s40">
             <table border="0" cellpadding="0" cellspacing="0" class="s41" role="presentation">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" class="s42" role="presentation" valign="middle">
                 <a class="s43" target="_blank">
                  <span aria-hidden="true" role="img">
                   😒
                  </span>
                  ...Meh
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
   </div>
   <!--[if mso | IE]>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600" bgcolor="#f8f9ff"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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    <table align="center" border="0" cellpadding="0" cellspacing="0" class="s14" role="presentation">
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600" bgcolor="#f8f9ff"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
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                     </a>
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             <!--[if mso | IE]>
</td><td>
<![endif]-->
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             <!--[if mso | IE]>
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<![endif]-->
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<![endif]-->
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600" bgcolor="#f8f9ff"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
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        <!--[if mso | IE]>
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