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   DealBook: A deadline deferred
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   Also, Larry Fink’s A.I. worries.
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             March 23, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Breaking: Larry Fink just delivered his latest letter to BlackRock shareholders. He covers a lot of ground, but to me, his most provocative point is about the economic disparity A.I. may generate.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “History suggests that transformative technologies create enormous value,” he writes. “And much of that value accrues to the companies that build and deploy them, and to the investors who own them.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His point is measured and realistic compared with the promise by many in Silicon Valley of “an age of abundance” for all. That said, the reason not enough people can invest in and profit from the market is because they typically don’t have enough money to do so. That’s what we need to work on. More below. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="Gas prices at a station in California." class="css-3vswge" height="381" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F23%252Fmultimedia%252F23db-gasprices-bjvl%252F23db-gasprices-bjvl-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQyNjY0MjkuNDgzODc3Mn0:1w4dkT:b4o7cehTpT0-wUjm4RhsGml3VWk7qNG5jpwOguicH6M" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             High gas prices continue to weigh on global markets, and President Trump.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Frederic J. Brown/Agence France-Presse — Getty Images
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Investors breathe a sigh of relief
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          U.S. stock futures have turned on a dime this morning, now in the green after President Trump appeared to delay an ultimatum over the Strait of Hormuz.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Trump said he has postponed potential attacks on Iran’s energy infrastructure for five days,
         </span>
         <span>
          after what he described on social media as “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          very good and productive conversations
         </a>
         <span>
          ” with Iran about a “complete and total resolution” of hostilities.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The move came after he warned on Friday that he was weighing “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          winding down
         </a>
         <span>
          ” military operations in the Middle East, and signaled that it would be up to other countries to try to ensure the safe passage of energy exports out of the vital strait. A day later, though, he wrote on social media that Tehran had 48 hours to “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          FULLY OPEN
         </a>
         <span>
          ” the strait — or the U.S. would begin to “hit and obliterate” Iran’s power plants.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Iran
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dismissed that ultimatum
         </a>
         <span>
          and threatened to retaliate — including potentially targeting desalination plants and countries that host American troops — by keeping the strait “completely closed”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          via mines
         </a>
         <span>
          if its power supply were attacked.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Markets responded swiftly.
         </span>
         <span>
          S&amp;P 500 and Nasdaq futures were up over 1 percent as of pixel time on Trump’s announcement.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Brent crude, the global benchmark for oil, plunged below $100 a barrel after rising traded above $114.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s another example of how the war’s sharp and unexpected turns are whipsawing investors.
         </span>
         <span>
          Market
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          watchers are following
         </a>
         <span>
          the yield on the 10-year note, a rate that underpins mortgages and other loans, which has risen by nearly a half-percentage point since the war in the Middle East began.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It stood at 4.34 percent this morning, after hitting “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          yippy
         </a>
         <span>
          ” territory — the point in April when turmoil in the bond market precipitated a significant reversal by Trump on his most bruising tariffs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Analysts have been worried about the fighting’s effect on energy markets.
         </span>
         <span>
          Economists at Berenberg estimated before Trump’s announcement today that Brent crude would average $100 per barrel through next month and slowly ease to $70 by November. Their worst-case scenario? The strait is closed for six months and Brent averages $120 per barrel through August, returning to $70 by next spring.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That would most likely dent growth, accelerate inflation and leave central banks in a bind.
         </span>
        </p>
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            <img alt="Bar charts show different scenarios for the Middle East war's impact on growth and inflation this year." class="css-xsf469" height="157" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F23%252Fbusiness%252F23db-chart-Berenberg-final%252F23db-chart-Berenberg-final-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQyNjY0MjkuNDg0MDI3NH0:1w4dkT:i6LrBCmC-ViOEs7tWyrvUHTg1kuWpWhiHQrrx0QHCL0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How will this play out with households and businesses?
         </span>
         <span>
          The University of Michigan consumer sentiment report on Friday should offer clues. It comes as rising fuel prices hit motorists in the South and Southwest of the U.S.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          especially hard
         </a>
         <span>
          . The toll on aviation and transportation is worsening, too; jet fuel topped
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $200 a barrel
         </a>
         <span>
          , and diesel crossed above
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $5 a gallon
         </a>
         <span>
          , on average.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If gasoline prices continue their upward trajectory, economists warn, it could just about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wipe out the windfall
         </a>
         <span>
          that was promised from Trump’s tax cut legislation.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          I.C.E. agents will help T.S.A. agents with U.S. airport security lines.
         </span>
         <span>
          Tom Homan, the White House border czar, said the agents would be sent to airports to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          help ease delays at security checks
         </a>
         <span>
          that have grown as unpaid T.S.A. agents call out sick during the partial government shutdown. Earlier, President Trump said the I.C.E. agents would “do security like no one has ever seen before,” which some T.S.A. agents told The Times was unlikely. Separately, flights were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          halted at LaGuardia Airport in New York
         </a>
         <span>
          after an Air Canada jet collided with a fire truck, killing the plane’s two pilots.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tesla and SpaceX plan to build a joint chip factory in Texas.
         </span>
         <span>
          Elon Musk, the C.E.O. of both companies, said
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a factory in Austin, called Terafab
         </a>
         <span>
          , would make chips for Tesla’s vehicles and Optimus humanoid robots, as well as ones optimized for use in space for SpaceX. Musk did not offer a timeline for construction, which analysts say could take years and cost $20 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Amazon MGM Studios finally has a hit at the box office.
         </span>
         <span>
          “Project Hail Mary,” a $195 million space odyssey starring Ryan Gosling,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          earned about $80.5 million
         </a>
         <span>
          in North America in its first three days of release. That makes it one of two nonsequel, nonfranchise films in the past 10 years to earn more than $70 million on its opening weekend. And it’s the studio’s biggest hit since Amazon bought MGM in 2022.
         </span>
        </p>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td height="20">
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="text-align:center">
            <img alt="Larry Fink of BlackRock, in a suit and open-collared shirt, holding a water bottle, with a TV monitor reflected in his glasses." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F23%252Fmultimedia%252F23db-fink-lkhq%252F23db-fink-lkhq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQyNjY0MjkuNDg0NzEwNX0:1w4dkT:73-7w_5fIhvFzp0XM4eVOapZZzhWkoXK-Pqe1lGwgBk" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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          </tr>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              A.I. will probably bring great transformation for the global economy, but much needs to be done to ensure those benefits are shared widely, Larry Fink of BlackRock argues.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Dave Sanders for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Larry Fink is worried about A.I.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As chairman and C.E.O. of BlackRock, the investment management giant that oversees $14 trillion in assets, Larry Rock commands attention from the business world. That makes his annual letter to BlackRock shareholders one of the most closely followed missives in corporate America.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          this year’s
         </a>
         <span>
          , published today, Fink focused on one of his consistent concerns — the need to increase global prosperity through investing — and on an increasingly urgent new one: how artificial intelligence might leave more people behind.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          “We’re seeing more divergent, ‘K-shaped’ outcomes” across many industries,
         </span>
         <span>
          Fink writes, where winners keep winning and everyone else struggles to keep up.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “This is where much of today’s economic anxiety comes from: a deeper feeling that capitalism is working — just not for enough people,” Fink adds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A.I. is transforming things, for better and potentially, for worse.
         </span>
         <span>
          Fink notes that the technology promises broad transformation for global economies. But the rewards for that innovation risk accruing to just a small subset of people.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That isn’t unusual, Fink writes, and not inherently problematic. But it’s increasingly vital to ensure that more of the population shares in those benefits. He adds:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The vast majority of wealth has flowed to people who owned assets, not to people who earned most of their money by working. Since 1989, a dollar in the U.S. stock market has grown more than 15 times the value of a dollar tied to median wages. Now A.I. threatens to repeat that pattern at an even larger scale — concentrating wealth among the companies and investors positioned to capture it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How to fix the problem?
         </span>
         <span>
          Fink outlines a couple of potential solutions:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It is important to help promote skilled tradespeople, especially those who will build the data centers and electrical grids to power them. Fink noted that the BlackRock Foundation has introduced
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Future Builders
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a $100 million initiative to invest in training programs for such jobs, to help.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                More people need to be invested in markets to build the wealth they need to retire, especially since social safety net programs are in danger of running out of money. Fink made clear that he doesn’t mean privatizing Social Security. But he endorsed Senate legislation by Bill Cassidy, Republican of Louisiana, and Tim Kaine, Democrat of Virginia, to create a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $1.5 trillion investment fund
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to supplement the existing Social Security trust fund.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Fink also noted efforts by governments to seed early wealth-building accounts, including
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump Accounts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as well as encouraging the creation of emergency savings accounts.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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            </span>
           </td>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
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         </tbody>
        </table>
        <table width="100%">
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          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I probably spend more than my salary on Claude.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Max Linder, a software engineer in Stockholm, on the cost of his artificial intelligence services. Tech companies are increasingly promoting sometimes lavish spending on tokens, the basic unit of A.I. use, a practice frequently called “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          tokenmaxxing
         </a>
         <span style="font-style:italic">
          ” — even as critics question whether the practice amounts to wasteful spending.
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Your thoughts on quarterly reporting
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last week, Andrew
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          asked readers
         </a>
         <span>
          about a S.E.C. proposal that would give companies an option to report financial results twice a year rather than quarterly.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Critics of quarterly reporting say the routine is onerous, expensive and potentially stifling to the I.P.O. market. But what about the transparency that the practice of reporting every three months brings to markets, Andrew interjected. Would some of the most significant financial frauds in history “have grown even larger without the oversight of frequent public discourse?” he asked. “Where do you come down on the debate?”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here’s what you said. (Responses have been condensed and edited for clarity.):
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “I am a retired financial executive who was responsible for public reporting at several companies over many years, including one with international operations. During that time, I witnessed a steady ‘creep’ in reporting requirements. There is room to streamline. Some of the more onerous disclosures could be eliminated, with greater emphasis placed on the core financial statements. That said, financial reporting is inherently complex, and extending the reporting cycle to six months risks reducing accountability.”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                — Michael Mudler
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “It seems like instead of complaining that quarterly reports are onerous, perhaps this is an excellent opportunity to use A.I.”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                — Mark Tocco
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Any serious reform of the public disclosure system has to include broadening disclosure requirements to include large private credit and other sources of systemic risk. The real issue is that much risk is entirely undisclosed and nearly impossible to assess.”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                — James Speta
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Quarterly reporting is subject to later revision or may not appear correct in light of later quarterly reporting. A six-month reporting period is likely to give a more accurate picture of a company’s financial situation at the time and as an indicator of full-year results. As to detecting frauds, there is no advantage to quarterly over semiannually. If the numbers are doctored, they are doctored.”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                — David P. Yaffe
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
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        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Elliott Investment Management has reportedly built a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                multibillion-dollar stake in Synopsys
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as the activist investor looks to bolster the chip-design software firm’s sales and improve margins. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Poste Italiane said it
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                would offer €10.8 billion
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                (about $12.5 billion) for the part of Telecom Italia it does not own, in a bid to take full control of the former phone monopoly. (Bloomberg)
               </span>
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                to help him do his own job. (WSJ)
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                pop-up betting bar
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                in Washington, D.C. Things didn’t go quite to plan. (WaPo)
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                and compare them with their self-reported time sheets to try to avoid overworking them. (FT)
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                ” (NYT)
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                drew a smaller crowd than expected
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                . (Bloomberg)
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