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   Daily 2025-12-11
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   Plus, billions worth of biotech deals | Your Daily Brief is ready |
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               Thu, Dec 11 | 3:15 read time
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                     👀
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                     WHAT'S
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                       All metrics are as of the latest market close.
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         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="background:#f8f9ff;background-color:#f8f9ff;width:100%;">
          <tbody>
           <tr>
            <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:16px;padding-left:16px;padding-right:16px;padding-top:0;text-align:center;">
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td style="vertical-align:top;padding:0;">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
                    <tr>
                     <td align="left" style="font-size:0px;padding:0;word-break:break-word;">
                      <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 style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          S&amp;P 500
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.68% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          6,887
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          GOLD
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.48% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $4,257
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          BITCOIN*
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.34% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $92,393
                         </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>
                     </td>
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                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          FTSE 100
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.14% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          9,656
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          BRENT OIL
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          1.11% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $62.63
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          US BONDS*
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.05% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          4.13%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
                        </tr>
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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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                    <td style="width:536px;">
                     <img alt="Wall Street Fear Gauge Index" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F119%252F339%252F139%252Fon98ymlOAQybd27nYvM5pkw3R%252F2a02d2599eb678223bc8bdc73755e4142854bf02.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D31ffd9fe71cee714b7f7ab50591e7e17/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjU0NDAzNjMuNzY0NzMxNn0:1vTbgZ:lyCH5aDvUZ5AQnt68hwgCqBqcWgHesZ1VWGP8s-dYxQ" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="536"/>
                    </td>
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                     <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                      <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                       <p data-block-key="10zqs">
                        🚀 SpaceX is pushing ahead with its initial public offering plans – a bid to raise some $30 billion and land in the $1.5 trillion club
                       </p>
                       <p data-block-key="3i5e3">
                        🤝 The biotech sector has seen the most mergers and acquisitions in a decade, as pharma firms race against an expiry date
                       </p>
                       <p data-block-key="1lqb8">
                        ➕ What Daniel Kahneman knew about your investing mistakes
                       </p>
                       <p data-block-key="fdr7q">
                        <b>
                         👇 Keep reading to find out more
                        </b>
                       </p>
                      </div>
                     </td>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#204CE9;">
                   <mj-raw>
                    <span style="font-style:normal">
                     👀
                    </span>
                    <span style="font-style:italic">
                     Today's headlines
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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                  <div style="font-family:Inter,sans-serif;font-size:22px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
                   <mj-raw>
                    <span style="background-color:#EFFF0D;display:inline">
                     Launch Day
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
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                 <td align="center" style="font-size:0px;padding:10px 25px;padding-right:0;padding-left:0;word-break:break-word;">
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                   <tbody>
                    <tr>
                     <td style="width:568px;">
                      <a target="_blank">
                       <img alt="Launch Day" 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-101225-SpaceX.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D4fdb44b4de0a7a22dca80a968af52654/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjU0NDAzNjMuNzY0ODY4fQ:1vTbgZ:tikkkC_7BmVO4_LrsfSmWuNVj1UenB5THf-pZT-Lq8Y" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
                      </a>
                     </td>
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                 <td align="left" style="font-size:0px;padding:10px 25px;padding-right:0;padding-left:0;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <p data-block-key="ejb3p">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="69i7c">
                    <b>
                     SpaceX
                    </b>
                    is shooting to raise a record-breaking $30 billion with an initial public offering (IPO) – and investors will be watching closely to see whether this rocket sticks the
landing.
                   </p>
                   <p data-block-key="5sc5n">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="f4n49">
                    Elon Musk’s space company is aiming for a valuation of
                    <i>
                     $1.5 trillion
                    </i>
                    . That’s almost double the roughly $800 billion floated during its recent internal share sale, putting the listing in the same ballpark as Saudi Aramco’s
                    <a>
                     record
                    </a>
                    2019 one. And this isn’t just talk: SpaceX is hiring advisors, finalizing an employee
share sale (at $420 a share), and outlining how it would use the cash raised.
                   </p>
                   <p data-block-key="5illt">
                    🔺 The news bolstered investors’ confidence in the space sector. They sent shares in
                    <b>
                     EchoStar
                    </b>
                    up around 6% and
                    <b>
                     Rocket Lab
                    </b>
                    up by 4%.
                   </p>
                   <p data-block-key="fl64m">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="f6jte">
                    <b>
                     <i>
                      Zooming out:
                     </i>
                    </b>
                    <i>
                     Give us a sign.
                    </i>
                   </p>
                   <p data-block-key="9ik0v">
                    One main incentive for the listing is funding for Starlink. The satellite internet
company makes up most of SpaceX’s revenue – which is expected to hit $15 billion in 2025 and up to $24 billion next year. So listing could fund Starlink’s plans for the space-based data centers it needs to expand.
                   </p>
                   <p data-block-key="1qosq">
                    ▶ If SpaceX does successfully list near the trillion-dollar mark, that could give others the green light. After all, private firms worth a combined $3 trillion (including OpenAI, Stripe, and ByteDance) have been waiting for a signal that investors are
willing to back deals this big.
                   </p>
                   <p data-block-key="34lrt">
                    <b>
                     <i>
                      The big picture:
                     </i>
                    </b>
                    <i>
                     Call me maybe.
                    </i>
                   </p>
                   <p data-block-key="1atju">
                    SpaceX has filed a trademark for Starlink Mobile: the same satellite internet, but for cellphones. That signals its ambitions to become a hybrid satellite-mobile carrier, competing with the likes of AT&amp;T, Verizon, and T-Mobile. The plus side: mobile services would increase Starlink’s subscription revenue – you know, the steady kind that public
investors love. The
                    <i>
                     downside
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                    : they come with heavy infrastructure and regulatory costs – the type that have squeezed traditional carriers for years.
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portfolio
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                   <p data-block-key="b3tvs">
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                    Nobel laureate Daniel Kahneman understood this better than anyone: a founder of behavioral economics,
                    <a>
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                    </a>
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                    <span style="font-style:normal">
                     👀
                    </span>
                    <span style="font-style:italic">
                     Today's headlines
                    </span>
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                   <mj-raw>
                    <span style="background-color:#EFFF0D;display:inline">
                     Deal Or No Heal
                    </span>
                   </mj-raw>
                  </div>
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                      <a target="_blank">
                       <img alt="Deal Or No Heal" 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-101225-Biotech.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D856f2fa9e363e75d0093c607928d59ee/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjU0NDAzNjMuNzY1NDg2Mn0:1vTbgZ:GOvIU956fCfzwHlAgvJcFeoIy98ggAydq1A3B5tcnI4" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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                   <p data-block-key="10czt">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="1jtf5">
                    The biotech sector is hosting the most mergers and acquisitions since 2014 this year, with pharma firms rushing to restock their medicine cabinets.
                   </p>
                   <p data-block-key="2sk9v">
                    <b>
                     What
does this mean?
                    </b>
                   </p>
                   <p data-block-key="bsj31">
                    Many major patents will expire in 2027 and 2028, threatening to gut pharma giants’ biggest-selling drugs and future revenue. So, racing to refill their pipelines, pharma companies are taking the speedy route: snapping up biotech firms with drugs in late-stage development (over spending years developing new meds in-house).
                   </p>
                   <p data-block-key="2ipb1">
                    ▶ That’s kept boardrooms booked, with close to a billion dollars’ worth of deals being struck
every week for six months.
                   </p>
                   <p data-block-key="7tm2f">
                    🔺 The attention has gassed up valuations of biotechs in the crosshairs – especially mid-sized ones – and sent the
                    <b>
                     Nasdaq Biotechnology
                    </b>
                    <b>
                     Index
                    </b>
                    up roughly a third this year.
                   </p>
                   <p data-block-key="bsvn7">
                    🔺 Funds that backed the right firms have fared even better: Perceptive Advisors and Caligan Partners are up 75% and 92%, respectively, and healthcare hedge funds have had their best year in more than a decade.
                   </p>
                   <p data-block-key="5vltd">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="1o483">
                    <b>
                     <i>
                      For markets:
                     </i>
                    </b>
                    <i>
                     Big Pharma, meet big bank.
                    </i>
                   </p>
                   <p data-block-key="9qd5r">
                    Morgan Stanley suddenly turned positive on healthcare last month, allocating a bigger-than-benchmark share to the sector. Makes sense: the Federal Reserve is expected to keep trimming interest rates next year, and biotech stocks tend to do well after a cut. Combine that with improving financial forecasts, loosening policy,
and valuations at 30-year lows, and you can see why the big bank is interested.
                   </p>
                   <p data-block-key="86p6u">
                    <b>
                     <i>
                      Zooming out:
                     </i>
                    </b>
                    <i>
                     Turns out you
                    </i>
                    can
                    <i>
                     rush perfection.
                    </i>
                   </p>
                   <p data-block-key="a4n8f">
                    If you think the US biotech scene looks busy, check out China. It’s faster and cheaper to develop pharmaceuticals there than in the West, so Chinese firms can work on more drugs at once
                    <i>
                     and
                    </i>
                    iterate on them more quickly. That’s helped the country lift its share of the world’s
innovative drug pipeline from single digits in 2018 to around a third today. And those new meds can move into production real fast: one Chinese firm secured approval for a new biologics plant in just
                    <i>
                     nine days
                    </i>
                    .
                   </p>
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                   — Laurence J. Peter (a Canadian educator)
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                      <a target="_blank">
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                      </a>
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                </tr>
                <tr>
                 <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <h3 data-block-key="ibe1q">
                    <b>
                     This isn’t your granddad’s aviation industry.
                    </b>
                   </h3>
                   <p data-block-key="41gb">
                    Unless he’s into electric planes, AI flight planning, and turning short-haul routes into investable tech plays. (Cool grandpa, by the way.)
                   </p>
                   <p data-block-key="b2gli">
                    In our
                    <a>
                     latest guide with
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                      Surf Air Mobility
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                    </a>
                    , we break down how electrification and software are shaking up regional air travel – and what that means for the future of clean transport, logistics,
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                     and (yep) your portfolio
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                    .
                   </p>
                   <p data-block-key="3gupn">
                    It’s early-stage, high-potential, and refreshingly grounded.
                   </p>
                   <p data-block-key="fplnc">
                    <a>
                     <b>
                      Read the guide — and see what’s about to take off.
                     </b>
                    </a>
                   </p>
                  </div>
                 </td>
                </tr>
               </tbody>
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             </div>
             <!--[if mso | IE]>
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     <tbody>
      <tr>
       <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:24px;padding-left:16px;padding-right:16px;padding-top:0;text-align:center;">
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<![endif]-->
        <div style="margin:0px auto;max-width:568px;">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
          <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" role="presentation" style="vertical-align:top;" width="100%">
               <tbody>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#030303;">
                   <mj-raw>
                    <span style="font-style:normal">
                     🎯
                    </span>
                    <span style="font-style:italic">
                     On Our
Radar
                    </span>
                   </mj-raw>
                  </div>
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               </tbody>
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                    <tr>
                     <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                      <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                       <p data-block-key="aaghi">
                        1.
                        <b>
                         How many “Hos”?!
                        </b>
                        This AI company says folk are
                        <a>
                         spending days talking to Santa
                        </a>
                        .
                       </p>
                       <p data-block-key="bhu2n">
                        2.
                        <b>
                         There’s something in the water…
                        </b>
                        New research could completely change
                        <a>
                         our beliefs about modern diseases
                        </a>
                        .
                       </p>
                       <p data-block-key="23t40">
                        3.
                        <b>
                         A res at Dorsia – and then some.
                        </b>
                        These are the
                        <a>
                         ten hardest tables to secure in NYC
                        </a>
                        .
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
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             <!--[if mso | IE]>
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        <!--[if mso | IE]>
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<![endif]-->
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     <tbody>
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       <td style="direction:ltr;font-size:0px;padding:20px 0;padding-left:16px;padding-right:16px;text-align:center;">
        <!--[if mso | IE]>
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<![endif]-->
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         <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
          <tbody>
           <tr>
            <td align="left" style="font-size:0px;padding:10px 25px;padding-right:0;padding-left:0;word-break:break-word;">
             <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
              Stay classy,
              <mj-raw>
               Sarah
              </mj-raw>
              😉 This issue of the Daily Brief was curated by
              <a style="color:inherit;font-weight:inherit">
               Naomi
              </a>
              and
              <a style="color:inherit;font-weight:inherit">
               Stéphane
              </a>
              . Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
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       <td style="direction:ltr;font-size:0px;padding:0 16px;text-align:center;">
        <!--[if mso | IE]>
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        <div style="margin:0px auto;max-width:568px;">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
          <tbody>
           <tr>
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             <!--[if mso | IE]>
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
               <tbody>
                <tr>
                 <td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0px;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#030303;">
                   <mj-raw>
                    <span style="font-style:normal">
                     💌
                    </span>
                    <span style="font-style:italic">
                     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]-->
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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</td></tr></table>
<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
   </div>
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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]-->
   <div style="margin:0px auto;max-width:600px;">
    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
     <tbody>
      <tr>
       <td style="direction:ltr;font-size:0px;padding:20px 0;padding-left:16px;padding-right:16px;padding-top:0;text-align:center;">
        <!--[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" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
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          <tbody>
           <tr>
            <td align="center" style="font-size:0px;padding:12px 5px;word-break:break-word;">
             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;width:100%;line-height:100%;">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" role="presentation" style="border:none;border-radius:4px;cursor:auto;mso-padding-alt:10px 25px;background:#f8f9ff;" valign="middle">
                 <a style="display:inline-block;background:#f8f9ff;color:#030303;font-family:Inter,sans-serif;font-size:13px;font-weight:normal;line-height:120%;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:4px;" 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" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
         <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
          <tbody>
           <tr>
            <td align="center" style="font-size:0px;padding:12px 5px;word-break:break-word;">
             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;width:100%;line-height:100%;">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" role="presentation" style="border:none;border-radius:4px;cursor:auto;mso-padding-alt:10px 25px;background:#f8f9ff;" valign="middle">
                 <a style="display:inline-block;background:#f8f9ff;color:#030303;font-family:Inter,sans-serif;font-size:13px;font-weight:normal;line-height:120%;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:4px;" target="_blank">
                  <span aria-hidden="true" role="img">
                   👍
                  </span>
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alright
                 </a>
                </td>
               </tr>
              </tbody>
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            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td><td class="" style="vertical-align:top;width:189.33333333333337px;">
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         <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
          <tbody>
           <tr>
            <td align="center" style="font-size:0px;padding:12px 5px;word-break:break-word;">
             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;width:100%;line-height:100%;">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" role="presentation" style="border:none;border-radius:4px;cursor:auto;mso-padding-alt:10px 25px;background:#f8f9ff;" valign="middle">
                 <a style="display:inline-block;background:#f8f9ff;color:#030303;font-family:Inter,sans-serif;font-size:13px;font-weight:normal;line-height:120%;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:4px;" target="_blank">
                  <span aria-hidden="true" role="img">
                   😒
                  </span>
                  ...Meh
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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<![endif]-->
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    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="background:#f8f9ff;background-color:#f8f9ff;width:100%;">
     <tbody>
      <tr>
       <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:0px;padding-left:16px;padding-right:16px;text-align:center;">
        <!--[if mso | IE]>
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         <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
          <tbody>
           <tr>
            <td align="center" style="font-size:0px;padding:10px 25px;word-break:break-word;">
             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-spacing:0px;">
              <tbody>
               <tr>
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