#11 Edition of The Daily Grind

In today’s newsletter:

  • GOOGLE VS U.S. Government: the U.S. government takes on Google in historic trial.

  • What’s SOHO House?: Why are your favourite actors and actresses members and how it’s building an empire

  • Inflation expectations are higher acc. to survey

  • and a bunch more….

GOOGLE VS U.S. Government

Founded 25 years ago, Google was a small fish in a big pond but now it controls 90% market share in the search engine industry, but faces the biggest monopoly trial since 1998, when Microsoft was taken too court. This could reshape Silicon Valley's power dynamics.

The U.S. government alleges that Google's deals with hardware companies, notably Apple, making Google the default search option on devices, which constitute an unlawful exploitation of monopoly power.

Google still claims these agreements are not anti-competitive since users can, in fact with some effort, choose an alternative default search engine.

The difficulty of opting out of the default option is showed by DuckDuckGo, a privacy-focused search engine, which claims Android users need to take 15 steps to select it as their default search engine.

The trial, spanning 10 weeks, will feature testimonies from high-profile figures including Google CEO Sundar Pichai and Apple executives. Irrespective of the trial's outcome, it may prove to be a costly distraction that affects Google's long-term growth trajectory.

What’s SOHO House??

In 1995, Soho House quietly emerged as a local creative hub above a London restaurant. Today, it's a symbol of prestige, something to brag about. But it's not just an exclusive hangout, it's something to budget for. In NYC, access to its 40 global locations costs over $4.8k per year. In India it’ll only run you up somewhere around ₹1.5lakh ($1800) annually (still cheaper).

  • With a staggering 176k members and 95k prospective members on the waiting list, Soho House is the epitome of exclusivity. Prospective members must be suggested by an existing member, adding an extra layer of exclusivity.

  • Beyond their iconic houses offering gyms, spas, pools, and restaurants, Soho House boasts Soho Works for co-working, a citywide events program, and bookable overnight stays.

Fueling this empire is its parent company, Soho House & Co., now publicly traded. While its shares initially tanked post-IPO, they're up more than 50% in 2023.

Soho House's expansion reaches beyond houses, featuring a retail furniture brand (Soho Home), an Italian restaurant chain (Cecconi's), hotels like The Line (acquired in 2021), The Ned (a hotel and member's club), and even skincare under Soho Skin.

With 40% of its revenue coming from North America, Soho House aims for 20 houses by 2025, . The "Cities Without Houses" list hints at potential future locations, with house sizes tailored to estimated memberships.

As the trendsetter that ignited the social club revival, Soho House faces growing competition on its quest to stay ahead of the curve.


  • Americans' inflation expectations for the next few years tick higher in the latest NY Fed survey.

  • Instacart set a price range for its IPO that values the grocery company at as much as $9.3B — a far cry from its $39B valuation in 2021 at the height of the pandemic.

  • Drop in small and mid-cap stocks after Kotak report.(India)

  • Uber has partnered with the Indian navy to offer mobility solutions.

  • More tech companies take White House AI safety pledge.

  • Apple unveiled the iPhone 15 yesterday. The biggest change was that there is a USB-C charging port. RIP, Lightning connector.

  • Bitget (a crypto exchange) is launching a $100M fund called EmpowerX. The fund will invest in crypto exchanges, data analytics firms, media companies, and more.

  • PayPal is rolling out a new crypto “off-ramp”. The new feature will help users easily convert their crypto back into USD.

  • The FDA approved updated Covid vaccines from Pfizer and Moderna that target the strain circulating now. They’re expected to be available by the middle of the month.


DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.