Good morning! I'm Kaja Whitehouse and I'm filling in for Aaron Weinman, who is on vacation. Where did he go? Hopefully nowhere that requires a private jet — because those are sure to be in short supply now that "summer camp for billionaires" is underway in Sun Valley, Idaho. 

Today, we will explore why the Sun Valley confab hosted by boutique investment bank Allen & Co. is so fascinating to Wall Street. (Hint: It's not just the celebrity sightings.) We will also review Reed Alexander's latest scoop on JPMorgan's monitoring of its employees, which has caused tensions with some workers. (Hint: The bank is responding to workers' complaints, but not exactly in the way they had hoped.) 


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1. Sun Valley is M&A heaven. Every year like clockwork the private jets start descending on a 7,500-foot runway surrounded by mountains in the otherwise sleepy town of Hailey, Idaho. Out of those planes pop many of the richest and most powerful people in the world — from Jeff Bezos to Warren Buffett. 

They are all invitees of the annual Allen & Co. conference for media and tech movers and shakers, which is taking place right now.   

Not a lot of news comes out of the closely guarded conference. Still, Wall Street is sure to be watching it closely because it's known as a hotbed for dealmaking. And as we have discussed here before, M&A is way down this year and Wall Street could use the fees. 

Secretive Sun Valley plotting has been traced to Comcast's deal for NBCUniversal, Verizon's takeover of AOL, and Bezos' purchase of the Washington Post. This year's attendees include Meta's outgoing Chief Operating Office, Sheryl Sandberg, billionaire investor Warren Buffett, GM CEO Mary Barra, and Uber CEO Dara Khosrowshahi. 

Here's who's been spotted at Sun Valley so far.


In other news:

JPMorgan Chase executives have chosen to become more secretive about their workplace data-collection efforts following an Insider investigation in late May. Foto: Peter Dazeley/Getty Images

2. JPMorgan steps up its secrecy. Following Insider's May report about JPMorgan's expansive internal tracking system, known as WADU, company executives held an emergency "fire drill" meeting to clamp down access to the system, employees told Reed Alexander. 

3. Berkshire Hathaway is a "conflict nightmare" for judges. Warren Buffett's holding company is so massive that judges say they can't always tell when a case involves a subsidiary that raises a conflict of interest.

4. Bill Ackman on the Highland Park shooting. The hedge fund billionaire donated $18,000 to the toddler whose parents were shot and killed at a July 4 parade.

5. Sam Bankman-Fried speaks out about the crypto liquidity crisis: The FTX founder told Reuters that the worst is likely over — and that his exchange still had a "few billion" on hand to prop up failing ventures. More here.

6. Shopify is delaying its planned compensation overhaul. Intended to give employees more flexibility over the balance of stock and cash in their comp packages, the overhaul was first announced in April. The delay comes amid reports of layoffs and hiring delays.

7. And now, some personal finance advice from an actual financial planner. Most CEOs expect a recession in the next year — so here's how to recession-proof your retirement.

8. It pays to be a new hire. Per the WSJ, new hires are getting salary raises after just weeks on the job. Here's what's going on.

9. Thinking of visiting the financial hub of Singapore? We've got you covered. Our reporter has lived there for 20 years — and outlines the five mistakes she keeps seeing visitors make there.

10. Are you a financial industry rockstar? Don't be modest. If you or someone you know is a rising star on Wall Street, fill out this form and you just might make our exclusive list. 


Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.


Curated by Kaja Whitehouse in New York. Tips? Email kwhitehouse@insider.com or tweet @kajawhitehouse. Edited by Hallam Bullock (tweet @hallam_bullock) in London. 

Read the original article on Business Insider