Almost there! Dan DeFrancesco in NYC, and I’m not sure how I feel about this Fall Out Boy remake of Billy Joel’s “We Didn’t Start the Fire.”

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Today, we’ve got stories on one Goldman executive’s journey of coming out on Wall Street, why no one can agree on where the markets are headed, and how to take better photos.

But first, a cofounder conundrum. 

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1. What’s the beef?

So what’s really going on at Two Sigma?

In case you missed it, John Overdeck and David Siegel, two of the billionaire Cofounders behind the $60 billion quantitative hedge fun, really don’t get along.

So much so, in fact, the firm disclosed as much in a regulatory filing, detailing how it can’t really make decisions on anything as a result of them butting heads. 

Insider’s Rebecca Ungarino has more details on how long the beef between Overdeck and Siegel has been brewing behind the scenes. 

What stands out to me about the drama at Two Sigma is how it all seems to be so petty.

When I first wrote about the news, I mentioned how this was an example of founder-led hedge funds reaching a critical juncture in their existence: Grow up or go bust.

But in the case of case of Two Sigma, there doesn’t seem to be a smoking gun signifying a fatal blow between the two sides. Instead, it’s a relationship destroyed by a thousand paper cuts.

(If you disagree, or have additional insight, I know Rebecca would love to hear from you.)

This very newsletter got a front-row seat to the pettiness, it now seems. A few months back, I included one of the cofounder’s name in a blurb about hedge-fund executive pay in 2022. It wasn’t long before I had a correction request from a third-party identifying itself as working with Two Sigma.

Could you include both names? They are both cofounders of the firm.

Mind you, the story wasn’t even focusing on Two Sigma! In fact, it was about how Haidar Capital’s Said Haidar had seemingly come out of nowhere to make it into the top 10 most highly paid hedge fund managers. The Two Sigma cofounder was included only as an example of the type of managers Haider had eclipsed. 

(We didn’t make a correction, for the record.)

I suppose there is the notion that billions of dollars are at stake, so it’s worth fighting for every last bit. But as the old saying goes, “Penny wise and pound foolish.”

Perhaps Overdeck and Siegel could do with a little corporate retreat to Omaha to hear from Warren Buffett and Charlie Munger. Those two have figured out a way to make it work for the past 40-plus years, and still managed to make a ton of money along the way.

Insiders say Two Sigma’s unusual risk disclosure was years in the making

In other news:

2. Coming out on Wall Street. Michael Broadbery, a partner at Goldman Sachs, details how he grew to be comfortable being openly gay while working in finance. More of his story here.

3. A startup helping immigrants navigate the US financial system. Maza makes it easier for immigrants to get paid, pay taxes, and build credit. Here’s the deck the fintech used to raise an $8 million seed round led by Andreessen Horowitz.

4. Seth Klarman sounds off. The billionaire cofounder of the $25 billion hedge fund Baupost Group recently shared thoughts on the key traits of a successful investor and why he’s bullish on real estate.

5. Leadership shakeup at Oaktree Capital. The asset manager tapped two internal executives to serve as co-CEOs of the firm, succeeding CEO Jay Wintrob, The Wall Street Journal reports. Here’s what to know about Robert O’Leary and Armen Panossian.

6. Everybody’s staying put at their jobs, but they’re not really happy about it. “Grumpy staying” is the latest phase of the constant back-and-forth between employees and employers. This is what it means.

7. No one really knows what to expect from the markets during the second-half of the year. Wall Street experts seemed to be divided on whether to brace for impact or let the good times roll during the latter half of the year. Check out a rundown on their predictions.

8. Millennials’ net worths are decreasing. The average millennial’s net worth dropped from $111,000 to $64,000 between 2020 and 2022. Fun!

9. Some skincare for your eyes. These eye creams can help minimize fine lines and dark circles. Check out recommendations from two dermatologists.

10. Stop taking terrible photos. Insider’s own Joey Hadden, who went to photo school, offers up some advice to step up your photography game. Check it out.

Curated by Dan DeFrancesco in New York. Feedback or tips? Email [email protected], tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.