Smoking Is Officially Uncool

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The key to a $1.3T opportunity

A new trend in real estate is making the most expensive properties obtainable. It’s called co-ownership, and it’s revolutionizing the $1.3T vacation home market.

The company leading the trend? Pacaso. Created by the founder of Zillow, Pacaso turns underutilized luxury properties into fully-managed assets and makes them accessible to the broadest possible market.

The result? More than $1b in transactions, 2,000+ happy homeowners, and over $110m in gross profits for Pacaso.

With rapid international growth and 41% gross profit growth last year, Pacaso is ready for what’s next. They even recently reserved the Nasdaq ticker PCSO.

But the real opportunity is now, before public markets. Until 5/29, you can join leading investors like SoftBank and Maveron for just $2.80/share.

Invest in Pacaso today.

_{This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.}

Hello World! It’s Sunday, and we’re looking back at five big stories that shaped the week:

• Cigarette Sales Hit Record Lows: Smoking in the U.S. continues its decades-long decline, with 2022 marking the lowest sales level since tracking began.

• Meta Moves into Defense-Tech: A new partnership with Anduril hints at Meta’s ambition to tap into the booming defense market — where Palantir has soared.

• Thames Water Faces Record Fine: The UK’s largest water utility is hit with £122.7M in penalties for environmental failures and dividend missteps, adding to its £16B debt pile.

• India Becomes Top Source of U.S. Students: Indian student enrollment surges past China, while overall international student numbers in the U.S. surpass pre-pandemic levels.

• Trump’s Tariff Bill May Boomerang: A federal court ruling could force the U.S. to refund billions in customs revenue, just as Trump proposes even more aggressive trade measures.

Has Smoking Burned Out? U.S. Cigarette Sales at Historic Lows

Smoking in the U.S. has sharply declined over the past four decades. In 2022, cigarette sales hit a record low of 173.5 billion — the smallest figure since the FTC began tracking in 1963. Sales have dropped more than 70% since their peak in the 1980s, even as tobacco companies spent $8 billion on advertising and discounts. The number of adult smokers also fell to 28.8 million in 2022, down from 51.6 million in 1980, marking a 44% decline. Smoking, it seems, has truly lost its cool. 🚬🆒👎

Meta Eyes Defense-Tech Gains with Anduril Deal

Meta is partnering with military tech firm Anduril to co-develop products like the AI-powered “Eagle Eye” helmet, echoing Palantir’s successful defense-focused strategy. 🦅🪖 While Meta’s stock has risen 82% since late 2023, it pales in comparison to Palantir’s 616% surge. The move suggests Meta wants a slice of the defense-tech market, where investor enthusiasm has driven Palantir’s valuation to a lofty 66x forward sales — far above Meta’s 8x and the Nasdaq average of 6x.

Thames Water Drowning in Debt and Record Fines

Thames Water, the UK’s largest water supplier, has been fined a record £122.7 million by Ofwat for failing its customers and harming the environment. Most of the penalty stems from sewage spills and poor wastewater management, with an additional fine tied to unjustified dividend payouts. Already burdened with nearly £16 billion in debt, the company’s financial troubles date back to its privatization and deepened under previous ownership by Macquarie. With further penalties looming, Thames Water’s future remains uncertain. 🫠🛟🌊

China Out, India In — The New Face of Global Education in the U.S.

International student numbers in the U.S. have rebounded post-Covid, hitting 1.13 million in the last academic year — the first time surpassing pre-pandemic levels. India has overtaken China as the top source, with over 331,000 Indian students now enrolled.🇮🇳🧑‍🎓 While Chinese enrollment continues to decline, countries like Nigeria and Bangladesh saw double-digit growth. International students now make up 5.9% of the U.S. student population and contributed around $50 billion to the economy in 2023.

Billions In, Billions Out? Trump’s Tariff Windfall Faces a Refund

Trump’s tariffs have pumped up U.S. customs revenue to record levels — nearly $40 billion since April — but a court ruling may force the government to give much of it back. The U.S. Court of International Trade struck down tariffs based on the International Emergency Economic Powers Act, including sweeping levies on China, Mexico, and Canada. While Trump’s team may appeal or pivot to other trade laws, the outcome could still leave America refunding billions — all while federal debt surges and Trump’s $3.8 trillion tax plan looms. 😬

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