Here’s what you need to know today

• Australian online bookseller Booktopia has been bought out of administration by online electronics retailer digiDirect. While the price wasn’t disclosed, it will be a fraction of Booktopia’s one-time $400 million valuation.
  
  

• The AFR have reported on the absolute lobbying bonanza that is underway in Canberra as industries lobby for funding under the government’s Future Made in Australia plan. From chocolate to natural gas, caravans to software, it seems the only industry not looking for government support is the lobbying industry.
  
  

• Speaking of the Australian government, the latest estimates from Treasury suggest that the falling price of iron ore could lead to a $3 billion hole in the budget. The budget assumed $83 a tonne for iron ore, it is currently at $81.80 a tonne, the lowest level since November 2022.
  
  

• Australia’s Reporting Season kicked off its second week with a disappointing result from A2 Milk that saw its share price fall 18%. On the other hand, Audinate saw shares jump 11% after reporting revenue up 28%.
  
  

• Now a private company, it can be hard to get data on Elon Musk’s X (formerly Twitter). However, one estimate suggested that ad revenue is down 24% this year. Which helps explain why X is suing its former advertisers.
  
  

• If you thought we’d reached peak-weight loss drug, think again. Another Danish weigh loss drug maker, Zealand Pharma, has revealed its new drug petrelintide offered similar weight loss to Ozempic with fewer side effects in its first trial.
  
  

• Just when we thought Paramount Global had a new owner, there is another twist. The American owner of Australia’s Channel 10 is now subject to the battle of the heirs: Edgar Bronfman Jr. heir to the Seagram fortune and David Ellison son to Oracle co-founder Larry Ellison.

What the…?

Dyson has built a reputation for the world’s best movers of air. Vacuum cleaners, hand dryers, heaters, hair accessories, if you need to move air, there’s only one company you turn to.

Dyson has surprised everyone with their latest products: hair styling cream. And they’re serious about it as this Vogue deep dive explains.

Investing is a lifelong journey

Here’s what you can learn today.

Morgan Housel: A Few Little Ideas And Short Stories

Morgan Housel is the author of one of our favourite investing books, The Psychology of Money. In this article he shares a number of little insights and stories on business and life more generally.

From Howard Marks’ insights to why so many World War 2 veteran hated the Red Cross. Or why Charlie Munger loved the Costco CEO to Mr Beast’s lessons on YouTube success, they are some good lessons for your investing life. Or at the very least, some good stories for your next dinner party.

Today’s sponsor is iShares by BlackRock

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