We got crypto guidance

Good morning investors! Gas is now at a three year high as the situation declines to get better in the Middle East.

Today we cover:

📊 Economy and News

The U.S. Securities and Exchange Commission (SEC), joined by the CFTC, released an interpretation classifying crypto tokens into five categories:

Federal securities laws apply only to digital securities. Most cryptocurrencies are not considered securities.

A non-security asset could still fall under securities rules if promoted as an investment in a common enterprise with expected profits.

Atkins emphasized moving from "diagnosing problems to delivering solutions." He proposed a safe harbor framework — including a "fit-for-purpose startup exemption" — to ease token sales and capital raising for crypto firms while protecting investors.

A formal proposal on safe harbors is expected soon for public comment. This includes incorporating an "innovation exemption" for new business models.

The guidance supports broader SEC plans to adapt regulations for cryptocurrencies and blockchain trading. Atkins reiterated that most cryptos do not require SEC registration and disclosures.

Reminder: US home prices to crawl higher as 30-year mortgage rates stick near 6%. Furthermore, OpenAI preps for IPO by end of year, tells employees ChatGPT must be ‘productivity tool’.

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📈 Stocks

S&P 500 6,716.09(+0.25%)
DJIA 46,993.26 (+0.100%)
NASDAQ 22,479.53 (+0.47%)
BRENT CRUDE 102.6 (-0.11%)
* Prices as of Mar 18th, 12:20 AM UTC

Lululemon s for its fiscal 2026. The athleisure company is expecting first-quarter sales to be between $2.40 billion and $2.43 billion, weaker than estimates of $2.47 billion.

The company topped Wall Street’s expectations for its fiscal fourth quarter. Sales rose slightly to $3.64 billion, up about 1% from $3.61 billion a year earlier.

This year, Lululemon expects tariffs to cost the company $380 million, up from $275 million last year, on a gross basis. Once mitigation efforts are taken into account, the net impact is expected to be $220 million in 2026, up from $213 million in 2025. 

Surprising: Tesla to buy $4.3 billion of LG Energy battery cells from disbanded GM plant. In other news, Nissan joins Toyota, Honda in plans to export U.S. cars to Japan.

💵 Personal Finance

In many households, the arrival of a report card sparks a familiar question: Should parents offer cash rewards for strong academic performance? It's a tempting strategy—after all, adults work for paychecks, bonuses, and raises, so why not mirror that structure for school? Yet, real-world experiments and parenting experiences reveal a more nuanced picture. While financial incentives can spark short-term gains, they often fall short of building lasting engagement with learning.

Consider a common family scenario: Parents promise a new gadget or money for straight A's, and initially, it works—the child studies harder, turns in assignments on time, and brings home impressive marks. But once the reward is claimed, motivation often fades. The same child may revert to minimal effort or even resent schoolwork without a payout. This mirrors classic extrinsic motivation pitfalls, where external rewards drive behavior only as long as the prize is available.

Research supports this mixed outcome. Economist Roland Fryer's large-scale studies in the mid-2000s, involving over 18,000 students across cities like Chicago, Dallas, New York, and Washington, D.C., paid millions in incentives. Direct payments for test scores or final grades showed little to no lasting improvement. However, rewarding controllable inputs—like hours studied, books read, or homework completed—yielded better results, sometimes boosting achievement equivalent to months of additional schooling. The key insight: Incentives succeed when tied to actions students can influence, not unpredictable outcomes like a specific letter grade.

For families with multiple children, the approach gets trickier. A naturally gifted student might earn rewards effortlessly, while a sibling with learning challenges or different strengths struggles and receives little. This can breed resentment, sibling rivalry, or demotivation in the child who needs encouragement most. Fairer alternatives include rewarding effort universally—such as consistent study time or seeking help when needed—rather than raw results. This levels the playing field and emphasizes process over innate ability.

The bigger risk lies in undermining intrinsic motivation—the genuine curiosity and satisfaction that come from mastering a subject. Psychological studies show that heavy reliance on extrinsic rewards can reduce enjoyment of the task itself. Students may focus on the minimum required to earn the prize, then disengage once it's gone. Linking school to a paycheck also sets unrealistic expectations: Unlike jobs, schools lack "firing" or other consequences, so kids might opt out of effort without immediate repercussions, fostering a sense of entitlement or minimalism.

Ultimately, short-term bribery has its place—when parents need quick compliance or a child faces temporary disengagement. But for long-term success, prioritize fostering a love of learning. Connect school subjects to a child's passions (e.g., math through video game design or history via favorite stories), celebrate progress with praise or non-monetary perks, and model enthusiasm for knowledge. These build resilience, curiosity, and self-driven habits that serve far beyond report cards.

If considering cash incentives, keep them targeted at effort, transparent across siblings, and paired with ongoing discussions about why learning matters. The goal isn't just better grades—it's raising engaged, lifelong learners who value education for its own rewards.

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