Good morning, friends!

Donald Trump’s second inauguration is tomorrow. As you know, I don’t typically write about politics in this newsletter, but you may notice that today’s “highly recommended” profile features a political figure — Susie Wiles.

Wiles will make history as the first female chief of staff in the United States. Regardless of where your political beliefs lie, I think you’ll find her profile both fascinating and informative.

When I reflect on recent elections, one word comes to mind: division. Polarization has grown so severe that it has fractured many Americans’ relationships and friendships over differing political views. With each election, I hold out hope that our society can move toward greater moderation, understanding, and empathy.

This reminds me of a Profile Dossier I wrote on Robert Caro, the Pulitzer Prize-winning journalist and author known for his biographies of Robert Moses and Lyndon B. Johnson. When Caro began reporting on Johnson, he realized that to truly understand the man, he needed to immerse himself in the world that shaped him — the remote Texas Hill country.

While spending time there, Caro had a pivotal realization: “I’m not understanding these people, and therefore I’m not understanding Lyndon Johnson.” He made a bold decision. He and his wife moved from New York to Texas, living there for three years so he could observe and deeply understand Johnson’s upbringing and environment. “That was Lyndon Johnson’s world,” Caro said. “A lot of things that people didn’t understand about Lyndon Johnson become very clear if you just learn about the place where he grew up.”

When we don’t understand, we shun. But instead of turning away from what he didn’t know, Caro leaned into his ignorance and worked tirelessly until Johnson’s motivations, actions, and incentives became crystal clear. This level of curiosity is rare today, but it’s worth asking ourselves: “Before I judge, what steps can I take to better understand?”

I hope this spirit of curiosity and empathy carries us into 2025 and beyond. Wishing you a wonderful week ahead.

— Polina

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NYC EVENT: I’ll be doing a fireside chat at Soma Capital in NYC on Friday, Jan. 24 at 5 p.m. I’ll talk about interview techniques, storytelling, and the ups & downs of building a business. Register, and join me here.

PROFILES.

— Donald Trump’s chief of staff [**HIGHLY RECOMMEND**]
— New York’s Chinese spy
— The Swiss sneaker brand outrunning Nike and Adidas
— The buyout firm that wants to be No. 1
— The smart refrigerator door company under fire

PEOPLE TO KNOW.

Donald Trump’s chief of staff: Susie Wiles, 67, is the first woman to hold one of the most important and precarious jobs in Washington — chief of staff to President Donald Trump. She last worked in the federal government in Washington more than four decades ago as a 23-year-old White House scheduler and then at the Labor Department. A veteran political strategist and lobbyist who ran Trump’s 2024 campaign with a disciplined hand, she has lasted a remarkable eight years in the president-elect’s circle. Today she is by far his closest aide. (The New York Times; alternate link)

“This job is not guaranteed. But I’m going to try my best and give it everything I have.”

New York’s Chinese spy: Shujun Wang, a historian who migrated to the United States from China in 1994, he had written many books on military and naval history, including one about the heroism of the U.S. Navy in the Pacific during the Second World War. Starting in the mid-2000s, he had also been a member of a community of Chinese dissidents in the United States who oppose the Chinese Communist Party and push for democratic reforms in China. Wang became a recognizable face within the organization, managing its media relations and working to publicize the foundation’s activities in New York’s Chinese-language newspapers. Secretly, according to federal investigators, he was working for China’s Ministry of State Security. (The New York Times; alternate link)

“I felt he was always trying to get people to drop their guard.”

COMPANIES TO WATCH.

The Swiss sneaker brand outrunning Nike and Adidas: Swiss sneaker brand On has rapidly grown to dominate the running shoe and comfortable sneaker market. Founded by a Swiss triathlete and two business partners, On capitalized on Nike and Adidas’ missteps, carving a niche as a premium performance and lifestyle brand. The company has experienced significant growth, surpassing $2.5 billion in annual sales in 2024, but it faces challenges in balancing credibility among athletes and appeal to casual wearers. With celebrity endorsements like Zendaya, innovative manufacturing technologies, and global expansion plans, On aims to compete with industry giants while maintaining its unique identity. (Bloomberg; alternate link)

“They’re the Apple of running.”

The buyout firm that wants to be No. 1: Armed with $50 billion in dry powder, Swedish private equity firm EQT believes it can become the number one buyout firm in Asia and Europe, despite its lack of interest in the booming private credit business. “We should be number one in Asia, we should be number one in Europe and we should be in the top five in the U.S. in the areas where we invest,” says EQT founder Conni Jonsson. Here’s how he plans to get there. (Forbes; alternate link)

“We’re owners. We don’t buy paper, we buy companies.”

The smart refrigerator door company under fire: Walgreens’ attempt to revolutionize its stores with smart refrigerator doors developed by Cooler Screens has turned into a $200 million debacle. The high-tech doors, which displayed ads and obscured fridge contents, frequently malfunctioned, frustrating shoppers and store employees alike. Amid legal battles, Cooler Screens’ CEO cut data feeds to hundreds of Walgreens stores, escalating tensions further. Walgreens has since removed the screens, and Cooler Screens has pivoted to focus on software, aiming to salvage its technology with other retail partners like Kroger. How did this company spark an in-store ad revolution? (Bloomberg; alternate link)

“It just seems like this shammy thing. They’re solving a problem that didn’t exist.”

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