It's almost Friday! Dan DeFrancesco in NYC, and if you're trying to stay fit but not interested in participating in Dry January, here's some tips from an elite CrossFitter who's not afraid to let loose from time to time. 

On tap, we've got stories on a hedge fund that hit it big in 2022 betting against the market, a $50 million fine for Coinbase, and what a meal at the top fine-dining restaurant is like. 

But first, it's all about diversification.

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1. RedBird's big bet. 

There's no shortage of financial firms looking to invest in sports these days. Whether it's the potential for big returns or just a desire to raise their personal brand, plenty of Wall Streeters are dabbling in sports ownership.

But one firm that's already well established in the space is looking to quietly diversify itself beyond the pitch.

RedBird Capital, which is run by former Goldman Sachs' partner Gerry Cardinale, has a high-profile list of investments in sports and entertainment, including soccer club AC Milan and Skydance Media, the film studio behind "Top Gun: Maverick." And now it is investing in things like... speciality insurance brokers.

RedBird is going against the tide, building out an arm to focus on less-flashier deals in financial services, Insider's Hayley Cuccinello and Dakin Campbell report. 

It might seem odd to make that kind of move when you could be helping the New York Yankees or Dallas Cowboys cut deals. But one of the first lessons in finance is the importance of diversification. With seemingly everyone interested in sports these days, Cardinale is smart to want to hedge his firm. 

Those flashier investments also won't hurt RedBird's bid to build out other arms of its business.

Sure, any competent investment firm can woo a potential client with some courtside seats. But how many can get them in the locker room or a seat at a movie premier?

Click here to read more about RedBird Capital's push into financial services. 

In other news:

2. Coinbase got hit with a $50 million fine over not keeping tabs on its customers. The crypto exchange also agreed to pay $50 million to improve how it vets customers and transactions. More on how Coinbase missed a mountain of internal warnings.

3. This Bank of America exec is leading the bank's charge to offer no-down-payment mortgages to the disenfranchised. AJ Barkley is leading BofA's $15 billion initiative that's focused on serving multicultural and historically underserved communities. Here's a look inside her mandate.

4. Goldman Sachs' staffers are outraged over having to pay for their own coffee. Some employees at the bank, which pays first-year investment bank analysts $110,000 in base compensation, are up in arms over the coffee clampdown, the New York Posts reports. 

5. Sometimes it pays to be pessimistic. A fund launched in April 2021 by Eagle's View Capital that bet on a market downturn enjoyed a 163% return in 2022, Bloomberg reports. Read more on how the Debbie Downer hit it big.   

6. Everything you need to know about landing a summer internship on Wall Street. We've got the ultimate guide for nabbing a summer analyst gig. Check it out and then start investing in Patagonia vests. 

7. Mala Gaonkar's hedge fund just made its long-awaited debut. SurgoCap Partners entered the fray this week with $1.8 billion in capital, making it the biggest launch of a women-led hedge fund, Bloomberg reports. For more on Gaonkar, who made a name for herself as a founder partner at Lone Pine, check out our profile on one of the industry's more interesting characters.

8. People who are banking on dealmaking to improve are expecting dealmaking to improve. Top Goldman dealmakers told Reuters they are confident that M&A activity will ramp up in the second half of 2023.

9. Here's some things you shouldn't say to your boss. From dishing on last night's hook-up to gossiping about colleagues, here are some convos you should steer clear of with your manager.

10. This is what it's like to eat at the best fine-dining restaurant in the US. Insider's Ashley Probst takes you inside what a meal is like at Hawaii's Lahaina Grill, which was rated by Tripadvisor as the top fine-dining restaurant in 2022. Here's her review, including pics of every dish.

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