Good morning, Broadsheet readers! The Biden administration attempts to make childcare more affordable, Kim Kardashiantries to buy back Coty’s stake in her brand, and Lindsey Vonn’s skiing career taught her about investing. Have a thoughtful Thursday.
– Beyond the slopes. After retiring from competitive skiing in 2019, Olympian Lindsey Vonn has dipped her toes into the world of investing. The three-time Olympic medalist approached building a portfolio the same way she thought about her years of brand deals as an athlete: with a long-term mindset.
For 20 years, she’s represented Red Bull and Under Armour. For 15, she’s been a spokesperson for Rolex. “I don’t ever look at anything short-term,” she says. “It served me well in my career. And now in this new investment world.”
Vonn spoke with journalist Jo Ling Kent at the Fortune Brainstorm Tech conference in Park City, Utah, this week.
As an investor, Vonn has backed the injury-prevention company Hyperice and the at-home fitness brand Tempo. She’s a backer of Angel City FC, the Los Angeles-based women’s soccer team.
“I look at investing in the same way I looked at relationship-building for my brand, and what partners I chose to work with,” Vonn added. “It’s what’s authentic to me, what I believe in, what I use, what I believe is going to be a value long term.”
Vonn also started the Lindsey Vonn Foundation, which aims to help girls grow and gain confidence by following their passions, from art to athletics. She hopes to counteract the drop-off in sports that happens when girls reach their teenage years. “I’m here to try to tell them that they can and give them the skill set,” she says.
Her years as a professional athlete—navigating injuries and mental health challenges—taught her that grit is the most important quality.
“Successful people are determined and gritty,” she says. “It’s not the smartest people in the room. It’s the people that are willing to sacrifice the most to be the best.”
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
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ALSO IN THE HEADLINES
- Affordable childcare. The Biden administration put forward new proposals intended to make childcare more affordable. After signing an executive order in April, President Joe Biden proposed capping copays for working-class families whose care is funded by a federal program at no more than 7% of income. CNN
- Bad look. As SAG-AFTRA prepares for a potential strike, the union's president Fran Drescher has been criticized for traveling to a fashion event in Italy just before a looming contract deadline. Variety
- Buy back. Kim Kardashian is reportedly in talks to buy back a 20% stake in her skincare brand SKKN that she sold to Coty. The business was valued at $1 billion when she sold the stake to the beauty giant three years ago. Wall Street Journal
- New bill. Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) unveiled their new crypto legislation Wednesday. The bill tackles everything from from market structure to stablecoins, with efforts to appease both crypto die-hards and skeptics. The path forward for passage is so far unclear. Fortune
IN CASE YOU MISSED IT
- Lucky No. 13. Maine will be the 13th state to require employers to offer workers paid family and medical leave under a new law signed by Gov. Janet Mills, a Democrat. Workers and employers will jointly pay for the program, with workers' contributions amounting to 1% of wages or less. The leave takes effect in 2026 and will apply to employers with 15 workers or more. Bloomberg
- Remote benefits. Remote work has driven a surge in women's employment. After the initial loss of women from the workforce at the onset of the pandemic, work-from-home may now have expanded the labor force by as many as 1.3 million women. Insider
- Back on the court. As Wimbledon nears its final, Elina Svitolina is a player to watch. The Ukrainian took two breaks from the sport—one to recover from the trauma of Russia's invasion and another after welcoming her first child. Now she's back. Wall Street Journal
ON MY RADAR
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Inside Barbados's historic push for slavery reparationsTime
PARTING WORDS
"I’m doing the thing and subverting the thing."
—Director Greta Gerwig on the Barbie movie
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