'Quiet vacationing' shows how sad America's work culture has become

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Happy first day of summer! With the changing of the seasons, it's worth reassessing your wardrobe. These are the summer accessories you should ditch. (No more cargo shorts!)

In today's big story, we're looking at why the rise of "quiet vacationing" shows the depressing state of America's work culture.

What's on deck:

• Markets: Private equity's push into investing in law firms is a disaster, according to one attorney.
• Tech: It seems like not even the streamers can save pay TV.
• Business: Top MBA grads are vying for a spot in this private-equity firm's CEO-In-Training program.

But first, I might be a bit slow to respond.

If this was forwarded to you, sign up here.

The big story

Down-low vacation

Are you working today, or are you "working" today?

If you're unfamiliar with the distinction, let me introduce you to a new workplace phrase: quiet vacationing.

The idea is to take some time off without officially informing your employer. The result is a quasi-vacation where you might shoot off emails and respond to Slack messages between drinks at the swim-up bar.

Naturally, it's a concept championed by those loveable workaholics, millennials.

Depending on your position on the workplace spectrum, that might sound like an ideal setup or the sign of a lazy worker.

But Business Insider's Emily Stewart argues workers feeling too stressed to fully take time off is a sad example of America's work culture.

It's not an unfounded fear, either. One piece of research found men at a consulting firm were rewarded for giving the impression they were workaholics despite actually pulling back on work.

Either way, it's a trend that's unlikely to die down in the near term.

As I previously wrote, the rise of WFH Fridays is the perfect complement to quiet vacations. And summer presents plenty of opportunities for on-the-sly trips.

Look no further than July 5, the Friday after Independence Day, which is sure to have plenty of people "working."

Personally, I blame the hesitancy to fully unplug on one man: Wally Pipp.

Pipp was the New York Yankees' first baseman, twice leading the American League in home runs and helping the Yankees win a World Series in 1923.

But, as legend goes, on June 2, 1925, Pipp asked out of the lineup due to a headache. His replacement was Lou Gehrig, who went on to play in more than 2,100 consecutive games en route to a legendary career.

Now, Pipp's name is synonymous with the risk of taking your foot off the gas. Long before "FOMO" there was fear of getting "Wally Pipped." It also makes for great fodder for LinkedIn influencers who tout the importance of #hustleharder.

And with the threat of layoffs ongoing, it's no wonder people might not want to be seen taking it easy.

The irony is that quiet vacationing could arguably put you in a worse position for your job these days. As companies continue their efficiency push, taking longer to do your work because you're secretly out of town might be a bigger sin than just taking time off.

Better to put in 100% effort 80% of the time than 80% effort 100% of the time, one could argue.

3 things in markets

1. How dreams of upending the legal industry with private equity became a nightmare. Arizona permitting non-lawyers to invest in law firms created what trial lawyer Steve German initially saw as a "revolutionary" opportunity "to do good." But his partnership with Miami investment firm 777 Partners quickly soured, and now German is a vocal critic of Arizona's hands-off approach.
2. The cost of delaying rates could be fatal for the economy. Famed economist Mohamed El-Erian warned the Federal Reserve's higher-for-longer approach to interest rates is creating and deepening vulnerabilities in the economy. As it stands, he sees the recession risk at 35%.
3. Russia's largest private bank is expanding to China. Alfa Bank PJSC is applying to build new offices in Beijing and Shanghai after being hit by US sanctions. The move is a nod to Russia and China's increasingly intertwined, "no-limits" partnership.

3 things in tech

1. Pay TV is falling fast. Pay-TV subscriptions have been declining for years, but the start of the year ushered in the worst quarter in pay-TV's history. Even digital pay-TV subscriptions like YouTube TV, which were once promising, are starting to falter.
2. Some Amazon employees were fuming over a private Foo Fighters concert for senior leaders. Internal Slack messages viewed by BI show Amazon employees slamming the company for the concert, which was just for director- and vice president-level employees. "Meanwhile, there's no budget for a monthly happy hour on our team," one employee wrote.
3. Businesses' embrace of generative AI is about to get messy. A vast majority of US companies are adopting generative AI tools — and at an unusually fast pace, according to a survey from Bain & Company. Now, they actually have to make money from these big investments.

3 things in business

1. How to grow a CEO. One private-equity firm has a training program that promises to pipeline MBA grads into CEO roles at their portfolio companies. Described by one alum as "turbocharged entrepreneurship," it's harder to get into than Harvard.
2. For TV companies, the cost of sports might be Hollywood. Media companies are shelling out billions to vie for sports broadcasting rights, which have never been more important for viewership. They've also never been more expensive. That high price tag could spell disaster for Hollywood as media execs pull funding from entertainment budgets to cover costs.
3. Dell workers are rejecting RTO. Almost half of the company's full-time US workforce have rejected its return-to-office push, data seen by BI shows — and those workers are ineligible for promotion if they stay remote. BI spoke with 11 Dell employees on why they made that choice.

In other news

• The egg-freezing industry's shady sales pitch.
• Nvidia is throwing its weight around — and even Amazon is bowing down.
• Digital advertisers want "premium content" — but are in a battle over how to define it.
• Apple exec explains why you wouldn't want to run Apple Intelligence on your older iPhone.
• There's a pipeline of former Tesla staffers to Elon Musk's shiny new startup xAI.
• Fewer Microsoft employees think they're getting a 'good deal,' internal survey shows.
• The Caitlin Clark culture war sums up our garbage treatment of female athletes.
• The curious case of Reddit's surging traffic.
• Here are the highest-paid CEOs in the US, some of whom have 9-figure compensation packages.

What's happening today

• The summer solstice, the longest day of the year and the official start of summer, is today. Enjoy the extra sunlight!
• SpaceX's Polaris Dawn mission launches.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. George Glover, reporter, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.