How is it possible that the best morning briefing on Wall Street is not written by Bloomberg, Dow Jones, Reuters, the Wall Street Journal, Morning Brew, Goldman Sachs or JPMorgan?

The Wall Street newsletter that junior bankers read is Exec Sum and it’s published by Litquidity Capital, a firm with one full-time employee and a few part-timers.

It’s mind-blowing that one guy launched a newsletter a few years ago that does a better job than the titans of media and finance who have been at this for decades.

But it makes more sense when you understand making content is hard. The best newsletters have a voice and foster community and that can be challenging for big media.

Litquidity connected with its community by publishing memes aimed at financial bros. The memes, which started in 2017, are on an Instagram account approaching 800,000 followers.

Exec Sum has 250,000 subscribers that skew young. When you sign up it asks for your age. There are four groups: 18-24; 25-34; 35-44 and 45-55. Presumably, no one over 55 need apply.

Litquidity’s founder is a former banker who goes by the pseudonym of “Lit.” Based on podcast interviews, Lit grew up in Miami and went to an Ivy League school. He worked on the sell side in investment banking and the buy side in private equity. He’s in his 30s.

Litquidity makes money from advertising and a recruiting business in collaboration with the executive search firm Whitney Partners. Lit also scouts for Bain Capital and makes investments. Last year he expected Litquidity to generate about $2 million in revenue.

Lit has hired a few part-time writers and editors, including a friend of mine named Jack Raines, who is getting his MBA at Columbia University. Jack also writes a blog called Young Money that embodies the irreverent spirit of Gen Z.

One reason Exec Sum is so good is that it keeps the format and graphics simple. It starts sober with news and ends light with memes. It educates and entertains, two hallmarks of the best online writing. Simplicity is harder than you might think.

After the headlines, the newsletter has sections for markets, M&A, VC, IPOs, bankruptcy and crypto, among others. It’s accessible, but aimed at the professionals. It’s a long way from Morning Brew or the Skimm, which target broad audiences. Each link has a short summary.

One advantage over traditional media is that Exec Sum isn’t boxed into promoting its own content. That allows it to curate the best stories from any publication.

Another is that it has a personality, with recurring likes and dislikes.

My favorite is a disdain for pickleball.

“Pickleball is a zero interest rate phenomenon,” Exec Sum wrote recently. “Tennis ain’t goin anywhere.”

It’s hard to imagine big media taking a stand against Pickleball.