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Latest memo from Howard Marks: Nobody Knows II I wrote most of this memo over this past weekend, on the heels of the tumultuous seven-day correction. But I couldn’t get it out on Monday, and that day the S&P 500 rallied by 4.5%, or 135 points, for the biggest point gain in its history. I...

Market gyrations How historic is the current market volatility? As Ritholz Wealth Management's Ben Carlson explains for Fortune, there have been 53 double-digit corrections in the stock market in the last nine decades or so, but the current one "feels different because there is the prospect of...

Indian cryptocurrency India's Supreme Court has overturned the country's ban on cryptocurrency trading by financial services firms. The court said the ban, instituted two years ago by India's central bank, was disproportionate and unconstitutional. India's Bitcoin entrepreneurs are, naturally...

How to Hedge a Coronavirus ‘Black Swan’ fund Universa made huge gains in February as markets swooned from coronavirus risk without making any assumptions about the epidemic Universa’s Mark Spitznagel said February ‘was a great month for us.’ Photo: Chris Goodney/Bloomberg News By Spencer...

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"In for a penny, in for a pound." - Arthur Wellsley, 1st Duke of Wellington

Massive Market Losses? Elect 475 For Enormous Tax Savings February 29, 2020 | By: Robert A. Green, CPA | Read it on With heightened market volatility in Q1 2020, many traders incurred massive losses. Those who qualify for trader tax status (TTS) should consider a 2020 Section 475 election to...

Illustration by Nicole Rifkin CORNER OFFICE The Untold Story of Katina Stefanova’s Marto Capital A Bridgewater star’s rocky turn. By Leanna Orr March 02, 2020 The benefit of the doubt began running dry for high-profile hedge fund Marto Capital in 2018. The misbehaving portfolio bucked...

Can’t Raise Money, Can’t Cash Out: The Hedge Fund Conundrum M&A deals for alternatives managers dropped almost 40 percent last year. Julie Segal March 02, 2020 Illustration by II Perhaps the only financiers with tougher jobs than hedge fund asset-gatherers last year were the investment...

SO SAD, SOMMELIER The ice-wine market is overheating That shattering you hear is the sound of thousands of GermanWeinliebhaberhurling their glasses against the wall. For the first time in recent history, the German Wine Institute announced a freeze on the country’s high-end sweet wine -- ice...

DIGITAL DETOXES What happens to your well-being when you stop using Facebook? Maybe you’re tired of your uncle’s political tirades. Maybe you’re sick of wall-to-wall baby pics. Maybe you’re staging a teeny-tiny privacy protest. We all have reasons for quitting Facebook. But have you ever...

GOING UP After ups and downs, Thyssenkrupp sells its elevator business at a top-floor price Thyssenkrupp, the German engineering giant,announcedlast week that it would sell its elevator business to a group of private equity companies for $18.9B -- more than 2x the value of the entire parent...

SEC Charges Former Corporate Executive with Insider Trading (HedgeCo.net) (HedgeCo.Net) The Securities and Exchange Commission has announced insider trading charges against Bradley C. Davis, a former Vice President of Nordson Corporation, an Ohio-based manufacturing company. The SEC’s complaint...

Hedge Funds Are Screwing Up Again (Daily Wealth) Hedge funds saw lousy performance last year… And this year, it looks like they’re aiming for a repeat. According to my contacts on Wall Street, the average hedge fund returned between 7% and 10% last year. And Hedge Fund Research recently reported...

Investment Objective The Fund seeks to provide investors with returns that match those of the S&P 500 Price Index, up to the upside cap of 11.01% (prior to taking into account management fees and other fees) and 10.22% (after taking into account management fees and other fees) while providing...

This Is When Hedge Funds Are Supposed to Outperform. Here’s What’s Actually Happening. “Hedge funds were rolled out as a solution to all the world’s problems, and that obviously isn’t the case,” one consultant said. Alicia McElhaney Amy Whyte February 28, 2020 (SeongJoon Cho/Bloomberg) A...

Hackers Hit $34B Angeles Investment Advisors The firm’s chief investment officer is the latest known victim of a sustained cyber attack. Leanna Orr February 28, 2020 Illustration by II Hackers this week took over the email account of Michael Rosen, chief investment officer of consulting...

AmEx signups The Wall Street Journal reports that American Express salespeople have been "strong-arming" small business owners to boost signups for its credit cards. According to the piece: "the salespeople have misrepresented card rewards and fees, checked credit reports without consent and...

New cases Markets aside, the coronavirus marches on. The U.S. has had its second death. Berlin has its first case, as does Indonesia. There has now been a community transmission of the virus in Australia. Mohammad Mirmohammadi, a top advisor to Iranian supreme leader Ali Khamenei, has died from...