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  • 22 Jan 2015 at 3:38 PM

Bill Gross Likes The Taste Of A Home-Cooked Meal

Mmmmmmm.A couple of weeks ago, the folks who run Janus Capital were surprised to learn that most of the money pouring into Bill Gross’ Unconstrained Bond Fund was coming from his broker. More than half of the $1.4 billion managed by the fund, in fact.

Were Bill’s friends, colleagues and neighbors flocking to him in a nine-figure show of support for their unconscionably dethroned king? Not exactly. The full story is that every single penny of that more than $700 million is Bill’s own, which means he’s set up a pretty sweet little family office for himself inside Janus’ new Newport Beach office.

Is Janus concerned by this not-entirely-surprising turn of events? Not in the slightest. Read more »

the league 2“We want people to think of The League as a little more grown up and tasteful, for young professionals who want to go out for a coffee or a drink and aren’t just about hooking up,” Bradford says. To get only the most serious singles, Bradford feels it’s important to be highly selective rather than target hard-partying college students…Unlike Hinge and Tinder, The League relies more on LinkedIn than Facebook to determine who is up to snuff. Bradford says she and her friends frequently LinkedIn-stalk dates before meeting them for coffee to make sure they aren’t scary and that their goals align. [BI]

Will No One Heed Paul Singer’s Clarion Call?

You'll all be sorry. You'll see.

You’ll all be sorry. You’ll see.

Paul Singer has not been shy about expressing his feelings about the Federal Reserve. In effect, the hedge-fund billionaire’s argument is that quantitative easing is the root of all evil in the world and must be stopped.

Well, even though the Fed has stopped buying bonds, Paul Singer is not satisfied that he has been heard. And so he’s taken his message to Davos. Alas, no one appears to be listening on that side of the Atlantic, either. Read more »

  • 22 Jan 2015 at 11:15 AM

Bonus Watch Q4 ’14 (and ’15): Brokerages

You gotta spend money to, well, you know the rest. And so, apparently, do James Gorman, Brian Moynihan and John Stumpf. Read more »

Opening Bell: 1.22.15

big footFamily Dollar shareholders approve Dollar Tree deal (Reuters)
Family Dollar Stores Inc’s shareholders approved the discount retailer’s deal to be bought by Dollar Tree Inc (DLTR.O), effectively putting Dollar General Corp out of the race to buy the company. About 84 million shares were voted in favor of the deal, representing 74 percent of the total outstanding shares.

Schneiderman makes another splash in Barclays dark pool (NYP)
Attorney General Eric Schneiderman filed an amended complaint against the British bank, claiming that two of its top executives aren’t cooperating with the office’s investigation into one of its “dark pools.” The complaint also names additional instances of when Barclays misrepresented its trading platform to investors. The new accusations come as the AG’s office has combed through hundreds of thousands of additional documents since making its initial accusations in June, according to an official from the AG’s office who wasn’t authorized to speak about the case. The complaint points to William White, head of electronic trading, and his second-in-command, David Johnsen, head of product development, as refusing to cooperate with the probe. It’s the first time any names have been singled out in the case.

How Greece and Germany Brought Europe’s Long-Simmering Crisis Back to a Boil (WSJ)
Greek Prime Minister Antonis Samaras, under pressure at home to end his country’s financial bailout regimen, sought help last spring from German Chancellor Angela Merkel about relieving some of Greece’s debt. Ms. Merkel asked an interpreter to translate the phrase “debt relief,” according to people familiar with the meeting. Then she told Mr. Samaras: “It doesn’t sound as good in German.” The retort was an early sign Greece could expect little clemency from its German-led creditors.

Best Hedge Fund in Sweden Posts Historic Volatility Returns (Bloomberg)
“It’s become more exciting,” Chief Executive Officer and Co-Founder Svante Bergstroem said in an interview in Stockholm. “The second half of 2014 was very positive for us and since April we have had nine consecutive months with a plus, which we have never had in the history of the fund.” The $5.5 billion fund has profited from disruptions caused by a slumping oil price, central bank stimulus and even sanctions against Russia. The fund’s investments are determined by its proprietary model, which tracks patterns in financial markets, Bergstroem said.

Patriots Deflation Scandal May Cost Team NFL Draft Pick, Fine (Bloomberg)
The New England Patriots face a potential fine or loss of draft picks if a National Football League investigation finds the team broke rules by deflating footballs used in its conference championship game victory. The NFL’s probe found that 11 of the 12 balls supplied by the Patriots and used by their offense in the 45-7 win over the Indianapolis Colts on Jan. 18 were underinflated by about 2 pounds per square inch below the league’s 12.5 to 13.5 PSI requirement, according to ESPN. Balls inflated to less than the required weight may be easier for a quarterback to throw and receivers to catch, particularly in wet or cold conditions.

Meth-Drone Crashes Near US-Mexico Border (AP)
Police in a Mexican border city said Wednesday that a drone overloaded with illicit methamphetamine crashed into a supermarket parking lot. Tijuana police spokesman Jorge Morrua said authorities were alerted after the drone fell Tuesday night near the San Ysidro crossing at Mexico’s border with California. Six packets of the drug, weighing more than six pounds, were taped to the six-propeller remote-controlled aircraft. Morrua said authorities are investigating where the flight originated and who was controlling it. He said it was not the first time they had seen drones used for smuggling drugs across the border. Read more »

Write-Offs: 1.21.15

$$$ Bank of Canada Cuts Rates to Protect Its Hot Housing Market [Bloomberg]

$$$ Chris Rokos, who generated more than $4 billion as a trader at Brevan Howard Asset Management, will start his own hedge fund with the backing of his former employer after settling a lawsuit against the firm. [Bloomberg]

$$$ Hold the Garlic: How to Feed the World Elite at Davos [Bloomberg]

$$$ EBay Announces Job Cuts, Icahn Pact [WSJ]

$$$ Man, 20, Cops Plea To Lewd Act With Stuffed Horse Inside Walmart [TSG] Read more »

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It may not have kept anyone from going to Davos, but people are still pretty pissed at the Swiss over the whole surprise-scrapping-of-the-franc-euro-cap thing. Granted, those people are mostly ones who lost a great deal of money in the ensuing surge in the franc, but such people are legion. For instance, BlueCrest Capital’s Peter von Maydell and COMAC Capital’s Colm O’Shea, who no longer have hedge funds to run. Or Fortress Investment Group’s Mike Novogratz, who hasn’t quite lost as much on the franc as he has on the bitcoin, but who still already has an 8% hole to dig out of this year. Or Interactive Brokers Group, which is pretty sure the $120 million it has lost on the mess isn’t coming back. Read more »