2015 Is Turning Out to Be a Terrible Year for Investors (Bloomberg)
Rounding out its steepest quarterly descent in four years, the MSCI All Country World Index of shares is down 6.6 percent in 2015 including dividends. The Bloomberg Commodity Index has slumped 16 percent, while a Parker Global Strategies LLC index of currency funds dropped 1.8 percent. Fixed income has failed to offer much of a haven: Bank of America Corp.’s global debt index gained just 1 percent, less than the 2.5 percent increase in world consumer prices shown in an International Monetary Fund index.
Paul J. Taubman’s M&A Boutique to Go Public (WSJ)
The former Morgan Stanley banker’s M&A boutique, PJT Partners Inc., will begin trading Thursday on the New York Stock Exchange, where he will compete for attention with other advisory shops like Moelis & Co., Evercore Partners Inc. and Houlihan Lokey Inc.
Risky Strategy Sinks Small Hedge Fund (Dealbook)
At the height of the 2008 financial crisis, investors would have had a gain of more than 600 percent, according to projections in investor documents for the new hedge fund, Spruce Alpha. But when markets again turned volatile this August, Spruce Alpha, which had started in April 2014, failed to turn the turmoil to its advantage. For that month — a particularly difficult period for many money managers — Spruce Alpha fared worse than most, losing investors 48 percent of their money, according to documents reviewed by The New York Times.
Traders start pricing Glencore bonds like junk (FT)
One investment bank warned on Monday that the group's equity might be worthless if commodity prices did not recover swiftly. The company said it retained "strong lines of credit and access to funding". Unsecured senior Glencore debt maturing in May 2016 traded below 93 cents on the dollar on Tuesday, with some trades occurring below 90 cents, according to investors.
City worker facing second 'robotic voice' suspension in New York (UPI)
Ronald Dillon, who made headlines in November of last year when he was suspended for 20 days without pay for using "an unprofessional, robotic voice" on the phone, is now facing a potential 30-day suspension after supervisors said they caught him again using the voice on IT help-desk calls.
As Twitter, Square interests converge, CEO Dorsey risks conflicts (Reuters)
“The biggest conflict would simply be the allocation of his time,” Esther Dyson, an early Square investor who holds several board and advisory positions at tech companies, told Reuters in an email on Tuesday. “CEO is a full-time job.”
Why More People Want an M.B.A. (WSJ)
The number of applicants seeking admission to M.B.A. programs grew at 57% of schools world-wide offering full-time, two-year programs, according to the latest data from the Graduate Management Admission Council, which tracks business-school data. And, after years in which international students drove growth, 59% of U.S. full-time, two-year programs said they drew more applications from U.S. students, according to GMAC.
iPhone Screens Made This Hidden Entrepreneur $7 Billion (Bloomberg)
Yeung is the founder and chief executive of Hong Kong-based Biel Crystal Manufactory (HK) Ltd., one of the biggest suppliers of cover glass to Apple Inc. and Samsung Electronics Co., the world’s two leading smartphone manufacturers. His control of the closely held business and ability to fend off competitors such as publicly traded Lens Technology Co., has given Yeung a net worth of $7.2 billion, according to the Bloomberg Billionaires Index.
Children of the Yuan Percent: Everyone Hates China’s Rich Kids (Bloomberg)
Emerging from a nightclub near Workers’ Stadium in Beijing at 1:30 a.m. on a Saturday in June, Mikael Hveem ordered an Uber. He selected the cheapest car option and was surprised when the vehicle that rolled up was a dark blue Maserati. The driver, a young, baby-faced Chinese man, introduced himself as Jason. Hveem asked him why he was driving an Uber—he obviously didn’t need the cash. Jason said he did it to meet people, especially girls. Driving around late at night in Beijing’s nightclub district, he figured he’d find the kind of woman who would be charmed by a clean-cut 22-year-old in a sports car. When I heard this story from a friend who had also been in the car, I asked for the driver’s contact info. I introduced myself to Jason over WeChat, China’s popular mobile app, and asked for an interview. He replied immediately with a screen shot that included photos of women in various states of undress. “Best hookers in bj :),” he added. I explained there had been a misunderstanding, and we arranged to have coffee.
Police: Don't call us for Facebook outages (UPI)
The Houston Police Department tweeted this week after a pair of recent Facebook outages that police are unable to help with problems stemming from the social network being down. "Folks please do not call the police because #facebookdown we are as upset as you are but we cannot fix facebook. #sorry #wetried #techpolice," the tweet read. Meanwhile, England's Kingston Police tweeted a similar request to residents. "Yes we can confirm Facebook is down, please don't call us! What a great opportunity to spend some time with your family... #FacebookDown" the department tweeted during Monday's outage.