Charlie Munger Isn't Done Bashing Valeant (Bloomberg)
In an interview Saturday, Munger tore anew into the besieged drug company, calling its practice of acquiring rights to treatments and boosting prices legal but “deeply immoral” and “similar to the worst abuses in for-profit education.” In his role as chairman of Good Samaritan Hospital in Los Angeles, Munger said, "I could see the price gouging.” And speaking as a storied value investor, he said, its strategy isn’t sustainable: “It’s deeply wrong.”
Fed Rate Odds Rising to 50% Spell Losses for Treasury Investors (Bloomberg)
The odds that the Federal Reserve will increase interest rates before year-end climbed to 50 percent, suggesting Treasuries are poised to extend October’s biggest monthly loss since June.
Surfer Who Left Banking Creates a Niche Market in Fossils (Bloomberg)
From his current base in Singapore, where he’s a managing director at Three Arrows Capital, Hartono has created a new niche market in fossils as art and chic home decor. His haul—including a fossilized marine reptile, a Jurassic-age ichthyosaur, that he sold for about S$200,000 ($140,000)—ranges in age from 20 million to 230 million years. A dedicated surfer, Hartono pursues his business with relentless gusto, citing his favorite quote from the late surfing legend Mark Foo: “If you want to ride the ultimate wave, you have to be willing to pay the ultimate price.”
Corporate Bond Market Takes Flight in an Upbeat Sign for U.S. Economy (WSJ)
U.S. bond sales by companies with good credit ratings hit $103 billion in October, a record for the month, according to deal tracker Dealogic. Corporate-bond sales in the U.S. are on track for their fourth straight annual record, according to data from the Securities Industry and Financial Markets Association.
Rap video recorded inside Georgia jail prompts investigation (Reuters)
Georgia authorities were investigating on Friday how a group of inmates in a suburban Atlanta jail were able to make a rap music video using jailhouse equipment and then get it posted on social media, sheriff's officials said. The 2-minute-27-second video called “Thuggin’ Live from DeKalb Jail” was posted on YouTube on Saturday, Atlanta television station WSB-TV reported. It shows a group of inmates dancing, with several taking off their shirts and waving contraband, DeKalb County Sheriff Jeffrey Mann said in a news release on Thursday. It shows inmates with a banned cigarette lighter, the television station reported.
Greek Banks Face Skeptical Investors in Demand for Fresh Capital (Bloomberg)
Greek banks will ask investors to help plug a 14.4 billion euro ($16 billion) capital shortfall, with billionaire Wilbur Ross saying the government should detail ownership plans for the nation’s lenders as they seek a second round of fundraising.
Struggling hedge funds has analysts sounding alarm bells (NYP)
Hedge funds are having one of their worst years ever, with negative returns dominating the investor letters landing at clients’ homes. A record meltdown of some $100 million was yanked from the once high-flying funds, pummeled by the largest decline in assets under management since the financial crisis of 2008.
A look at the major casualties of hedge fund downturn (NYP)
Among the major casualties in the hedge fund downturn is Bain Capital, which is winding down its multibillion-dollar Absolute Return Capital hedge fund after 36 months of losses.
Toddler In Pablo Escobar Costume Stirs Up Halloween Controversy (HP)
A short video of a little boy dressed up for Halloween as infamous Colombian drug kingpin Pablo Escobar is drawing criticism from those who say it's inappropriate to dress up a toddler as a man who was one of the world's most wealthy and violent criminals. The video generated more than 14 million views after Break, an entertainment website, shared it on Facebook. The Facebook caption reads, "Little Pablo Escobar runs the biggest fun size Snickers cartel…" Colombian authorities killed Escobar in 1993, but the recent Netflix original series, "Narcos," has sparked new interest in the narcoterrorist and his drug empire. "If you think this is ok you are very uneducated on exactly who Pablo Escobar was, the terrorist acts he caused and the lasting effect it has had on the Latin world," wrote one commenter opposed to the costume. The toddler holds a weapon in one hand, a briefcase full of cash in the other, and sports Escobar's characteristic mustache. Some people on social media defended the costume. "You can dress your kids up as a ghost or the devil but not Pablo Escobar?" someone asked.