'Sell everything,' DoubleLine's Gundlach says (Reuters)
"The artist Christopher Wool has a word painting, 'Sell the house, sell the car, sell the kids.' Thats exactly how I feel sell everything. Nothing here looks good," Gundlach said in a telephone interview. "The stock markets should be down massively but investors seem to have been hypnotized that nothing can go wrong."
Goldman's Economists Are Forecasting Olympic Medals (Bloomberg)
The team made a special adjustments for Russia — typically among the top five medal winners — since it is unclear to what degree the country will participate. Apart from Russia, there are few surprises at the top of the table, except perhaps for Brazil. The 22 medals Goldman predicts would amount to the host nation's best ever performance in an Olympic games.
Rogue trader jailed for UK's biggest fraud warns it could happen again (Reuters)
A star trader on the Exchange Traded Funds desk at UBS's London office, Adoboli lost the Swiss bank $2.3 billion after trading far in excess of his authorized risk limits and booking fictitious hedging trades to hide his true exposure. He was given a seven-year jail term in November 2012 and was released from prison last year. He has been banned from working in financial services but speaks about his experiences for free at banking compliance conferences. "I think it could absolutely happen again," he said in interviews with the BBC broadcast on Monday. "The young people I've spoken to, former colleagues I have spoken to, are still struggling with the same issues, the same conflicts, the same pressures to achieve no matter what."
Hedge Funds Betting Treasuries Rally Has Further to Run (Bloomberg)
Traders boosted their positions in 10-year futures to a net 185,521 contracts last week, the most since December 2012, according to data from the Commodity Futures Trading Commission. Their conviction is being tested Monday as Treasuries slipped in Asia after Federal Reserve Bank of New York President William Dudley said investors are underestimating how many times the central bank will raise interest rates.
This suit is actually a onesie (NYP)
Suitsy, a onesie for the millennial age. The get-up features a button-down shirt, suit pants and jacket — all sewn together for your convenience. All a guy’s gotta do is step in and zip up. The Suitsy, which goes for $378, received national attention two weeks ago when its creator, Jesse Herzog, wore it on ABC’s “To Tell The Truth,” along with host Anthony Anderson. “[There was] definitely a spike in sales and interest from when it aired nationally,” Herzog told The Post. “And I am proud to note the Suitsy is now in the personal collection of Pee Wee Herman.” A dude enters the onesie through a concealed zipper at the front, closes the top two buttons and — voila! — he’s good to go.
Tesla to acquire SolarCity in a $2.6 billion all-stock deal (Reuters)
Tesla Motors said it would buy solar panel installer SolarCity for $2.6 billion in shares to form a one-stop clean energy shop. The deal is a major part of Tesla Chief Executive Elon Musk's master plan "part deux" that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle. The combined entity will offer consumers solar panels, home battery storage systems and electric cars under a single brand.
Uber Sells China Business to Rival Didi After Losing Billions (Bloomberg)
Didi Chuxing, the dominant ride-hailing service in China, said it will acquire Uber Technologies Inc.’s operations in the country, ending a battle that cost the two companies billions as they competed for customers and drivers.
More Companies Are Choosing a Sale Over an IPO (WSJ)
In addition to Centennial, the 2016 IPO market lost out on cybersecurity company Blue Coat Systems Inc., Canadian auto marketplace Trader Corp. and Performance Health Holdings Corp., a manufacturer of consumer health products. Buyers also have snapped up several startups that were viewed as 2017 IPO candidates. Dollar Shave Club in July reached a deal to sell itself to Unilever PLC for $1 billion. In June, Vista Equity Partners announced a deal to buy software company Ping Identity Corp. for an undisclosed amount.
The Ideal Office Floor Plan, According to Science (Bloomberg)
The denser an area is with productive people, the better it was for a nearby worker's productivity, effectiveness, and quality of work, the research found. The converse also holds true for sitting near "toxic" workers, or people who break the rules at work. The researchers call this the "spillover effect"—people at nearby desks rub off on each other, in both good and bad ways. Workers can't be too far away for this to work: The effect diminishes outside a 25-foot radius.
Lawsuit filed in New York over handling of dachshund's $100,000 trust fund (UPI)
The caretaker for a New York dachshund is suing the executor of the dog's late owner's estate over a $100,000 trust fund meant for the canine. Virginia Hanlon, who inherited stewardship of dachshund Winnie Pooh when Patricia Bowers died in 2010, said her late friend designated $100,000 of her estate for the care of the dog, which is now 7 years old. However, she said she has received only a few $10 checks for Winnie Pooh's care, despite the dog incurring about $6,000 in annual expenses. Hanlon blames Harriet Harkavy, the executor of Bowers' estate, for being stingy with Winnie Pooh's money. She said the dog required $5,775 emergency orthopedic surgery last year and a reimbursement check from Harkavy initially bounced. "The unavailability of funds, however brief, causes me great concern," Hanlon said in court papers. She said she was eventually reimbursed with a check that cleared. Hanlon said she believes Harkovy is trying to win points with her social circle by saving the money to be donated to the Animal Medical Center in Sutton Place after Winnie Pooh's death. "What a coup that would have been for Ms. Harkavy," Hanlon wrote in a court filing. "She would have been feted and lauded amongst her Sutton Place friends for advancing the payment for the sake of the charity." The lawsuit is seeking financial records for Winnie Pooh's trust and back pay for the canine's care.