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Opening Bell: 2.2.17

Dan Loeb boards the Trump train; Snapchat's secrecy annoys bankers; Trump's doctor divulges hair-growth secrets; and more.
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Dan Loeb: Trump will make hedge funds great again (Reuters)


"While America may or may not be made great again, there is no question that the rules are literally being rewritten," Loeb wrote. "We do not plan to trade the tweets but we expect an increasing number of real and, even better, fake dislocations to create some extremely rewarding investing opportunities."

Goldman Fund Manager Ignores Trump Noise to Bet on Dollar (BBG)

“You might be very long the dollar, you might be just a bit long the dollar, you might be neutral at times,” Philip Moffitt, the Asia-Pacific head of fixed income, said. “But I can’t see a situation where we would wake up and say now is the day to go short in this environment.”

Exclusive: Snap's secrecy frustrates banks' pursuit of IPO glory (Reuters)

Some investment banks seeking to be added as underwriters to Snap Inc's IPO document have been denied access to review it before it is made public this week. The unusual move underscores Snap's relentless campaign to crack down on information leaks. For Wall Street banks, it pits their desire to appear on the front cover of this year's most high-profile IPO against their reluctance to have their names featured in a regulatory document they have not seen.

Anthony Scaramucci Won’t Get Announced White House Role, Official Says (NYT)

One ethics lawyer suggested that he could have steered clear of the entire financial services sector and still carried out his duties. “This does not seem to me to be a clear disqualifying factor,” said Richard W. Painter, a White House ethics lawyer under President George W. Bush. “Another possibility is they decided not to keep him for a political reason and cited an ethics conflict as a cover.”

When Deutsche Bank Is the Problem (Gadfly)

Cryan's ability to dodge a capital-raising in times of market panic has been remarkable. But he now faces a multi-year struggle to soldier on without tapping shareholders or damaging the brand. Asset sales might offer tempting infusions of cash, but would only put more pressure on the trading business to grow revenue. The momentum towards a capital hike to thrive is starting to build.

The Short Seller Who Crushed Valeant Has Picked His Next Target (BBG)

The business model, which reflects a private-equity ethos of its former owner Warburg Pincus, relies on repeatedly acquiring key, hard-to-manufacture aerospace parts and then raising their prices -- much like Valeant did with drugs. For example, after TransDigm bought Aerosonic in 2013, it quadrupled the price of its vibration panels to $271 from $67.33, according to trade publication Capitol Forum, which provides analysis on government contracts.

Research analysts culled at top investment banks (FT)

“It’s a different game today and folks like us may be valued by you readers but are a cost,” Mr Ader wrote in his farewell email to clients. “If I ever again hear the question ‘how do we monetise you?’ applied to our work I think I’ll go back to bong hits and not worry about drug tests in the next job . . . if there is a next job.”

Banks Make Unwanted Risk Lucrative With Bets for Hedge Funds (BBG)

The securities appeal to banks because they ease the burden of capital rules without having to find buyers that can take on large portfolios. Bank of Ireland completed a transaction in December in which outside investors assumed the credit risk for 185 million euros ($200 million) of potential losses, and the deal had the equivalent capital impact as shedding about 2 billion euros of risk-weighted assets.

Donald Trump’s Longtime Doctor Says President Takes Hair-Growth Drug (NYT)

Dr. Bornstein also addressed questions about Mr. Trump’s recent description of himself as a “germophobe.’’ Dr. Bornstein said he had never discussed that phenomenon with Mr. Trump, but “we are very careful to keep the examining rooms spotlessly clean, which we do anyway.’’ He added, “He always stands there and changes the paper on the table himself” after an examination. “Other than that, nothing.”



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