Opening Bell: 2.28.17

Masayoshi Son invests because the Singularity is nigh; an ETF for homophobes; peeping tom drone strikes NYC apartment; and more.
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Masayoshi Son and Donald Trump (Getty Images)

Softbank’s Son: Why Do I Spend So Much Money? The Singularity Is Real (Barron's)
“I calculated 20 years ago that it would be 2018” when the cross-over happens, he told the packed auditorium. “I recently rechecked the calculation and it was still 2018. If it’s off by a year or two, I don’t care … I believe it’s coming, in the next thirty years, so that’s why I’m in a hurry,” he said, “to bring the cash.”

Bank Analyst Mike Mayo Out as CLSA Changes Its U.S. Business (WSJ)
Mr. Mayo told the Journal that he plans to continue as an equity analyst, although he doesn’t yet know where he will land next. “I’m at the top of my game, and I intend to stay in it,” he said.

More than six in 10 asset managers are bored at work (FT)
Peter Sleep, a fund manager at 7IM, the UK wealth manager, said the high level of boredom reported by asset management staff could be linked to “self-esteem or the regard the public have for their jobs ... Working in education or IT is regarded relatively highly, whereas financial services are generally regarded lowly. This may come through in how people react to these services,” he says.

Snap IPO: A $22 Billion Test for the Unsocial Social Network and Its Elusive Founder (WSJ)
Mr. Spiegel has been wary of advertising from the start, worrying that it would feel intrusive. As his business marketing team was crafting presentations for prospective advertisers and business partners, Mr. Spiegel didn’t want to explain the app to them, said one of the former employees. He preferred that CEOs learn it—not from a presentation but from their children. It was “difficult for a salesperson to run that one up the flagpole,” the former employee recalls. A product demonstration is now part of the meetings.

Filings shed light on the secrets of ‘super investors’ (FT)
What are these “super investors” in the stock market doing that allows them to so roundly demolish the performance of their rivals? All are different, but they share some similar traits and none of them are particularly new or innovative. Firstly, from their public statements these investors tend to ignore or place little emphasis on macro forecasting. Almost all of these investors have recognised that trying to accurately assess how fast the economy will grow this year, or when the Federal Reserve will raise rates is a waste of time and provides them with no investment edge.

Leaked Audio: Trump Cares About Food Safety But Only If the Food Is Foreign (Gizmodo)
TRUMP: [Inaudible] free trade bullshit—so they are the most protected. That’s why they’re doing well!
ROSS: Of course. They have big barriers—
TRUMP: Let me ask you, would you ever [inaudible] a 10 percent—here’s something I’ve always said: Ten percent tariff or tax to do business in the United States. For everybody. China. Everybody. Straight across the board, 10 percent. Now, it’s not enough for anybody to say, “Oh, I’m never gonna go there.” Okay? But—and it’s not enough to cause inflation or all the bullshit. You know what it does to the deficit? You go from losing money to breaking even in, in one year. Immediately.

ETF Watch: ‘Biblically Responsible’ ETFs Debut (ETF.com)
Both funds track indexes offered by Inspire that target some typical ESG issues but also some that are not so typical. Companies with “any degree of participation in activities that do not align with biblical values” are removed from the investment universe, according to the prospectus. That includes generally accepted ESG no-go zones such as alcohol, gambling and human rights violations, but also abortion, pornography and LGBT lifestyle. They appear to be the first ETFs to target support for the LGBT community as a reason for exclusion.

Drone Crashes Through Window Of 27th Floor NYC Apartment (AP)
Police say a 66-year-old woman living in the apartment was at her computer when the drone crashed through the window and landed just a few feet away from her. She wasn't injured.

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(Getty Images)

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