We spoke to the chairman of the company whose stock exploded after people confused it with Snapchat — here's what he said (BI)
"I'm not convinced anybody confused anything," said Jason Katz, the chairman of Snap Interactive's board. When asked about the timing of the stock's move and news from Snap, he cited a reverse stock split the company completed on January 5 as one catalyst. "The names are similar — of course, I'm not going to dispute anybody who did come to us," Katz said. He added that the company had received phone calls from people who thought they were calling Snap.
Citi’s Matt King says “sell” (FT)
“What’s a manager supposed to do when by early March your asset class has already exceeded your expectation for full-year returns? Take profit and take the rest of the year off, of course! And if it carries on rallying, go outright short! Yet somehow nobody seems to want to. Part of the reason is that the rally owes more to inflows and short covering than to institutional investor exuberance. And part is that the economic data do seem genuinely to be improving. But sell we think you should, not only in € credit (as we advised a couple of weeks ago) but also more broadly.”
Funds expect Saudi Aramco to be valued around $1-1.5 trillion: survey (Reuters)
Fund managers and institutional investors expect oil giant Saudi Aramco to have a market capitalization of $1 trillion to $1.5 trillion when it sells shares to the public next year, a survey by regional investment bank EFG Hermes showed on Monday. Deputy Crown Prince Mohammed bin Salman, who oversees the kingdom's economic policy, has said the sale is expected to value Aramco at $2 trillion or more.
Why do we let Warren Buffett get away with sexism? (FT)
Five years ago Sebastián Piñera, then president of Chile, made the same unfunny joke as Mr Buffett — only then all hell broke loose. The story was picked up by the BBC. Politicians queued up to denounce him, calling the joke “sexist and prehistoric”. One of them said Mr Piñera had brought shame on the nation and put back the cause of women by two decades. Yet Mr Buffett got away with it.
Everything the Market Thinks About Inflation Might Be Wrong (WSJ)
On Friday, five top economists presented a paper saying the main gauges policy makers typically use to understand inflation—such as “slack” in the labor market—don’t actually explain it. What’s more, the last several years of extraordinary monetary policy have shaken a theory that had held sway for decades in financial markets: American economist Milton Friedman’s view that inflation is ultimately a function of how much money a central bank prints.
Rise of the Robots (Barron's)
“Historically, the reason China hasn’t been able to export its cars is that the cars are crap, and that’s because they’ve been made using humans, rather than robots,” says Frank Tobe, editor of the Robot Report, an industry newsletter. “Now, China has a strategic long-term plan to deploy more robots, and the U.S. is only giving lip service.”
Blockchain: A Better Way to Track Pork Chops, Bonds, Bad Peanut Butter? (NYT)
Frank Yiannas has spent years looking in vain for a better way to track lettuce, steaks and snack cakes from farm and factory to the shelves of Walmart, where he is the vice president for food safety. When the company dealt with salmonella outbreaks, it often took weeks to trace where the bad ingredients came from. Then, last year, IBM executives flew to Walmart’s headquarters in Arkansas to propose a solution: the blockchain. As Mr. Yiannas studied their pitch, he said, “I became increasingly convinced that maybe we were onto the holy grail.”
Trump hotel may be political capital of the nation's capital (AP)
After Trump's speech, Treasury Secretary Steven Mnuchin returned to his Washington residence — Trump's hotel — and strode past the gigantic American flag in the soaring lobby. With his tiny terrier tucked under an arm, Mnuchin stepped into an elevator with reality TV star and hotel guest Dog the Bounty Hunter, who particularly enjoyed the Trump-stamped chocolates in his room.