Uber, Lifting Financial Veil, Says Sales Growth Outpaces Losses (BBG)
Jeff Jones, the company’s president of ridesharing who resigned last month, previously joked to staff that he joined Uber expecting P&L, meaning a profit and loss statement, but only found an L.
Randal Quarles Set to Be Named to Bank-Supervision Post at Fed (WSJ)
Mr. Quarles is seen as less ideological than other candidates the Trump administration had considered for the job. That suggests the White House could take a more considered approach to overhauling the regulatory architecture put in place by the Obama administration and Mr. Tarullo.
Support builds for watered-down version of Glass-Steagall law (FT)
Most Wall Street banks, which have been agitating for deregulation, hate the idea of a Glass-Steagall revival. “It’s not clear what would be accomplished by this. It would be very disruptive,” said one of Washington’s top bank lobbyists. Another top banker said the plan was a “brush fire that threatens to turn into a conflagration”.
This is one of the most devastating reports we've seen for the future of Wall Street stock pickers (BI)
"Given that active managers’ performance can vary based on market cycles, the newly available 15-year data tells a more stable narrative," said the report. "Over the 15-year period ending Dec. 2016, 92.15% of large-cap, 95.4% of mid-cap, and 93.21% of small-cap managers trailed their respective benchmarks."
The Case For Hedge Fund Marxism (Institutional Investor)
The professor then piqued the interest of any asset managers in Davos. "Something like the Alaska Permanent Fund or the Norwegian fund – had Britain set up the same fund, they could be paying out more than the basic income now." [...] As any hedge fund manager knows, Alaska Permanent and Norges Bank Investment Management invest huge amounts of capital with alternative managers.
Why young rich dudes say they’re about to default: [shrug] (Alphaville)
17% of all consumers are likely to default on a loan payment over the next year (versus 18%/ 12% in Q4/ Q3 ’16). The profile of this group is middle and upper income, younger, male, urban, and concentrated in coastal regions.
The $260 Billion Portfolio Shaped by Bodybuilding, Scripture, and Slow-Thinking (BBG)
At his peak, the 300-pound Minerd could bench-press 495 pounds 20 times and even competed in the Super Heavyweight and over-40 divisions at Los Angeles bodybuilding championships. “I don’t like to do things halfway,” he says, tucking into a Bob Bowl, a 12-ounce steak with sautéed red peppers and onions over rice. “Bodybuilding is 24/7,” he says.
Man, fiancée kicked off United Airlines flight en route to their Costa Rica wedding (NYDN)
A Utah couple say they were booted Saturday from a Houston flight bound for Costa Rica, where they’re getting married, after they changed seats without permission — the latest public relations headache for the bedeviled company.
The Economics of Horseshoe Crab Blood (Conversable Economist)
The cost of crab blood has been quoted as high as $14,000 per quart. Their distinctive blue blood is used to detect dangerous Gram-negative bacteria such as E. coli in injectable drugs such as insulin, implantable medical devices such as knee replacements, and hospital instruments such as scalpels and IVs. Components of this crab blood have a unique and invaluable talent for finding infection, and that has driven up an insatiable demand. ... There are currently no quotas on how many crabs one can bleed because biomedical laboratories drain only a third of the crab's blood, then put them back into the water, alive. But no one really knows what happens to the crabs once they're slipped back into the sea. Do they survive? Are they ever the same?
New York teens are too busy playing video games to have sex (NYP)
The percentage of city high-schoolers who have had sex fell from 31.2 percent in 2013 to 27.2 percent in 2015 — a record low since the CDC began surveying ninth- through 12th-graders in 1997.