Trump expected to make Scaramucci communications director (Axios)
President Trump is expected to announce that Wall Street financier Anthony Scaramucci will be White House communications director, according to two sources familiar with the planning. Trump has left the role open since Mike Dubke resigned in May, and the President has vented frequently to his friends about the performance of his press operation. Trump's plans to appoint Scaramucci came as a surprise to Chief of Staff Reince Priebus, who found out after the plans had already been made.
Power struggle at Guggenheim Partners rattles a Wall Street star (FT)
Mr Minerd and his team believe Ms Court was emboldened to implement changes due to a close relationship she had with Mr Walter, according to 11 current and former employees at Guggenheim. A spokesman for Guggenheim disputed this, saying she did not report directly or indirectly to Mr Walter and her restructuring was part of a strategy approved by the division’s entire leadership. Mr Walter’s relationship with Ms Court was disclosed to the members of Guggenheim’s board, according to three executives.
Elon Musk: I got 'government approval' for New York-DC Hyperloop. Officials: no he didn't (Guardian)
“Who gave him permission to do that?” asked a spokesman with the Maryland department of transportation. “Elon Musk has had no contact with Philadelphia officials on this matter,” said Mike Dunn, the city spokesman. “We do not know what he means when he says he received ‘verbal government approval’. There are numerous hurdles for this unproven ‘hyperloop’ technology before it can become reality.” Ben Sarle, a spokesman for the New York City mayor’s office, said: “Nobody in City Hall, or any of our city agencies, has heard from Mr Musk or any representatives of his company.”
Hedge Fund Uses Algae to Reap 21% Return (BBG)
Lun, who has a Ph.D. from MIT, spent a decade developing models that decipher how genes interact and influence each other -- and published 18 academic papers related to predicting cellular behavior. Turns out, he says, that his models, tweaked for financial markets, are pretty good at figuring out how traded instruments like stocks and commodities interact and influence prices. “Causal interactions are important for both biological and financial systems, it’s what makes them complex,” said Lun, a tenured professor at Rutgers University in New Jersey. “If you have a causal relationship, you can make predictions and be somewhat confident in them.”
Short Sellers Give Up as Stocks Run to New Records (WSJ)
“There seems to be an overall view that people are invincible, that things will always go up, that there are no risks and no matter what goes on, no matter what foolishness is in play, people don’t care,” said Marc Cohodes, whose hedge fund focused on shorting stocks closed in 2008. Mr. Cohodes is now a chicken farmer based in California who is looking to get into goat herding in Canada.
Bias and Misrepresentation in Yale’s Op-Ed on Market Structure (Tabb)
While I have nothing but respect for IEX and its efforts to change the market structure dialogue, it troubles me that investors in IEX – especially ones from as prestigious an educational institution as Yale – have leveraged their stature to provide incite-full and spurious arguments through The New York Times to benefit their investment thesis while perpetuating incorrect and discernably damaging half-truths and obfuscated jargon that works to chase investors away from the US equities market, which has returned 9.4% YTD (S&P500) against an annualized 6-month Treasury Bill yield of 1.08% or a savings rate of less than 1%.
Blue Apron's VC backers have made gobs of money — while regular investors have taken a bath (BI)
Fidelity, another big Blue Apron backer, has gotten slammed on its investment so far. Fidelity first bought into Blue Apron during its Series D round in 2015, throwing down $125 million and helping the food delivery startup earn its "unicorn" status with a $2 billion valuation. Fidelity followed in May 2017 — just prior to the public offering — by purchasing $63.5 million in convertible notes, which converted into some 6.9 million shares at the IPO. In all, Fidelity is down $80.2 million on the $188.5 million it has invested.
Exhumation of Dali's remains finds his mustache still intact (AP)
Officials said Friday that the artist's mummified remains were so well conserved that even his famous mustache had survived the passing of time and remained in "its classic shape of ten past ten," referring to the positions of the hands on a clock.