The Man Starting the World’s Biggest Crypto Fund Calls Bitcoin a Bubble (BB)
“This is going to be the largest bubble of our lifetimes,” Novogratz said. “Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it.” RELATED: Shkreli's Wu-Tang Album Is the Newest Target in Odd Virtual Coin Craze
Congressional aides risk conflicts with stock trades (Politico)
A POLITICO review of federal disclosures for 2015 and 2016 found that some senior aides regularly buy and sell individual stocks that present potential conflicts of interest with their work. A smaller number of staffers trade in companies that lobby Congress and the committees that employ them. In all, approximately 450 aides have bought or sold a stock of more than $1,001 in value since May 2015. That’s likely just the tip of the iceberg, since most congressional aides aren’t required to report their trades.
SEC hackers accessed authentic data used by companies in tests (Reuters)
Only after the SEC’s Enforcement Division detected a pattern of suspicious trading ahead of company public disclosures did officials go back to the agency’s technology staff and ask if some companies were using authentic data when they were testing the EDGAR system, one of the people said. The person said that “not many companies” had submitted real data that is believed to have been hacked.
How to Survive Wall Street's Robot Revolution (Businessweek)
Consider the junior investment banker, who spends much of his or her time collecting and analyzing data and then creating reports. Consulting firm Kognetics found that investment-banking analysts spend upwards of 16 hours in the office a day, and almost half of that is spent on tasks like modeling and updating charts for pitch books. Machine learning, and natural language processing techniques, are already very good at this.
UK and US report trade surplus with each other (FT)
At various times over the past decade, the UK and the US have both simultaneously recorded a trade surplus with each other. The discrepancy has become uncomfortable as the UK focuses on trade once it has left the EU and Donald Trump takes aim at the US’s trade deficits with other countries. Last year, for example, the UK claimed a £10bn goods trade surplus with the US, according to official statistics, while the US said it had recorded a surplus of $1bn.
No Mercy / No Malice: The Worm Has Turned (Scott Galloway)
Curing, rocketing, leaning in — no more. The worm has turned against big tech, and it’s overdue. The tipping point was the recent revelation that Mark Zuckerberg had unwittingly become Vladimir Putin’s bitch. However, each firm has its own links to the dark side and is about to face the same scrutiny and standards the rest of business endures. It’s. About. Fucking. Time.
Study: Skilled Managers “Should And Actually Do” Hold Fewer Stocks (II)
The more alpha that a manager produces, the fewer positions they hold. For every 10 basis points in monthly alpha that a manager earned above the average actively managed fund, that manager's portfolio held five fewer stocks. “It is ultimately the manager's selection skill – and not the composition of the portfolio per se – that generates subsequent investment performance.”
PHOTOS: Maria’s Trail of Destruction in Puerto Rico (BBG)
“There is no more agriculture in Puerto Rico,” José A. Rivera said. “And there won’t be any for a year or longer.”
'Gaydar' Shows How Creepy Algorithms Can Get (BBG)
Oppressive regimes don’t need algorithms to be oppressive. But we shouldn’t allow them to appeal to the authority of math and science in doing so. We should make them do their nasty things in full view. We should expose their political nature, because political fights at least might look winnable in the long run.
Saudi textbook features image of Yoda with King Faisal (BBC)
Saudi Arabia's education minister has apologised for the production of a school textbook in which the Star Wars character Yoda is seen superimposed on a photograph of the late King Faisal. Ahmed al-Issa said a committee was looking into the "unintended mistake". The image, which shows the diminutive Jedi Master sitting beside King Faisal as he signs the UN Charter in 1945, was created by the Saudi artist Shaweesh.