Opening Bell: 10.3.17

Goldman Sachs is going crypto (maybe); Tesla shorts are finally seeing blue skies; the Mooch has no idea what he's doing, still; George Foreman wants to fight Steven Seagal; and more.
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Goldman Sachs Explores a New World: Trading Bitcoin (WSJ)
Goldman Sachs is weighing a new trading operation dedicated to bitcoin and other digital currencies, the first blue-chip Wall Street firm preparing to deal directly in this burgeoning yet controversial market, according to people familiar with the matter. Goldman’s effort is in its early stages and may not proceed, the people said. The firm’s interest, though, could boost bitcoin’s standing among investors and fuel the debate around digital currencies, which were initially viewed as havens for illicit activity but are pushing further into the mainstream.

Goldman_Sachs-bitcoin

This Cryptocurrency Gained 695% on a Deal With Visa That Didn’t Happen (BBG)
A form of digital money known as Monaco gained as much as 695 percent in value since May 17, when its issuing company tweeted that it would offer a Visa-branded payment card. Monaco didn’t have a deal with Visa. Later that month, Monaco put out a press release describing the benefits of its Visa-branded card. Again, no agreement with Visa...“In retrospect, we probably wouldn’t put the Visa name on there yet,” Kris Marszalek, Monaco’s CEO, said in an interview. SEE ALSO: Hedge Funds Flip ICOs, Leaving Other Investors Holding the Bag

Automakers Plan Electric Car Blitz as Tesla Burns Billions (BBG)
Here are two facts that defy logic: By the end of the year, electric-car maker Tesla Inc. will have burned through more than $10 billion without ever having made 10 cents. Yet companies around the world are lining up to compete with it.

Traders betting against Tesla are finally making millions (BI)
Betting against Tesla this year has been an exercise in futility, as short sellers have repeatedly been burned by one of the market's hottest stocks. Their patience is finally paying off. Those investors have made $72 million over the past two weeks as Tesla's stock has plunged 11%, putting a dent in a massive year-to-date gain that totaled 80% at its 2017 peak, according to data compiled by financial analytics firm S3 Partners. Their mark-to-market profit is even bigger over the past month, totaling $160 million

My Take on Inflation (Neel Kashkari)
I believe the most likely causes of persistently low inflation are additional domestic labor market slack and falling inflation expectations. This essay will explore the causes of the latter, falling inflation expectations, and I will argue that the FOMC’s policy to remove monetary accommodation over the past few years is likely an important factor driving inflation expectations lower.

Mystery Spot Top (Macro Tourist)
Contrary to popular belief, we will have a bear market. And I guess this is the point I would to make. Whereas six months ago I found that writing bearish pieces was too easy, it’s almost the opposite situation today. Bearish posts are now much more rare, and most importantly, they are scoffed at. A feeling of an inescapable stock market rise has emerged from even the most ardent bears. Practically no one is calling for a top. Everyone is too scared of looking stupid. I am not scared about looking stupid - I manage it all the time.

Scaramucci launches media company: 'We have no idea what the Scaramucci Post is' (The Hill)
He said the Scaramucci Post will have editorial standards and fact checkers to prevent spreading false news itself, but that he will “100% get things wrong sometimes.” As for what the actual company will look like or when it might have a website Scaramucci said, “actions always speak louder than words, so watch it unfold.”

George Foreman challenges Steven Seagal to bizarre open-rules fight (Evening Standard)
“Steven Seagal, I challenge you one on one, I use boxing you can use whatever. 10 rounds in Vegas.” When quizzed by readers on the fighting options open to the Under Siege star, Foreman clarified there would be ‘no weapons’ and only ‘hand to hand’ combat.

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