Opening Bell: 10.6.17

Guggenheim continues to be shitshow; Trump's FDA is in rubber-stamp mode; Elon Musk is "full of crap"; some very, uh, suggestive wedding photos; and more.
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Inside the Revolt Threatening to Split Guggenheim Partners (BBG)
Michael Sitrick, a Los Angeles-based public-relations executive representing Guggenheim, said of [Mark] Walter and [Alexandra] Court: “There is no non-business relationship. But if there were, it was fully and promptly disclosed to the appropriate parties at Guggenheim, in accordance with established processes and procedures, which were then fully implemented, to avoid improper influence or favor.”

guggenheim

Trump’s Fastest Moving Agency Is Approving Drugs and Pleasing Wall Street (BBG)
Samuel Isaly is a managing partner of health-focused OrbiMed Advisors and a storied biotechnology investor -- according to Barron’s Magazine, he consistently beat the S&P 500 for 25 years straight, from 1990 to 2015. He says he’s never seen anything like the recent flurry of FDA approvals.

Mnuchin flights on government jets cost taxpayers $800,000 (FT)
Steven Mnuchin has requested nine flights on government jets since becoming US Treasury secretary — including one for a “honeymoon trip” to Europe — but did not break the law, an inquiry into his travel practices has found. The investigation by the Treasury department inspector general found Mr Mnuchin was allowed seven flights on military aircraft since taking office in February costing taxpayers about $812,000, including two trips for G-20 meetings at more than $300,000 each.

Elon Musk's claims 'full of crap': GM executive (The Leader)
Speaking to Australian journalists in Detroit, GM's director of autonomous vehicle integration Scott Miller, rubbished Mr Musk's claims. GM is yet to bring full self-driving capability to a consumer vehicle. "I think he's full of crap," Mr Miller said. "To think you can see everything you need for a level five autonomous car [full self-driving] with cameras and radar, I don't know how you do that."

Is the “globalization –> disinflation” thesis bunk? (FT Alphaville)
The evidence suggests there is little consistent relationship between the value of the dollar and US inflation. And if there is not much link between the variations in the exchange rate and domestic prices, you have to wonder how globalisation could possibly explain the slowdown and stabilisation of the inflation rate in the past quarter-century.

Bitcoin Is Free Speech: Why Jamie Dimon Was Wrong and Governments Can Never ‘Close It Down’ (Reason)
Here's the other point Jamie Dimon doesn't understand: Bitcoin is also free speech. And though other countries could ban it, it can't be made illegal in the U.S. thanks to the First Amendment. That's because bitcoin is just code, and code is just speech, which is based on legal precedent established during the so-called crypto wars of the early 90s.

The Failed “Market Is Technically Overbought” Narrative (Price Action Lab)
The S&P 500 is overbought in the last three days according to a popular indicator. Shorting a technically overbought S&P 500 has been a losing strategy in the last 57 years as shown in this article. Yet, the “market is technically overbought” narrative dominated technical analysis headline for many years.

Christ in the Garden of Endless Breadsticks (Eater)
There are two places you'll always find olives at Olive Garden, no matter which way the menu consultants declare that the wind is blowing: The bar, where green spheroids wait, limply piled, to be pressed into service for a martini, and in the salad bowls. Two black olives — exactly two — are supposed to be in every family-size bowl, though when I was at an Olive Garden in Michigan City, Indiana, my server admitted that about half her tables ask for them to be kept out, or simply leave them on the side.

Why the Harvey Weinstein Sexual Harassment Allegations Didn’t Come Out Until Now (The Cut)
After Weinstein failed to respond to my calls for comment, I was sent, on Election Eve 2000, to cover a book party he was hosting, along with my colleague Andrew Goldman. Weinstein didn’t like my question about O, there was an altercation; though the recording has alas been lost to time, I recall that he called me a cunt and declared that he was glad he was the “fucking sheriff of this fucking lawless piece-of-shit town.” When my colleague Andrew (who was also then my boyfriend) intervened, first calming him down and then trying to extract an apology, Weinstein went nuclear, pushing Andrew down a set of steps inside the Tribeca Grand—knocking him over with such force that his tape-recorder hit a woman, who suffered long-term injury—and dragging Andrew, in a headlock, onto Sixth Avenue.

Dutch Couple Poses For Possibly The Raciest Wedding Photos Ever (HuffPo)
Photographer Michel Klooster admits some people have been offended by the cheeky wedding pics, a reaction that surprises him. “You see nothing in this picture, but it looks like something is going on there,” he said. “Every picture you’ll take with that kind of question is interesting to watch. For me, sex is one of the most natural things we do in life. It’s normal! Everyone does it. We don’t live in the 1900s anymore.”

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