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Opening Bell: 11.7.17

Ray Dalio's number-two is reportedly kinda handsy; Forbes says Wilbur Ross lied to them about being a billionaire for years; Dick Fuld is back, baby; Bjork wants to give you cryptocurrency; and more.
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Coming soon to a Bridgewater office near you.

Coming soon to a Bridgewater office near you.

Bridgewater Paid Over $1 Million to Employee Pushed Out After Relationship With Dalio’s Right-Hand Man (WSJ)
Several current and former male and female Bridgewater employees said they were at times uncomfortable with Mr. Jensen’s behavior outside of the office and at company events. At an official off-site company celebration in 2011, Mr. Jensen hired a stripper with a feathered boa to surprise Mr. Dalio on the dais in front of an estimated 1,000 guests, according to people present. They said the move appeared to reference a longstanding rumor, since confirmed by Mr. Dalio in his recently published autobiography, that Mr. Dalio was fired from an early job in part because he brought a stripper to a convention lecture.

Dick Fuld makes quiet comeback on Wall Street (FT)
Last summer the former chief executive of Lehman joined forces with a couple of old associates to launch Matrix Wealth Partners, a New York-based firm focused on providing corporate finance advice to wealthy families. On Monday the firm rebranded as Matrix Private Capital Group, announcing a broader array of wealth and asset management services and a push into new markets in Florida and California. The Park Avenue-based firm, which now manages liquid assets of more than $100m for 18 families, is offering private equity-style investments as well as a new fund which will buy public equities, focusing on a few “high-conviction” long and short ideas.

The Case of Wilbur Ross' Phantom $2 Billion (Forbes)
So began the mystery of Wilbur Ross' missing $2 billion. And after one month of digging, Forbes is confident it has found the answer: That money never existed. It seems clear that Ross lied to us, the latest in an apparent sequence of fibs, exaggerations, omissions, fabrications and whoppers that have been going on with Forbes since 2004. In addition to just padding his ego, Ross' machinations helped bolster his standing in a way that translated into business opportunities. And based on our interviews with ten former employees at Ross' private equity firm, WL Ross & Co., who all confirmed parts of the same story line, his penchant for misleading extended to colleagues and investors, resulting in millions of dollars in fines, tens of millions refunded to backers and numerous lawsuits.

‘Buy Bitcoin’ Overtakes ‘Buy Gold’ as Online Search Phrase (BBG)
“With the U.S. stock market setting fresh all-time highs day after day, it’s no surprise gold prices have retreated,” Adrian Ash, research director at London-based BullionVault, said in a report. “Some investors are also being distracted by the noise around Bitcoin and other cryptocurrencies. Altogether, that’s made interest from new gold investors the weakest since the metal’s half-decade price lows of end-2015.”

Hedge Funds Push the Price of Bitcoin to New Highs (NYT)
Bobby Cho, the head trader at one of the largest Bitcoin trading businesses, Cumberland, said that after years of hesitancy, institutional investors now accounted for most of his business. “The vast majority of the trading we do is with institutions,” Mr. Cho said. “The education and research have turned into real-life activity.”

A Survival Guide For The Coming Hedge Fund War (Price Action Lab)
Hedge funds and CTAs have struggled in recent years due to rapid decline in the supply of dumb money. When the current transition period ends and new strategies are fully deployed, only those who are prepared for the coming war will survive.

Harvey Weinstein’s Army of Spies (New Yorker)
In the fall of 2016, Harvey Weinstein set out to suppress allegations that he had sexually harassed or assaulted numerous women. He began to hire private security agencies to collect information on the women and the journalists trying to expose the allegations. The firms that Weinstein hired included Kroll, which is one of the world’s largest corporate-intelligence companies, and Black Cube, an enterprise run largely by former officers of Mossad and other Israeli intelligence agencies. Black Cube, which has branches in Tel Aviv, London, and Paris, offers its clients the skills of operatives “highly experienced and trained in Israel’s elite military and governmental intelligence units,” according to its literature.

Something is wrong on the internet (James Bridle)
What concerns me is not just the violence being done to children here, although that concerns me deeply. What concerns me is that this is just one aspect of a kind of infrastructural violence being done to all of us, all of the time, and we’re still struggling to find a way to even talk about it, to describe its mechanisms and its actions and its effects. This is being done by people and by things and by a combination of things and people. Responsibility for its outcomes is impossible to assign but the damage is very, very real indeed.

Björk wants more people to get into cryptocurrency (Moneyish)
The Icelandic art pop singer behind hits like “It’s Oh So Quiet” and “Army of Me” has teamed up with BlockPool, a British blockchain provider, to offer fans about 20 cents worth of cryptocurrency when they pre-order her upcoming album. For each purchase of “Utopia,” which drops November 24, audioheads will get about 100 Audiocoin, a cryptocurrency targeted at the music industry.

[Video] “This is what happens when you prank the wrong guy on a trading floor.” (GSElevator/Facebook)


Coming soon to a Bridgewater office near you.

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Opening Bell: 11.6.17

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(Getty Images)

Opening Bell: 1.26.17

Dutch regulator accidentally reveals Soros' shorts; Wilbur Ross is an emotionless business machine; a sex line for Afghan youths; and more.


Opening Bell: 7.27.17

As of 7:55 a.m., Anthony Scaramucci is having a pretty rough day; Deutsche Bank whiffs; Libor going bye-bye; Ray Dalio poetry; and more.