Real-Estate Losers in 2020, Like Hotel and Mall Owners, Starred in the First Quarter [WSJ]
Real-estate investment trusts overall rose 9% during the three months, beating the S&P 500’s 6% gain, according to data-analytics firm Green Street. Fueling the REIT rally was an 18% rise in the shares of lodging owners and a 32% gain by mall owners…. Other top property performers in the first quarter, including companies that own downtown office and apartment buildings, were buoyed after firms began signaling plans to send more employees back to the workplace. Shares of SL Green Realty Corp., a big owner of Manhattan office property like the new development at One Vanderbilt, were up 16%.

Cathie Wood Extends Hot Streak With ARK Space Exploration ETF [WSJ]
Investors poured $536.2 million into the actively managed exchange-traded fund, known as ARKX, in its first five days of trading, according to FactSet data through Tuesday. That trounces the industry average of three years to gather $100 million and puts the fund on course to top $1 billion in assets within days, analysts said…. “That speaks to the overall power of ARK right now,” said Nate Geraci, president of ETF Store, an investment-advisory firm. “At this point, investors think anything Cathie Wood touches turns to gold….”
Not everyone is a fan of the fund’s makeup. Some took to social media, creating memes to mock ARK’s decision to include Deere and other companies that appear to have no significant ties to the fund’s theme of investing in space exploration and innovation….
Other stocks included in the fund that seem at odds with its mandate include ARK’s passively managed 3D-printing ETF and shares of Netflix Inc. and Amazon.com Inc. Meanwhile, some of the few pure-play space stocks such as the satellite and imaging company Maxar Technologies Inc. didn’t make the cut.

How Ken Griffin rebuilt Citadel’s ramparts [FT]
Griffin brushes off the political opprobrium as grandstanding. He said he is convinced the “incredibly positive impact” of Citadel and Citadel Securities will shine through.
“I haven’t thought of us as having emerged in this position [as a populist bogeyman], because so much of what we do is so clearly constructive for capital markets, and widely appreciated by regulators and policymakers around the world,” he said.

Biden says he has not spoken with Fed Chair Powell [Reuters]
“I think the Federal Reserve is an independent operation and starting off my presidency I want to be real clear that I’m not going to do the kinds of things that have been done in the last administration,” Biden told reporters…. Biden has closely coordinated economic policy with Treasury Secretary Janet Yellen, herself a former Fed chair and colleague of Powell’s. When asked about Powell, Biden mentioned that he speaks regularly with Yellen.

Why Crypto Billionaire Mike Novogratz Bought Facebook Stock [BloombergQuint]
“I’m short a lot of interest rates,” Novogratz, chief executive officer of Galaxy Digital Holdings Ltd., said Tuesday in a Bloomberg Television interview. “To me, being short the five-year part of the yield curve is a great hedge for any portfolio, crypto or non-crypto….”
Novogratz told Bloomberg that assets are rising due to the same central theme -- that central banks are putting too much money into the system. If growth explodes thanks to success vaccinating people and employment roars back, then Federal Reserve Chair Jerome Powell “may flinch” by Jackson Hole, the Wyoming resort where central bank officials gather in the summer, and choose to taper, he said.
“Everyone long bitcoin should be short the five year,” Novogratz argued.

“Big Short” trader Michael Burry quits Twitter, disappointing his legion of retail trading superfans [Thornton/MarketWatch]
Investor Michael Burry may have deleted his entire Twitter account on Tuesday, a move that comes just weeks after the famous short-seller told his followers that his tweets about GameStop Corp. and other market trends had prompted a visit from the Securities and Exchange Commission…. Tuesday’s disappearance did not sit well with Burry’s fanbase on social media who were quick to speculate that Burry was forced off Twitter by the SEC after Burry earlier said the regulator had paid him a visit.

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