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HSBC to spend $2bn on share buyback as profits boom [Evening Standard via Yahoo! Finance]
The banking giant saw profits up 74% to $5.4 billion in the last three months, a sign both of HSBC’s own revival and a wider return to form for the sector…. HSBC has ditched quarterly dividend payments, now paying them twice yearly. Its balance sheet is now strong enough to return to quarterly payments, something it will now consider.

PayPal says it’s not looking to buy Pinterest right now, shares jump 6% [CNBC]
PayPal had been pushed to consider buying Pinterest following competitive pressure from e-commerce platform Shopify, the CNBC source said. Shopify has heavily invested in blending e-commerce and fintech.

Volvo cuts IPO size [Reuters via Yahoo!]
Volvo Cars shrank its initial public offering on Monday (October 25), pricing it at the bottom of a previously announced range, valuing the business at just over $18 billion.
That's well below the $23 billion it had expected at the top of the IPO pricing range…. CEO Hakan Samuelsson said he was "totally convinced" this would be enough, and the price should not be seen as negative.

Tax on Billionaires’ Unrealized Gains Will Likely Be in Budget Package, Democrats Say [WSJ]
When compared with the tax-rate increases in the House bill, the emerging [Sen. Ron] Wyden proposal would be significantly more progressive, in that it would raise its money from the very, very rich—likely fewer than 1,000 taxpayers—instead of the merely rich…. A spokeswoman for [Sen. Kyrsten] Sinema said Friday that she was working with Sen. Elizabeth Warren (D., Mass.), who has pushed for an annual tax on the wealthiest Americans’ assets.

Bitcoin ETF’s Success Could Come at Fundholders’ Expense [WSJ]
The ProShares ETF, which buys bitcoin futures contracts rather than the cryptocurrency itself, now controls more than a fifth of outstanding bitcoin futures contracts expiring this month and nearly a third of next month’s. The scale of those holdings will pressure returns of the futures-based ETFs that have been launched and slow the pace of further introductions, analysts said…. When the contract expires, the fund must roll its existing contracts into next month’s. Other investors know this, so they buy the next month’s futures first—an act that drives up the price and allows traders to profit by selling into the demand created when the fund rolls. The higher price that the fund pays comes out of investors’ pockets.

David Tepper shuns stock market: ‘Sometimes there’s times to make money … sometimes there’s times not to lose money’ [MarketWatch]
“I don’t think it’s a great investment,” Tepper told the business network, referring to his view on the stock market…. “I just don’t know how interest rates are going to behave next year,” Tepper added. “I don’t think there’s any great asset classes right now….”
Tepper said that he didn’t “love stocks. I don’t love bonds. I don’t love junk bonds,” referring to markets he felt were overvalued.

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Opening Bell: 10.21.21

PayPal pays up for Pinterest; Jes Staley feeling smug; that’s an awfully forceful “nudge;” an e-mail Jay Powell didn’t need to become public; and more!

Opening Bell: 2.1.16

Hedge funds vs Yuan; IPO market on ice; Activists hit the skids; 'Couple marries seconds after meeting for the first time in airport, started dating a year ago on social media'; and more.

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Opening Bell: 8.15.16

Tiny satellites are latest innovation hedge funds are using to get a leg up; David Tepper ditches; Rick Springfield says he never saw ‘Jessie’s Girl’ again; and more.

Opening Bell: 9.11.15

David Tepper's got "problems with earnings growth, problems with multiples"; GE selling asset management arm; Standford hires econ gurus; "Cops: Woman concealed loaded gun in vagina"; and more.

By Paul Elledge Photography [CC BY-SA 3.0], via Wikimedia Commons

Opening Bell: 10.18.16

Goldman tops expectations; Hillary would maybe be tough on Wall Street; David Tepper says one person running for president "may be demented, narcissistic and a scumbag"; and more.

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Opening Bell: 12.17.20

At last an IPO no one wants; another SPAC deal; bitcoin surges; Clayton continues tidying up; and more!

GoldfishBitcoin

Opening Bell: 1.11.18

Korea sparks crypto flash crash; underdog Apple catches lucky Trump tax break; China spooks bond market; Ikea's new urine-powered ad campaign; and more!

Opening Bell: 07.31.12

RBS Braces Itself For Libor Deal (WSJ) RBS stands apart from the other banks caught up in a trans-Atlantic probe of the rate misdeeds because of the U.K. government's 83% stake in the lender. That has put U.K. authorities in an awkward position: They are under intense pressure to get tough on wayward banks but also are eager to protect the value of a taxpayer asset. Defendant in Insider Case: I Was Just Doing My Job (WSJ) Doug Whitman, a former hedge-fund manager, doesn't deny that he probed public companies for nonpublic information. But his criminal-defense team plans to argue that its client was doing exactly what he was supposed to do when he persuaded employees of public companies to give him information that those companies' top brass didn't want getting out. Mr. Whitman "was doing what every diligent, competent fund manager and analyst should do—checking up on companies' management to make sure they are being forthright with their investors," said David Anderson, Mr. Whitman's lead defense attorney, in an email. Tiger Management Helps Next Generation Funds (NYT) In a relatively young industry where stars can quickly fade, Tiger Management — and its myriad affiliates like Falcon Edge — is the closest thing to a hedge fund dynasty. After a brief career in finance, Mr. Robertson started Tiger in 1980 with seed money from friends and family. He regularly racked up double-digit returns by taking big positions in companies with good long-term growth prospects and aggressively betting against those stocks poised to fall. Mr. Robertson trained his young protégés — the so-called Tiger cubs — in the same tradition, creating the next generation of hedge funds stars. After leaving Tiger in 1993, Lee Ainslie started Maverick Capital, which currently manages roughly $10 billion. Stephen F. Mandel Jr. began Lone Pine Capital in 1997. Two years later, Andreas Halvorsen opened Viking Global. “We really gravitated to young people, and that was a great deal of our success,” said Mr. Robertson, 80, who often hired people in their 20s. “I was just an old goat with all these young geniuses around.” As the first wave of Tiger cubs age, they are breeding new funds, too. Blue Ridge Capital, where Mr. Gerson honed his skills, has been a particularly good incubator for talent. While Blue Ridge has subscribed to the long-term strategy of Tiger, the founder, Mr. Griffin, has infused the firm with his own philosophy. As a proponent of behavioral finance, he trained analysts like Mr. Gerson to identify how ego and emotion can affect the market and stock performance. Biggest Chapter Yet For A Poison Pen (WSJ) Daniel Loeb isn't one given to half-measures. The hedge-fund manager competes in triathlons, never, ever drinks from a plastic water bottle and is unsparing at times in his criticism of corporate executives. That is exactly how his investors like him. "I didn't give him the money to have a mellow Dan Loeb," said Hugh F. Culverhouse, a Miami investor whose family once owned the Tampa Bay Buccaneers football team. "If I want a mellow Dan Loeb, let me redeem."...The Yahoo campaign signals a new phase in Mr. Loeb's career. Until now, he was perhaps best-known for his poison-pen letters, in which he has scolded executives for everything from keeping relatives on the payroll to socializing at the U.S. Open tennis tournament. Armed with a much bigger war chest—Third Point managed just $1.7 billion as of April 2009—Mr. Loeb can now aim for bigger targets. Mr. Loeb and his investors have a lot riding on a Yahoo revival. "If he makes money on his position, it will be good," said David Tepper, a fellow hedge-fund manager who has known Mr. Loeb for years. "If he doesn't make money, what is the point?" British man rescued off French Atlantic coast after being overcome with Olympic mania and trying to swim to America (DM) The unnamed 34 year old holidaymaker told his friends on the beach at Biarritz that he was off to New York to carry the Olympic spirit across the Atlantic. They thought he was joking but knowing that he was a strong swimmer decided to let him go telling him that a boat would come to rescue him if he got into difficulty. The man swam well beyond buoys 300 yards out to sea marking legal limits for bathing. Then, watched by lifeguards on the shore, he continued swimming until he was out of sight on his 3,594-mile journey. The lifeguards called out a helicopter and a diver dropped into the sea and explained to the man that it was not a good idea to swim across the Atlantic and advised him to head back towards France. He replied that he was a strong swimmer and felt up to it. At the same time lifeguards arrived in a rescue dinghy and threw the eccentric a line before towing him back to the beach. Laurent Saintespes, senior officer at Biarritz airbase told Agence France Presse, ‘He was a bit naive. But at a time when the Olympics are taking place in London you have to see the funny side of things’. Billionaire Jeff Greene On Democracy (NYM) Lately—like at a recent lunch with Steve Schwarzman, who has likened Obama to Hitler—Greene’s been trying another tactic. “Now I appeal to them selfishly,” he says. “ ‘Don’t you realize that if you don’t take care of this kid when they are 10 years old, you’ll take care of them when they are 20 and 100 instead? We just have to pay a little more taxes. It’s not going to kill us. You buy car insurance. Why not buy some democracy insurance?’ People think that Obama is this leftist, socialist guy,” he says. “But I don’t think they understand what people can go for when they are at the end of their line.” South Korean Youth Eschew Samsung Jobs For Facebook Dreams (Bloomberg) Not so long ago, South Korean students dreamed of lifetime jobs at Samsung Electronics Co. Now, many are shunning the juggernaut, intent on trying to emulate the likes of Facebook’s Mark Zuckerberg. Sim Cheol Hwan, 27, is typical of the trend. He wants to take a break from college in Seoul to set up a company rather than line up for job interviews at Asia’s biggest electronics company paying an average of 77.6 million won ($68,300) a year. So he’s set himself up in his own business making apps for Samsung and Apple phones. “I don’t want to get a job at a top 10 Korean company,” said the Hanyang University engineering student, who spent two years in the military. “Zuckerberg’s success proves that there is a lot of money to be made” in startups. Regulators Target Day-Trading Firm (WSJ) In the Romanian city of Cluj-Napoca, inside a garret up a narrow wooden staircase, four young men in T-shirts spend the day moving rapidly in and out of stocks, trying to ride their shifting momentum for profits. "It's very stressful," says one, dressed in a green T-shirt, blue shorts and Adidas sneakers. "The market is very hard to figure out." The four traders are part of a world-wide network initially set up by a Toronto-owned firm called Swift Trade Inc. Swift's founder, Peter Beck, turned it into one of the largest day-trading operations in the world over the past decade by aggressively expanding into far-flung locations, from China to Nicaragua to Romania, where he could recruit traders on the cheap. Mr. Beck also took an aggressive stance toward the law, say regulators in several countries where his firm has traded. The Financial Industry Regulatory Authority is expected on Tuesday to announce a settlement with Mr. Beck and an in-house brokerage unit for not establishing a supervisory system to prevent "a pattern of manipulative trading activity," according to a copy of the settlement reviewed by The Wall Street Journal. The Best CFOs: A Wall Street Journal Ranking (WSJ) #16: Ann Marie Petach, BlackRock. Chewbacca costume head from ‘Star Wars’ sold for $172K (NYDN) A Chewbacca headpiece used in the original "Star Wars" trilogy sold for a whopping $172,200 at a movie memorabilia auction this weekend. The loyal and lovable walking carpet swept the competition, which included an "Edward Scissorhands" costume worn by Johnny Depp that sold for $86,100 and an Everlasting Gobstopper used in the 1971 movie "Willy Wonka & The Chocolate Factory" that sold for $49,200. The Chewie mask was described by auctioneer Profiles in History as the "finest full costume headpiece of Chewbacca from the original trilogy in private hands," and "the finest screen-correct Chewbacca costume head from the Star Wars trilogy known to exist." The eyes are actual casts of Chewbacca actor Peter Mayhew's closed eyes, the auctioneer said. The expected price for the well-liked Wookie was between $60,000 and $80,000, plus fees and taxes, according to the auction catalog...Four years ago, someone spent a reported $240,000 to get the lightsaber prop used by actor Mark Hamill in the first two movies.