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Hedge funds set to end 2021 with inflows for first time in three years [Reuters]
Alternative assets data and analytics firm Preqin's data shows hedge funds have attracted flows totalling $40.9 billion in the first three quarters of the year, after outflows of $97.2 billion and $44.5 billion in 2019 and 2020 respectively…. "Several sectors of the hedge fund industry have a well-earned reputation for shielding assets from inflation."

The Hybrid Work Model May Threaten Corporate Culture, But Hedge Funds Are Making It Work [II]
46 percent of hedge fund managers expect to spend two to four days a week in the office. Ten percent said they would continue to work from home full time, while 21 percent said they would return to the office five days a week….
One of the biggest concerns expressed in the survey is the effect that the model will have on corporate culture. More than half of the surveyed managers said that with so many employees working from a remote setting, it would be difficult to maintain a cohesive, positive company setting due to a lack of team-building events. This kind of cohesive company culture, the report explains, is “essential to ensuring a low turnover of staff,” which is a key factor for every company as the war for talent heats up…. Despite concerns about the lack of in-person corporate interaction and events, one way to retain employees is to provide them with the flexibility of remote working.

Hong Kong’s Tybourne to Shut $2.8 Billion Hedge Fund [Bloomberg]
The Hong Kong-based firm will shift focus to its long-only and private investment funds, said the people… Tybourne is following Lansdowne Partners in withdrawing from short-selling activities, one of the hallmarks of hedge funds. It told investors that growing passive money flows, market leverage and retail investor participation in markets have fueled volatility, hurting especially short wagers, the people said.

Gold Holds Worst Loss This Month as Fed Meeting Outcome Awaited [Bloomberg via Yahoo! Finance]
All eyes are now on the central bank’s meeting, the results of which are released later Wednesday. The Fed could announce a doubling of the pace of its bond-buying taper and lay out a steeper path of interest-rate hikes, according to Bloomberg Economics.
Bullion is heading for its first annual loss in three years amid diminishing monetary support from central banks, although uncertainties surrounding the impact of the new virus variant could stoke demand for haven assets.

A polite F.D.I.C. meeting is followed by scathing statements. [NYT]
“This approach to governance is unsafe and unsound,” [FDIC board members and Consumer Financial Protection Bureau Director Rohit Chopra] said in a statement. “It is also an attack on the rule of law….” The regulators spoke politely to one another during the virtual meeting on Tuesday, but Mr. Chopra released a scathing statement afterward, calling the general counsel’s decision “legally dubious.”

Elon Musk calls Elizabeth Warren 'Senator Karen' in fight over taxes [CNN]
"Let's change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else," [Warren] tweeted Tuesday…. "You remind me of when I was a kid and my friend's angry Mom would just randomly yell at everyone for no reason," [Musk] said in one tweet.

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Opening Bell: 5.3.21

P.E. spree; way-off estimates; hedge funds confused and gluttonous; throw away your suits; and more!

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Opening Bell: 8.11.21

Inflation inflates; Robinhood buys; Vivendi sells; Coinbase booms; and more!

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Opening Bell: 9.19.16

Funds dump gold; Fed insider warns of risk of low rates; Twitter sued by investor over (lack of) growth; ‘Cannibal Cop’ says he’s a hot dish on the dating scene; and more.

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Opening Bell: 12.10.21

Inflation inflates; insiders sell; are there any rules Credit Suisse doesn’t break? and more!

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Opening Bell: 9.22.21

Waiting for Jay Powell; Toast pops; Jamie Dimon’s shopping spree; pre-nup-less Paulson files for divorce; and more!

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Opening Bell: 9.21.16

Senators vs Wells Fargo; Hedge funds vs SABMiller deal; DOJ vs former Fed staffer; Son of Chinese billionaire buys eight iPhone 7s for his dog; and more.

Opening Bell: 03.07.12

Goldman No.1 in Investment Bank Fees (Bloomberg Markets) Total investment banking fees for all financial institutions in 2011 were $49.1 billion, matching the $49.1 billion from 2010. Total deal volume also matched 2010, at $6.9 trillion. Goldman took the top spot in the ranking even as its total fees fell in 2011 to $3.46 billion from $3.6 billion in 2010. Goldman is also No. 1 in M&A fees for the eighth consecutive year. JPMorgan dropped to No. 3 from No. 1 in the overall ranking. Morgan Stanley held on to the No. 2 spot, with $3.26 billion in overall fees, down 11 percent from the prior 12 months. Investors With 39.3% of Greek Debt Will Swap (Bloomberg) The thirty members of the private creditor-investor committee for Greece who plan to participate in the swap hold an aggregate 81 billion euros of Greek debt, or 39.3 percent of the Greek debt eligible for the swap, according to the email. Obama pitches CEOs on economic growth (Politico) President Barack Obama pitched his proposals for economic growth to an audience of CEOs Tuesday, including Bank of America chief executive Brian Moynihan and Jamie Dimon of JP Morgan Chase. The president hailed his proposed investments in infrastructure and training and pointed to common ground with the business community, including the signing of free trade agreements and allowing Russia into the World Trade Organization, according to a pool report. Obama said he will go anywhere in the world to secure markets for American goods, and, noting a large order inked by Boeing, quipped, "I expect a gold watch upon my retirement" for all the planes he's helped sell around the world. "Obviously we've got a long way to go," he said. But, he said "the economy is speeding up." The gathering of the Business Roundtable, an association of CEOs, drew roughly 100 chief executives. But while there was polite applause when Obama was introduced, the pool report noted, “the CEOs sat silent for most of his remarks.” Private Sector Adds 216,000 Jobs (WSJ) Private-sector jobs in the U.S. increased 216,000 last month, according to a national employment report published by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers. The gain was close to expectations of 215,000 put forth by economists surveyed by Dow Jones Newswires. Alleged accomplice of Manhattan 'madam' indicted, remains on the lam (NYP) Accused millionaire madam Anna Gristina had an alleged partner in crime -- gorgeous strawberry-blonde Jaynie Baker, who three sources told The Post yesterday is Gristina's indicted but unapprehended accomplice. "She was running the operation with Anna," said one source with knowledge of the operation. Asked where Baker, 30, of Brooklyn, is currently, the source answered, "Nobody knows." Baker and Gristina are both charged with felony promoting prostitution for allegedly co-running an Upper East Side-based escort service that offered premium call girls to a millionaire clientele. "This was the gold standard of escort services," said a second source with knowledge of the operation. "These were high-end models who cost $2,000 a visit, and were worth every penny." World’s Richest Lose $11.3B, Mittal Falls Off Index (Bloomberg on Bloomberg) The 20 richest people on Earth lost a combined $11.3 billion yesterday as global markets fell after European economic growth slowed and investors weighed Greece’s chances of getting bondholders to accept a debt swap. Warren Buffett’s fortune fell $407.3 million, dropping his net worth to $43.9 billion. The chairman of Omaha, Nebraska- based Berkshire Hathaway Inc. (BRK/B), his investment holding company, ranks third on the Bloomberg Billionaires Index, a daily ranking of the world’s richest people. Bernanke Seen Accepting Faster Inflation as Fed Seeks Jobs Boost (Bloomberg) The Fed chairman told lawmakers last week that an increase in energy costs will boost inflation “temporarily while reducing consumers’ purchasing power.” He also said the central bank will adopt a “balanced approach” as it pursues its twin goals of price stability and full employment, which it defines as a jobless rate of between 5.2 percent and 6 percent. “The chairman seemed to suggest they will tolerate a misdemeanor on inflation as unemployment continues to fall toward their goal” over several years, said Mark Spindel, chief investment officer at Potomac River Capital, a hedge fund that manages $250 million in Washington. President Presses for Action on the Buffett Rule (WSJ) President Barack Obama took an aggressive tack on taxes at a White House news conference Tuesday, suggesting that Congress adopt his proposal for a so-called Buffett rule this year. It would require very high income earners—those making $1 million a year or more—to pay at least 30% of their income in federal tax. Newt Gingrich: 'I am the tortoise' of the 2012 Republican primary (The Hill) Newt Gingrich heralded himself as the "tortoise" of the 2012 Republican primary after a strong win in Georgia — the state he represented for two decades in Congress — and pledged to fight on for the Republican presidential nomination despite an otherwise poor showing in the Super Tuesday contests. "There are lots of bunny rabbits who run through — I am the tortoise. I just take one step at a time," Gingrich told a crowd of supporters in Atlanta.