WallStreetBets Loses Its Cool Factor [WSJ]
Those who once scoured the online message forum for brazen and unexpected trading ideas say they are mostly finding members still chatting about stocks such as GameStop Corp. and AMC Entertainment Holdings Inc. Constructive feedback on trades, some users complain, has largely been replaced by cheerleading…. Veterans… say the newbies are taking more than they are giving. The number of text posts, as well as the number of total comments across WSB’s main page, has been falling. On an average day last November, there were about 27,000 comments on the forum’s main page, which features “hot” content, down from about 47,000 a year before….
Activist Investors Assemble [DealBook]
Unilever has faced pressure on multiple fronts for weeks, including pushback from shareholders over its now-abandoned pursuit of GlaxoSmithKline’s consumer business. Now the consumer goods giant must deal with a potentially bigger headache: Trian Partners, the activist investment firm run by Nelson Peltz….
In a letter to the embattled at-home fitness equipment maker, Blackwells Capital called for directors to fire [Peloton’s] C.E.O., co-founder John Foley, and to weigh a sale as its shares tumble amid falling sales…. The retailer Kohl’s has received a roughly $9 billion offer to go private in a deal with an investment consortium led by Acacia Research, which is backed by the activist hedge fund Starboard Value….
Yellen Unveils Twist on Reagan in ‘Modern Supply-Side Economics’ [Bloomberg]
“Our new approach is far more promising than the old supply-side economics, which I see as having been a failed strategy for increasing growth,” Yellen said in a speech to the World Economic Forum’s virtual Davos Agenda. “Modern supply-side economics seeks to spur economic growth by both boosting labor supply and raising productivity, while reducing inequality and environmental damage….”
Criticizing generations of Republican moves to lower federal tax rates, Yellen said that “significant tax cuts on capital have not achieved their promised gains, and deregulation has a similarly poor track record.” She added that “this approach has deepened disparities in income and wealth by shifting the burden of taxation away from capital and towards labor.”
Ex-Goldman Bond Trader Builds a $5.6 Billion Crypto Behemoth [Bloomberg via Yahoo!]
The Pantera Bitcoin Fund has returned more than 65,000% since 2013, and his Pantera Capital Management, once a traditional hedge fund that wagered on macroeconomic trends, oversaw $5.6 billion of crypto assets at year-end. That’s on top of the $6 billion the firm has returned to investors…. “Crypto is so much more compelling than any other trade out there.”
Bitcoin Price Has Lost Half Its Value—Again [WSJ]
The cryptocurrency has declined for six out of the last seven days, retreating nearly 10% on Monday, compared to its level at 5 p.m. on Friday. It traded for as little as $33,046, its lowest level since July…. The drop shouldn’t come as too much of a surprise to crypto enthusiasts. It is the eighth time since Bitcoin launched in 2009 that it has fallen by more than 50%, and the third time since 2018…. Retail investors also appear to be taking a step back from investing in crypto, according to Ms. Reyes. The volume of smaller-sized transfers, a proxy for retail trader use, declined by over 40% between the first and fourth quarters last year….
China Evergrande seeks more time from creditors for debt restructuring plan [Reuters]
Evergrande on Monday urged bondholders to refrain from taking "radical legal actions" and that it looked forward to communicating with various overseas creditors to formulate a debt restructuring plan.
The company needs further studies and evaluation before entering into communication with the creditors, it said in a statement on its website.