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Global Stocks Gain Ground; Crypto Steadies [WSJ]
U.S. stock and bond markets were shut for the first time Monday for the Juneteenth public holiday. The S&P 500 last week endured its biggest percentage decline since the Covid-19-driven crash of March 2020 after the Fed’s decision to raise interest rates by a three-quarter-point spooked investors./Cryptocurrencies steadied after volatile weekend trading. Bitcoin changed hands at $20,795, 1.4% higher than its Sunday 5 p.m. level. Digital currencies have slumped in recent weeks and major cryptocurrencies have laid off staff.

First Short Bitcoin ETF to List on NYSE [Coindesk via Yahoo!]
ProShares was the first firm to list a bitcoin futures ETF in October, a factor which saw the world's largest crypto hit an all-time high of around $68,900 in the subsequent weeks. Bitcoin investors will be hoping the listing of a short bitcoin futures ETF does not have a similar effect on the world's largest crypto in reverse.

Bitcoin whale Michael Saylor urges governments to step in and regulate crypto’s ‘parade of horribles’ [Fortune via Yahoo!]
Microstrategy CEO Michael Saylor argues the over 19,000 cryptocurrencies and digital tokens in circulation must be viewed as “unregistered securities” that cannot be likened to a hard commodity like Bitcoin—which has no issuer, no management, no employees, no product cycle and only a finite supply…. He added mainstream financial institutions often won’t touch an asset like Bitcoin “because of the slime that gets onto the asset class from all the unregistered securities."
Nouriel Roubini, a respected economist and one of the few to predict the 2008 global financial crisis, branded crypto a ponzi scheme collapsing upon its own weight on Saturday.

Someone paid $19 million for a steak lunch with Warren Buffett [CNN]
This year's huge sum is more than four times the winning bid of $4,567,888 in 2019 — the last auction before a hiatus due to the Covid-19 pandemic…. Unfortunately for aspiring investors hoping to top this year's record, this is the last year of the "power lunch" with Buffett.

‘The Dirty Secret of Covid’: Scott Galloway on the Postpandemic Economic Turmoil [NYT]
“There’s a constant notion that if the economy does well, the middle class will restore itself. That is not true. What happens over time in all economic history is that the wealthy weaponize government, lower taxes on them, resist competition — the biggest, most powerful companies entrench themselves, and you end up with an erosion of the middle class. You end up with income inequality. It gets worse and worse, and then the same thing happens with income inequality. The good news is income inequality, when it gets to these levels, always self-corrects. The bad news is that the mechanisms for self-correction are war, famine and revolution.”

Manhattan Luxury Sales Just Had Their Slowest Week Since December 2020 [Mansion Global]
Just 12 contracts were signed for luxury Manhattan apartments priced above $4 million in the week from June 13-19, a steep drop from the 25 contracts the previous week, according to the weekly report from Olshan Realty released Monday…. The highest-priced deal was a $26 million unit at 15 Central Park West on the Upper West Side, which had listed for $28 million in April, and which the seller had purchased for $30 million in 2014.


rockefeller center tree

Holiday Bell: 12.23.22

M&A to rally into new year; inflation, too; judge hurts Hertz creditors; Dan Loeb’s feelings are hurt; and more!

(Kabir Bakie)

Holiday Bell: 7.1.22

SEC feels EPA’s pain; the “D” is for defamation; Apple’s top insider-trading cop also its top insider-trader; and more!


Holiday Bell: 5.27.22

The wages of SPAC; Icahn ground to hamburger; inflation eases; digital dollar talk; and more!

Getty Images

Opening Bell: 7.24.20

Buffett buys BofA; Deutsche Bank gets even worse; Jim Chanos couldn’t be more excited; sleep where Alan Dershowitz kept his underwear on; and more!

ice cube

Holiday Bell: 4.2.21

Coinbase to list; Hertz worth more than Hertz thinks; an immaterial currency en route to an unreachable planet; and more things that only sound like April Fools jokes!

liberty bell

Holiday Bell: 7.2.21

Jobs jobs jobs!; Hertz back on the market and in court; a tale of two cities; an ETF in the ether; and more!


Holiday Bell: 9.2.22

Hedge fund manager got rand-y; Peltz putsch; “lonely home silos”; accounting for NFTs (or not); and more!

vaccine shot

Holiday Bell: 12.28.21

Biden’s regulatory bench Blooms; Omicron makes things easier (unless you work at Goldman Sachs); Credit Suisse is litigiously pissed; Kap SPAC kicks the bucket; and more!