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☆ 25 up-and-coming investors, traders, and dealmakers at firms like Blackstone, JPMorgan, and Citadel
▼ + stars: | 2022-10-26 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

Each year, Insider highlights Wall Street rising stars. Insider has pinpointed the young professionals on the runway to success even as banks and money managers brace for cutbacks. We scoured our contacts for ideas about individuals to include and received recommendations from bosses, colleagues, recruiters, and financial-industry peers. Insider talked to these rising stars, from leading firms like Goldman Sachs, BlackRock, and Bridgewater, to reflect on their successes, challenges, and best career advice. Also, check out their biggest career mistakes and what they learned from them as well as what they've been reading and listening to.

☆ America's top bankers worry more about the world than a recession
▼ + stars: | 2022-10-25 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

“The relationships of the Western world would have me far more concerned than whether there’s a mild or slightly severe recession [in the United States],” he added. “Saudi Arabia and the United States have been allies for 75 years. Fix social media but keep innovatingSchwarzman also highlighted rising interest rates and “the problems of relationships among countries” as the major challenges facing businesses. To that list he added social media. “One of the things that we’re almost not aware of is how difficult it is for governments to function in a world of social media,” Schwarzman said.

☆ Wall Street's rising stars admit their biggest career mistakes — from missing out on lucrative bets to taking too much on — and what they learned from them
▼ + stars: | 2022-10-24 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +17 min

Vinay Trivedi, a vice president at General Atlantic focusing on the technology sector. I don't think we necessarily transitioned fast enough to how people learn if we're only doing audio from home. - David Israel, 27, vice president at Credit SuisseAngel Pu Shum is a principal within Warburg Pincus's technology group. -Allison Boxer, 29, senior vice president and economist at PIMCONoah Zerance, a vice president with Bank of America's global sustainable-finance group. and the response would be, 'Well, we don't know how we do it yet.

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. JPMorgan and Goldman Sachs made nearly $77 million and $42 million respectively in investment banking fees in Saudi Arabia last year, Refinitiv data showed. "For the most part, I do not see U.S. companies actively avoiding Saudi Arabia due to recent political tensions," said Adel Hamaizia, managing director at Highbridge Advisory and a visiting fellow at Harvard University. FDI FLATForeign direct investment still lags behind targets, though there has been movement in new sectors as the kingdom opens up. As Boeing netted an $80 million defence contract last year, Fedex announced a $400 million 10-year investment plan in the country, the Arab world's biggest economy.

☆ The billionaire founder of Interactive Brokers warns that stocks have another 20% downside as investors underestimate the impact a stagnant economy will have on earnings
▼ + stars: | 2022-10-22 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Interactive Brokers founder Thomas Peterffy is bearish on stocks over the next few quarters. Thomas Peterffy, the billionaire founder of Interactive Brokers, doesn't see the Federal Reserve succeeding in its goal to bring inflation back down to its long-term target of 2%. That doesn't mean, however, that the Federal Reserve will remain committed to reining in inflation, like they've pledged. Investors "are not accounting for the earnings hit that we will get from reduced demand," Peterffy told Insider on Friday. Rallies have been continually stymied by realizations that the Fed is going to have to raise interest rates higher than investors had originally expected.

☆ NFL roundup: Bills edge Chiefs in AFC Divisional round rematch
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +9 min

Allen passed for 329 yards and three touchdowns for the Bills, who have the best record in the AFC. Register now for FREE unlimited access to Reuters.com RegisterButker booted a 44-yard goal to give the Chiefs a 20-17 lead with 9:49 remaining in the fourth quarter. Jimmy Garoppolo threw two first-half touchdown passes to Brandon Aiyuk, but also mixed in a pair of interceptions on a 29-for-41, 296-yard day. Bengals 30, Saints 26Joe Burrow threw three touchdown passes as visiting Cincinnati came from behind in the fourth quarter to defeat New Orleans. The two connected on a scoring strike with 9:55 left in the fourth quarter to help the Steelers snap a four-game losing skid.

☆ Some Big Tech firms were the top landing spot for recent Goldman Sachs tech departures, and it could be an early sign of the changing tides in the war for talent
▼ + stars: | 2022-10-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, the latest installment in Wall Street's war for tech talent. Big Tech wants its engineers back. In the ongoing war for top engineering talent, Big Tech has landed the latest blow against one of Wall Street's most powerful firms. Read more about the top firms scooping up recent Goldman departures, and how it could be representative of the larger issues Wall Street faces when trying to attract tech talent. Robo-advisor Betterment just launched customized crypto portfolios, the Wall Street Journal reports.

☆ Here's how to play the bear market - and when to know it's safe buy again
▼ + stars: | 2022-10-13 | by ( Jason Ma | ) www.businessinsider.com time to read: +6 min

Investors should brace for a 5% stock market decline if the reading comes in above 8.3%, JPMorgan's trading desk said in a note this week. The stock market could continue to tumble in the face of rising inflation and a recession. Investors should wait to get bullish on the falling stock market as inflation and rate-hike concerns continue to roil the valuation norms of the past two decades, according to Bank of America. Has the stock market found a bottom yet? US stock futures rise early Thursday, ahead of the eagerly awaited US inflation data due later this morning.

☆ Ray Dalio says buy forward the fundamental things you'll need, and shares 3 additional tips that can help investors navigate the current economic environment.
▼ + stars: | 2022-10-13 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Ray Dalio says we will be searching for a true store hold of wealth for the next 10 years. On Tuesday, Bridgewater Associates founder Ray Dalio took the stage during the Greenwich Economic Forum to discuss the state of the global economy. Central to his discussion was the belief that the Federal Reserve will need to navigate between inflation and a weak economy going forward. But the magnitude of the current economic crisis is not something we're used to, he noted. What is the true store hold of wealth will be the question of our time, Dalio said.

☆ A view from Greenwich: Big investors from Bridgewater, Apollo, and Ares are preparing for when, not if, a recession hits
▼ + stars: | 2022-10-13 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

At the Greenwich Economic Forum on Tuesday, big investors said they expected a downturn. Many big investors anticipate a lighter recession than in the past as the Fed hikes interest rates. And while it's held in the hedge fund capital of the world, private credit dominated discussions. Some investors, like Lawrence Golub, chief executive of $55 billion credit asset manager Golub Capital, expect a period of low growth but no severe recession. It's going to be one where there's some economic growth in various parts of high-end consumer, or other areas," he said.

☆ How the wealthy use life insurance to escape estate tax and why the tactic is now attracting scrutiny
▼ + stars: | 2022-10-12 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

I'm Jeffrey Cane, stepping out from behind the 10 Things on Wall Street newsletter curtain to help catch you up on all things financial today. But first: Could I interest you in some life insurance? Yes, life insurance is one answer, but it's life insurance with a twist. This little-known tax tool, which may be coming under increasing scrutiny, is called private placement life insurance, or PPLI. It is effectively a life insurance policy that is owned by an offshore trust.

☆ Bridgewater's co-CEO explains how the hedge fund, famous for its brutally honest culture, will evolve for the next generation of employees
▼ + stars: | 2022-10-12 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

Co-CEO Nir Bar Dea is already making changes to its famously radically transparent culture. Bridgewater Associates' co-CEO Nir Bar Dea is looking to make some changes to its controversial culture as founder Ray Dalio takes a step back. "The ideas are different," Dea said speaking at the Bloomberg Invest event Wednesday. Changing the culture for the next generationThe culture changes are already underway, said Dea. In a tweet last week, Ray Dalio said that he would give up control of the $150 billion hedge fund.

☆ Billionaire investor Ray Dalio warns the US faces a 'perfect storm' of problems - and predicts more pain for markets and the economy
▼ + stars: | 2022-10-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The US faces a "perfect storm" of debt, political strife, and an overseas war, Ray Dalio said. Dalio warned the Fed will have to hurt markets and the economy to conquer stubborn inflation. Dalio complained that "ridiculously stupid" interest rates and a flood of cheap money have inflated US asset prices and overstimulated the economy in recent years. "They will raise interest rates to the point that there's enough economic pain and financial market pain to deal with that," he said. Dalio, the founder of Bridgewater Associates, recently stepped down as the hedge fund's co-chief investor, and now serves as a mentor to its bosses.

REUTERS/Brendan McDermid/File PhotoOct 12 (Reuters) - Signs of stress are growing in the global financial system, sparking worries over everything from contagion between markets to ruptures in financial products. This week alone, a gloomy report from the International Monetary Fund flagged risks of “disorderly asset repricings” and “financial market contagions” while JPMorgan chief Jamie Dimon predicted a looming recession. Global financial conditions, which reflect the availability of funding, touched their tightest since 2009 in late September, an index compiled by Goldman Sachs showed, lifted by surging interest rates, falling equities and a soaring dollar. “There are dollar funding shortages.”The IMF's Global Financial Stability Report, released Tuesday, also highlighted specific risks in open-end investment funds and the leveraged loan market. U.S. Treasury Secretary Janet Yellen on Tuesday said she has not seen signs of financial instability in U.S. financial markets despite high volatility.

☆ Bridgewater's Dalio warns of a 'perfect storm' for economy
▼ + stars: | 2022-10-11 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

GREENWICH, Conn., Oct 11 (Reuters) - Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world's biggest hedge funds, said a "perfect storm" is forming that will spread economic pain as the U.S. Federal Reserve raises interest rates. Domestic tension in the U.S. population caused by "irreconcilable differences" and a yawning wealth gap, combined with international conflicts, are contributing to the perfect storm, he said. Register now for FREE unlimited access to Reuters.com Register"The Fed and the government together gave enormous amounts of debt and credit and created a lurch forward. So now we're going to create a giant lurch backward," Dalio said at the Greenwich Economic Forum. read moreThe 73-year-old investor will keep his seat on Bridgewater's operating board of director and will mentor the firm's chief investment officers.

☆ Ray Dalio on stepping away from Bridgewater: 'I love the investment game, so I'll keep playing it'
▼ + stars: | 2022-10-11 | by ( Rebecca Ungarino | Alyson Velati | ) www.businessinsider.com time to read: +4 min

Ray Dalio, founder of Bridgewater Associates, said he's not ready to stop investing just yet. "I love the investment game, so I'll keep playing it. Dalio said in a tweet last week that he would give up control of the $150 billion hedge fund. Bridgewater's investment strategy is being led by the co-chief investment officers Greg Jensen and Bob Prince. Murray claimed that Bridgewater withheld up to $100 million in deferred compensation after she told regulators about the gender-discrimination dispute.

☆ OpenInvest cofounders share lessons learned from getting acquired by JPMorgan and how fintechs can 'maintain that special sauce' after getting bought
▼ + stars: | 2022-10-10 | by ( Asia Martin | ) www.businessinsider.com time to read: +9 min

One of those acquisitions was OpenInvest, a deal JPMorgan announced last June and completed months later in August. But I think that JPMorgan, and maybe others in the space, have learned 'how do we maintain that special sauce," said Levin. Here's three things the OpenInvest cofounders have learned since last year about how best to transition into a bigger organization. Though it's still in the middle of its integration, OpenInvest has already begun to roll out fund reporting to the bank's wealth management businesses. All of those deals seem to have helped the bank streamline certain parts of integration, Murray said.

☆ NFL roundup: Cowboys win 4th straight, defeat defending Super Bowl champ Rams
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +10 min

Los Angeles quarterback Matthew Stafford was 28 of 42 for 308 yards with a touchdown and an interception. Register now for FREE unlimited access to Reuters.com RegisterBrett Maher made field goals of 33, 40 and 36 yards for the Cowboys. Allen's day included a 98-yard touchdown pass to Gabe Davis, which tied a franchise record for the longest completion. Patriots 29, Lions 0Bailey Zappe threw a touchdown pass in his first career NFL start and Kyle Dugger returned a fumble for a touchdown as New England cruised past Detroit at Foxborough, Mass. Saints 39, Seahawks 32Taysom Hill ran for 112 yards and three touchdowns, while also throwing a touchdown pass as host New Orleans defeated Seattle.

☆ There's renewed hope in the possibility that global central banks are nearing the end of their rate hike cycle. Here's how that's driving markets.
▼ + stars: | 2022-10-05 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +6 min

Central bank moves and softer economic data have investors hoping that the Fed and other central banks are almost done hiking interest rates. There's some renewed hope for a Fed pivot on the horizon. Australia's central bank surprised forecasters by raising interest rates by a less-than-expected 25 basis points, becoming the first central bank to abandon its path of jumbo rate hikes. Fewer job openings mean employers aren't compelled to offer more competitive wages. Number of job openings Chart: Andy Kiersz and Madison Hoff Source: Bureau of Labor Statistics via FRED10.

☆ There's an ESG backlash inside the executive ranks at top corporations
▼ + stars: | 2022-09-29 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +8 min

Only 25% of CFOs surveyed by CNBC support the SEC's climate disclosure proposal, according to the survey. More than half (55%) of CFOs are opposed to the SEC climate rule, and 35% say they "strongly oppose" it. Proving climate materialityA critical issue for CFOs with the new SEC climate disclosure is the lack of a clear correlation between the climate data and financial statements. The first task for CFOs on climate disclosure, Clayton says, is to be candid with investors and stakeholders about this disconnect. "We are not blanket defenders of ESG," said Martin Whittaker, founding CEO of ESG research nonprofit Just Capital, which releases an influential ranking of top companies on ESG annually.

☆ Meet the brightest investors and dealmakers under 35 from firms like Blackstone and Bridgewater navigating today's choppy markets.
▼ + stars: | 2022-09-29 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

After months of interviews and countless rounds of fact checking, meet 25 best-in-class investors, traders, and dealmakers under the age of 35, from firms like JPMorgan, BlackRock, and Apollo, among others. Here is the latest crop of rising stars — Wall Streeters under the age of 35 who are pushing their teams to the top. The end result celebrates people from all walks of life who are infusing new ideas at the biggest firms. He works across the firm's funds TPG Capital and TPG Growth, and also covers TPG's impact-oriented initiative called The Rise Fund. HBCUvc's operating chief reviews hundreds of applications for the program that offers paid internships at VC firms.

"Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability," the British central bank said. By 2:48pm (1348 GMT) it was trading down 0.5% at $1.0679, a fall of 12% in the last three months. The BoE said it would return to its plan to sell bonds and its launch was only postponed until the end of October. RESTORE ORDEROn Monday the BoE said it would not hesitate to raise interest rates and was monitoring markets "very closely". But the slide in bond prices continued unabated on Wednesday, prompting the BoE to make its move.

☆ Billionaire investor Ray Dalio says UK’s economic plan 'suggests incompetence'
▼ + stars: | 2022-09-28 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Ray Dalio, founder of Bridgewater Associates LP, speaks during a panel session on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, May 25, 2022. The financial market turmoil resulting from the U.K. government's spending plan "suggests incompetence," according to billionaire investor Ray Dalio. "I can't imagine that this is intended – and if it's not intended then it's an understanding question," Dalio said on BBC Radio 4′s "Today" program Wednesday. The measures included large swathes of unfunded tax cuts that have drawn global criticism, including from the International Monetary Fund. "It doesn't stimulate the economy, productivity is what stimulates the economy over the long run," Dalio said.

☆ The rising stars of Wall Street: Meet 25 outstanding young investors, traders, and dealmakers at firms like Blackstone, JPMorgan, and Bridgewater
▼ + stars: | 2022-09-28 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +2 min

Akash Pradhan, 33, TPGTPGWhen Akash Pradhan needs to clear his head, the 6'1" principal at TPG heads to the basketball court. The San Francisco Warriors fan's love of sports led him to his first job with The Raine Group. As an analyst at Raine, the company exposed Pradhan to M&A advisory and private-equity investing. Over the past five years, Pradhan has been involved in or helped lead deals that total roughly $3 billion in invested capital. "I'm proud to have changed people's thought processes and perspectives on a particular industry we ended up investing in."

☆ The bond market is in the middle of its worst decline since 1949. It's set to unravel some very popular trades, BofA says.
▼ + stars: | 2022-09-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

And below, I'm breaking down what Bank of America has to say about the worst bond market decline in over 70 years. The bond market is in the middle of a historic crash and it'll hammer stocks, according to a Friday note from Bank of America. As central banks around the world move to stem inflation, BofA analysts said bonds are experiencing their worst decline since 1949. What's your stock market outlook heading into year-end? As stocks sell off, Fundstrat's Tom Lee is sticking to his bullish year-end stock market forecast.

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