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☆ A Walk in Rio de Janeiro: Along Fabled Beaches
▼ + stars: | 2023-06-19 | by ( Seth Kugel | ) www.nytimes.com time to read: 1 min

For first-timers, a five-mile stroll along Copacabana and Ipanema beaches — Rio de Janeiro’s two most fabled sand parentheses — will stir up feelings even in those who have long and unironically listed “walks on the beach” as a favorite pastime. Such reactions may range from counterfactual nostalgia (“Imagine coming of age in a place like this”) to cultural aha moments (“Bossa nova makes so much sense now”) to medium-term reverie (“What are the rules on Brazil’s digital-nomad visa again?”). More than 20 visits in, I still turn some kind of emotional every time I return to Rio and set foot on the boardless boardwalk where the vast majority of this stroll takes place. Brazilians call such a beachfront sidewalk the “calçadão,” but forget pronouncing it and focus on its official sound: a thousand flip-flops slapping the wave-patterned Portuguese pavement.

Locations: Copacabana, Ipanema, Rio

☆ Help! United Owed Us $8,370 in Cash, But Offered Credit. That’s Not What We Paid For.
▼ + stars: | 2023-06-02 | by ( Seth Kugel | ) www.nytimes.com time to read: +2 min

Because of health issues, we intended to book refundable tickets. I called United immediately, and an agent changed those tickets to refundable for a $300 fee. And if you paid with an electronic travel certificate, or E.T.C., you get that certificate back to use for future travel. for your mistakenly booked tickets, then used that certificate to purchase your refundable tickets. So the technical “original form of payment” was an E.T.C., even if the original original form of payment was a credit card.

Persons: Ellen Locations: San Diego, Buenos Aires, Santiago, Chile, La Jolla, Calif

☆ Hedge funds piled into these A.I. stocks during the first quarter
▼ + stars: | 2023-05-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Securities filings released this week signaled that many hedge funds also appear to be catching the AI bug. Betting on AI heavyweights Alphabet popped up as one of the most common AI plays among big investors in the first quarter. Microsoft bet billions on AI capabilities, funneling another multibillion-dollar investment in January into ChatGPT maker OpenAI. Beyond Alphabet and Microsoft Outside heavyweight giants Alphabet and Microsoft, many hedge funds beefed up other AI-related holdings in the first quarter. His Nvidia bet equaled roughly $1.4 billion at the end of March.

☆ Baupost’s Seth Klarman ups his stakes in Alphabet, Coinbase to ride the tech rebound
▼ + stars: | 2023-05-12 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Baupost's Seth Klarman added to his technology holdings in the first quarter, including Google parent Alphabet and Coinbase , to take advantage of the big rebound in the sector, according to a new regulatory filing. Meanwhile, Klarman hiked his Coinbase bet by nearly 80% to $29 million. The cryptocurrency exchange was one of the biggest winners in the first quarter, jumping more than 90% to rebound from a dismal 2022. And just like Buffett, Klarman pivoted to technology in recent years to take advantage of growth stocks' leadership in the market. He gained $1.6 billion from hedging last year, which helped offset losses on the long side, the FT reported.

☆ Help! My Tour Got Canceled but Travel Insurance Won’t Pay
▼ + stars: | 2023-05-12 | by ( Seth Kugel | ) www.nytimes.com time to read: +1 min

The tour organizer canceled the trip, citing health and safety issues, and refunded our money. I had bought my airfare ($1,504) separately, so I assumed my GoReady Pandemic Plus insurance policy would cover it. If travel insurance doesn’t cover this, what does it cover? Khatiba, Sebastopol, Calif.Dear Khatiba,You are forgiven for thinking that the “trip cancellation” portion of your policy would cover, say, trip cancellation. My inbox is flooded with messages from travelers whose similarly reasonable-sounding claims were denied either because of a policy’s fine print or because the documentation process became so mind-bendingly bureaucratic that they simply gave up.

☆ Help! Spirit Airlines Left Us Behind in Guatemala City
▼ + stars: | 2023-04-21 | by ( Seth Kugel | ) www.nytimes.com time to read: +2 min

Dear Tripped Up,My two sons and I checked in at the Guatemala City airport three hours before the first leg of our return flight to Detroit. When we returned to our gate at 3:40, we were told the plane had been readied earlier than expected and the doors had closed. The gate staff said it would be three days before another flight was available, and they refused to book us on another airline. We eventually received a partial $297 credit from Spirit, but we want them to reimburse us for the JetBlue flight, since they should have alerted us when the departure time was again revised. “They always tell you not to go too far,” said one wizened veteran, a consultant who flies nearly every week.

☆ Explainer: How did live rounds get onto the set of Alec Baldwin's 'Rust'?
▼ + stars: | 2023-03-27 | by ( Andrew Hay | ) www.reuters.com time to read: +3 min

March 27 (Reuters) - Cinematographer Halyna Hutchins was killed on the New Mexico set of Western movie "Rust" in 2021 after live ammunition was mixed with dummy rounds. Five other live rounds were later found on the set by investigators. Investigators have not been able to establish where the live rounds found on the "Rust" set came from. Kenney has denied that the live rounds on set came from his company. Charging documents held Gutierrez-Reed responsible for "allowing live ammunition on the set," but not for bringing them to the production.

☆ High-profile hedge funds dive back into beaten-down tech stocks to capitalize on the big comeback
▼ + stars: | 2023-02-20 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Many high-profile hedge funds jumped back into technology stocks — the group that hurt their alpha the most last year — just in time to benefit from the furious comeback in the new year. These big investors loaded up on stocks that were among last year's biggest losers amid the Federal Reserve's aggressive rate hikes. Hedge funds overall saw significant negative long alpha (-12.1%) last year, with the single biggest contributor being exposure to info tech, according to Goldman Sachs. .IXIC 1Y mountain Nasdaq Composite The rebound in technology stocks came fast and furious in the new year. Hedge funds overall were able to beat the market significantly.

☆ Baupost’s Seth Klarman hikes his Meta, Amazon stakes right before the big rebound
▼ + stars: | 2023-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Baupost's Seth Klarman drastically increased his stake in some of the biggest technology companies in the fourth quarter, just before the group staged a big comeback, according a new regulatory filing. Klarman hiked his Meta bet by 150% to $208 million, and upped his Amazon stake by 300% to a bet worth more than $83 million. Meta has risen nearly 50% year to date, while Amazon has gained nearly 19%. And just like Buffett, Klarman has increased his exposure to the tech sector in recent years to take advantage of its explosive growth. Other than technology stocks, Klarman added small new bets on cable television provider Altice and Herbalife last quarter.

☆ Hedge funds bought the dip in Chinese stocks — here are their favorite ADRs
▼ + stars: | 2022-11-27 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Hedge funds bought the dip in Chinese stocks last quarter after many technology names sold off amid political uncertainty, according to Goldman Sachs. U.S. hedge fund ownership of Chinese ADRs increased modestly during the third quarter after declining for four straight quarters, according to Goldman. At the start of the fourth quarter, 20% of equity hedge funds had a long position in at least one Chinese stock, the firm said. Alibaba remained the most popular China ADR among U.S. hedge funds, and it's the only Chinese stock to be included in Goldman's Hedge Fund VIP list . Brad Gerstner's hedge fund Altimeter Capital bought $69 million worth of Pinduoduo last quarter, according to a filing.

Explore Brazil’s African rootsFifty-six percent of Brazilians identified as Black or mixed race in 2021, and race relations here are as complex as they are in the United States, making the Museu Afro Brasil in the city’s glorious Ibirapuera Park a must-see. The museum is at once an exuberant celebration of the contributions that the majority and their ancestors have made to the artistic, intellectual and economic life of the country, and a searing reminder — with the restored remains of a slave ship, instruments of torture and photography of enslaved people — that Brazil was the last country in the Americas to fully abolish slavery, in 1888. Entry is 15 reais, or about $3.

☆ Baupost’s Seth Klarman slashes Amazon and Alphabet stakes, picks up a car dealership stock
▼ + stars: | 2022-11-15 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Baupost's Seth Klarman cut his holdings in Amazon and Google-parent Alphabet dramatically last quarter, while picking up a few stocks in the volatile market, a new filing showed. The longtime value investor reduced his stakes in Alphabet and Amazon by nearly 60% each, according to Baupost's latest 13F filing with the Securities and Exchange Commission. Klarman also exited his position in Intel last quarter. Alphabet and Intel had been among Baupost's top 10 holdings at the end of the second quarter. Technology stocks have borne the brunt of this year's market sell-off as rising rates dented the appeal of growth-oriented names.

☆ Alec Baldwin Sues Some ‘Rust’ Crew Members Over Fatal Shooting
▼ + stars: | 2022-11-12 | by ( Talal Ansari | Suryatapa Bhattacharya | ) www.wsj.com time to read: 1 min

Alec Baldwin in costume on the set of ’Rust,’ site of a fatal shooting last year. Actor Alec Baldwin filed a lawsuit against several original “Rust” crew members, accusing them of negligence that led to the fatal shooting on the New Mexico set of the film last year. The suit names Hannah Gutierrez-Reed , the armorer and assistant prop master for the Western; David Halls , the first assistant director; Seth Kenney , an assistant armorer for the film who also supplied prop weapons and ammunition for the movie; and Sarah Zachry , the film’s prop master.

☆ Alec Baldwin files suit over 'Rust' shooting, seeks to 'clear his name'
▼ + stars: | 2022-11-12 | by ( ) www.nbcnews.com time to read: +4 min

Baldwin named all four as cross-defendants in a lawsuit originally filed against him last year by Mamie Mitchell, the film’s script supervisor. Baldwin said he relied on all four to do their jobs, and that Hutchins died as a result of their negligence. As a result, Baldwin says he has experienced “immense grief” and suffered an “emotional, physical and financial toll.”“More than anyone else on that set, Baldwin has been wrongfully viewed as the perpetrator of this tragedy,” wrote Baldwin’s attorney, Luke Nikas. Further, Baldwin accuses Seth Kenney, the supplier, of showing a “cavalier disregard for proper separation between live and dummy ammunition.”All four have previously denied culpability. In a statement Thursday, Gloria Allred, who represents Mitchell, said Baldwin should take responsibility for his actions.

Law firms Quinn Emanuel Urquhart & Sullivan, LLP FollowNov 11 (Reuters) - Actor Alec Baldwin filed a lawsuit on Friday against the armorer and three other crew members over the deadly shooting on the set of the Western movie "Rust," in which a gun that Baldwin was using during rehearsal killed cinematographer Halyna Hutchins. Baldwin's cross complaint names armorer Hannah Gutierrez-Reed, first assistant director Dave Halls, prop supplier Seth Kenney and prop master Sarah Zachry. Attorneys for Gutierrez-Reed, Halls and Kenney did not immediately respond to requests for statements in their clients' defense. Baldwin's cross complaint alleges negligence and seeks damages to be determined at trial for the "immense grief" he endures. Hutchins was killed when a revolver Baldwin was rehearsing with during filming in New Mexico fired a live round that hit her and movie director Joel Souza, who survived.

On Wednesday night, NBC News counted at least nine people watching the ballot drop box in Mesa, a small part of what has become a growing effort by some conservatives to monitor ballot drop boxes in hope of catching election fraud. Some people have stood watch at the drop box while wearing military-style fatigues and masks over their faces, prompting complaints to the Arizona secretary of state. No such drop box fraud has ever been found in significant numbers. On that platform, the former president’s account has shared posts by users advocating for drop box surveillance, including the Mesa drop box. “As for tailgate parties in every drop box: why not?” Keshel said, reiterating that drop box watchers should not participate in any illegal behavior.

☆ Climate Change Is Real. Markets, Not Governments, Offer the Cure. - The New York Times
▼ + stars: | 2022-10-28 | by ( Bret Stephens | Mr. Stephens Is An Opinion Columnist. Mr. Winter Is A Staff Photographer On Assignment In Opinion. | ) www.nytimes.com time to read: +32 min

worse-case, highest-carbon-emission scenario.” (The Intergovernmental Panel on Climate Change is the U.N. body that assesses climate change.) How do we weigh the risks of underreacting to climate change against the risks of overreacting to it? While he’s not an expert on climate change, he has spent decades thinking deeply about every manner of risk. That’s particularly true if climate change is akin to cancer — manageable or curable in its earlier stages, disastrous in its later ones. Maybe, I realized, in assessing my newfound concerns about climate change, my long-held beliefs might provide a solution — look to the market.

☆ Goldman Sachs' humbling U-turn on its consumer banking ambitions
▼ + stars: | 2022-10-19 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

Third-quarter results from the big Wall Street banks are now behind us, and they were … pretty good, all things considered? Goldman Sachs reported yesterday, and while it may not be the biggest nor the best bank (OK, No. Trading and dealmaking made the reputation of the 153-year-old Wall Street firm, but the spotlight lately has been on its struggling consumer banking unit, Marcus. The consumer business "doesn't make money at the moment," Solomon acknowledged, but he added: "The deposits are hugely valuable. From Wall Street darlings to prey.

☆ Billionaire hedge fund titan Seth Klarman reveals how he finds investments that meet his standards and his 2 favorite principles of investing
▼ + stars: | 2022-10-18 | by ( David Rubenstein | ) www.businessinsider.com time to read: +7 min

David Rubenstein: You and Warren Buffett, with whom you have often been compared, are probably the two best-known and successful value investors. What skills are required to be a successful value investor? Simon and Schuster: The basic practice of value investing is trying to buy dollars for 50 cents, sometimes 60 or70 cents — in effect, buying bargains. Early on in the 1920s and 1930s, Benjamin Graham wrote about value investing. In terms of the requirements to be a value investor, the skill set, first of all, people need to be patient and disciplined.

☆ This ETF topped $1 billion in assets this week as investors flock to managed futures strategies
▼ + stars: | 2022-10-14 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

One of the best performing categories of the exchange-traded fund industry in 2022 eclipsed a key milestone this week, as the iMGP DBi Managed Futures Strategy ETF (DBMF) topped $1 billion in assets under management Managed futures strategies , which go short and long various contracts to make large macro bets, are one of the best performing sectors of funds in 2022. The fund is by far the largest managed futures ETF, according to VettaFi. It uses performance data from hedge funds to derive the positions likely held by large funds in key futures contracts, such as stocks, gold and oil. Before this year, the ETF's hedge fund-like strategy and small size made it difficult to attract new investors, Beer said. You want the space," Beer said.

☆ Interest rate delusion may be biggest error of all
▼ + stars: | 2022-10-06 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

The false idea exposed by the current bear market is that interest rates would remain low indefinitely. The belief that interest rates would remain at permanently low levels could prove the most costly error of all. The lowest-ever interest rates gave us the “Everything Bubble”. Now that interest rates are rising, everything is at risk. The pension funds faced margin calls on their loans, and the bond market seized up as they scrambled to raise cash.

☆ 'Moneyball' manager Billy Beane says Warren Buffett's investing lessons apply to baseball too - and Seth Klarman agrees
▼ + stars: | 2022-09-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

"Moneyball" star Billy Beane said Warren Buffett and Charlie Munger's lessons apply to baseball. Author Michael Lewis profiled Beane in "Moneyball," and Brad Pitt played the baseball executive in the movie adaptation of the book. "It's about finding value in athletes, in baseball players — but those principles apply across areas," the billionaire investor and Baupost Group CEO said. Klarman has been heralded as "the next Warren Buffett," including by the Berkshire chief himself. Read more: Table tennis champion Ariel Hsing has been friends with Warren Buffett for more than a decade.

☆ Economy passengers could soon lie down on airplanes—meet the airline that's doing it first
▼ + stars: | 2022-07-03 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

One airline wants to cure to these traveling ailments: Air New Zealand recently announced the world's first lie-flat "pods" for economy class airplanes, set to debut in 2024. "The airline did a fair bit of research around sleep cycles," an Air New Zealand spokesperson told CNN Travel last week. When Air New Zealand initially announced the concept in 2020, transportation analyst Seth Kaplan told CNBC he was skeptical that economy passengers would jump in line to try it. "Air New Zealand will have to ask itself if those beds will bring in more money than economy or premium seats in the same space." The race to put actual beds in economy class appears to have fewer participants.

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