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☆ Tech sector could be overvalued, but I'm not selling: Investment chief
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTech sector could be overvalued, but I'm not selling: Investment chiefThe near-15% rally in the S&P 500 led by the tech sector could have gone to far, according to Patrick Armstrong, chief investment officer of Plurimi Wealth. Yet the fund manager isn't selling his Big Tech positions. Armstrong, who manages funds including the Plurimi AI Global Equity Strategy, revealed how he's trading the mega-valuations and the stocks to buy.

Persons: Patrick Armstrong, isn't, Armstrong Organizations: Email Tech, Investment, Big Tech, Global Equity

☆ Matt Fitzpatrick criticizes US Open's Los Angeles course and 'very poor' atmosphere
▼ + stars: | 2023-06-18 | by ( Jack Bantock | ) edition.cnn.com time to read: +5 min

Yet not everyone has given the host glowing reviews, including the major’s reigning champion Matt Fitzpatrick. And following Saturday’s third round, Fitzpatrick – whose hopes of becoming the first player to defend the US Open title since Brooks Koepka look slim – again spoke about the quality of the course and the atmosphere. Fitzpatrick added: “I’ve seen Brooks’ comments and I tend to agree with what he feels like that about this golf course. Yet firmer greens and fairways brought fresh criticisms of the course, and atmosphere, from Fitzpatrick on Saturday. “Very poor … It’s disappointing on the USGA side,” said Fitzpatrick of the atmosphere, according to Barstool Sports journalist Dan Rapaport.

Persons: Matt Fitzpatrick, England’s Fitzpatrick, ”, Fitzpatrick –, Brooks, I’d, Koepka, Fitzpatrick, “ I’m, ” Koepka, I’ve, Brooks ’, you’ve, “, ” Fitzpatrick, Matt York, Padraig Harrington, ” Harrington, ” Brooks, Scottie Scheffler, ” Scheffler, Rickie Fowler, Xander Schauffele, Dan Rapaport, Collin Morikawa, Tom Kim, ” Kim, can’t Organizations: CNN, Los Angeles Country Club, Sky Sports, ESPN, United States Golf Association, USGA, Barstool Sports, Los Locations: American, LA, Los Angeles, Korean

☆ Queer people in history: Figures to know
▼ + stars: | 2023-06-01 | by ( Leah Asmelash | ) edition.cnn.com time to read: +7 min

To commemorate the month, CNN is highlighting five major LGBTQ elders – some who have passed on, and some who haven’t – highlighting their achievements. From a drag king who fought discrimination on the streets of New York to a famous mathematician who stood up to adversity despite legal limitations, here are five LGBTQ figures to know. Miss Major Griffin-GracyMiss Major in the film "Major," a documentary about her life and campaigns. But a year after Stonewall, Miss Major was arrested for robbery, landing her with a five-year prison sentence. Decades after her release, Miss Major spent time as the executive director of the Transgender Gender Variant Intersex Justice Project.

Persons: Bayard Rustin, Martin Luther King Jr, Patrick A, Burns, Rustin wasn’t, Rustin, King, Sen, Strom Thurmond, Gavin Newsom, Larry Kramer Larry Kramer, Catherine McGann, Larry Kramer, “, ”, Kramer, Anthony Fauci, Miss Major Griffin, Major, Marsha P, Johnson, Miss Major, Mama, Michelle V, Stormé DeLarverie, DeLarverie, White, “ That’s, Alan Turing, Alan Turing’s, Turing, it’s Organizations: CNN, New York Times Co, Getty, Southern Christian Leadership Conference, California Gov, Village Voice, AIDS, Centers for Disease Control, ACT UP, AIDS Coalition, National Institute of Allergy, Miss, Stonewall, New York Times, Physical Laboratory Locations: New York, India, Montgomery, Washington, Chicago, Greenwich, New Orleans, England

☆ NASA wants to use your cellphones to help identify UFOs
▼ + stars: | 2023-05-31 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

NASA wants your help to identify UFOs and UAPs. NASA and federal officials said "imagery from smartphones is of limited value" to pin down UFOs. NASA's independent task force studying UAPs has been active since September 2022. NASA and the AARO said researchers need better, more reliable data to help categorize and identify what's behind strange sightings when they're reported in the sky. During the meeting, Kirkpatrick also said the AARO is researching how AI could help in studying, reporting, and identifying UFOs

Persons: —, Defense —, Sean M, Kirkpatrick, AARO, — Kirkpatrick, UAPs, they're Organizations: NASA, Service, Defense, Wednesday

☆ Major central banks were expected to pause rate hikes soon. Now it's not so clear cut
▼ + stars: | 2023-05-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Brendan McDermid | ReutersThe market has long been pricing in interest rate cuts from major central banks toward the end of 2023, but sticky core inflation, tight labor markets and a surprisingly resilient global economy are leading some economists to reassess. Economic resilience and persistent labor market tightness could exert upward pressure on wages and inflation, which is in danger of becoming entrenched. The Bank of England The U.K. faces a much tougher inflation challenge than the U.S. and the euro zone, and the U.K. consumer price inflation rate fell by less than expected in April. Meanwhile core inflation jumped to 6.8% from 6.2% in March, which will be of greater concern to the Bank's Monetary Policy Committee. Risk management considerations will, we think, force the MPC to push rates higher and further than previously intended."

☆ Significant chance there won't be any Fed cuts this year despite market's certainty, CIO says
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSignificant chance there won't be any Fed cuts this year despite market's certainty, CIO saysPatrick Armstong, chief investment officer at Plurimi Group, discusses his positioning on the U.S. economy and the federal funds rate.

☆ Asset manager explains why he's shorting commercial property stocks
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsset manager explains why he's shorting commercial property stocksPatrick Armstrong, chief investment officer at Plurimi, believes commercial property stocks are valued too high right now, in a trend also seen at private equity companies.

CNN —Treasury Secretary Janet Yellen reaffirmed June 1 as the “hard deadline” for the US to raise the debt ceiling or risk defaulting on its obligations. So I think that that’s a hard deadline,” Yellen said during an interview on NBC’s “Meet the Press.”Yellen’s warning came hours after President Joe Biden delivered a grim assessment on the state of negotiations during his remaining hours in Japan. Reflecting that shift tone, the treasury secretary reiterated that there will be some bills that go unpaid, if the debt ceiling isn’t raised. “There will be hard choices to make if the debt ceiling isn’t raised,” she said. “My devout hope is that Congress will raise the debt ceiling,” she said.

☆ New bipartisan House bill would block pay for members of Congress if U.S. defaults
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew bipartisan House bill would block pay for members of Congress if U.S. defaultsRep. Brian Fitzpatrick (R-Pa.) and Rep. Josh Gottheimer, (D-NJ.) join 'Squawk Box' to discuss the latest in debt ceiling showdown, including a bipartisan bill introduced by Rep. Fitzpatrick and Rep. Spanberger (D-Va.) that would prevent members of Congress from getting paid during a U.S. default.

☆ John Blake: The story about race I didn't know how to tell
▼ + stars: | 2023-05-02 | by ( John Blake | ) edition.cnn.com time to read: +14 min

John Blake, seen here in a second-grade photo, grew up as the son of a White mother and Black father. What I didn’t know was that my community had died long before the Freddie Gray protests. That’s the story I wanted to tell, but I didn’t know how. I didn’t know how to tell Harlow any of that because my story doesn’t fit traditional narratives about race or identity. My white family members didn’t change because I shamed them with an impressive lecture on systemic racism.

☆ AOC and Matt Gaetz introduce a bipartisan bill to ban Congress members from trading individual stocks
▼ + stars: | 2023-05-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

A bipartisan group of lawmakers introduced a bill that would ban Congress members from trading individual stocks. Nancy Pelosi's husband Paul Pelosi has long been scrutinized for his extensive history of trading stocks. The Bipartisan Restoring Faith in Government Act would prohibit Congress members and their spouses and any dependents from trading individual stocks. The bill would prevent Congressional lawmakers and their spouses and dependents from trading individual stocks. Instead of owning individual stocks, Congress members would be allowed to buy and sell baskets of stocks via mutual funds or ETFs, as well as Treasury securities.

☆ What John Blake discovered when he met the White mother he never knew
▼ + stars: | 2023-04-30 | by ( John Blake | ) edition.cnn.com time to read: +25 min

It’s a story about my mother, and the White relatives who shunned me at birth—and still somehow became family. I now know one of the reasons my family didn’t tell me about my mom’s illness is because they didn’t know how. I vividly recall thinking as I looked at my mom: I didn’t know a White person could suffer like this. I saw White, Black, and brown people hug and call each other “brother” and “sister” after worship service. John Blake is a Senior Writer at CNN and the author of “More Than I Imagined: What a Black Man Discovered About the White Mother He Never Knew.”

☆ Payments are broken. From fraud to a lack of innovation, these are the biggest pain points in the space, according to experts.
▼ + stars: | 2023-04-28 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Experts at the conference named time-to-money, faster payments processing leading to faster fraud, and political hurdles that stunt innovation as the biggest challenges for payments. But with faster payments comes faster fraud, Soups Ranjan, cofounder and CEO of Sardine, said. Still, the threat of faster fraud "shouldn't change why we lean into faster payments," Kirkpatrick added. "Because this problem will exist whether we have faster payments or we don't." "We don't have anything close to that in the US," Kirkpatrick added.

☆ State leaders targeting climate investing have quiet stakes in the fossil fuel industry
▼ + stars: | 2023-04-24 | by ( Brian Schwartz | ) www.cnbc.com time to read: +12 min

Fitzpatrick is among a group of powerful Republican state leaders who have waged similar fights against environmentally conscious investing as they held personal investments in, or saw political support from, the fossil fuel industry. Some of the state officials have received campaign donations from fossil fuel companies or their executives. "He has never 'had private briefings tied back to the fossil fuel industry' nor does he personally direct or execute trades himself. Hegar co-signed an open letter in 2021 with other state financial officers that was addressed to the U.S. banking industry and defended the fossil fuel industry. He also co-signed the 2022 letter to Biden from a slate of other state financial officers defending the fossil fuel industry.

☆ US government tracking more than 650 potential UFO cases, Pentagon says
▼ + stars: | 2023-04-19 | by ( Jeremy Herb | ) edition.cnn.com time to read: +3 min

CNN —The US government is tracking more than 650 potential cases of so-called “unidentified aerial phenomenon,” commonly known as UFOs, according to the director of the office created last year to focus on the sightings. He played video from two of cases that had been declassified, one that had been resolved and the other unresolved. Kirkpatrick explained that this case was unresolved because there was no other evidence beyond the video. He said that in a small number of cases, he has concerns the episodes could be evidence of potential technological advancements. Those cases, he said, are handed off to the intelligence community to investigate further.

☆ The EV revolution has never felt farther away as inflation, rocky supply chains, and Tesla threaten billions of dollars of investment
▼ + stars: | 2023-04-12 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

In the United States, automakers face major headwinds as they look to establish an all-new EV supply chain, catch Tesla, and win over skeptical buyers — all on top of an increasingly negative economic backdrop. The extent of China's role in the EV supply chain, including with lithium, is coming to light. "The epicenter of where minerals reside, where processing resides, where EV production resides, all are outside of the US," Douglas Kent, EVP of corporate and strategic alliances at the Association for Supply Chain Management, said. Tesla was long past the worst of its production snafus by the time other automakers got serious about EVs. By the time other automakers got serious about EVs, Tesla was long past its biggest manufacturing snafus and profitability challenges.

☆ US lawmakers make new push to bar convicted violent passengers from flights
▼ + stars: | 2023-03-27 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, March 27 (Reuters) - A bipartisan group of lawmakers on Wednesday will make a new push for legislation to bar passengers fined or convicted of serious physical violence from commercial flights after a series of recent high-profile incidents. Last year, the American Civil Liberties Union opposed creating a no-fly list for unruly passengers, saying the U.S. government "has a terrible record of treating people fairly with regard to the existing no-fly list and other watch lists that are aimed at alleged terrorists." Despite the end of the airplane mask mandate in April 2022, the Federal Aviation Administration (FAA) investigated 831 unruly passenger incidents in 2022, up from 146 in 2019, but down from 1,099 in 2021, the lawmakers noted. The FAA received 2,456 unruly passenger reports in 2022 and proposed $8.4 million in fines, down from 5,981 reports in 2021, which included 4,290 mask-related incidents. In February 2022, Delta Air Lines (DAL.N) CEO Ed Bastian urged the U.S. government to place passengers convicted of on-board disruptions on a national no-fly list that would bar them from future travel on any commercial airline.

☆ Texas Lt. Governor Dan Patrick takes credit for arranging Trump's debut 2024 campaign rally: 'I picked Waco'
▼ + stars: | 2023-03-25 | by ( Warren Rojas | ) www.businessinsider.com time to read: +2 min

Trump's first official rally for his 2024 presidential bid kicked off on Saturday in Waco, Texas. Some have been alarmed by the symbolic link between Trump and a deadly cult siege 30 years ago. Dan Patrick told rallygoers he was responsible for the location. "I picked Waco," the MAGA-aligned Texas lieutenant governor told rallygoers awaiting Donald Trump's arrival on Saturday night. Trump campaign staff pushed on any symbolic link, touting instead that recent polling shows central Texas strongly supports Trump.

☆ Stripe’s $50 bln reset is relative sign of health
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 16 (Reuters Breakingviews) - Stripe’s valuation cut is arguably still a relative sign of strength. The newly attained price tag is a 53% cut from its 2021 valuation of $95 billion. And by some metrics Stripe seems to be valued at a discount relative to its publicly listed peers. Stripe’s $50 billion is 3.5 times last year’s gross revenue, while Dutch payment firm Adyen (ADYEN.AS) trades on a multiple of 4.7 times. The valuation cut reflects the reality of how an economic slowdown affects fintech businesses like Stripe.

☆ Banks now incredibly cheap, but see no massive upside amid low growth, argues CIO
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanks now incredibly cheap, but see no massive upside amid low growth, argues CIOPatrick Armstrong, chief investment officer at Plurimi Wealth LLP, discusses the latest in the SVB fallout, and where the Fed and investors alike could go from here.

☆ Fintech darling Stripe has first-world problems
▼ + stars: | 2023-03-02 | by ( Karen Kwok | ) www.reuters.com time to read: +7 min

When it’s a fintech darling previously valued at $95 billion, the whole industry takes notice. Though a solid business model and rapid growth have allowed Stripe to remain private, it has its share of first-world problems. A lower valuation for Stripe is painful for investors who bought in two years ago, and for employees who dreamed of IPO riches. Stripe is raising $4 billion in fresh capital from investors including Thrive Capital, Reuters reported on Feb. 24. Stripe has hired Goldman Sachs and JPMorgan to explore a public listing and to help with its latest fundraising.

☆ Upbeat earnings help FTSE 100 rebound from last week's selloff
▼ + stars: | 2023-02-27 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Bunzl, Associated British Foods up after resultsRolls-Royce top of FTSE 100 after price target raiseFTSE 100 up 0.8%, FTSE 250 adds 0.4%Feb 27 (Reuters) - The UK's FTSE 100 rose on Monday after upbeat earnings reports from Associated British Foods and Bunzl helped pull the index up from last week's battering on worries about high U.S. interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.8%, after recording its worst weekly performance so far this year as hotter-than-expected U.S. consumer spending data on Friday sparked a selloff on both sides of the Atlantic. Primark owner Associated British Foods (ABF.L) climbed 1.3% after raising its outlook for the full year 2022-23 for the clothing retailer. The FTSE 100 has had a stellar start to the year so far, rising 6.4% as strong earnings and a steady rise in commodity prices helped the index outperform major global peers, outweighing a gloomy economic outlook. The more domestically-inclined FTSE 250 midcap index (.FTMC) rose 0.4%, with a near 16% slump in shares of Dechra Pharmaceuticals(DPH.L) capping gains.

☆ Stripe in advanced talks to raise $4 bln from investors - sources
▼ + stars: | 2023-02-24 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

[1/2] Small toy figures are seen in front of Stripe logo in this illustration picture taken March 15, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoFeb 24 (Reuters) - Digital payments processor Stripe Inc is close to raising $4 billion in fresh capital at a valuation of about $55 billion, people familiar with the matter said. The funding is expected to be completed by the end of March, the sources said, cautioning that the target number could still fall short. Goldman Sachs has also been setting up special purpose investment vehicles to offer wealth management clients opportunities to invest in Stripe, one of the sources said. It processed about $14.4 billion in gross revenue in 2022, compared to about $11.7 billion in 2021, the sources cited above said.

☆ FTSE 100 at record high on positive Centrica, StanChart earnings
▼ + stars: | 2023-02-16 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 hits record high, trading above 8,000 pointsCentrica, StanChart, Relx jump on upbeat resultsVodafone rises on report of looking at options for Africa unitFTSE 100 up 0.3%, FTSE 250 adds 0.4%Feb 16 (Reuters) - UK's FTSE 100 rose to a record high on Thursday, underpinned by corporate earnings from Centrica and Standard Chartered, while higher commodity prices drove up heavyweight miners. The blue-chip FTSE 100 (.FTSE) gained 0.3%, trading comfortably above the 8,000-point mark it had breached in the previous session. The exporter-heavy FTSE has had a stellar start to the year as positive corporate earnings and rising commodity prices supported the index. Shares of Centrica (CNA.L) jumped to top the FTSE 100, adding 4.2%, after the British gas owner's annual profit more than tripled and as it announced an extension of its share buyback programme. Standard Chartered (STAN.L) rose 1.8% after the lender reported a 28% rise in annual pretax profit and unveiled a $1 billion share buyback programme.

☆ It's time for automakers to take EV charging seriously or risk missing out
▼ + stars: | 2023-02-09 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

They've depended on third-party charging firms like ChargePoint, EVgo, and Electrify America to provide EV buyers with public plugs. Many automakers even offer their EV customers free charging through partnerships with these networks. For EV buyers attracted to brands with free public charging deals, the promises don't always seem to live up to expectations. The argument could be made that a majority of EV charging can be done at home — but many prospective EV buyers live in multi-family buildings without access to a garage plug. Mercedes recently announced the launch of its own charging network in an attempt to catch up to Tesla.

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