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☆ Central banks around the world just made borrowing costs more expensive
▼ + stars: | 2023-06-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The central banks of the UK, Turkey, Norway, and Switzerland all raised interest rates yesterday. The Bank of England is the UK's central bank. Let's start with the Bank of England's decision to raise interest rates by 50 basis points and bring borrowing costs to 5%. Turkey's central bank, meanwhile, raised interest rates by 650 basis points to 15%, which was somehow less than markets expected. Just to cover our bases: Norway's central bank raised its core lending rate by half a percentage point, and Switzerland's policymakers hiked its benchmark rate by a quarter point.

Persons: Phil Rosen, Powell, Myron Jobson, Recep Tayyip Erdogan, Spencer Platt, Jerome Powell's, Goldman Sachs, David Rosenberg, it's, Warren Buffett, Jason Ma, Nathan Rennolds Organizations: Bank of England, Bank of, Interactive, New York Stock Exchange, U.S . House, Dow, Getty, Apogee Enterprises, Homeowners, Apple, Microsoft, Nvidia, S3 Partners, BMO Capital Markets, Berkshire Hathaway, Gates Foundation Locations: Manhattan, Turkey, Norway, Switzerland, Maremagnum, Turkey's, New York City, U.S, New York, Los Angeles, London

☆ The co-leader of an AI-driven quant fund shares 2 stocks his model is betting the most on right now — and a simple way individual investors can use AI technology to pick stocks
▼ + stars: | 2023-06-22 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

An easy way to harness the power of AI quant models is to look at top holdings of ETFs, he said. But it's a tall task for individual investors — let alone institutions — to develop AI models for stock picking, Oh said. Oh said that the Qraft's momentum fund's top two holdings right now are Amazon (AMZN) and Meta (META). While it was the model that picked Amazon and Meta, Oh said they're solid fundamental plays. As for Meta, Oh said it's well-positioned for the AI boom as is one of the leaders in the space.

Persons: Francis Oh, —, ChatGPT, I'm, Google's Bard, Oh Organizations: Vanguard's Hong, Qraft Technologies, Apple, Nvidia, AI, Equity, BTD, Fund, Vertex Pharmaceuticals, Gamestop, Dow, Industrial, SolarEdge Technologies, Dow Inc, Enphase Energy, Meta Locations: Asia, Pacific, Vanguard's, Vanguard's Hong Kong

☆ A war between 2 billionaire hedge-fund founders spilled out into the open in an alarming filing
▼ + stars: | 2023-06-20 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

John Overdeck and David Siegel created hedge-fund giant Two Sigma, amassing billions in wealth. Here's the relevant section of the filing:There have been a variety of management and governance challenges at the Adviser. These disagreements can affect the Adviser's ability to retain or attract employees (including very senior employees) and could continue to impact the ability of employees to fully implement key research, engineering, or corporate business initiatives. Nor can it agree on the org chart, the management structure, corporate governance, or succession plans. These disagreements might hurt Two Sigma's ability to retain and attract star employees, and those employees' ability to actually implement research, tech, or business initiatives.

Persons: John Overdeck, David Siegel, Juliet Chung, Gregory Zuckerman, Chung, Zuckerman, Jamie Nash, Kleinberg Kaplan, I've Organizations: Sigma, Bloomberg, Wall Street, Management, Management Committee, Chief Investment Officers

☆ Jump Trading's top executive in Europe is leaving the systematic trading firm
▼ + stars: | 2023-06-18 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Jump Trading exec Peter Deaner is leaving the systematic trading firm, people familiar with the matter said. Senior executive departures are relatively uncommon at the press-shy trading firm. Jump Trading Group's top executive in Europe is leaving the systematic trading firm after more than a decade. "Pete will be retiring from the industry in 2024, moving on from Jump Trading roughly at the end of Q1," the spokesperson told Insider in an email. Jump Trading International, the London-based subsidiary of the Chicago trading firm, has grown substantially since Deaner joined in the summer of 2012.

Persons: Peter Deaner, Deaner, Pete, Damien Couture, Verition, lockups Organizations: Companies, Couture, Bloomberg Locations: Europe, London, Chicago

☆ BofA's Hartnett admits 'bears like us have been wrong,' sees these conditions ahead
▼ + stars: | 2023-06-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Bank of America chief investment strategist Michael Hartnett has joined his colleagues in admitting he was too pessimistic in his outlook for stocks this year. In his weekly note to clients examining the flow of money through the market, Hartnett took a jab at himself, labeling his outlook the product of "A Bear of Very Little Brain." Further, he outlined several reasons why "bears like us have been wrong" in the first half of 2023. On the economy, "nominal GDP remained super-charged by fiscal stimulus/war, labor" while the labor market was "impervious to monetary policy in post-pandemic world," Hartnett wrote. These include deflation, emerging market stocks and "hard-landing plays" such as REITs and commercial real estate, banks, small-cap stocks, oil and China.

Persons: Michael Hartnett, Hartnett, BofA, Savita Subramanian Organizations: of America, Silicon Valley Bank, Fed & US, Federal Reserve, Treasury, Labor Locations: Silicon, China

☆ Rising the ranks at Citadel Securities: How this 31-year-old rose from intern to head of foreign exchange in 5 years
▼ + stars: | 2023-06-16 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

At 31, Soeren Kuenzel runs Citadel Securities' FX team, overseeing hundreds of billions in trades. Just ask Soeren Kuenzel, the head of foreign-exchange trading at Citadel Securities who's now responsible for billions in complicated currency trades at just 31 years old. It was sponsored by Citadel, the hedge-fund firm led by the billionaire Ken Griffin, alongside the market maker Citadel Securities. Citadel Securities, launched by Griffin in 2002, is one of the biggest trading houses matching sellers and buyers of stocks, bonds, and currencies across the globe. He finished his doctorate at Berkeley in 2019 and began working that fall as a quant researcher at Citadel Securities full time in Chicago.

Persons: Soeren, Soeren Kuenzel, Kuenzel, Ken Griffin, Griffin, Fang Wu, Wu, It's, Yale's, I've, he's, that's, Alex Morell Organizations: Citadel Securities, FX, University of California, Facebook, Apple, Citadel, New York Stock Exchange, Chicago, Berkeley, Yale's men's, Cape, Cape Florida Lighthouse Locations: Berkeley, Miami, Europe, Chicago, Germany, Cape Florida

☆ Bank of America turns bullish on stocks and recommends these strategies
▼ + stars: | 2023-06-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

After being one of the most prominent bears on Wall Street, Bank of America has changed its tune on stocks and sees pockets of select opportunities ahead. The firm's equity team has not changed its year-end S & P 500 target — it still sees the large-cap index finishing around 4,300, which implies little movement from the Thursday close of 4,293.93. "The bear market is officially over," Savita Subramanian, BofA's equity and quant strategist, said in a client note Friday. The firm also recommends strong-divided companies as "we are returning to a total return world." "We believe we are back in bull territory, which might be part of what it takes to get investors enthusiastic about equities again," Subramanian said.

Persons: Savita Subramanian, Subramanian, BofA Organizations: Bank of America, Federal Reserve

☆ Chinese quants redouble AI bets amid ChatGPT frenzy
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Thomas White/Illustration/File PhotoSHANGHAI/SINGAPORE, June 5 (Reuters) - Chinese quant hedge fund managers are rushing to explore ChatGPT-style tools, embracing the emerging AI technology that has sparked a global frenzy since the release of the widely popular Microsoft-backed OpenAI chatbot. His hedge fund already uses ChatGPT to better understand a company's fundamentals and avoid value traps, project earnings power, and identify investment opportunities and risks. A ChatGPT-like tool boosts quants' ability to process text-related data, said Feng Ji, chairman of Baiont Capital. Feng's hedge fund, backed by former Google China chief and AI veteran Kai-Fu Lee, has invested heavily in hardware to enhance computing power required for model-training. Regulators are looking for ways to tackle the impact of generative AI technology.

Persons: Thomas White, Steve Chen, Feng Ji, ChatGPT, Feng, Kai, Fu Lee, Feng's, Larry Cao, Cao, it's, Samuel Shen, Tom Westbrook, Himani Sarkar Organizations: Microsoft, Baiont, Google China, Flyer, Zhishan Investment, Wall, Regulators, HK, Baidu, CFA Institute, Thomson Locations: SHANGHAI, SINGAPORE, Shanghai, Beijing, Feng's Nanjing, China

☆ Premarket stocks: The uber-wealthy are doing just fine and Wall Street is cashing in
▼ + stars: | 2023-06-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But that’s not the case for everyone: The ultra-wealthy are doing just fine, and Wall Street firms are taking advantage of that. Germany, the largest economy in Europe, has slipped into recession as energy price shocks took their toll on consumer spending. In the past 10 weeks, JPMorgan Global Wealth Management opened 40,000 new accounts. Last year, it added around one new client with assets of $100 million or more per day, Mary Erdoes, head of asset and wealth management at the bank, told investors last week. Dollar General customers turn to food banksDollar General (DG) stock had one of its worst days ever on Thursday.

Persons: New York CNN —, that’s, JPMorgan Chase, Andy Cohen, Mary Erdoes, It’s, Goldman Sachs, Louis Vuitton, Dom Pérignon, Dior, Huw Roberts, Hermes —, Roberts, ”, Erwan, “, Gregory Daco, Allison Morrow, Jeff Owen, Owen, Cash, They’re, Elisabeth Buchwald, Treasury hasn’t, Biden Organizations: CNN Business, Bell, New York CNN, Wall, JPMorgan, Bloomberg, JPMorgan Global Wealth Management, Citigroup, International Monetary Fund, Lamborghini, HSBC, EY, Dollar, Treasury, US Treasury Locations: New York, China, United States, Germany, Europe, BlackRock

☆ From Wall Street to Washington: Which finance execs would make the best public servants?
▼ + stars: | 2023-06-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

There has long been speculation that America's most-famous banker has plans to run for some sort of public office. The path from Wall Street to Washington is well worn, with plenty of high-profile executives taking up positions in the government. When most Wall Street executives were still afraid of the public cloud, she was ready to embrace it with open arms. Jon Gray — Treasury SecretaryBlackstone's president and chief operating officer has already had a brush with public office. The idea of him holding public office doesn't seem far-fetched.

Persons: Dan DeFrancesco, TikTok, I'm, we've, nabbing, Joe Biden's, Kevin McCarthy's, Jamie Dimon, Larry Downing, hasn't shied, Dimon, Dimon's, Bill Ackman, Kenneth Chenault —, Kathy Hochul, she's, Chenault, He's, Larry Fink —, We've, Larry, Fink, Adena Friedman, Friedman, Jon Gray —, Gray, Donald Trump, Gray's, Wall, Sen, Elizabeth Warren, Ken Griffin, Griffin, hasn't, Griffin hasn't, Ron DeSantis, he'll, Brian Moynihan —, Moynihan, Dan Schulman —, PayPal — he's, Taylor Swift, Kevin Mazur, Larry Fink, Franklin Templeton, It's, Rockefeller, Stephen Schwarzman, Warren Buffett, Cliff Asness, that's, Here's, Jeffrey Cane, Nathan Rennolds Organizations: JPMorgan, REUTERS, Bloomberg, American Express, Catalyst, Washington Post, BlackRock, SEC, CFTC, OCC, Nasdaq, Wall, Democrat, GOP, Florida Gov, Commerce, PayPal, Express, Virgin Mobile, Rockefeller Capital Management, Putnam Investments, Blackstone, Credit Suisse, UBS, Reuters, LinkedIn Locations: NYC, Washington, New York, Florida, Chicago, Miami, Ohio, Swiss, London

☆ Warren Buffett has more in common with quant traders than it seems, elite investor Cliff Asness says
▼ + stars: | 2023-05-31 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett has more in common with quantitative traders than it appears, Cliff Asness says. Buffett looks at companies' profits, risks, valuations, and many other elements of their businesses. "Yet he is very correlated with what quants would call the value factor, the low risk factor, and the profitability factor," Asness continued. Meanwhile, Buffett and other value investors look beyond those ratios to determine if a company is a bargain or not, he said. "That is not the holistic measure of value a guy like Warren Buffett, or any Graham-and-Dodd-style value investor, would look at," Asness said.

Persons: Warren Buffett, Cliff Asness, Buffett, —, David Rubenstein, Asness, It's, Graham, Dodd, quants, Read, Warren Organizations: Service, AQR Capital Management, Berkshire Hathaway, Bloomberg Locations: Berkshire

☆ Central banks will keep hiking rates until economy slows, SocGen economist says
▼ + stars: | 2023-05-30 | 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 EmailCentral banks will keep hiking rates until economy slows, SocGen economist saysKokou Agbo-Bloua, global head of economics, cross-asset and quant research at Societe Generale Corporate and Investment Banking, discusses central banks' monetary policy tightening efforts and their potential impact on the economic and market outlook.

☆ Why Are Markets So Calm? It’s Revenge of the Quant Funds
▼ + stars: | 2023-05-29 | by ( Caitlin Mccabe | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/why-are-markets-so-calm-its-revenge-of-the-quant-funds-26a93425

☆ The reason the stock market has stayed relatively stable amid economic chaos: computer-driven trading
▼ + stars: | 2023-05-29 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Amid a chaotic few months in the US economy, the stock market has remained relatively stable. Quant funds, which use computer models to trade, are helping calm the markets, The Wall Street Journal reported. Yet still, the stock market has remained somewhat calm. That stability is at least in part thanks to quant funds, according to The Wall Street Journal. Quant funds, or quantitative hedge funds, are investment funds that use computer-created algorithms, mathematical models, and artificial intelligence to make stock predictions.

☆ The up-and-coming stock pickers you should have on your radar
▼ + stars: | 2023-05-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Rising stars of equity research. When it comes to equity research, these analysts are a "strong buy." For a third consecutive year, Insider reporters canvassed their sources to identify the rising stars of equity research. Click here to meet our 17 rising stars of equity research. These are 10 of the cheapest places to nab a beach house in the US.

☆ Slowdown, recession or boom? Bank of America reveals the global stocks to play each eventuality
▼ + stars: | 2023-05-19 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

The investment bank screened for stocks based on their ability to withstand fluctuations in a slowdown, recession, and boom. "Historically, the 'Recession' phase is the typical successor of the 'Slowdown' phase, but a 'Boom' phase has also followed 'Slowdown' in the past." Under this scenario, Bank of America screened for stocks that are "high quality, [large] size, growth-over-value, rising momentum and low risk". For this scenario, Bank of America looked for stocks it defined as high quality, large, value-over-growth, and low risk. For this eventuality, the Wall Street bank identified stocks it considers value-over-growth, rising momentum, high risk, small market cap, and low quality.

☆ High-stakes game of keeping secrets on Wall Street
▼ + stars: | 2023-05-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Citadel Securities' trading strategies? Look no further than a recently filed lawsuit by Citadel Securities against two former employees, per Bloomberg. The suit, which you can read here, alleges the former employees were building a competing high-frequency trading firm while still employed and used trade secrets gained while at Citadel Securities. Portofino told Bloomberg that the Citadel Securities lawsuit was "corporate bullying" and that it would defend itself. On the one hand, trading firms invest a lot of money — check out some salary ranges here — in developing these strategies.

Analysts are also bullish on the stock, with 14 out of 15 analysts covering the company rating it a buy or strong buy, according to Refinitiv data. Seven out of nine analysts covering the stock rate it a strong buy or buy. Analysts are also bullish on the stock, with 14 out of 15 analysts covering the company rating it a buy or strong buy, according to Refinitiv data. Seven out of nine analysts covering the stock rate it a strong buy or buy. Kennametal Inc KMT ANALYST CONSENSUS 10 Ratings Hold 1 Strong Buy 1 Strong Buy 0 Buy 0 Buy 6 Hold 6 Hold 3 Underperform 3 Underperform 0 Sell 0 Sell Current Price ( ) 35.00 Highest Price Target Upside (6.07%) 27.44 Average Price Target 19.00 Lowest Price Target

☆ 'It can't get much worse than this': A trail of portfolio managers have resigned or been liquidated as the once lush index-rebalance strategy dries up
▼ + stars: | 2023-05-11 | by ( Alex Morrell | ) www.businessinsider.com time to read: +5 min

Heavyweight multi-strategy hedge funds aren't known for their patience. It seems their patience has run out on the index-rebalance strategy, one of the most popular and sought-after hedge fund moneymakers in recent years. Representatives for the hedge funds declined to comment or did not respond to requests for comment. While hedge funds are allocating their capital elsewhere, they haven't given up on index-rebalance trading. Do you know more about the index-rebalance trade?

☆ What you need to know if you want a job at an elite firm like Point72, Citadel, or Millennium
▼ + stars: | 2023-05-10 | by ( ) www.businessinsider.com time to read: +3 min

The biggest hedge funds are battling it out to attract and retain top talent and outperform peers. Insider has talked to a number of hedge funds to get a peek into their recruiting strategies. Shaw, and Bridgewater are in constant competition for the best and brightest to help them gain an edge in the cutthroat investment industry. Internships and fellowshipsThe opaque and secretive world of hedge funds might not necessarily be an obvious choice for many college graduates. Investment training programsTypically, hedge funds acquired their investment talent after a few years of working at an investment bank.

☆ Regional bank stocks could be a market afterthought in the week ahead
▼ + stars: | 2023-05-05 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

For the immediate economic and earnings and growth outlook, it almost seems irrelevant whether regional bank stocks rally, steady or sell off more next week. Regional banks were top of mind for investors this past week, as First Republic failed , the SPDR S & P Regional Banking ETF tumbled more than 10% — twice the five-day loss in the S & P 500 Energy Index, the hardest hit S & P sector — and lenders such as PacWest Bancorp and Western Alliance Bancorp lost billions in market value. And, for all that, the S & P 500 only fell about 0.75% this week. Now the conventional wisdom on Wall Street is that regardless of how the regional bank stocks trade, it's a given that bank lending officers are going to pull in their horns and risk management desks will grow more risk averse. But stocks still face a host of issues, none of which are going away next week.

☆ It's JPMorgan to the rescue
▼ + stars: | 2023-05-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

JPMorgan Chase is buying First Republic Bank after it was put into receivership from regulators earlier today. It's the third US bank to fail since March, following Silicon Valley Bank and Signature Bank. The deal represents another chance for JPMorgan Chase CEO Jamie Dimon to come to the rescue. Why its Wall Street rivals could follow suit. Read more on the report in The Wall Street Journal.

☆ He Was a Quant at Citadel. Now He Agitates for GameStop Investors.
▼ + stars: | 2023-04-28 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

Dave Lauer was once a quant at hedge fund Citadel. Now he is a thorn in the side of Wall Street in a battle over how individual investors’ trades are handled in the U.S. stock market. Mr. Lauer is the co-founder of We the Investors, an advocacy group that draws much of its energy from apes—investors active on social media who tend to favor meme stocks such as GameStop Corp. and AMC Entertainment Holdings Inc.

☆ The stock market is quiet right now. Perhaps too quiet.
▼ + stars: | 2023-04-25 | by ( Joe Ciolli | ) www.businessinsider.com time to read: +3 min

By multiple measures, the stock market is the calmest it's been since the end of 2021. JPMorgan quant guru Marko Kolanovic says the equity market is far too placid right now, considering all the headwinds it's facing. He says technical factors are suppressing volatility in the face of rising rates, credit tightening, and macro risks. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyThe stock market is awfully quiet right now. Those rising rates have led to a tightening of credit availability, a dynamic reinforced by recent banking-system turmoil.

☆ China funds flock to Hong Kong to sate mainland investors
▼ + stars: | 2023-04-20 | by ( Summer Zhen | ) www.reuters.com time to read: +3 min

HONG KONG, April 20 (Reuters) - Large China-based fund managers are setting up shop in Hong Kong for the first time, seeking to fill Chinese investors' appetite for U.S. dollar-based products and international exposure after the country reopened its borders. As mainland-based funds are yuan denominated, fund managers need to set up in Hong Kong to be able to offer foreign currency products. "We are optimistic about Hong Kong as the global asset management hub. "Foreign managers are getting licenses and issuing funds in China - it's natural for us to go overseas," said Jason Yim, managing director of QX Asset Management in Hong Kong. Wealth management firms such as Noah Holdings (NOAH.N), China's largest independent wealth manager, are also aggressively expanding teams in Hong Kong.

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