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☆ A Goldman Sach star jumps to hedge fund giant Citadel as demand for inflation traders burns red hot
▼ + stars: | 2023-06-09 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +2 min

Goldman Sachs just lost one of its star traders to billionaire Ken Griffin. The move comes amid a fierce talent war for inflation traders. Goldman Sachs just lost one of its stars to billionaire Ken Griffin as demand for inflation traders burns up across Wall Street. Joaquin de Soto, a top inflation trader for Goldman Sachs in London, is heading to Citadel, the $60 billion hedge fund founded by Griffin, according to people familiar with the matter. Trader pay is also skyrocketing due to swelling assets at multistrategy funds like Citadel and Millennium, leading to a war for talent.

Persons: Goldman Sachs, Ken Griffin, Banks, Joaquin de Soto, Griffin, Brevan Howard, De Soto, efinancialcareers, Goldman, they've Organizations: Citadel, Wall, Goldman, Bloomberg, Vali Analytics, BLS, Trader, Millennium Locations: London

☆ The future of AI in finance might be about accepting what we don't know
▼ + stars: | 2023-06-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Such a suggestion is blasphemy — and potentially illegal — on Wall Street. But as AI tech continues to advance, one Wall Street executive is wondering if there isn't some wiggle room on those types of policies. But what really caught my eye was Friedman's comments around having to fully understand how the AI works. That's a fascinating thought exercise, and one worth having with how quick AI tech seems to be evolving these days. Wall Street is getting fed up with Amazon.

Persons: Dan DeFrancesco, we've, Adena Friedman, shouldn't, Simon Berlyn, Robert Kindler, Morgan Stanley, Paul, Weiss, Garrison, Marc Lasry, Frank, Charlie Javice, Sam Altman, Bernstein, Rod Stewart, We've, Jeffrey Cane, Nathan Rennolds Organizations: PE, Disney, Pixar, . Finance, Nasdaq, Bloomberg Invest, Milwaukee Bucks, JPMorgan, Amazon, Communist Party, LinkedIn Locations: NYC, Point72, Rifkind, Wharton, New York, London

☆ How Citadel, Millennium, D.E. Shaw, and Other Hedge Funds Fared in May
▼ + stars: | 2023-06-07 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

This year, it remains the top-performing multistrategy fund, just ahead of Steve Cohen's Point72. Here's how multistrategy hedge fund giants fared in May, from Citadel to Millennium. Billionaire Ken Griffin's Citadel continues to lead the competitive multistrategy hedge fund performance race this year, despite being bested for the month of May by Izzy Englander's hedge fund. Returns are still rolling out, but the major hedge fund players did not see major movements within their flagship funds. In other hedge fund news: London-based hedge fund Marshall Wace's Eureka flagship fund, an equity fund managed by founder Paul Marshall, climbed 1.74% in May and is up 1.70% year to date.

Persons: Ken Griffin's, Steve Cohen's Point72, Ken Griffin's Citadel, Izzy Englander's, Marshall, Paul Marshall Organizations: Millennium, Point72, Wellington, Nvidia, Tactical Trading Locations: Citadel, Wellington, Miami, London

☆ Generative AI is coming for bond trading, but a massive hurdle still stands in the way of digitization of the market
▼ + stars: | 2023-06-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Corporate bond trading has entered its ChatGPT era. LTX, a corporate bond trading platform owned by Broadridge, Wall Street's omnipresent behind-the-scenes provider, launched a chatbot specifically geared toward answering bond-related questions. Marketplaces for trading bonds like MarketAxess, Tradeweb, and Bloomberg have doubled down on efforts to make trading electronic. When LTX launched in June 2020, it was pitched as an "AI-driven corporate bond trading" aimed at getting more bonds traded electronically. The hurdle for the bond market is how top heavy it is.

Persons: OpenAI, Jane, LTX, they've Organizations: Morning, Bloomberg Locations: LTX

The deal to suspend the $31.4 trillion debt ceiling until January 2025 holds non-defense discretionary spending largely flat this year, with a 1% increase in fiscal 2024. SOCIAL SECURITY, MEDICARE OFF LIMITSIn their debt limit negotiations, both President Joe Biden and House of Representatives Speaker Kevin McCarthy vowed not to touch the main driver of U.S. debt: rising Social Security pension and Medicare health benefit costs. Debt-ceiling negotiations spared cuts to mandatory spending like Medicare, Medicaid and Social Security even though these programs cost more than discretionary spending. CBO projects the government will spend $6 trillion on mandatory spending programs in the 2033 fiscal year, up from $4.1 trillion this year. But the plan failed when then-president Barack Obama declined to endorse it, setting up Congress for the debt ceiling battle of 2011.

Persons: Joe Biden, Kevin McCarthy, Julia Nikhinson, Dennis Ippolito, you've, Nigel Chalk, Biden, Brian Riedl, Linda Bilmes, Bowles, Barack Obama, Bilmes, David Lawder, Andy Sullivan, Heather Timmons, Nick Zieminski Organizations: White, REUTERS, WASHINGTON, Republicans, Defense, Southern Methodist University, Congressional Budget Office, Security, Social Security, CBO, International Monetary Fund, Reuters, Democratic, Western Hemisphere Department, IMF, Manhattan Institute, Harvard Kennedy School, Commerce Department, Simpson, Thomson Locations: United States, Washington , U.S, U.S, Washington

☆ When it comes to your Wall Street internship, revert to the mean
▼ + stars: | 2023-06-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Wall Street's summer internship is officially here as investment banks open up their doors to eager college students. The 10-week internship program represents a critical juncture for aspiring Wall Streeters. Lucky for you, Insider's Emmalyse Brownstein has a foolproof guide for how to navigate your Wall Street internship, mapping out the key dos and don'ts. Read more about everything you should, and shouldn't, do during your Wall Street internship. One to watch at Goldman Sachs.

Persons: Dan DeFrancesco, Lydia Warren, we've, Goldman Sachs, Let's, Wall, Brownstein, Banks, Read, Brad Pitt's, He's, you've, Leo Bogdanov, KKR's, Nishi Somaiya, John Waldron, Daniel Pinto, Balyasny, Jane Fraser, We've, Jeffrey Cane, Hallam Bullock Organizations: KKR, nab, Citadel, Goldman, JPMorgan, Millennium, UBS, LinkedIn Locations: Hawaii, Wall, New York, London

☆ The war for hedge-fund talent has traders getting paid like star athletes
▼ + stars: | 2023-06-02 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

Money is pouring into the hedge fund business, adding to a war for talent. Maybe a bunch of NBA or NFL players end up on a trading floor for charity. The war for talent is partly a reflection of hedge-fund performance. My colleague Alex Morrell wrote recently:After years of relative quiet, macro strategies at hedge funds surged back to life in 2022 amid rising interest rates, inflation, and geopolitical convulsions. Writing for Insider recently, hedge-fund recruiter John Pierson said that "the competition for investment talent is escalating, and finding top portfolio managers is no longer a contact sport — it's an all-out war."

Persons: Bloomberg's Nishant Kumar, Maureen Farrell, Rob Copeland, Tom Brady, Steph Curry, Lamar Jackson's, Alex Morrell, Brevan Howard, Rokos, John Pierson Organizations: Millennium, Citadel, Morning, NBA, New York Times, Times, Golden State Warriors, ESPN, NFL, Baltimore Ravens, Premier League

☆ Disney CEO Bob Iger's book hints at how he'll handle company's feud with Ron DeSantis
▼ + stars: | 2023-06-01 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +13 min

Insider turned to Disney CEO Bob Iger's 2019 book for insight on how he navigates challenges. As Florida's largest attraction with more than 70,000 jobs, Walt Disney World is crucial to both the company and the state. During his first tenure at Disney, Iger orchestrated the $4 billion acquisition of Marvel without a single leak. Under predecessor Disney CEO Michael Eisner, board members said they worried that Marvel was "too edgy" and "would tarnish the Disney brand." File photo of Disney CEO Bob Iger.

Persons: Ron DeSantis, Bob Iger's, Walt, Robert Iger, Iger's, Bob Chapek, DeSantis, Donald Trump, Disney, Iger, Steve Jobs, Jobs, Bob Iger, Chris duMond, Neilson Barnard, Scott Miller, Miller, that'd, Biden, he's, gunning, Charles Sykes, Paul Hennessy, Michael Eisner, Marvel, Harris, There's, Griffin, George Lucas, Roy Disney, Walt Disney's, he'd, they've, Lucas Organizations: Disney, Florida Gov, Morning, Walt Disney, Republican Gov, Walt Disney Co, Walt Disney Company, ABC, Pixar, Marvel Entertainment, LucasFilm, Century Fox, Marvel, Apple, Getty, Democrat, Bloomberg, Walt Disney World, Board, GOP, Reuters, Republicans, Harvard, Independents, Twitter, Bauer, Jobs, iTunes, Lucasfilm Locations: Florida, Orlando, Shanghai, American, China

☆ Opinion | The Ocean Is Looking More Menacing
▼ + stars: | 2023-06-01 | by ( David Wallace-Wells | ) www.nytimes.com time to read: +3 min

What do you call the arrival of events that have been predicted but, when predicted, were described as distressing or even terrifying? But some news from ocean science may prove more surprising still — perhaps genuinely paradigm-shifting. This key part of the circulation of the Southern Ocean “looks headed towards collapse this century,” study coordinator Matthew England told Yale Environment 360. “And once collapsed, it would most likely stay collapsed until Antarctic melting stopped. At current projections that could be centuries away.”Then, last week, some of the same researchers confirmed that the process was already unfolding — in fact, that the Southern Ocean overturning circulation had already slowed by as much as 30 percent since the 1990s.

Persons: Matthew England, ”, Steve Rintoul, who’d Organizations: Yale Environment Locations: Pacific Northwest, Canada, El

☆ How music lawyers are crafting a new playbook to protect artists from AI imitators
▼ + stars: | 2023-05-30 | by ( Dan Whateley | ) www.businessinsider.com time to read: +7 min

Copyright and right of publicity laws are top of mind for entertainment attorneys as AI songs surge. Here are four key takeaways from a recent panel on AI music hosted by the law firm Manatt. But the precise manner that AI-generated music, trained on a human artist's body of work, could violate copyright laws is still being defined. Streaming platforms like Spotify and YouTube will play a big role in AI's futureThe sheer volume of AI songs spit out onto streaming platforms could create detection challenges for rights holders. Music platforms like Spotify and YouTube could set limits on how much AI music spreads, the attorneys said.

☆ Robin Wagner, Visionary Set Designer of Broadway Hits, Dies at 89
▼ + stars: | 2023-05-30 | by ( Richard Sandomir | ) www.nytimes.com time to read: +1 min

Robin Wagner, the inventive Tony Award-winning set designer of more than 50 Broadway shows, including the 1978 musical “On the Twentieth Century,” in which a locomotive appeared to be racing toward the audience with the actress Imogene Coca strapped to the front of it, died on Monday at his home in New York City. His daughter Christie Wagner Lee confirmed the death but said she did not yet know the specific cause. She did not say in what borough he lived. Mr. Wagner designed sets on Broadway, Off Broadway and for regional theater, for operas and ballets, and, in 1975, for the Rolling Stones’ Tour of the Americas. His stage for those concerts was shaped like a six-pointed lotus flower that was raked upward to the back in a delicate curve.

Persons: Robin Wagner, Coca, Christie Wagner Lee, Wagner, Clive Barnes, ”, Christ, ” “ Young, Tony Kushner’s Organizations: Broadway, Americas, The New York Times Locations: New York City, The, America

☆ Where to go this summer: A dozen destination ideas
▼ + stars: | 2023-05-28 | by ( Marnie Hunter | Jane Levere | ) edition.cnn.com time to read: +8 min

Peru"Peruvians are welcoming travelers back with open arms," says travel one travel expert. And perhaps most importantly, the city offers excellent value, in part because it will be the winter/low season there during the Northern Hemisphere’s summer. It’s home to three UNESCO World Heritage Sites, including megalithic temples that date to the 4th millennium BC. Although summer is the rainy season, Gellis says showers are often brief and intermittent. AlbaniaAlbania is a Mediterranean gem that’s likely to be less crowded this summer than Greece and Croatia, says Joao Donadel, another EMBARK Beyond travel advisor.

☆ 2,500-year-old toilets reveal that the people of ancient Jerusalem were afflicted by painful stomach cramps and diarrhea
▼ + stars: | 2023-05-27 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +3 min

Archeologists excavated the cesspits below two toilets from Iron Age Jerusalem. At the time, Jerusalem was the capital of Judah — a vassal state under the control of the Assyrian Empire. "Toilets with cesspits from this time are relatively rare and were usually made only for the elite," Mitchell said. The study suggests the "long-term presence" of the disease across the Near East. Indeed, medical texts from the first and second millennium BC describe diarrhea afflicting the Near and Middle East populations.

☆ Family stands to lose nearly $6,000 in airfare and hotel costs after they were bumped from an overbooked cruise ship
▼ + stars: | 2023-05-26 | by ( Hannah Towey | ) www.businessinsider.com time to read: +4 min

Royal Caribbean International and Celebrity Cruises have overbooked multiple ships in recent months. One customer said she may lose nearly $6,000 after being bumped from an overbooked cruise. Royal Caribbean International and Celebrity Cruises have seen a spate of overbooked ships in recent months, the Wall Street Journal reported Thursday. 68-year-old Diane Gainey, a frequent cruise-goer, could lose nearly $6,000 in airfare and hotel costs after Celebrity Cruises overbooked her September voyage from Japan. Courtesy of Diane FoleyA Celebrity Cruises spokesperson said the company continuously monitors their sailings to prevent disruptions to guests' travel plans.

☆ What Makes a Garden a Work of Art? Piet Oudolf Explains.
▼ + stars: | 2023-05-24 | by ( Margaret Roach | ) www.nytimes.com time to read: 1 min

There is a transcendent quality to the gardens of the Dutch designer Piet Oudolf, which overtake us with the sense that we have arrived at a place where we would like — and very much need — to spend more time. Drawn into the complex textural mosaic of muted colors, we can exhale. And yet, Mr. Oudolf is quick to point out, his work is the art and craft of garden making. It is not ecological landscape restoration. His medium is naturalistic, yes, but it is not nature.

☆ A Lego Crime, a YouTube Rivalry, and the End of a Star Wars Friendship
▼ + stars: | 2023-05-21 | by ( David Kushner | ) www.businessinsider.com time to read: +30 min

Those who are into Lego Star Wars are among the most popular. It was at an informal contest where Louis met Victor, a fellow Lego Star Wars fanatic. Soon they ranked among the most popular Lego Star Wars YouTubers in France, known for the size and scope of their MOCs. The two friends no longer fit with that satisfying click that comes from snapping together two Lego bricks. Though it must have taken a truck to haul away all of Louis' Lego, no neighbor reported seeing anything suspicious.

☆ Take a look inside a $14 million penthouse in San Francisco's tallest residential building, which was sinking and tilting for years before it was fixed
▼ + stars: | 2023-05-21 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +1 min

A penthouse on the 60th floor of San Francisco's Millennium Tower has hit the market at $14 million. The building was famously sinking and tilting for years before construction began to fix the issue. The condo isn't located in just any building: It's in Millennium Tower. The Tower is known for being the city's tallest residential building, yes, but it's also famous for the fact that it was sinking and tilting for several years before construction began to remedy the issues. After years of structural recorrection, the building is now fully anchored to bedrock, according to Sotheby's International Realty, which is listing the property.

☆ 'He lied to us about what he was doing and who he was': Anthony Scaramucci reflects on the top 3 lessons he wants all investors to learn from his experience with Sam Bankman-Fried.
▼ + stars: | 2023-05-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

Anthony Scaramucci's investment firm SkyBridge Capital had a rough run in 2022 after being burned by the collapse of the bankrupt crypto exchange FTX. Scaramucci told Insider that the amount of leverage in the system and the tax-loss selling in December depressed their overall performance. Still, there are spillover effects — and lessons — from last year's debacle with FTX that Scaramucci and SkyBridge are working through. Lessons learned from the FTX debacleLast year, Sam Bankman-Fried through FTX, the crypto exchange he founded, bought 30% of SkyBridge for $45 million. And finally, as the majority shareholder of the firm, Scaramucci holds the right of refusal to reject any transfer of the shares.

☆ Erdogan's election lead leaves Turkey's opposition reeling and an economy on the brink
▼ + stars: | 2023-05-19 | by ( Natasha Turak | ) www.cnbc.com time to read: +9 min

Since neither candidate won more than 50% of the vote, however, the election will go to a runoff on May 28. They also reveal that despite Turkey's current economic turmoil, tens of millions of Turks still see Erdogan as their only viable leader. Supporters of Turkish President Recep Tayyip Erdogan celebrate at the AK Party headquarters garden on May 15, 2023 in Ankara, Turkey. Still, Kilicdaroglu's 44.9% of the vote is notable as the highest any opposition candidate ever received, said Orcun Selcuk, an assistant professor of political science at Luther College in Iowa, on Twitter. "The opposition clearly did not meet the expectations but it would be a misjudgment to say that opposition coordination failed.

☆ Fact Check-Ukrainian coat of arms predates use of trident symbol by far-right nationalists
▼ + stars: | 2023-05-18 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

The Ukrainian coat of arms, a trident, is an official symbol of the country and dates back over a thousand years. The blue shield with a gold trident-like symbol is seen on the Military of Defense of Ukraine site and is currently listed as the country’s official coat of arms (here). FAR-RIGHT NATIONALISTS ADOPTED THE SYMBOLFar-right Ukrainian nationalists during the pre-WW2 era “naturally used symbols that were historically associated with Ukraine,” Mark Pitcavage, senior research fellow at the Anti-Defamation League (ADL) Center on Extremism said, including what is now the Ukrainian coat of arms. The Organization of Ukrainian Nationalists (OUN), was founded in 1929 to “liberate Ukraine from Soviet rule and create an independent Ukrainian state,” according to Reuters reporting from 2015 (here). While far-right Ukrainian nationalists have used the trident symbol, the symbol is from a millennium earlier, is on Ukraine’s coat of arms, and is not proof Zelenskiy is connected to extremists.

☆ Death of Ownership: Companies Use Software, Subscriptions to Grab Money From Customers
▼ + stars: | 2023-05-18 | by ( Nathan Proctor | ) www.businessinsider.com time to read: +11 min

As more devices in our lives run on software, manufacturers have started to exert more control over their products even after the customer has taken them home. In some cases, companies force customers to use their repair services, disabling the product if they try to fix it themselves. Companies are just beginning to monetize this control, with dystopian methods and the assistance of America's unbalanced copyright laws. For companies, the appeal of subscriptions is pretty straightforward: a steady stream of revenue and a lot more money raised from their customers over time. In other cases, companies have tried to block consumers from accessing certain features at all unless they pay up first.

☆ A Centuries-Old Mystery: Did This Elusive Viking City Exist?
▼ + stars: | 2023-05-18 | by ( Andrew Higgins | ) www.nytimes.com time to read: +1 min

After the local government decided to build an observation tower atop a sandy hill on Wolin, an island in the Baltic Sea, a Polish archaeologist was called in to check the site before construction and look for buried artifacts from the spot’s macabre past. Hangmen’s Hill, a public park, had in earlier times been an execution ground, a cemetery and, some believe, a place for human sacrifices — so who knew what grisly discoveries were in store? But what the archaeologist, Wojciech Filipowiak, found when he started digging caused more excitement than distaste: charcoaled wood indicating the remains of a 10th-century stronghold that could help solve one of the great riddles of the Viking Age. Was a fearsome fortress mentioned in ancient texts a literary fantasy or a historical reality? It has long been known that Nordic warriors established outposts more than a millennium ago on Poland’s Baltic coast, enslaving indigenous Slavic peoples to supply a booming slave trade, as well trading in salt, amber and other commodities.

☆ Fact Check-Galleria Umberto I in Naples built in 1890, not a thousand years prior
▼ + stars: | 2023-05-16 | by ( Reuters Fact Check | ) www.reuters.com time to read: +5 min

Galleria Umberto I was built between 1887 and 1890 and dedicated to Umberto I, Italy’s king at the time, said Joshua Arthurs, associate professor of history in the Department of Historical and Cultural Studies at the University of Toronto-Scarborough (here). Galleria Umberto I stands between Via Santa Brigida, Via Giuseppe Verdi and Via San Carlo and can be seen on Google Maps (goo.gl/maps/bC1CLDxHmExVokzg7). ARCHITECTURAL FEATURESArchitectural elements seen in Galleria Umberto I could not have been possible a thousand years prior, Arthurs said, and the style is typical of the Renaissance revival in the late 19th century, called “Stile Umbertino,” referring to King Umberto I. MISSING ‘M’Historians interviewed by Reuters could not confirm whether the M was ever missing from the building façade at some point. Galleria Umberto I could not have been built 1,000 years before 1890.

☆ Penthouse Atop San Francisco’s Millennium Tower Asks $14 Million
▼ + stars: | 2023-05-15 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. At Millennium Tower, the San Francisco condo building beset by reports that it is sinking, a penthouse apartment is coming on the market for $14 million.

☆ Thanks for the memories (and money) index-rebalance strategies
▼ + stars: | 2023-05-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City. Index-rebalance strategies, the talk of the town just a few short years ago, are seemingly on their last legs these days. What doomed the index-rebalance strategy is a tale as old as time on Wall Street. Times are tough now, but as Alex notes in his story, not everyone is completely giving up on the strategy. And while we're talking Man Group, here's a rundown on a program meant to help non-tech workers learn data-science skills to help streamline their jobs.

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