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Hedge fund managers gathered Wednesday at the 2024 Sohn Investment Conference in New York to share their best investment ideas. It kicked off with "Next Wave Sohn," a session that features ideas from rising stars within the hedge fund industry. Endocrinology is an $8 billion market, but the cumulative market size, including the company's future therapy targets, is upward of $200 billion, which includes estimates for future obesity drugs, the investor said. It has CA$75 billion market cap with an "unbelievable record of success," according to the investor. The short seller noted that the company has a $5 billion market cap with about $4.8 billion of debt.
Persons: Sohn, Eric Wolff, Wolff, Michelle Ross, Cushing, Ross, Eli Lilly, Crinetics, XBI, Nikhil Daftary, Alimentation, Daftary, Chris Drose, Nate Koppikar, Fahmi Quadir Organizations: Investment, Gumshoe Capital Management Investment, Pason Systems Energy, Pason Systems, Gumshoe Capital Management, StemPoint, Pharmaceuticals, Crinetics Pharmaceuticals, StemPoint Capital, Endocrinology, Novo Nordisk, P Biotech, NK Capital Investment, NK Capital, Starbucks, McDonalds, Bleecker Street Capital, Orso Partners, Justice Department, Federal Trade Commission, Safkhet, Global Education Locations: New York, Canada, U.S
AdvertisementFor the leading voices in the uncommitted movement, that's missing the point — and it's insulting. The "Listen to Michigan" campaign was originally conceived in a memo drafted by Waleed Shahid, a progressive strategist and former spokesman for the left-wing group Justice Democrats. "There is an entire menu of things that President Biden could do to move in the direction of discontinuing the funding of the killing," he said. What uncommitted voters are ultimately looking for is a sense of seriousness and clarity that they feel has been lacking from Biden. Uncommitted movement organizers do not seem to be taking glee in embarrassing Biden.
Persons: Joe Biden, Biden, Layla Elabed, Abbas Alawieh, Donald Trump, Mitch Landrieu, uncommitted, Trump, Abdullah Hammoud, Waleed Shahid, Jeff Kowalsky, Rashida Tlaib, , Cori Bush, Missouri —, Elabed, Mayor Hammoud, that's, Hammoud, haven't, I've, James Zogby, We're, Alawieh, Benjamin Netanyahu's, Andy Levin, Zogby, Ronald Reagan, Menachem Begin, Seth Meyers, he's, Benjamin Netanyahu Organizations: Service, Democratic, Democratic National Convention, United Nations Relief, Works Agency, Dearborn, Biden, Movement, Michigan, Democrats, Getty, Democratic Party, Trump, Arab American Institute and, Union, UN, Democrat, Israel Locations: Gaza, Detroit, Michigan, Israel, American, United States, Dearborn, AFP, Missouri, Dearborn Heights, Hamtramck, , Biden's, Arab, Chicago, Paterson, Rafah, Beirut, New York
Fink, the chief executive of BlackRock, used his annual investor letter to warn of a looming "retirement crisis" facing the US and raise his concerns about disillusioned young people. This triggered criticisms on both sides of the aisle and became a major headache for Fink and the firm. He has avoided using the term ESG and repeatedly emphasized that BlackRock works with energy firms. Fink, who is 71 and has kept Wall Street guessing on his own retirement, also got personal with this letter. Fink is focused on "Energy pragmatism"The biggest opportunity in infrastructure, according to Fink, is around energy.
Persons: Larry Fink, Fink, . Fink, I've, Australia Fink Organizations: BlackRock, Business, DuPont, Cal Northridge, University of Michigan, Gen, Global Infrastructure Partners, Texas Permanent School Fund Locations: Calpers, Ottoman Empire, Australia, BlackRock, decarbonization
A large suburban Philadelphia county has joined dozens of other local governments around the country in suing the oil industry, asserting that major oil producers systematically deceived the public about their role in accelerating global warming. The county wants oil producers to pay to mitigate the damage caused by climate change. The county's 31 municipalities will spend $955 million through 2040 to address climate change impacts, the group forecast last year. It said climate change policy is the responsibility of Congress, not local governments and courts. Circuit Court of Appeals dismissed a lawsuit by New York City against five oil companies to recoup damages caused by global warming.
Persons: Gene DiGirolamo, Theodore J, Boutrous Jr, ” Ryan Meyers Organizations: D.C, Center, Climate Integrity, BP, Chevron, ConocoPhillips, ExxonMobil, Philips, Shell, American Petroleum Institute, U.S, Circuit, New Locations: Philadelphia, Bucks, California , Colorado, Hawaii , Illinois, Maryland , New Jersey , New York , Oregon, South Carolina, Puerto Rico, Washington, Bucks County, Pennsylvania, New York City
The tax deadline is approaching, and the IRS has already issued more than 43 million refunds worth nearly $135.3 billion. As of March 8, the average refund was $3,145, up from $2,972 the same week in 2023, the agency reported. However, the average refund could change as the IRS receives tens of millions more returns. The latest filing statistics show the IRS had received less than half of the more than 146 million individual returns expected for the 2023 filing season. Here's what to know if you winTaxpayers can check their refund status with the "Where's My Refund?"
Persons: Biden Organizations: IRS, Finance, Fed
Recessions Actually Make People Live Longer
  + stars: | 2024-03-19 | by ( Aki Ito | ) www.businessinsider.com   time to read: +6 min
Recessions, it would seem, help us stay fitter, and live longer. The new paper, along with other research into recessions, provides an important reminder that economic growth isn't — and shouldn't be — the only measure of our collective well-being. If recessions save lives, that comes with a corollary: Boom times cost lives. Sure, economic growth provides jobs. If the new research tells us anything, it's that we still have a long way to go in striking a healthy balance between economic growth and social welfare.
Persons: grads, Amy Finkelstein, didn't, that's, Aki Ito Organizations: Business Locations: Japan, San Francisco
CHICAGO (AP) — Voters are set to cast their ballots Tuesday to decide competitive U.S. House races during the Illinois presidential primary. Democratic incumbents in at least two Chicago-area congressional races are locked in energetic challenges in the strongly Democratic territory. “We plan on finishing what we started.”It’s a crowded five-candidate primary field, including Chicago City Treasurer Melissa Conyears-Ervin, a former Davis ally who now says it’s time for him to be voted out. “I’m running to use my knowledges, my expertise, my intellect.”He has backing from top Illinois Democrats. Also running are Chicago educator Nikhil Bhatia and Kouri Marshall, a former deputy director for Pritzker.
Persons: Danny Davis, Kina Collins, Davis, ” Collins, , , Melissa Conyears, Ervin, Conyears, “ I’m, I’m, J.B . Pritzker, Nikhil Bhatia, Kouri Marshall, Pritzker, “ Chuy ” Garcia, Chicago Alderman Raymond Lopez, Lopez, Garcia, “ He’s, hasn’t, suburbanites Organizations: CHICAGO, , Democratic, DISTRICT U.S . Rep, Chicago Democrat, Chicago, Chicago Teachers Union, Chicago ) Bears, Illinois, Gov, Chicago Alderman, City Council, Democrat, Chicago police, Republican Locations: Chicago, , Mexico
The cost to maintain a weapon is more than twice the cost to build it, a GAO official said. Related storiesThe Army estimated that O&S costs for the Excalibur — first deployed in 2007 — had soared 183% since a baseline estimate in 2011. Still, all this does raise the question of whether higher maintenance costs for US military equipment at least partially result from problems with design and manufacturing. "We don't know the specific extent of O&S cost growth due to design problems or poor sustainment management," Maurer said. "In some respects, those problems could lower O&S costs because systems cannot fly, operate, or sail as often as planned.
Persons: , Ukraine —, Diana Maurer, Maurer, Michael Peck Organizations: US Army, Service, GAO, DOD, Department of Defense, Army, Navy, Air Force, US Navy, Raytheon, YouTube, US, EA, Hornet, Navy Multiband, Tactical Mission, Warfighter, Pentagon, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: Ukraine, China, Forbes
Read previewWhen Monique Gonzalez received her money from the San Antonio guaranteed basic income pilot, she bought school supplies, shoes, and Christmas gifts for her children. San Antonio is one of several cities nationwide piloting guaranteed basic income programs. Ingrid Sullivan, a participant with four children and three grandchildren, told UpTogether that basic income allowed her to secure housing and reliable transportation. San Antonio participants also told UpTogether that the GBI payments significantly improved their mental health. Have you benefited from a guaranteed basic income program in San Antonio or elsewhere?
Persons: , Monique Gonzalez, Gonzalez, UpTogether —, UpTogether, Ingrid Sullivan, Sullivan, GBI, Austin, Stephanie Hendon, she's, Jessica Nairns, Texas State Sen, Paul Bettencourt, John Gillette Organizations: Service, San Antonio, Business, Houston, Austin, Urban Institute, Texas State, Republican, House, Republicans Locations: San Antonio, Denver, Austin, Boston, Minneapolis, Durham, City, Antonio, Texas, Harris, City of Austin, Washington ,, Harris County, Dakota, Iowa, In Arizona, Arizona, Flint , Michigan
The stop by Ms. Harris at the Planned Parenthood clinic was believed to be the first official visit by a vice president to an abortion clinic. We have to be a nation that trusts women.”Image Ms. Harris visited a Planned Parenthood clinic in St. Paul, Minn., on Thursday. Nebraska, North Dakota and South Dakota were almost bare — all have restricted abortion access since the overturning of Roe. But the fall of Roe upended those politics, energizing a new generation of voters energized by their support for abortion rights. “Please do understand that when we talk about a clinic such as this, it is absolutely about health care and reproductive health care.
Persons: Kamala Harris, Minn, Harris, , , Jenn Ackerman, Roe, Wade, energizing, Biden, Lake, Biden’s, Donald J, Trump, Ms, Undem, Mr, Paul, Sarah Traxler, Tim Walz Organizations: Minn, ., The New York Times, Democrats, Democratic, Paul Health Center, Administration, Gov, The, of Family, State Legislature, Biden Locations: St, Paul, Minnesota, . Minnesota, Iowa . Nebraska , North Dakota, South Dakota, Gaza, KFF, Democratic, Vandalia, “ Minnesota, States
FCC cracks down on cable TV ‘junk fees’
  + stars: | 2024-03-14 | by ( Brian Fung | ) edition.cnn.com   time to read: +9 min
The new junk fees rule requires cable and satellite TV companies to list “all-in” prices to consumers in their billing and marketing materials — including any miscellaneous fees, such as those related to sports programming or local broadcast channels. Between 24% and 33% of the typical consumer’s bill can be attributed to fees, consumer advocates told the FCC. In a separate move last year, the FCC proposed banning certain cable fees altogether, including early termination fees that the agency says hinder competition and prevent customers from easily switching providers. Mending the digital divideIn addition to cable, the FCC also addressed internet availability during its Thursday meeting. Defining high-speed internetThe report also reflects newly adopted revisions in how the country defines high-speed internet, which the FCC voted to approve on Thursday.
Persons: , , Jessica Rosenworcel, ’ ”, NCTA, Dave Wallace, Amira Karaoud, Biden, Rosenworcel, you’re, Anne Neuberger, Neuberger Organizations: Washington CNN, Federal Communications Commission, FCC, Energy Star, National Institute for Standards, Technology, Logitech, LG, Samsung, Consumer, European Union Locations: Kentucky, Louisville , Kentucky, U.S, greenlight, Las Vegas, America
While White House officials say they have largely reached the limits of their power to protect abortion rights, the issue has emerged as a linchpin of their re-election strategy. The tour is part of a White House initiative led by Ms. Harris to highlight abortion rights. The mere sight of a top Democratic official walking into an abortion clinic will offer the clearest illustration yet of how the politics of abortion rights have shifted for the party — and the nation. Mr. Biden has promised to restore federal abortion rights and preserve access to medication abortion, which faces new threats from a case set to be argued before the Supreme Court this month. He barely mentioned abortion rights during his 2020 campaign, a reflection of his discomfort with discussion of the issue and how little his strategists believed abortion energized swing voters.
Persons: Kamala Harris, Harris, Roe, Wade, Tim Walz, . Walz, Betty McCollum, shied, Biden’s, Donald J, Mr, Biden, , Reid J, Epstein Organizations: White, The, of Family, Gov, Minnesota, Democratic, Republicans Locations: Twin Cities, Minnesota, KFF, Texas, Roe
But some smaller, more specialized tax credits and deductions could score you hundreds (or even thousands) of extra dollars back as well. Here's an overview of some overlooked federal and state tax credits that filers often miss. At first glance, this might seem counterintuitive — why wouldn't you deduct state income tax, which is usually a larger sum? AdvertisementEven if your state has an income tax, you may still come ahead by itemizing sales tax instead, depending on your tax profile. The IRS provides tables and tools to calculate if claiming sales tax delivers more savings than claiming income tax.
Persons: You've, filers, it's, you've, doesn't Organizations: IRS, Care Locations: California, Texas, Florida, Nevada
"No American company, especially those receiving taxpayer funding, should be fueling its innovation," he said, referencing Intel's expected grant from the Commerce Department to expand its U.S. chip production. Republican Senator Marco Rubio called on the Biden administration to revoke Intel's license to sell to Huawei "immediately" following the Reuters report. Intel, Huawei, the Commerce Department and the White House declined to comment. Intel's share of sales of Huawei laptops containing its chips soared during the period from 52.9% to 90.7%, according to the presentation. Meanwhile, Huawei continues to rely heavily on Intel chips for its laptops, its website shows.
Persons: Patrick Gelsinger, Marco Rubio, Biden, Joe Biden, Trump, Donald Trump Organizations: Intel Corp, Intel Innovation, Intel, Huawei, Commerce Department, Republican, Reuters, AMD, Devices, White, Embassy, NPD, GfK, IRI, NIQ, U.S Locations: Intel Innovation Taipei, Taipei, Taiwan, U.S, China, Washington, United States, Beijing
Read previewThe Internal Revenue Service and the US Department of the Treasury officially launched their Direct File tax program on March 12. Direct File — now available in both English and Spanish — has been piloted in several states and offers Americans a free way to file their taxes. With Direct File, taxpayers can file their taxes directly from their smartphone, laptop, or desktop computer. The Direct File program will show taxpayers clear math on the taxes they owe and their expected tax refund. "Our priority in launching this new service is to save taxpayers time and money they can spend on themselves and their families."
Persons: , Spanish —, Joe Biden's, Wally Adeyemo, Natalie Quillian, Quillian Organizations: Service, Revenue Service, US Department of, Treasury, Business, Taxpayers, Social, Treasury Department, IRS, Staff Locations: Spanish, California , Arizona, Florida , Massachusetts, New Hampshire , Nevada , New York, South Dakota , Tennessee , Texas, Washington, Wyoming
Less than a year ago, the governor of New Jersey, Philip D. Murphy, signed legislation that weakened the power of a watchdog agency set up to police election campaigns. Now, lawmakers are moving to limit another good-government effort, a public records law established to limit corruption by encouraging government transparency. Mr. Murphy, a Democrat, has not addressed the proposal publicly, and his spokesman refused to comment on whether he would sign the bill if it reached his desk. The public records law, known as the Open Public Records Act, was adopted 21 years ago, well before the explosion of digital communications magnified the volume of information covered by the act — and expanded the universe of people seeking to obtain the data. For-profit companies now use government records laws to obtain data central to their business models, at times burdening taxpayer-funded agencies, and there has been a bipartisan push across the country to evaluate public records laws.
Persons: Philip D, Murphy, Tammy Murphy Organizations: Democrat, U.S . Senate, Democratic, Records Locations: New Jersey
Ultimately, it’s very high leverage,” Tomasz Piskorski, a finance professor at Columbia Business School, tells me. Even a year after that exact thing happened — Silicon Valley Bank failed after depositor demand eclipsed the value of its assets — regulators haven’t addressed the core leverage issue. The most obvious answer is one the banking industry hates: Increase the amount of money a bank is required to hold in reserve. And their go-to argument against such regulations is that they force banks to curtail loans to customers, hurting folks in the real economy. The upshot: Despite the banking industry’s protest, banks can handle much higher capital requirements (at least, according to Piskorski et al).
Persons: CNN Business ’, it’s, ” Tomasz Piskorski, there’s, Piskorski, haven’t, Jerome Powell, ” Piskorski Organizations: CNN Business, New York CNN, New York Community Bank, Columbia Business School, Valley Bank, Federal Reserve, National Bureau of Economic Research Locations: New York, Basel, stow,
The project, known as Direct File and launched by the IRS on a limited basis in 12 states this tax season, is in its pilot phase. Derek Wheeler, director of the Low-Income Taxpayer Clinic at the University of Florida’s Law School, said his clinic has referred less than a dozen clients to the Direct File system. His legal clinic has partnered with the IRS and selectively identifies clients who may be eligible to submit their taxes through the program. One of their biggest criticisms is that free tax prep services already exist for people of all income brackets and developing the Direct File system will end up costing taxpayers billions of dollars. But after using Direct File, she said, “I feel foolish for paying all that money every year.”
Persons: Dixie Warden, ” Warden, Warden, She's, , Obama, Derek Wheeler, Wheeler, Grover Norquist, Joe Biden, , Norquist, Daniel Werfel, Vanessa Williamson, ” Wheeler, she’ll, Organizations: WASHINGTON, IRS, Affordable, University of Florida’s Law, Associated Press, Tax, Urban, Brookings Tax Policy, Organization for Economic Cooperation, Development, University of Florida, House Republicans, Congress Locations: Kyle , Texas, Florida, New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington , Wyoming , Arizona , Massachusetts, California, New York, United States, Germany, Japan, Britain, U.S
Get Ready for the Great Trump Diaspora
  + stars: | 2024-03-06 | by ( Paul Starobin | ) www.businessinsider.com   time to read: +10 min
The Atlantic devoted an entire issue to the authoritarian horrors in store for America "If Trump Wins." AdvertisementA second Trump presidency, Speer said, could serve as a "catalyst" that further fuels the growing diaspora of Americans living in exile. Since 2015, Democrats Abroad, the foreign-based arm of the DNC, has nearly tripled its membership. Since 2015, Democrats Abroad, the foreign-based arm of the Democratic National Committee, has nearly tripled its membership, which now numbers in the hundreds of thousands. My wife and I are both Trump decriers, although we didn't begin our Italy property search to find a refuge from MAGA-infused America.
Persons: specter, Donald Trump —, Trump, Gallup, George W, Bush's, Barack Obama's, Doris Speer, Speer, , Roe, Wade —, Martha McDevitt, Pugh, Emily, Francophiles, Ernest Hemingway, James Baldwin —, Nicole Kidman's, MAGA, batty, it's, John Galey, Paul Starobin Organizations: Washington Post, Trump, America, Association of Americans Resident Overseas, dodgers, DNC, Democratic National Committee, Leggett, Italy Facebook, Côte, IRS, Citizens Abroad, Los Angeles Times, New Books Network Locations: Umbria, Italy, Montana, Tuscany, Texas, Tennessee, America, Canada, Washington, Paris, United States, Iraq, Europe, Vietnam, Sedona , Arizona, Portugal, Spain, France, United Kingdom, Norway, Netherlands, Hong Kong, Bangkok, Buenos Aires, Golden, California, MAGA
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeighing down the taxpayer: Why weight loss drugs could cost taxpayers over $1 trillion per yearBrian Deese, MIT Innovation fellow and former Director of the National Economic Council under President Biden, joins 'Squawk Box' to discuss the weight loss drug market, the potential impact on taxpayers and the federal deficit, and more.
Persons: Brian Deese, Biden Organizations: MIT Innovation, National Economic Council
Even as countries around the world have stepped in to require lower priced drugs for their citizens, the United States has been reticent to do so. As a result, U.S. consumers pay the highest prices in the world for drugs, by a wide margin. But the impetus for more fundamental reform may come from an unexpected place: America’s obesity epidemic. Many of us are aware that there is a new class of weight-loss drugs that offer enormous promise in addressing obesity. But there is far less awareness of the fact that these drugs also introduce an enormous risk to America’s taxpayers.
Organizations: pharma, Novo Nordisk, Ozempic Locations: United States, U.S, Danish
The story of Brooksley Born is not only the tale of a remarkable regulator whose Cassandra-like warnings — if heeded — could've prevented the great financial crisis from exploding into raging, ruinous enormity. Not long after she assumed chairmanship of the CFTC, Born started to feel a lingering unease with the rapidly expanding derivatives market. So to Rubin, Born was more of an inconvenience than anything, and she certainly wasn't in his club. Not long after, Treasury officials lobbied Congress to pass legislation preventing the CFTC from being able to regulate the OTC derivatives market. In the months and years that followed, it became increasingly hard to deny that the multi-trillion-dollar OTC derivatives market was the root cause of the great financial crisis.
Persons: Lehman Brothers, jolting, — could've, It's, Potter Stewart, Henry Edgerton, Porter, she'd, Bill Clinton, Clinton, Janet Reno, Brooksley, Michael Greenberger, Born, Gibson, weren't, Robert Rubin, Goldman Sachs, Rubin, Michael Hirsh, Alan Greenspan, Greenspan, Ayn Rand, Hirsh ., Hirsh, Greenspan didn't, braggadocian machismo, lauding Rubin, Lawrence Summers, Arthur Levitt, Josie Cox, Levitt, Summers, Jim Leach, Richard Lugar, , Bethany McLean, Joe Nocera, Bob Rubin, Born's Cassandra, George W, Bush, Lauren Rivera, Christine Lagarde, Lehman, ABRAMS Organizations: Stanford University, Stanford Law School, Stanford, Appeals, District of Columbia Circuit, Arnold, Futures Trading Commission, American, CFTC, Bankers Trust, Procter, Gamble, Sumitomo, Federal Reserve, Fed, Securities and Exchange Commission, Financial Markets, Abrams, Term Capital Management, Enron, SEC, Born, Northwestern's Kellogg School of Management, Financial, International Monetary Fund, Lehman Brothers, Reuters, Street, The Washington Post, Guardian, Abrams Press Locations: California, Vietnam, United States, Washington, America, ABRAMS , New York
Read previewAs guaranteed basic-income programs get more popular, opposition is also on the rise. Several lawmakers, like Arizona's Gillette, believe that income programs would discourage work and could raise taxes. A recently introduced bill in South Dakota would ban basic-income programs at the state level and prevent municipal governments from creating local programs. AdvertisementDespite opposition, basic-income program participants have seen benefitsPilot income programs have remained divisive with policymakers, but several major cities have seen positive results. In 2020, former Twitter CEO Jack Dorsey pledged $15 million to Mayors for a Guaranteed Income, which helped 25 cities and towns nationwide begin basic-income programs.
Persons: , Dia Broncucia, Justin Searls, John Gillette, Gillette, Arizona's Gillette, Lupe Diaz, Steve Holt, Skyler Wheeler, Sen, John Wiik, Paul Bettencourt, Bettencourt, Harris, I've, Ivanna Neri, Neri, UpTogether, Tony Evers, Austin, Stephanie Hendon, Louis, Jack Dorsey, Mark, Anthony Middleton Organizations: Service, Business, Income, Austin, BI, Republican, Republicans, GOP, Social Security, Iowa GOP, Houston Public Media, Gov, Madison Forward Fund, Madison Locations: Denver, Arizona, Arizona , Iowa, South Dakota , Texas, Wisconsin, Phoenix, Iowa, South Dakota, Texas, Houston, UpTogether, Harris, Madison, Minneapolis , Northern Virginia, Boston, St, Oregon, Durham
Everyone else, the agency insists, is going to benefit from the $80 billion that the agency won via the Inflation Reduction Act, which was passed in 2022. appointed Ken Corbin as its first chief taxpayer experience officer. I went to the agency’s headquarters in Washington to find out, which was an experience unto itself. Once properly badged — with the words “Escort Only” in the largest font — I had an hour with Mr. Corbin. What follows is a condensed version, edited for clarity, of our conversation — and his advice for taxpayers like you and me.
Persons: Ken Corbin, Corbin Organizations: Internal Revenue Locations: Washington
As long as my child is under 17, with just a few criteria, I'm eligible for the child tax credit. You're eligible for the child tax credit until your child is 17I didn't know much about the current child tax credit and asked Miller if I was eligible. "If you have a child under the age of 17, you could qualify to receive a child tax credit on your tax return," he said. But since the deadline to file 2023 taxes is April 15, some people have already filed their taxes. "This is similar to what they have done in the past, so there's no need to wait on filing your 2023 taxes."
Persons: hasn't, , I'm, Paul Miller, Miller Organizations: Service, IRS, Relief, American Families and Workers, Senate
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