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☆ Ray Dalio warns everyone is losing money as the market faces a 'terrible imbalance'
▼ + stars: | 2023-03-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Investors are losing money as assets acquired on borrowed funds have lost value, Ray Dalio said. The collapse of Silicon Valley Bank is indicative of a global problem, he said this week. "And that is a pervasive situation that exists throughout the economy, the world economy, the US economy." But as the Fed turned to aggressive rate hikes, those investments lost value or produced lower returns. This was the case with Silicon Valley Bank, which suffered a $1.8 billion loss on the sale of a bond portfolio in the face of tightening policy.

☆ Former Aetna CEO to Take Helm of Health Insurer Oscar
▼ + stars: | 2023-03-28 | by ( Anna Wilde Mathews | ) www.wsj.com time to read: 1 min

Mark Bertolini said he would initially focus on ensuring Oscar meets its goal of having profitable insurance business this year. Mark Bertolini , former chief executive of health insurance giant Aetna Inc. and hedge fund Bridgewater Associates, will take the helm of Oscar Health Inc. as it seeks to turn a profit and carve out a role as a technology supplier in the healthcare industry. Mr. Bertolini, 66 years old, will take the post effective next Monday, the company said. He will succeed Mario Schlosser , 44, who co-founded Oscar in 2012 with Joshua Kushner and will take the new title of president of technology, reporting to Mr. Bertolini.

☆ Jack Ma returned to China to visit a private school he founded, 2 years after he first vanished from public view amid Beijing's tech crackdown
▼ + stars: | 2023-03-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

On Monday, Alibaba co-founder Jack Ma visited a private school he founded in Hangzhou, China. Ma first vanished from public view after angering authorities in 2020 amid Beijing's tech crackdown. The private school caters to students from kindergarten to high school. Ma returned to China amid signals that Beijing may be taking a friendlier stance toward private enterprises after more than two years of a widespread tech crackdown. His visit follows a top Chinese central banker's comments in January that Beijing's tech crackdown was coming to a close.

☆ Coinbase says it's working on 'flatcoins' that will keep pace with inflation
▼ + stars: | 2023-03-27 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Coinbase said Friday that it's developing "flatcoins" that keep pace with inflation. The crypto exchange believes the tokens will help crypto traders shield their portfolios from soaring prices. Billionaire investor Ray Dalio is one high-profile name who's backed the idea of an inflation-linked coin in the past. Stablecoins are crypto tokens that derive their value from another asset. "I think that what would really be best is an inflation-linked coin," the billionaire investor told CNBC's "Squawk Box" last month.

☆ Everything you need to know to catch up on Silicon Valley Bank, Credit Suisse, and the trouble rattling the financial world
▼ + stars: | 2023-03-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Silicon Valley Bank and Credit Suisse have stolen most of the headlines, but between others like First Republic Bank, Signature Bank, and Silvergate Bank, there's plenty to digest. People walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York City. The scandal-hit lender has been feeling the pain since Silicon Valley Bank sparked the bank crisis. Venture capitalists have never been more divided, with accusations flying over who killed their beloved Silicon Valley Bank. Bank of America strategists laid out 23 names that still offer upside despite the drag of SVB and Credit Suisse.

REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

☆ What we lend in the shadows
▼ + stars: | 2023-03-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

"What We Do in the Shadows." New companies, especially ones that don't make any money are "pre-revenue," as VCs like to say, aren't easy to lend to. — there are also risks to letting investment firms lend billions of dollars without much oversight. Private-credit firms are looking to fill the lending gap left by Silicon Valley Bank's downfall. Inside Silicon Valley Bank's $70 billion loan portfolio that's now up for grabs.

☆ Watch CNBC's full interview with former Bridgewater CEO Dave McCormick
▼ + stars: | 2023-03-14 | 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 EmailWatch CNBC's full interview with former Bridgewater CEO Dave McCormickDave McCormick, former CEO of Bridgewater Associates, joins 'Squawk Box' to discuss his thoughts on the SVB collapse, the government response to the collapse, and how to roll back the precedence created in this incident.

☆ SVB collapse is an indicator of a much broader set of problems, says former Bridgewater CEO
▼ + stars: | 2023-03-14 | 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 EmailSVB collapse is an indicator of a much broader set of problems, says former Bridgewater CEODave McCormick, former CEO of Bridgewater Associates, joins 'Squawk Box' to discuss his thoughts on the SVB collapse, the government response to the collapse, and how to roll back the precedence created in this incident.

☆ Billionaire investor Ray Dalio says the Silicon Valley Bank failure marks a 'canary in the coal mine' that will have repercussions beyond the VC world
▼ + stars: | 2023-03-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Ray Dalio said the Silicon Valley Bank failure is a "canary in the coal mine" for what's to come. Dalio wrote Tuesday that this is part of the classic "bubble-bursting part" of the short-term debt cycle. Regulators shut down Silicon Valley Bank on Friday, with Signature Bank closed down two days later. Given that the Fed has hiked interest rates more than 1,700% over the last year—and could continue to do s0—more dominoes are poised to fall, in Dalio's view. "Pandemic-related fiscal stimulus along with more than a decade of ultralow interest rates and quantitative easing resulted in significant excess deposit creation in the US banking sector," Moody's strategists said.

☆ Exclusive: Bridgewater raises new fund strategy less dependent on equities
▼ + stars: | 2023-03-05 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

Connecticut-based Bridgewater, which manages $145 billion, launched the "Defensive Alpha" strategy in July last year, regulatory filings showed. The new strategy is an addition to other offerings from the 48-year-old hedge fund, best known for its All Weather and Pure Alpha funds. In that market last year, Bridgewater's flagship fund, Pure Alpha gained roughly 9.5% and outperformed global equities indexes. Pure Alpha actively bets on the direction of various types of securities — including stocks, bonds, commodities and currencies — by predicting macroeconomic trends. On Wednesday, Chief Executive Nir Bar Dea announced a major overhaul at the hedge fund, including restricting investments in Pure Alpha and plans to launch new products.

☆ Bridgewater's new executive team is already making big changes. But was it all part of Ray Dalio's master plan?
▼ + stars: | 2023-03-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

On tap, we've got stories on the top VCs in Texas, more headaches for Blackstone's BREIT, and why boomers stink. Maybe it's just the fear of facing your own mortality and realizing that life, in fact, will go on without you. As Rebecca Ungarino reports, the world's largest hedge fund is making a slew of new changes less than six months after billionaire founder Ray Dalio stepped aside. Bridgewater, which was founded in 1975 from Dalio's two-bedroom apartment, is arguably just as well known for its culture as its size. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) and Nathan Rennolds (tweet @ncrennolds) in London.

☆ Job cuts, a sole CEO, and AI bets: How Bridgewater is shaking itself up after the Ray Dalio era
▼ + stars: | 2023-03-01 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

The firm's CEO, Nir Bar Dea, said in a memo that it would lay off employees and restructure. Bar Dea had been a rising star at Bridgewater, which has transitioned leadership in recent years. Former co-CEO Mark Bertolini is also stepping out of the role and returning to Bridgewater's board as an independent director, leaving Bar Dea as sole CEO. "Over time, we expect this platform to produce the next round of growth in the business," Bar Dea wrote. 'Finding a home'As far as high finance executives go, Bar Dea has an unexpected background.

☆ Hedge funds unimpressed by Chinese internet giants' peppy earnings
▼ + stars: | 2023-02-28 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 28 (Reuters) - A set of bumper earnings reports from the likes of Baidu Inc and other Chinese internet giants isn't impressing hedge funds and other investors who have cut exposure to the stocks and seem to be waiting for more good news. Despite easily beating expectations for their earnings and giving optimistic forecasts for the recovery in demand, shares in both companies fell. Mark Dong, co-founder of Minority Asset Management, who is based in Hong Kong, says expectations for Chinese growth are clouded by doubts over how Beijing plans to stimulate the economy and deal with external risks. The internet sector index (.H11137) nearly doubled between late-October and January but has since fallen 20%. Global hedge funds such as Bridgewater Associates, Tiger Asset Management and Coatue Management are big holders of China internet stocks, which makes the sector more vulnerable to the global economic cycle and geopolitical tensions.

☆ Consumers edging closer to breaking point, says fmr. Bridgewater chief investment strategist
▼ + stars: | 2023-02-28 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers edging closer to breaking point, says fmr. Bridgewater chief investment strategistRebecca Patterson, fmr. chief investment strategist at Bridgewater Associates discusses whether we're seeing the calm before the storm. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Dan Nathan, Guy Adami and Julie Biel.

☆ Nikki Haley heads to fundraiser hosted by Wall Street executives
▼ + stars: | 2023-02-24 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Nikki Haley, a Republican who jumped into the 2024 presidential race this month, is set to attend a fundraising event for her campaign hosted by Wall Street executives in New York on Tuesday, according to an invitation first reviewed by CNBC. The Tuesday fundraiser for Haley's campaign is one of her first trips to New York as a candidate for president. Morning Consult's GOP primary tracker shows Haley has 6% of support from potential Republican voters. Former President Donald Trump garners support from about 50% of GOP primary voters, according to Morning Consult. Finance executives have played key fundraising roles for political campaigns of both parties for well over a decade.

☆ Citadel joins a growing number of firms rolling out internships for undergrads looking for a fast track to the buy side
▼ + stars: | 2023-02-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Investment banks, you've been put on notice: The buy side is coming for your young talent. Insider's Emmalyse Brownstein has a full rundown on an undergrad internship at hedge fund Citadel for aspiring fund managers. The Citadel Associate Program (CAP) is a tough nut to crack, with an acceptance rate of only 1%. Click here learn more about Citadel's ultra-exclusive associate program, along with tips to get ahead during the application process. And if you're wondering who is left leading the world's largest hedge fund, look no further than our list of the fund's top 11 executives.

☆ The behind-the-scenes role that's minting future stars at BlackRock
▼ + stars: | 2023-02-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Some of the most powerful people on Wall Street are men and women you've never heard of. Click here to learn more about BlackRock's new chief of staff and why the role is rising in importance across Wall Street. Everybody wants macro traders. A fintech helping companies engage with their retail investors got backing from Alexis Ohanian's Seven Seven Six. These are the top 10 holdings in the church's investment portfolio, including one Wall Street titan.

☆ Ray Dalio's hedge fund nearly tripled its GameStop and AMC bets last quarter, while Bill Miller dumped Bed Bath & Beyond stock
▼ + stars: | 2023-02-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

The hedge fund nearly tripled its stake in the video-game retailer and the movie-theater chain. Meanwhile, Bill Miller's fund sold all of its remaining shares in Bed, Bath & Beyond. Dalio's Bridgewater Associates fund boosted its bets on GameStop and AMC Entertainment, while Miller Value Partners exited its Bed Bath & Beyond wager. Similarly, AMC shares surged from about $2 to over $59 during the first six months of 2021. For its part, Bed Bath & Beyond shares soared from under $4 in April 2020, to over $35 by January 2021.

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☆ Stocks are getting a boost from a key indicator that's been a reliable sign of more gains to come
▼ + stars: | 2023-02-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

In case you missed it, the European Central Bank Thursday made a half-point interest rate hike, marking its fifth consecutive move as part of its inflation-fighting efforts. Speaking of rates, today we're going over a key economic indicator that suggests more upside ahead for stocks. Ever since the Fed started tightening policy last March, the stock market has been highly susceptible to interest-rate volatility. Specifically, the MOVE Index — which measures volatility of US Treasury yields — has dipped to lows that haven't been seen since the Fed's first rate hike of this cycle. This means potentially smaller swings in the stock market as highly rate-sensitive equities get some relief after big rate moves battered indexes in 2022.

☆ ExodusPoint's 2022 struggles is a lesson for all of Wall Street: Play the hits
▼ + stars: | 2023-02-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

I shudder to compare some of the greatest artists of our generation to a hedge fund, but I can't help but notice some similarities between their disdain for their biggest hits and ExodusPoint's difficult 2022. The hedge fund, which still holds the industry's largest launch in history, ended the year with fewer assets, employees, and PMs than it started with. The world's biggest hedge fund has a new co-CIO. Ken Griffin, the billionaire owner of hedge fund Citadel, is causing quite the stir over his suggestion that a historic home on a property he owns in Miami be relocated. The firm continues to cut back on the size of a venture-capital fund its raising, The Wall Street Journal reports, with a new goal of $5 billion.

☆ The largest hedge fund in the world just named a 37-year-old woman as a co-CIO. Meet the top 11 execs leading Bridgewater into its new era.
▼ + stars: | 2023-02-02 | by ( Alyson Velati | Michelle Abrego | ) www.businessinsider.com time to read: +12 min

Karen Karniol-Tambour will join co-CIOs Greg Jensen and Bob Prince to oversee the hedge fund's investment strategy. Despite a breakout year for many multi-strategy and macro hedge funds, Bridgewater lagged behind its peers. Nir Bar Dea, co-CEOBar Dea. Bridgewater AssociatesAs cochief investment officer, Jensen oversees Bridgewater's investment strategies and research efforts as well as its investment talent. Since joining Bridgewater in 1986, he has been a partner in building the hedge fund's investment process and products.

☆ Ray Dalio warns 'money as we know it is in jeopardy' and favors an inflation-linked cryptocurrency over bitcoin
▼ + stars: | 2023-02-02 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

"We are in a world where money as we know it is in jeopardy," Dalio told CNBC. "It's not going to be an effective money. It's not an effective store holder of wealth. "We are in a world in which money as we know it is in jeopardy," Dalio said. I don't think bitcoin is it."

chartHeadline and core PCE annual inflation rates in December were 5.0% and 4.4%, respectively. Under Chair Ben Bernanke in January 2012, the Fed formalized its annual inflation target: 2% PCE annual rate. The Fed's inflation target for 25-30 years, therefore, has been core or headline PCE of 2%, informally or formally, unwritten or written, unofficially or officially. But many rate-cutting episodes since 1990 came with PCE inflation above 2%, in some cases substantially higher. - In September 2007 the Fed started easing policy to mitigate the U.S. housing crash and global credit crunch, with rates at 4.75%.

☆ Due diligence is top of mind for Wall Street in the wake of blowups at Frank and FTX. Here's what it means for the state of M&A.
▼ + stars: | 2023-01-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In the long list of boring, behind-the-scenes stuff for deals to get done, due diligence ranks close to the top. One of the more fascinating knock-on effects is how buyers might leverage FTX and Frank as a way to get better terms on deals. Click here to read more about the new state of due diligence in the wake of FTX and Frank. I know you're a passionate bunch, so we compiled everything Wall Street is saying about the EV maker's fourth-quarter earnings. Which fast-food joint has the best coffee?

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