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The S&P Regional Banking Index fell approximately 25% during the quarter as a run on deposits sank Silicon Valley Bank and Signature Bank in March, both of which were at the time the largest banking failures since the Great Financial Crisis. The S&P Regional Banking index is now down 36% for the year to date. Famed "Big Short" investor Michael Burry's Scion Asset Management, meanwhile, added a number of new positions in regional banks, including stakes in First Republic, PacWest (PACW.O) and Western Alliance Bancorp (WAL.N). Shares of regional banks have remained volatile in recent weeks, with some investors wary of more tumult to come in the sector. London-based Marshall Wace sold 51,300 shares of First Republic in the first quarter, closing its position in the bank.

☆ Bridgewater dumps bank stocks amid turmoil in first quarter -filings
▼ + stars: | 2023-05-15 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

REUTERS/Brendan... Read moreSAO PAULO, May 15 (Reuters) - Bridgewater Associates, one of the world's largest hedge funds, sold off U.S. bank stocks in the first quarter as the industry was roiled by the collapse of three lenders, according to regulatory filings. Global hedge funds cut their exposure to U.S. banking stocks to a near 10-year low in March and fled lending-sensitive shares amid turmoil in the industry following the collapse of Silicon Valley Bank and Signature Bank. The firm also slashed its positions in smaller banks such as Bank of Hawaii Corp (BOH.N), Pacwest Bancorp (PACW.O), PNC Financial Services Group (PNC.N), Citizens Financial Group (CFG.N) and Capital One Financial Corp (COF.N). Bridgewater was also bearish on European banks in March, after the collapse of Silicon Valley Bank sparked contagion fears across global banks, a Reuters report showed. Following SVB, Signature Bank was also placed into receivership in March, while JPMorgan bought First Republic Bank's assets earlier this month.

NEW YORK, May 15 (Reuters) - Billionaire investor Jim Simons' Renaissance Technologies LLC was among the prominent funds that took positions in embattled regional bank First Republic Bank (FRCB.PK) during the first quarter ahead of the firm's May 1 collapse, according to securities filings released on Monday. Renaissance Technologies LLC, which has more than $100 billion in assets under management, bought approximately 7.1 million shares of First Republic during the first quarter and held them as of March 31, when they closed at $13.99 per share. Boston-based Adage Capital Partners, meanwhile, added a new position of approximately 185,000 shares of First Republic during the quarter, while New York-based Alpine Global Management LP added a new position of approximately 1.7 million shares in the company, filings showed. Renaissance Technologies, Adage Capital and Alpine Global did not respond to requests to comment for this story. Reporting by David Randall; Editing by Ira Iosebashvili and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ China's yuan is emerging as a strong challenger to the dollar's dominance. Here are 5 countries that recently turned to the yuan instead of the USD for trade.
▼ + stars: | 2023-05-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China's yuan is gaining increasing usage globally, pointing to the de-dollarization of transactions worldwide — graduallyChina's yuan slid on Monday. Future Publishing/Getty ImagesThe US dollar has been the world's reserve currency since the second world war, playing an outsized role in the world's trade. Amid these dire tidings, the Chinese yuan is seizing the opportunity and is mounting a challenge to the dollar's dominance. Of course, it does create a desire on the part of China, of Russia, of Iran to find an alternative," Yelled said. Read further for five countries that have recently turned to the yuan for trade and other transactions — either to skirt sanctions or as an alternative to the greenback.

Analysts say what may appear as mixed messaging is the result of President Xi Jinping's renewed focus on national security, steeled by rock-bottom relations with rival superpower, the United States. A later speech in March at the National People's Congress was more pointed: China's security is being challenged by U.S. attempts to contain its rise, he said. In his October speech, he added "external security" and "international security", in what analysts say signals a new focus to counter foreign threats, namely Washington. Asked for its response to a list of questions for this story, China's foreign ministry said it was "not aware of the situation". BUSINESS JITTERSChina's security focus also risks isolating the country economically.

☆ Renowned China investor Ray Dalio says the US and China are on the brink of war, and that both sides are 'beyond the ability to talk'
▼ + stars: | 2023-04-28 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

Billionaire Ray Dalio warned on Thursday that the US and China are on the precipice of war. "The United States and China are on the brink of war and are beyond the ability to talk," reads Dalio's grim message. And as both powers look to protect their sources of essential technologies and minerals, they're making countries around the world choose sides, Dalio warned further. "I want to emphasize that by saying that they are on the brink, I don't mean to say that they will necessarily go over the brink," Dalio wrote. "Have all parties make clear that peace is better than war," Dalio said.

☆ Big China investor Ray Dalio says that if the US goes to war with China, there should be rules like not fighting on each other's soil
▼ + stars: | 2023-04-28 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

China investor Ray Dalio encouraged the US and China to agree on mutual red lines if war breaks out. Dalio wrote a LinkedIn memo on Thursday laying out fears that both nations are on the brink of war. "It is hoped that in that way, if there is war, it will be contained," Dalio wrote. "But such a contained war is not the worst-case scenario because history has shown that when conflicts have reached this stage 1) they have terrible economic consequences and 2) there is a high risk of moving from a contained war to an all-out war," Dalio added. Even so, "almost all" the policymakers Dalio spoke to are "scared of war," the billionaire wrote.

☆ Russia is landing new buyers for its sanctioned diesel all over the world and Brazil's taking advantage of the steep discounts.
▼ + stars: | 2023-04-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Today we're talking energy — and I'm sharing a conversation with a leading expert on Russian diesel flows. Phil Rosen: You shared some data on how Brazil is seeing a dramatic uptick in Russian diesel imports, and a decrease in diesel imports from other sources, including the US. It really does appear that Russian diesel is muscling in on US market share in Brazil. How does this data on Brazil's diesel imports fit into the broader picture with China and India? Russian diesel is displacing traditional suppliers to these countries, while trade flows are changing to backfill the loss of Russian diesel into Europe.

☆ Why Michael Bloomberg is the keeper of the keys on Wall Street
▼ + stars: | 2023-04-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Bloomberg deals in data — via its ubiquitous terminal — which serves as the lifeblood of Wall Street. (A funny nugget from the FT story: Bloomberg is not part of the Bloomberg Billionaires Index. In many ways, the Bloomberg terminal is the cockroach of Wall Street. Tiger Global's down bad. Here's more on Tiger Global's unique approach to investing in startups and why it backfired.

☆ Ray Dalio says the financial system will need 'big restructurings' soon as debt burdens become unsustainable
▼ + stars: | 2023-04-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Ray Dalio wrote in a note this week that the financial system is close to needing "big restructurings." The Bridgewater Associates founder cited higher debt burdens and rising interest rates. In his view, the economy is on the brink of a contraction that will make the next year or two difficult. "This means the system is close to the point where big restructurings will be needed. Meanwhile, within the larger cycle, there's a smaller, short-term cycle defined by economic weakness, with central banks creating high inflation and eventually recessions.

☆ I used ChatGPT to build a simple Chrome extension in 10 hours. Here's how I sold it for thousands on Acquire and what I learned about my fastest launch-to-exit ever.
▼ + stars: | 2023-04-19 | by ( Ihor Stefurak | ) www.businessinsider.com time to read: +6 min

He used ChatGPT to build a Chrome extension and sold it for thousands on Acquire. While it took 10 hours to build, Stefurak recommends using ChatGPT to help with certain projects. We crafted a Chrome extension and received $1,000 worth of pre-orders within 24 hours. I recommend using the AI chatbot if you're starting a simple project with JavaScript or Python. These models help enhance self-understanding and ultimately lead to better decisions and big overall improvements.

☆ Ray Dalio says fewer countries want to hold the dollar as China trade grows and Russia sanctions expose new risks
▼ + stars: | 2023-04-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Global central banks are less willing to hold the dollar, billionaire investor Ray Dalio said. One reason is that China's share of global trade is rising while the US share is falling. Another is that Western sanctions against Russia have exposed new risks for holding dollar assets. But, with China increasing the yuan's use in global trade, the future necessity for the greenback may be ebbing. Those sanctions "increased the perceived risk that those debt assets can be frozen in the way that they've been frozen for Russia," Dalio said.

☆ Ray Dalio shares his thoughts on SVB, offers investing advice, and warns of a 'very risky time' ahead. Here are his 7 best quotes from March.
▼ + stars: | 2023-04-07 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +4 min

Ray Dalio shared his thoughts on SVB, offered investing advice and warned of political conflicts last month. The Bridgewater Associates founder and investing veteran also offered up his thoughts on why he thinks the next two years will be a "very risky time". I think that there is a good chance that it will produce a big decline in the value of money. Geopolitical risks"Let's remember that [the money/credit/debt/market/economic dynamic] is being accompanied by the internal conflict dynamic (most importantly the 2024 US elections that are coming up) and the external conflict dynamic (most importantly the US-China conflict and the US-NATO-Russia conflict, though others like that with Iran are notable). In a nutshell, it looks to me like the next two years will be a very risky time."

☆ Peace, love, and Hitler: How Lex Fridman's podcast became a safe space for the anti-woke tech elite
▼ + stars: | 2023-04-03 | by ( Julia Black | ) www.businessinsider.com time to read: +26 min

Seemingly overnight, episodes of Fridman's podcast began racking up millions of views. YouTube/Lex FridmanIn his podcast, Fridman asks world-renowned scientists, historians, artists, and engineers a series of wide-eyed questions ("Who is God? But recently, "The Lex Fridman Podcast" has become a haven for a growing — and powerful — sector looking to dismantle years of "wokeness" and cancel culture. Twitter"The Lex Fridman Podcast" offered a rare opportunity to listen to four-hour conversations with luminaries of tech and science. Bhaskar Sunkara, the founder and publisher of the socialist magazine Jacobin who appeared on Fridman's podcast in December, praised Fridman's interviewing style.

☆ 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.

☆ China Development Forum: Li Qiang rolls out the welcome wagon for foreign companies
▼ + stars: | 2023-03-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

“China’s economy has been deeply integrated into the global division of labor.”Li pledged that the country will align with international economic and trade rules, give equal treatment to foreign investment and facilitate trade and investment by removing government controls. Worries about foreign investmentConcerns about foreign capital leaving China have grown. To boost business confidence, China’s new economic leadership is trying to reassure foreign business and the domestic private sector. “You are not foreigners, but family,” Wang Wentao, the commerce minister, told attendees at the China Development Forum. In a meeting with Cook on Monday, he said China is willing to “provide a good environment and services” for foreign enterprises including Apple.

☆ 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.

☆ 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.

☆ 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.

☆ A real estate investor who owns over 1,000 units shares the 21 investing, personal development, and leadership books that helped him find financial freedom at age 36
▼ + stars: | 2023-03-03 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +14 min

Today, real estate investor Dave Allred has ownership in over 1,250 units across the country. He shared the 21 books that helped him achieve financial freedom at age 36. These books cover real estate and investing, personal development, business, and leadership. In a recent interview, Allred shared with Insider the 21 books — spanning areas such as real estate, investing, personal development, business, and leadership — that helped him find success. This principle is especially close to Allred's heart, since reverse engineering his financial freedom took a meticulous goal-setting process.

☆ 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.

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