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What you need to know on Wall Street today
Hello. Here's what you need to know on Wall Street today.
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Almost everyone has taken time off work and wondered, "Why the heck am I doing this? Do I like my job? Does it have a purpose?" EvenPresident Obama fantasized about quitting the White House to sell T-shirts on a beachin Hawaii.
With bills to pay, most of us slink back to the office and say nothing more. But not Inigo Fraser-Jenkins, the head of global quantitative strategy and European equity strategy at Bernstein Research in London.
Fraser-Jenkins took six months off work for cancer treatment, and when he returned sent a 4,000-word note to clients questioning the purpose of the financial sector. You can read it here.
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In other news, stocks are trading more independently of macro factors than at any point since 2001, according to Morgan Stanley. The bond bull market, which has been going strong for more than three decades, may soon come to an end.
You can see Jeff Gundlach's full presentation on markets and the economy in 2018 here. And here are nine highlights from SocGen's notoriously pessimistic "Woodstock for Bears" conference.
In finance news, real estate investing start-up Cadre has inked a $250 million partnership with Goldman Sachs. And Clint Carlson's hedge fund assets dropped $1 billion in five months after brutal performance.
In crypto news, Ripple, the company behind cryptocurrency XRP, is betting big on Asia. Bitcoin could use more energy than Argentina this year, according to Morgan Stanley. And bitcoin can become a legit global currency — in theory, Goldman says.
Lastly, Gucci just opened a luxurious complex complete with a museum, boutique, and a restaurant run by a three-Michelin-starred chef — take a look inside.
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