Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
ADVERTISEMENT
What you need to know on Wall Street today
Hello. Here's what you need to know on Wall Street today.
ADVERTISEMENT
Recommended articles
In the summer of 2015, Penn State's endowment invested $50 million in Pershing Square Capital, a high-profile hedge fund run by New York City billionaire Bill Ackman.
The endowment, one of the largest held by a university, invested as the fund was coming off years of stellar performance. Two years later, the fund has had a reversal of fortune. The Pershing Square International fund reported a loss of 16.6% in 2015 and a loss of 10.2% last year. The fund gained 1.83% through mid-June of this year.
At those rates, a $50 million investment in 2015 would be worth about $38 million now. That doesn't include annual fees, of about 1.5% of the assets (about $750,000 on the initial amount), paid to the hedge fund.
ADVERTISEMENT
" target="_blank"Success! How I Did It" is Business Insider's podcast hosted by US editor-in-chief, Alyson Shontell. Shontell has interviewed a range of people, fromSheryl SandbergtoLeBron James, thefounder of Tinderto thefounder of Buzzfeed, and many more.
Here's how to sign up. And here's the most recent episode with the cofounder of stock trading app Robinhood.
Business Insider's "Undividing America" series continues. Here's the latest:
- A hated, mile-long highway shows an overlooked problem with America's infrastructure — but it could soon come crumbling down
- American farmers are facing a political paradox because of Republicans' hard line on immigration
- Millions of American adults are not allowed to vote — and they could have changed history
- How a 128-year-old brand that makes clothes for workers made the jump from cornfields to catwalks
ADVERTISEMENT
In economics news, a battle is raging at the Fed over how low the unemployment rate should go. report that White House adviser Steve Bannonhe world is now more unstable than during the Vietnam War.
In markets news, traders haven't been this confident since the early days of the financial crisis —and that's a huge red flag. Treasurysare getting close to some "big levels,"according to bond guru Jeff Gundlach.
A five-minute iced coffee trick could save you $100,000 by the time you retire. Cheddar bought the viral game where a guy lets Twitch buy and sell stocks for him. And a $2.7 trillion money manager is backing an investment fund cofounded by Bono.
Wells Fargo will shell out $142 million to settle fake accounts scandal.
In deal news, Elliott Management islaunching a $18.5 billion bidding war with Warren Buffett. And Deutsche Boerse has invested $10 million into a NYC startup backed by Peter Thiel and George Soros.
ADVERTISEMENT
Amazon is unleashing a new service that should terrify Best Buy. And here are 7 startups that were massively funded that died in 2017.
New aerial photos appear to show just how massive Tesla's Gigafactory is. Volvo became an unlikely tech superpower when no one was watching. The electric-car startup Faraday Future is scrapping its big Nevada factory as its cash crisis deepens. And a $100,000 electric car trying to take on Tesla hit a top speed of 235 mph
Lastly, nobody wants to buy this $18 million Brooklyn mansion with connections to mobsters and a Russian heiress.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Top cross-border payment companies in Africa on recent global ranking
Studio Monkey in collaboration with Worldwide FM and Gilles Peterson launches initiative to support grassroot music communities
NexaScale marks one-year milestone with visionary initiatives empowering Africa's youth for the future of work
How Patrice Motsepe-backed GoSolr wants to solve South Africa's power crises
Harsh words for the World Bank from Uganda’s president at the meeting of African leaders
The artificial intelligence boom is real: why are more and more companies incorporating it into their operations?
The US and Uganda partner to combat a deadly enemy
See why ice is now pricier than bread and milk in this African country
