What we’re reading (1/18)
“Is This A VC Bubble, Or Just The New Normal?” (Protocol). “The VC industry is "frothy," "overheated" or "bonkers," investors say. Whether this is the new normal or unhealthy signs of an overheated market depends on your point of view — and how well your portfolio is doing.”
“Potential Priorities for Wall Street’s Next Top Cop” (New York Times). “The Biden administration is set to tap Gary Gensler, a former financial regulator and Goldman Sachs banker, as head of the Securities and Exchange Commission…If approved, Mr. Gensler is expected to rein in Wall Street, building on his work as head of the Commodity Futures Trading Commission from 2009 to 2014. At the C.F.T.C., he pushed for more transparency around derivative trading and was at the forefront of uncovering interest-rate rigging by traders, which resulted in big fines in a number of settlements with banks. ‘Wall Street’s interest is not always the same as the public’s interest,’ he told The Times in 2010.”
“‘Sizable’ Stimulus Needed From The United States, IMF Managing Director Urges” (Washington Post). “International Monetary Fund Managing Director Kristalina Georgieva is urging the United States to go big on additional stimulus to aid the economy as the pandemic rages and to ensure low-income workers are not left behind. ‘We do need more stimulus. In the United States, fortunately, there is fiscal space to do so,’ Georgieva told The Washington Post, adding that she favored ‘sizable support.’”
“RenTech Can’t Be Wrong, So The World Must Be” (Dealbreaker). “Last year was one of the best hedge fund in history’s best years ever. Renaissance Technologies’ Medallion Fund, which firm co-founder and piss collector Robert Mercer would probably sacrifice several toes for a larger stake in, enjoyed what appears to be its third-strongest year since inception in 2020, which is saying something for a fund that’s got an annualized return of 39.1% since 1988. But last year it did almost twice that, rising 76%. The funds RenTech runs for those not employed at the firm? Not so much.”
“Nestlé Recalls 762,000 Pounds Of Pepperoni Hot Pockets” (ABC News). “Nestlé Prepared Foods is recalling more than 762,000 pounds of pepperoni Hot Pockets, the U.S. Department of Agriculture’s Food Safety and Inspection Service said. The frozen stuffed sandwiches — shipped to retail stores nationwide — are being recalled because they ‘may be contaminated with extraneous materials, specifically pieces of glass and hard plastic,’ the USDA said Friday.”
