What we’re reading (1/25)
“Tech’s ‘Last Hurrah’? If Hedge Funds Are Any Indication, It Could Be A Big Week For Apple, Amazon And Other Megacap Favorites” (MarketWatch). “According to Goldman Sachs Group’s prime brokerage, hedge funds increased their net exposure to megacaps in the technology sector at one of the fastest paces in recent years. This coming off a stretch where the ‘smart money’ was unloading some of the most prominent names.”
“Manufacturing Rebound Has Suppliers Struggling to Keep Up” (Wall Street Journal). “A quicker-than-expected recovery in U.S. manufacturing is resulting in supply disruptions and higher costs for materials used in everything from kitchen cabinets to washing machines to automobiles. Consumers unable to spend on vacations, dining out and concerts instead have opened their wallets for appliances and other improvements to their current or new homes. Car sales also rebounded faster than expected[.].”
“An ‘Aggressive’ Fight Over Containers Is Causing Shipping Costs To Rocket By 300%” (CNBC). “A critical shortage of containers is driving up shipping costs and delays for goods purchased from China. The pandemic and uneven global economic recovery has led to this problem cropping up in Asia, although other parts of the world have also been hit. Industry watchers said desperate companies wait weeks for containers and pay premium rates to get them, causing shipping costs to skyrocket.”
“When Will Taxes Go Up?” (New York Times). “President Biden has unveiled a flurry of actions aimed at unwinding much of the Trump administration’s agenda. But on his predecessor’s signature legislative accomplishment — the huge 2017 tax cut — Mr. Biden is treading much more gingerly.”
“Dan Kamensky Could Have Made 11,950% And Not Gone To Jail, Will Instead Probably Lose 100% And Go To Jail” (Dealbreaker). “Former hedge fund manager and judicially-designated thief, liar and not nice person Dan Kamensky is probably going to jail…All of that being said, Kamensky sure was right to fight for a piece of Neiman Marcus’ e-commerce business. This may be a vindication even hollower than Bill Ackman’s vis-à-vis Herbalife, but it’s a sort of vindication all the same”
