What we’re reading (2/8)
“SoftBank Turns $11 Billion Profit, Helped By DoorDash” (Wall Street Journal). “SoftBank Group Corp.’s massive tech funds are finally starting to produce golden eggs. That is how Masayoshi Son, SoftBank’s ebullient chief executive, characterized a record-breaking quarter for the Japanese company’s signature $100 billion Vision Fund.”
“It Doesn’t Get More Buzzy Than This: Tesla Is Investing $1.5 Billion In Bitcoin” (NPR). “Electric automaker Tesla and cryptocurrency Bitcoin have a lot in common. Both have seen their market value skyrocket last year, defying skeptics and thrilling fans. Both are fueled by mass enthusiasm and techno-utopian idealism. And they've both got plenty of doubters warning a giant crash could be on the horizon.”
“New Robinhood Regulations Would Stiff ‘Little Guy’” (New York Post). Not sure I agree with the opinion here, but worth a read anyway: “[o]ne boneheaded idea bouncing around is ending a practice known as ‘payment for order flow.’ The esoteric practice allows companies like Charles Schwab and Robinhood to charge low or no commissions to investors using their platforms.”
“Global Oil Prices Have Fully Recovered From The Pandemic” (CNN Business). “After a rocky 12 months, oil prices — which got crushed when Covid-19 slashed demand for energy around the world — are roaring back. What's happening: Brent crude futures, the global benchmark, have breached $60 per barrel, their highest level since January 2020.”
“Short-Sellers Fear For The Future” (DealBook). “Short-sellers have been battered by the bull market. Hedge funds that primarily bet against stocks were down 47 percent over the past year. ‘Short-sellers have been beaten up and left for dead on the side of the road,’ said Jim Chanos, the investor who famously bet against Enron ahead of its collapse.”
