What we’re reading (2/8)
“Qube And Renaissance Have Started 2024 With A Bang. Here’s How Quant Funds Did In January.” (Business Insider). “The London-based manager run by CEO Pierre-Yves Morlat and CIO Laurent Laizet led the way in what was generally a strong month for quant funds. According to Hedge Fund Research, the average systematic fund betting on equities made 1.8% in January, besting the S&P 500 and the average hedge fund, which were up 1.6% and 0.2%, respectively.”
“S&P 500 Hits Intraday Record Of 5000” (Wall Street Journal). “The S&P 500 crossed 5000 for the first time in intraday trading, the latest milestone for a U.S. stock market powered by a resilient economy and subsiding inflation. The broad U.S. stock index popped over 5000 in the final minute of trading Thursday, according to Dow Jones Market Data, before settling slightly below the mark. The S&P 500’s daily advance of 0.1% was enough for another record close, its ninth of 2024.”
“Arm’s Post-Earnings Pop Leaves Stock Trading At Over 100% Premium To Nvidia” (CNBC). “Exactly two years ago, Nvidia’s attempt to purchase chip designer Arm from SoftBank came to an end due to ‘significant regulatory challenges.’ Masayoshi Son, SoftBank’s billionaire founder, has never been so lucky. That agreement would have involved selling Arm for $40 billion, or just $8 billion more than SoftBank paid in 2016. Instead, Arm went public last year, and the company is now worth over $116 billion after the stock soared 48% on Thursday.”
“He’s Lost His Marriage, His Followers And His Lamborghini” (New York Times). “BitBoy was one of the most popular figures in the wild, scam-ridden world of crypto influencers. Cultivating a persona as a straight-talking everyman, he filmed a livestream five days a week in which he lectured his hundreds of thousands of listeners on the virtues of experimental coins with names like Polkadot or XRP…Two years later, Mr. Armstrong, 41, has lost his production company and much of his wealth. His friends have turned on him, and his wife has filed for divorce. Over the last five months, across countless social media posts and videos, Mr. Armstrong has claimed to be the victim of a ‘criminal conspiracy’ by ‘terrorists’ who took over his YouTube channel. ‘BitBoy is dead,’ he recently declared.”
“Baltimore Orioles Sale To Avoid Capital Gains Taxes” (Dealbreaker). “Rubenstein and his group will initially purchase 40% of the team. The remaining 60% will be sold, reportedly for tax reasons, after 94-year-old Angelos passes away. Angelos purchased the team in 1993 for $173 million. If the sale were to take place now, Angelos would face an estimated $250 million capital gains tax on the approximately $1.5 billion profit. But by waiting until after his passing, the basis step-up rule would increase his cost basis to current market value instead of his original purchase price. If the team is sold immediately thereafter, there will be little to no capital gains tax on the sale.”
