What we’re reading (3/30)
“One of World’s Greatest Hidden Fortunes Is Wiped Out in Days” (Bloomberg). “From his perch high above Midtown Manhattan, just across from Carnegie Hall, Bill Hwang was quietly building one of the world’s greatest fortunes. Even on Wall Street, few ever noticed him -- until suddenly, everyone did. Hwang and his private investment firm, Archegos Capital Management, are now at the center of one of the biggest margin calls of all time -- a multibillion-dollar fiasco involving secretive market bets that were dangerously leveraged and unwound in a blink.”
“JPMorgan, Salesforce Join Growing List Of Firms Dumping Office Space” (Wall Street Journal). “Large companies typically sign office leases for a decade or longer, giving them few options for reducing their footprint beyond trying to sublease floors to other tenants. At the end of 2020, 137 million square feet of office space was available for sublease across the U.S., according to CBRE Group Inc. That is up 40% from a year earlier and the highest figure since 2003.”
“Millennium Management Has Been Quietly Hoovering Up London Quant Talent” (efinancial careers). “It's not only banks who are all about building out their systematic trading teams in 2021. Hedge fund Millennium Management has been surreptitiously adding quant trading staff from both banks and rival hedge funds in London too.”
“Options Traders Bet On A Big Move Higher When Lululemon Reports Earnings” (CNBC). “Lululemon is off to an uncharacteristically rough start to the year, along with many of 2020′s other high flyers. The stock, which has soared more than 250% over the last three years, is down more than 8% just since the beginning of 2021, significantly underperforming all three major indexes. Despite the recent losses, options traders are betting Tuesday’s earnings report will hold the key to a quick rebound when results cross the wire after the bell.”
“The Suez Canal Has Reopened, But Experts Say You'll Still Have To Wait 9 Months For That Couch To Be Delivered” (Business Insider). “The Suez Canal blockage may be cleared, but experts warn the impact will be seen on the supply chain for months to come. The hulking cargo ship, the Ever Given, was unmoored from the Suez Canal on Monday, nearly a week after it became stuck, allowing a massive backlog of vessels to begin their transits through the vital passageway.”
