What we’re reading (4/19)
“Bed Bath & Beyond Preparing For Bankruptcy Filing Within Days” (Wall Street Journal). “The embattled retailer recently said it needed to raise $300 million from share sales by April 26 to stay out of chapter 11. The company will have to stop selling stock by that date, when it would lose eligibility to continue under its share registration documents. Given the stock’s closing price on Wednesday of 46 cents, Bed Bath & Beyond faces long odds to raise that amount of money within that time.”
“The Plan To Get Rupert Murdoch To Pay Up” (DealBook). “The game plan revolved around getting damaging evidence out in public, Hootan Yaghoobzadeh of Staple Street Capital, which owns Dominion, said on CNBC today. That contributed heavily to what was a stacked deck against Fox News, with the broadcaster facing what one legal expert told The New York Times was ‘unquestionably the strongest defamation case we’ve ever seen against a major media company.’”
“What Beat The S&P 500 Over The Past Three Decades? Doing Nothing” (Morningstar). “A strategy of buying a basket of stocks and leaving them untouched outperformed the index, not to mention scores of active managers.”
“Crypto-Influencers Give Poor Investment Advice — And The SEC Is Taking Notice” (ProMarket). “The new research study Crypto-Influencers, that I co-authored with Ken Merkley, Mark Piorkowski, and Brian Williams, finds that, on average, following the advice of crypto-influencers generated significant negative returns depending on the holding period. In addition, the more expert the adviser claimed to be, the steeper the loss.”
“America’s Richest Banker Quadrupled His Firm’s Assets Last Year By Making A Massive Bet That Inflation Would Spike” (Insider). “While many of America's regional banks were making risky investments to generate yield during a prolonged period of low interest rates, Andy Beal, the founder and chairman of Beal Bank, was on the sidelines waiting to capitalize on a trade that would ultimately quadruple his firm's assets in a year.”
