What we’re reading (4/20)
“Oil Prices Went Negative A Year Ago. Now The Glut Is Gone” (CNN Business). “Panic gripped the energy market last spring as a frightening realization dawned on oil traders: The world was rapidly running out of space to store excess crude…[f]lash forward 12 months and US oil prices stand at $63 a barrel — exactly $100 above that record low [-$37/barrel] from last April.”
“Alaska's GameStop Stake Soared Over 700% Last Quarter - And Its Tesla Bet Has Gone From $0 To $85 Million In 18 Months” (Business Insider). “There have been several surprising beneficiaries of the GameStop short squeeze in January, including the Mormon Church. The state of Alaska has also emerged as an unlikely winner. The state's revenue department has owned a stake in the video-games retailer since at least 2017, and held about 43,000 shares worth $802,000 at the end of December last year, regulatory filings show.”
“Venmo Users Can Now Buy And Sell Bitcoin And Other Cryptocurrencies” (CNBC). “Starting Tuesday, Venmo will show users a new feature that lets them invest in four different cryptocurrencies — bitcoin, ether, litecoin and bitcoin cash — with a minimum spending requirement of $1. They can also share their crypto purchases with friends through Venmo’s social feed.”
“Behind The Mysterious Demise Of A $1.7 Billion Mutual Fund” (Wall Street Journal). “The Infinity Q Diversified Alpha Fund disclosed in filings with the Securities and Exchange Commission valuations of investments that in at least three instances were incorrect or inconsistent with market conditions, said traders and academics. One valuation was mathematically impossible, said a former Morgan Stanley managing director who reviewed the disclosures.”
“Wall Street Analysts Battle Weight Loss, High Blood Pressure And Mental Health Issues From Long Hours” (NBC News). “The online forum Wall Street Oasis, the networking group for students and junior staffers in the banking industry that conducted the survey, found junior bankers work on average at least 80 hours a week. After a year of working these hours, often in isolation, the survey found 40 percent of the first-year bankers, 32 percent of second-year bankers and 46 percent of third-year bankers sought or considered mental health counseling. Analysts in their early 20s interviewed for this article also reported they suffered extreme weight changes and developed health conditions like high blood pressure.”
