What we’re reading (5/11)
“Stanley Druckenmiller Says The Fed Is Endangering The Dollar’s Global Reserve Status” (CNBC). “Federal Reserve policies aimed at keeping markets and the economy afloat during the pandemic could end up threatening the long-term health of the U.S. dollar, investing magnate Stanley Druckenmiller told CNBC on Tuesday. The chairman and CEO of Duquesne Family Office said the Fed’s insistence on holding interest rates down and buying trillions in bonds even though markets are thriving and the economy is booming is a long-term risk.”
“Americans Up And Moved During The Pandemic. Here’s Where They Went.” (Wall Street Journal). “The year the Covid-19 pandemic forced many Americans to stay home, more than seven million households moved to a different county—nearly half a million more households than in 2019. Spurred by the promise of flexible, remote work, many left large metropolitan areas and migrated toward less-dense, more-affordable places that offered more space.”
“Dow Briefly Tumbles More Than 600 Points As Surging Prices Rattle The Market” (CNN Business). “US stocks sold off Tuesday and the Dow briefly tumbled more than 600 points around mid-morning, as investors grow increasingly concerned about raw material price spikes, shortages and inflation. Prices are rising all over the place as commodities, shipping costs and more related categories become more expensive.”
“Cboe Files With The SEC To List Fidelity's Bitcoin ETF As The Number Of Firms Seeking Approval Grows” (Business Insider). “The Chicago Board Options Exchange has applied with the US Securities and Exchange Commission Monday to list Fidelity's Wise Origin Bitcoin exchange-traded fund, according to a Form 19b-4. Fidelity in March applied to launch an ETF to track the performance of bitcoin. The fund will hold bitcoin and value its shares based on prices from major cryptocurrency exchanges such as Coinbase and Bitstamp, according to a regulatory filing.”
“Hedge Fund Manager Who Said ‘I’m Going To Jail’ Is In Fact Going To Jail” (Dealbreaker). “Dan Kamensky knew what he had coming to him. Shortly after attempting to browbeat his investment bank into not outbidding him for something he’d fought for and wanted for his hedge fund, Marble Ridge Capital, he turned to pleading. ‘If you’re going to continue to tell them what you just told me, I’m going to jail, okay?’ he said. ‘I’m asking you not to put me in jail.’ Well, Kamensky’s begging proved no more successful than his bullying, and the Jefferies banker on the other end did continue to tell them what he had just told Kamensky, which was probably something along the lines of, ‘you appear to have breached your fiduciary duty to your fellow Neiman Marcus creditors, whom you represent as a member of the creditors committee, but trying to keep them from getting that extra 10 cents a share you’d prefer Marble Ridge not have to pay.’”
