What we’re reading (7/12)
“Euro Buyers Fend Off Dollar Parity In Last-Gasp Defense” (Bloomberg). “Traders mounted a last-ditch push on Tuesday to stop those options contracts from triggering after the shared currency slid to within a whisker of a pure one-for-one rate. It’s a border that could quickly collapse if fresh concern over Russian natural-gas supplies or signs of a relatively more hawkish Federal Reserve drive the euro lower.”
“Founders Of Bankrupt Crypto Hedge Fund 3AC Go Missing, As Investors Try To Recoup Assets” (CNBC). “Lawyers representing the creditors say the physical whereabouts of Zhu Su and Kyle Davies, who started Three Arrows in 2012, are “currently unknown”…[t]he documents, filed Friday evening, also allege that the founders have not yet begun to cooperate with the liquidation process ‘in any meaningful manner.’ On Monday, lawyers requested the court keep the identity of the creditors anonymous.”
“Amid All The Uncertainty, Can You Blame Millennials For Embracing ‘Meme’ Stocks?” (Real Clear Markets). “Millennials are the first generation to have less wealth than the previous generation, a fact that does not bode well for an economic model dependent on consumption growth. Contrary to previous generations, they cannot just save and invest as wage growth has not kept up with inflation.”
“Are Cryptocurrencies On Their Last Legs? Hedge Fund Managers Certainly Don’t Think So.” (Institutional Investor). “Thirty-two percent of hedge fund managers think that digital assets will offer the largest alpha-generating opportunity over the next three years, topping equities (18 percent) and fixed income (15 percent), according to the latest report from SigTech, a quantitative technologies provider. Twenty-three percent of hedge fund managers plan to dramatically increase their allocations to digital assets, while 60 percent plan to increase slightly.”
“Advanced E.V. Batteries Move From Labs To Mass Production” (New York Times). “For years, scientists in laboratories from Silicon Valley to Boston have been searching for an elusive potion of chemicals, minerals and metals that would allow electric vehicles to recharge in minutes and travel hundreds of miles between charges, all for a much lower cost than batteries available now. Now a few of those scientists and the companies they founded are approaching a milestone.”
