A Record-Shattering $1 Trillion Poured Into ETFs This Year [WSJ]
Swelling ETF assets were a windfall for Wall Street giants including BlackRock, which reported record management fees this year. Its stock reached record highs. It was also a big year for smaller asset managers that specialize in actively managed ETF strategies…. The rolling three-month differential between flows to U.S. stock funds and all other types of ETFs reached a record high in November….
When more than a dozen asset managers got the regulatory go-ahead in January 2024 to launch the first U.S. funds that could buy and offer direct exposure to bitcoin, the cryptocurrency began a sharp rally. Investors plowed billions into the funds, minting several of the most successful ETF launches in history.
Trump Weighs In on Immigrant Visa Debate but Offers Little Clarity [NYT]
[Elon] Musk, for his part, on Saturday made a sexual comment attacking a critic of the visas and then stated that H-1B visas are the reason companies like SpaceX and Tesla are strong. Tesla has obtained 724 H-1B visas this year.
Stephen K. Bannon, a close adviser to the president-elect and a self-proclaimed “populist nationalist” who opposes immigration, reposted Mr. Musk’s comment online, calling the billionaire a “toddler….”
“This is war,” Mr. Bannon said. “I’m glad we’re having this debate now before Trump takes office.”
US stock market to close Jan. 9 on Carter day of mourning [Bloomberg via Yahoo!]
The closures are part of a long-standing American tradition in which financial institutions halt operations following the death of a US president. Carter died Dec. 29 at 100, and was the longest-living US president in history. The most recent national day of mourning came on Dec. 5, 2018, for the funeral of President George H.W. Bush…. The closures are part of a long-standing American tradition in which financial institutions halt operations following the death of a US president. Carter died Dec. 29 at 100, and was the longest-living US president in history. The most recent national day of mourning came on Dec. 5, 2018, for the funeral of President George H.W. Bush.
IBM’s Planned $6.4 Billion HashiCorp Takeover Faces U.K. Antitrust Scrutiny [WSJ]
San Francisco-based HashiCorp makes tools and products that help its customers set up cloud infrastructure…. The deal is also being looked at by the U.S. Federal Trade Commission, which asked the companies for more information earlier this year.
He Lost 35% Ignoring 2024’s Biggest Trades: ‘I Am Not Good at What I Am Doing’ [WSJ]
“I have come to the realization that I am not good at what I am doing but I guess some of you may have sensed that already,” [Kenrich Partners’ Richard Toh] wrote. “I am sorry I have let you down….”
“I learned from [not investing in Nvidia and bitcoin] that sometimes the best investments are precisely the ones you cannot explain and probably made no sense. It also told me I am getting too old,” he wrote.
Hedge fund manager Crispin Odey seeks £79m in damages from FT in libel case [Guardian]
The FT claimed in June that it had spoken to “13 women who said they had been abused by Odey”, and in July said a further six had made allegations that he “sexually assaulted or harassed them”…. [Odey lawyer Adam] Speker said in court documents that Odey “has been unable to find alternative employment” since the first FT article was published on 8 June last year, meaning he had lost future earnings “estimated in the sum of £144m”.
