Steve Cohen says tariffs and DOGE’s cuts are negative for economy, market correction could be soon [CNBC]
“Tariffs cannot be positive, okay? I mean, it’s a tax,” Cohen said Friday at the FII Priority Summit in Miami Beach, Florida. “On top of that, we have slowing immigration, which means the labor force will not grow as rapidly as … the last five years and so.”
The prominent hedge fund investor took a stab at DOGE’s cost-cutting moves led by Elon Musk, saying they could only hurt the economy more.
Warren Buffett Occasionally Writes to Shareholders About Overheated Markets. Not This Year. [WSJ]
“Understandably, really outstanding businesses are very seldom offered in their entirety, but small fractions of these gems can be purchased Monday through Friday on Wall Street and, very occasionally, they sell at bargain prices,” Buffett said…. With Berkshire’s stash of cash and Treasury bills surpassing $320 billion—larger than the market values of most big U.S. companies—observers have been eager to hear how Buffett is thinking about opportunities to invest.
Robinhood Plans Ambitious Crypto Expansion Under Trump Administration [WSJ]
“We’d like that business to be global and as big as possible and as fast as we can do it responsibly,” [CFO Jason Warnick] added.
Robinhood has already benefited from the rally in bitcoin and other digital assets that followed Trump’s election, reporting that crypto trading generated $358 million in revenue during the fourth quarter, more than half its total transaction-based revenue.
The Rise of Artificial Intelligence at JPMorgan [WSJ]
“We now have 200,000 people in the firm who have the [large language model] tool on their desk. Half of them use it pretty actively every day, and we estimate people use it on average for one-to-two hours a week….”
“I don’t think that this is the death knell or elimination of loads and loads of people…. There aren’t a lot of job functions that can’t be augmented with this tool.”
US court upholds Theranos founder Elizabeth Holmes’ conviction [CNN]
A three-judge panel for the 9th U.S. Circuit Court of Appeals in San Francisco rejected claims of legal errors at [Holmes’ and former Theranos president Sunny Balwani’s] separate trials held in 2022…. The two were sentenced in 2022 to 11 years and three months, and 12 years and 11 months, respectively.
The Long Nights and Drug Addiction That Drove a Banker to Insider Trading [WSJ]
“I got an Adderall prescription to be able to work long hours and stay focused,” the now-43-year-old [John] Femenia said. “But it changed the person that I was while I was on it. This is a no-joke drug. It’s medical-grade meth.”
