It is the 20th of September 2019

News

Is Bridgewater A Fraud? Here Are The Troubling Questions Posed By Jim Grant

Jim Grant, author of Grant's Interest Rate Observer, first hinted last week that not all is well when it comes to the world's biggest hedge fund, Ray Dalio's $160 billion Bridgewater (of which one half is the world's biggest risk-parity juggernaut). Speaking to Bloomberg last week, Grant said he was "bearish" on Bridgewater because founder Dalio has become "less focused on investing, while the firm lacks transparency and has produced lackluster returns."

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Stocks Tumble: Fed Spooks Traders With Bubble Warning

Was today the Yellen Fed's Irrational Exuberance moment?

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Prominent Hedge Fund Trader Jumps To His Death In Manhattan

A prominent 47-year-old hedge fund trader was killed when he jumped from a luxury apartment building on Manhattan's Upper West Side, in an apparent suicide, authorities told the NY Post.

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The SEC's Former Top "HFT Expert" Joins HFT Titan Citadel

Last April, we commented on the most blatant (pre) revolving door we had ever seen at the SEC (and there have been many): the departure of the SEC's head HFT investigator, Gregg Berman, who during his tenure at the agency (whose alleged purpose is to keep the "market" fair, efficient and unmanipulated) did everything in his power to draw attention away from HFTs. He did that, for example, by blaming Waddell and Reed for the May 2010 flash crash. This is what Berman, whose full title was the SEC's "Associate Director of the Office of Analytics and Research in the Division of Trading and Markets" said in the final version of the agency's Flash Crash report:

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China To Use Pension Funds As $300 Billion "Plunge Protection Team"

One of the more troubling stories to hit the tape last week was that despite, or rather due to, roughly $100 billion in losses in the past 5 quarters, Japan's gargantuan $1.4 trillion state pension fund, the GPIF, which has desperately been selling Japan's best performing asset - Japanese Government Bonds - in order to buy local stocks and the Nikkei at its decade highs only to see its equity investment plunge, is now forced to buy even more stocks, i.e. double down, as part of a ridiculous rebalancing which will lead to even more losses.

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