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'I am always curious, when people talk about making random stock picks by throwing darts, or hiring a monkey, or hiring a monkey to throw darts, if they are talking metaphorically, or if they are actually throwing darts at the stock tables. Where do you even get printed stock tables these days?'
"That seems to have
annoyed
some
people
who work at publications that print stock charts. Sorry! Anyway yes the Wall Street Journal really did throw darts at stock tables to make its random stock picks, and those picks did outperform the best picks of the best hedge-fund managers at this year's Sohn Conference.
There is video
. (Of the dart-throwing, not the outperformance.) I don't know if the Journal ever actually used a monkey, but
some Russian jokers did
back in 2010. (The monkey did great.)
"On the other hand, while this controversy was raging, Facebook Inc.'s stock was plummeting; it closed down 19 percent yesterday. Jeffrey Gundlach's Sohn idea
was shorting Facebook
. The monkeys never saw it coming."
- Matt Levine, Bloomberg View
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`Weinstein Clause' creeps into deals as wary buyers seek cover
On Wall Street, it's known as "the Weinstein clause." Advisers are adding guarantees to certain merger agreements in light of the sexual misconduct scandals that have enveloped the producer Harvey Weinstein and other high-profile businessmen - ones that legally vouch for the behavior of a company's leadership. The development is a concrete example of how business is trying to adapt to the #MeToo era, at least in terms of legal liability. (Bloomberg Deals | Aug 1)
U.S. bank regulator allows fintech firms to seek federal charter
The OCC (Office of the Comptroller of the Currency) said it would start accepting national charter applications from financial technology companies, giving so-called fintech firms a path to federal oversight for the first time.
The decision came hours after the Treasury Department endorsed the fintech industry's wishlist, including a nationwide bank charter for fintechs, "regulatory sandboxes" to foster innovation, harmonized state licensing procedures, and national data breach notification laws. (Reuters | Jul 31)
Powell risks egg on his face after sounding sanguine on stocks
Former Federal Reserve Chairman Ben Bernanke infamously told lawmakers in March 2007 that the subprime mortgage crisis would likely be "contained" only to rue those words later when it erupted into the worst recession since the Great Depression. Now the question is whether Jerome Powell, the current central-bank chief, will eventually experience the same sort of egg-on-your-face moment after telling Congress earlier this month that "nothing really is flashing red" in financial markets (Bloomberg Economics | Jul 31)
SEC comment period draws to a close as DOL guidance expected
While the deadline for comments on the Securities and Exchange Commission's advice standards package expires on Aug. 7, industry watchers await further compliance guidance from the Department of Labor on its fiduciary rule, which was vacated on June 21 by the U.S. Court of Appeals for the Fifth Circuit. (ThinkAdvisor | Jul 30)
An inverted yield curve may not portend doom (opinion)
Today's global financial environment is highly unusual. The old rules don't necessarily apply. How worried should investors and policy makers be about the possibility of an inverted yield curve - a historical predictor of future recessions and bear markets in stocks? (The Wall Street Journal | Jul 30)
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Cybersecurity news every Friday
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"Hackers think they can hide behind keyboards. They cannot do that. It's important that all of us, individuals, businesses, be able to rely on the Internet and other cyber networks to engage in day-to-day activities."
-
Annette Hayes, a U.S. attorney in Seattle, speaking on the DOJ's indictment of three Ukrainians charged in a hacking scheme that targeted more than 100 U.S. companies.
Ethical hacking: how to hire a white hat hacker for penetration testing
It's important to
be careful when hiring a white hat hacker
. Many companies bill themselves as offering penetration testing services but aren't truly expert at it. Such companies often hire inexperienced semiprofessionals - think college kid with a laptop - who don't have the skills to go deep into penetration testing. They may catch some obvious mistakes but not fundamental errors like coding vulnerabilities.
DHS will shore up cybersecurity
At a cybersecurity summit Tuesday, Homeland Security secretary Kirstjen Nielsen announced the creation of the National Risk Management Center, which will focus on the energy, finance, and telecommunications sectors to start, and DHS will conduct a number of 90-day "sprints" throughout 2018 in an attempt to rapidly build out the center's processes and capabilities.
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Hand-curated, chosen with love
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Have a crypotocurrency company? Bermuda, Malta or Gibraltar wants you
In small countries and territories including Bermuda, Malta, Gibraltar and Liechtenstein, officials have recently passed laws, or have legislation in the works, to make themselves more welcoming to cryptocurrency companies and projects.
At rich kid summer camp, big banks try to hook heirs for a lifetime
Fifty-two heirs to lavish fortunes luxuriate in sleek splendor at the Four Seasons. They sip designer lattes and speak the language of wealth. The talk is of money, noblesse oblige, technology, Formula One. At lunchtime, out comes chilled rosé, with a tasting led by Jon Bon Jovi's son Jesse. Welcome to Camp Rich.
Ernest Hemingway's 8 favorite bars around the world
From his time in places like Paris, Havana, Lima, Venice, and the United States, Hemingway loved a drink, and didn't discriminate based on the ambiance. From the fanciest hotel bars to dirtiest dives - as long as the drinks were good - Ernest was eager to indulge.
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