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Bloomberg
In a market bouncing up and down 2 percent a day, investor psychology is taking a beating in U.S. stocks. But nerves may need to fray further before the volatility abates.
For all of last week’s twists, measures of investor anxiety sit well below levels from the last selloff, when shares plunged 11 percent in August. Twice last week the Chicago Board Options Exchange Volatility Index jumped more than 10 percent in a day, yet it ended 34 percent below its summer high.
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CFA Chicago
Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting.
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CFA Chicago
Kyle Bass is the principal of Hayman Capital Management L.P. (Hayman). Hayman, formed in December 2005, serves as the investment manager to private funds focused on global event-driven opportunities, including funds focused specifically on Japan and the pharmaceutical industry. Previously, Bass co-managed private funds with strategies focused on sub-prime credit. Bass is a member of the Board of Directors of The University of Texas Investment Management Co., which has aggregate managed assets in excess of $35 billion.
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CFA Chicago
Individuals are more likely to hire or refer people they know, like and trust. Just as companies invest in marketing to build the brands of their products, today individuals are finding value in marketing themselves. The product is YOU. Volvo is known for safety and engineering design. Nike communicates best-in-class sports performance. What are you known for? It is more important than ever that your "personal brand" communicate your expertise, qualifications and how you create value for your current or future company.
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CFA Institute's Enterprising Investor
Jamie Dimon doesn’t expect a recession, but the recent decline in the stock market and ongoing economic headwinds have caught the attention of CEOs in many industries. Will this “psychological movement towards caution,” in the words of First Republic Bank chairman and CEO James Herbert II, create a broader slowdown? We’ll have to wait and see.
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Reuters
Chicago continued to pay a hefty penalty in the U.S. municipal market for its budget and pension woes with the city's $500 million bond issue priced with a top yield of 4.875 percent.
That yield for bonds due in 2038 with a 5 percent coupon is 229 basis points over Municipal Market Data's benchmark scale for AAA-rated debt. The city's so-called credit spread over the scale narrowed since a July bond sale, which resulted in a 252 basis-point spread for bonds due in 2039.
Crain's Chicago Business
From the place at the Chicago Board of Trade building where pits have now been dismantled, a new enterprise supporting "fintech" may rise.
A powerful pack of business leaders, led by CME Group CEO Phupinder Gill, DRW Trading founder Don Wilson and Morningstar CEO Joe Mansueto, are brainstorming a number of financial technology ideas, including possibly a Chicago hub for such startups.
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Crain's Chicago Business
The rarity of a multibillion-dollar privately held bank for sale in Chicago didn't stir much buyer interest.
Among seven potential buyers solicited for $2.8 billion-asset American Chartered Bancorp late last year, just two submitted bids, according to newly released securities documents. One of those was the eventual winner, Chicago-based MB Financial.
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Pensions & Investmetns
Goldman Sachs Group said it agreed to settle a U.S. probe into its handling of mortgage-backed securities for about $5.1 billion, cutting fourth-quarter profit by about $1.5 billion and closing out a year of record legal and litigation costs. The proposed deal, which the bank announced in a statement, would be the latest multibillion-dollar settlement resulting from the government's push to hold Wall Street firms to account for creating and selling subprime mortgage bonds that helped spur the 2008 financial crisis.
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Bloomberg via Crain's Chicago Business
U.S. stocks touched a 15-month low, with the Standard & Poor's 500 Index tumbling past a trough hit on Aug. 25, as the rout in oil persisted and data showing falling retail sales rekindled concern about the health of the economy.
The Dow Jones industrial average closed down 391 points, a 2.4 percent drop to end the day at 15,988.
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Chicago Tribune
By now you are likely sick of all the chatter about tonight's astounding $1.5 billion Powerball lottery drawing. I have been quite critical of lotteries in the past. They are a classic grab for the free lunch, a desire for the benefits of wealth without the sweat and hard labor.
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Chicago Tribune
The American farm boom is all but over.
Farmland values are down from all-time highs. Global surpluses left corn and soybean prices below the cost of production. And the amount of agricultural debt relative to income ballooned to the highest in three decades, just as the Federal Reserve has begun raising interest rates for the first time since 2006.
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