Article: The Backlash to Larry Fink’s Letter Shows How Far Business Has to Go on Social Responsibility

Article - Media, Publications

The Backlash to Larry Fink’s Letter Shows How Far Business Has to Go on Social Responsibility

Mark R. Kramer, 31 January 2019

Larry Fink, CEO of BlackRock, the world’s largest investor with $6 trillion under management, evoked heated controversy with his remarks last week that his company would change its hiring and potentially its compensation structure to advance diversity and ensure that five years from now the company is not just “a bunch of white men.” This follows on the heels of his annual letter to CEOs asserting that companies need to embrace a purpose beyond just profit maximization. Continue reading “Article: The Backlash to Larry Fink’s Letter Shows How Far Business Has to Go on Social Responsibility”

Fined: Revere Securities LLC Fined by FINRA

Fined

Revere Securities LLC Fined by FINRA

30 January 2019

An AWC was issued in which the firm was censured and fined $25,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to accurately report municipal securities transactions to the Real-time Transaction Reporting System (RTRS) and failed to maintain reasonably designed WSPs related to municipal securities.

Read full report.

Article: Court orders Palantir to let investor in U.S. fraud probe inspect emails

Article - Media, Publications

Court orders Palantir to let investor in U.S. fraud probe inspect emails

Jonathan Stempel, 30 January 2019

(Reuters) – The Delaware Supreme Court on Tuesday gave an investor probing possible fraud and mismanagement at Palantir Technologies Inc more power to litigate against and inspect emails of the data analytics company co-founded by Silicon Valley billionaire Peter Thiel.

In a 3-0 vote, the court said a lower court judge abused his discretion by preventing KT4 Partners LLC from using materials from Palantir in litigation outside Delaware, and from reviewing emails related to Palantir’s investors’ rights agreement.
Continue reading “Article: Court orders Palantir to let investor in U.S. fraud probe inspect emails”

Article: FSD Pharma: A Rollup With Scattered, Uneconomical Cannabis Investments, 50-70% Downside

Article - Media, Publications

FSD Pharma: A Rollup With Scattered, Uneconomical Cannabis Investments, 50-70% Downside

WHITE DIAMOND, 25 January 2019

FSD Pharma’s founder, Thomas Fairfull, and director, Anthony Durkacz, have a history of value destruction. Durkacz had an average loss of 92% over 11 stocks in which he had involvement. The company spent $8 million on listing fees, which is a head-scratcher, as it is multiple times larger than what comps spend. Durkacz has received an astounding sum of over C$28.7 million total current value in cash and warrants for being both a director and broker for FSD. FSD Pharma routinely announces investing in other small cannabis companies, but so far has shown little follow-through. We have a price target on FSD of C$0.09 per share, which was its pre-RTO financing price less than a year ago.
Continue reading “Article: FSD Pharma: A Rollup With Scattered, Uneconomical Cannabis Investments, 50-70% Downside”

Article: Billionaire Ken Griffin buys $122 million London mansion

Article - Media

Billionaire Ken Griffin buys $122 million London mansion

Robert Frank

CNBC, 22 January 2019

H/O: 3 Carlton Gardens London Ken Griffin mansion

 

 

 

 

 

 

 

Hedge fund billionaire Ken Griffin has just smashed another real estate price record, buying the most expensive home sold in London in over a decade for $122 million.

Griffin, CEO and founder of Citadel, bought a famed mansion near Buckingham Palace that was once home to Charles de Gaulle, according to a company spokesperson. The property at 3 Carlton Gardens stretches more than 16,000 square feet and has an indoor swimming pool and large staff quarters. It is the most expensive home sold in London since 2008, and comes as London property prices have tumbled due to Brexit fears.

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Article: BlackRock CEO Larry Fink Tells Corporate CEOs to Engage in Better Eyewash

Article - Media, Publications

BlackRock CEO Larry Fink Tells Corporate CEOs to Engage in Better Eyewash

Yves Smith, 21 January 2019

One of the sorry spectacles of modern life is having prominent individuals who profit from and serve as prime exemplars of major social ills trying to depict themselves as part of the solution, when they haven’t gone through any sort of Damascene conversion o give their virtue-signalling even a thin veneer of legitimacy. Today’s object lesson is Larry Fink, the Chairman and CEO of the ginormous fund manager BlackRock (not to be confused with the private equity/alternative asset manager Blackstone). BlackRock, with $6.2 trillion under management as of October, 2018, is the largest asset manager in the world,. Continue reading “Article: BlackRock CEO Larry Fink Tells Corporate CEOs to Engage in Better Eyewash”

Article: The Fake Larry Fink Letter That Duped Reporters

Article - Media, Publications

The Fake Larry Fink Letter
That Duped Reporters

Alicia McElhaney, 16 January 2019

Asset management giant BlackRock is investigating a fake letter sent to reporters by someone posing as the firm’s chief executive officer Larry Fink, a spokesperson said Wednesday. “Don’t be fooled by imitations…Larry’s real CEO letter coming soon,” BlackRock tweeted Wednesday. The Financial Times was duped by the letter, which focused on climate change, a report from the news outlet said Wednesday. Continue reading “Article: The Fake Larry Fink Letter That Duped Reporters”

Article: David Einhorn Still Laboring Under Sad Misconception That Tesla Is Subject To Basic Logic

Article - Media

David Einhorn Still Laboring Under Sad Misconception That Tesla Is Subject To Basic Logic

Thornton Mcenery

Dealbreaker, 14 January 2019

Like many in his peer group, things have been pretty rough lately for good old David Einhorn. What with losing all that client money, getting shut down on his big GM play and the Mets being sellers at the deadline, Big Dave just needs a win.

But he seems to be barking up the wrong tree with his strange Tesla obsession. See, David Einhorn is a systematic value investor who likes to look at things through a logical prism. He’s a master poker player with a long-term view of the world. He’s a billionaire who drives a Honda Odyssey.

Of course David Einhorn doesn’t understand Tesla.

Read full article.

Fined: Advisory Group Equity Services Ltd. Fined by FINRA

Fined

Advisory Group Equity Services Ltd. Fined by FINRA

14 January 2019

An AWC was issued in which the firm was censured and fined $20,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish and maintain a reasonable supervisory system with respect to the retention and review of emails of newly hired representatives.

Read full report.

Academic: Joshua Mitts

Academic

Joshua Mitts writes and teaches on securities law and financial contracting.  His recent projects study pseudonymous short attacks on public companiesinformed trading on cybersecurity data breachesinformation leakage and hedge-fund activisminsider trading on corporate disclosuresinformation transmission in financial markets, and whether consumers keep promises they make themselves.

For more information on Joshua Mitts’s research and teaching, please see his personal website.

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?