Ed Thorp: the man who beat the casinos, then the markets

Ed Thorp: the man who beat the casinos, then the markets
From the Financial Times: John Authers talks to the ‘godfather’ of investing about Madoff, moneymaking and madcap inventions  Lunch with the FT As far as Ed Thorp is concerned, Wall Street is no better than a casino — not because it is a gamble, but because it is fixed. “The invisible hand has become the invisible middle finger. It’s a... Read More

Summers Says Markets Underestimating Risks of Trump Presidency

Summers Says Markets Underestimating Risks of Trump Presidency
Former U.S. Treasury Secretary Lawrence Summers said investors are being far too sanguine about the risks associated with Donald Trump’s incoming administration. The Harvard professor, a Democrat who was Treasury chief under Bill Clinton, cited the possibility of protectionist measures by the U.S. as well as changes to foreign policy and domestic social policy as issues that are creating “extraordinary... Read More

The Golden Era of Hedge Funds Draws to a Close With Clients in Revolt

The Golden Era of Hedge Funds Draws to a Close With Clients in Revolt
Drinks flowed as hedge fund titan Robert Mercer, dressed as Mandrake the Magician, partied with Donald Trump, dressed as, well, Donald Trump. The occasion that early December evening was Mercer’s 2016 holiday costume party, an intimate gathering of 250 at his Long Island estate. This year’s theme: “Villains and Heroes.” In Trump, Mercer and his fellow hedge funders had much... Read More