Eaglevale Partners, the hedge fund co-founded by Marc Mezvinsky, the son-in-law of Hillary and Bill Clinton, closed in December, according to a person with knowledge of the matter. Eaglevale, based in New York, is in the process of returning money to clients.
If ever there was proof that 'hope' is not a strategy, it is the 2017 Q1 Fed Senior Loan Officer Survey. Despite soaring confidence, spiking optimism, and striking gains in financial assets, demand for loans (from credit cards to autos to residential and commercial) have all plunged in the last 3 months... and lending standards are expected to tighten.
According to Mario Draghi, portfolio manager of the world's biggest hedge fund, it is not his gargantuan balance sheet equal to 36% of the eurozone GDP, nor the $14 trillion in global central bank liquifity that will be responsible for the next market crash, but that Donald Trump's deregulation of the banking industry has "sown the seeds of the next financial crisis."
In a relatively quiet session, which may see US traders sleep in a bit after last night's Superbowl thriller, European and Asian shares rose ahead of Mario Draghi’s testimony at the European Parliament, while US equity futures were fractionally higher (up 0.1% to 2,293) after stocks jumped the most in a week, as traders assessed the trajectory for interest rates while scrutinizing every new Trump tweet.
Beware of what may be coming next. We already know the establishment has a plan to blame President Trump for the next financial crisis, and now there are moves being made that will support that narrative.
Since Donald Trump was elected President of The United States, on a platform of 'draining the swamp' and focusing on the needs of 'Main Street', it is perhaps interesting that Wall-Street-darling Goldman Sachs is the best-performing stock (in The Dow) and Main-Street-mainstay Wal-Mart is the worst-performing.
"One month into the year, the balance of risks is somewhat less positive for three reasons. First, the difficulty congressional Republicans have had in moving forward on Obamacare; Second, while bipartisan cooperation looked possible following the election, the political environment appears to be as polarized as ever; Third, some of the recent actions by the Trump Administration could be disruptive for financial markets and the real economy." - Goldman Sachs