Third Point

Frontrunning: June 28

  • Global Bonds Sell Off, Sparking Fears of Further ‘Taper Tantrum’ (WSJ)
  • Facing revolt on healthcare, GOP senators delay vote (Reuters)
  • Global businesses dig out from latest cyber attack (Reuters)
  • Cyber attack hits property arm of French bank BNP Paribas (Reuters)
  • Obama Choked on Russia Long Before the 2016 Election (BBG)

Frontrunning: June 27

  • Stocks, dollar ease as central bank officials take center stage (Reuters)
  • Euro surges on Draghi comments, dollar slips (Reuters)
  • Yuan Surges in Afternoon Trade Amid Talk PBOC Supported Currency (BBG)
  • U.S. threatens Syria, says Assad is planning chemical weapons attack (Reuters)
  • Google Gets Record $2.7 Billion EU Fine for Skewing Searches (BBG)

Frontrunning: June 26

  • Italian Bank Deal Raises Questions About Eurozone Rules (WSJ)
  • UK PM May strikes $1.3 billion deal to get Northern Irish DUP support for her government (Reuters)
  • Nestle Targeted by Dan Loeb in Activist’s Biggest-Ever Bet (BBG)
  • Nestle 'committed' to strategy as activist investor moves in (Reuters)
  • Troubled Air-Bag Maker Takata Files for Bankruptcy (WSJ)

Italy Bank Bailouts Send European, Global Stocks Higher; Gold Flash Crashes

S&P futures point to a higher open following gains in Asia but mostly Europe, where stocks are sharply higher following the €17 billion bailout of the two Veneto banks in Italy, the biggest taxpayer funded bank rescue in modern Italian history, as well as Dan Loeb's activist campaign of the world's biggest food company, Nestle

Quiet Start To Quad Witching: Stocks Rebound Around The Globe, BOJ Hits Yen

Today is quad-witching opex Friday, and according to JPM, some $1.3 trillion in S&P future will expire. Traditionally quad days are associated with a rise in volatility and a surge in volumes although in light of recent vol trends and overnight markets, today may be the most boring quad-witching in recent history: global stocks have again rebounded from yesterday's tech-driven losses as European shares rose 0.6%, wiping out the week's losses.

Frontrunning: April 28

  • World stocks pause near record highs (Reuters)
  • 'If there's a shutdown, there's a shutdown,' Trump says (Reuters)
  • Trump’s Tax Plan Hits First Land Mine: Blue State Republicans (BBG)
  • Congress to Vote on Stopgap Bill to Keep Government Open (WSJ)
  • Tillerson Seeks to Boost Pressure on North Korea at UN Meeting (BBG)

13-F Summary: Who Bought And Sold What In The Fourth Quarter

Yesterday's barrage of 13F releases showed that hedge funds like Third Point, Eton Park and Blue Ridge piled into shares of major banks, David Tepper's Appaloosa jumped into the pharma sector starting new positions in Teva, Pfizer and Mylan while Buffett aggressively added to airline steaks and nearly quadrupled his Apple position to $7.7 billion. Here is a full breakdown of who bought what in the fourth quarter.

Dan Loeb's Q4 Letter: Trump Will Make Investing Great Again

"This environment is undoubtedly better for active investing – just as active investing was considered to be on its deathbed. Higher rates will create opportunities, reversing the one?way trade in yields that dampened the past few years."

Here Are The Winners And Losers From Trump's "Border Tax Adjustment"

Potential Winners: Companies with a majority of their input costs contained within the U.S; Potentially lower tax rate of 20% on sales and full deduction for input costs; U.S. Exporters: as export revenues are not subject to U.S. tax.
Potential Losers:Products, services, and intangibles imported into the U.S.; Automakers, Oil and Gas, to Retailers can be impacted; U.S. Multinationals that have relied on aggressive tax planning to shift earning overseas.

Fiat Money, Fiat News

Gresham’s Law: bad money drives good money out of circulation.

Hunt’s Law: fake news drives real news out of circulation.