Hottest Links edition for Tuesday Afternoon (see Monday’s hottest links here). We hope to make hottest links a regular feature and this is just the beginning of a great linkfest to appear regularly. Feel free to send us feedback on our Hottest Links. Our top story is a superb piece of journalism by Roddy Boyd on a famous person on Twitter who ‘ran a $200 million’ hedge fund and a newsletter ((no it is not Whitney Tilson :)) David Letter. Boyd uncovers tons of evidence from investors, former ’employees etc. on what may be the worst ponzi scheme in history. In other sad news, The New York Times has an excellent piece on someone who makes slip and fall lawyers look good. This patent troll has sued 1,638 companies in just the past five years. Plus, value stocks, China, housing, earnings and more!
Check out our afternoon edition of hottest links later today.
Hottest links for Tuesday July 16, 2013
The Erstwhile Hedge Fund King of Akron, Ohio’s Very Difficult Summer
On Aug. 4, 2012, a bright young mortgage department employee at JPMorgan Chase & Co. (NYSE:JPM) named Ben Sayer was all smiles.
Hottest Links: Macro
Finance set to surpass tech as most-profitable U.S. industry
SAN FRANCISCO — Since the near-collapse of the U.S. financial sector in 2008, the technology industry consistently has been the most-profitable part of this country’s economy.
Rising Rates: Time to Position, Not Panic
It finally happened. After endless discussion about the potential for rates to rise, they finally did—in a big way.
Has Patent, Will Sue: An Alert to Corporate America
If you’re a corporate executive, this may be one of the last sentences you want to hear: “Erich Spangenberg is on the line.” Invariably, Mr. Spangenberg, the 53-year-old owner of IPNav, is calling to discuss a patent held by one of his clients, which he says your company is infringing — and what are you going to do about it?
The wastefulness of automation
Chris Dillow observes that ”one function of the welfare state is to ensure that capital gets a big supply of labour, by making eligibity for unemployment benefit conditional upon seeking work.
The Big Hedge Fund Backlash
Over the last month, the low hum of anti-hedge fund murmuring has exploded into a full-on festival of malice – thousands of investors, having spotted the 2-and-20 emperors sans clothing for the umpteenth time, are now reveling in their newfound courage to say it out loud.
Economic growth: how low will China’s masters let it go?
CHINA’S second-quarter growth, out today, is expected to show the slowing of its economy has continued, but analysts are taking heart from assurances from Premier Li Keqiang that growth will not be allowed to fall much further.
Yes, the middle class has been disappearing, but they haven’t fallen into the lower class, they’ve risen into the upper class.
Hottest Links: Companies
Ingersoll-Rand Pledges Allegion To The Spin
Months after caving into demands from activist investor Nelson Peltz to break itself up, Ingersoll-Rand (IR) has started releasing details on its commercial & residential security spinoff.
S&P amazingly says no one should believe its ratings are independent and objective
Today US rating agency Standard & Poor’s told a court of law that it figured every reasonable investor would know its promise to objectively rate securities was mere “puffery,” like a used-car salesman who tells you the last owner of your car was an old lady who only drove it on Sundays.
Razors, Lighters, And Pens
“One lucky break, or one supremely shrewd decision — can we tell them apart? — may count for more than a lifetime of journeyman efforts.” (The Intelligent investor, 1971 third edition, postscript)
Citigroup profit jumps 42 percent on stronger markets
Citigroup Inc. (NYSE:C) posted a 42 percent jump in quarterly profit as bond trading revenue gained and stronger home prices helped the bad mortgages on its books, underscoring the bank’s recovery since the financial crisis.
AT&T agrees to buy Leap and expand into highly competitive prepaid wireless market
After the markets closed Friday, Dallas-based AT&T, Inc. (NYSE:T) said it had agreed to buy Leap Wireless International, Inc. (NASDAQ:LEAP) for $15 a share, or about $1.2 billion in cash.
China Alleges GlaxoSmithKline Funneled Bribes Through Travel Agencies
As part of a broader crackdown into bribery and corruption, Chinese police accused British drug giant GlaxoSmithKline plc (ADR) (NYSE:GSK) on Monday of bribing officials and doctors by shuffling money through travel agencies.
Hottest Links: Hedge Funds
Druckenmiller Joins Zuckerberg’s Immigration Reform Group
Duquesne Capital Management founder Stanley Druckenmiller is backing Facebook Inc (NASDAQ:FB) founder Mark Zuckerberg’s U.S. immigration reform campaign.
Obama Admin. May Side With Argentina In Elliott Case
The Obama administration may take sides in the battle between Paul Singer’s Elliott Management and the government of Argentina, but not the side Singer would like.
In Wake Of Ad Ban Lift, Firm Launches Investor Verification Service
Crowdentials, a startup offering regulatory compliance software, is launching its new Certified Accredited Investors program on July 25, in response to the Securities and Exchange Commission’s ruling to lift the ban on general solicitation
Hottest Links: Funny
Mayor proposes city motto: ’77 Square Miles Surrounded by Reality’
Only in Madison could a quintessential, unforgettable dig at the city’s undeniable quirkiness have a chance at becoming its first official motto.
NBA’s Baron Davis: I was ‘abducted by aliens’ in desert two weeks ago
The former New York Knicks player told the hosts of ‘The Champs Podcast’ that he made a visit to a flying saucer while driving through the desert from Las Vegas to L.A.
St. Louis loses American Mustache Institute
The American Mustache Institute announced on Friday it would trim the Gateway City’s upper lip and move its city affiliation to Pittsburgh.