‘Capitalism May Need Modernizing,’ Says Billionaire Hedge Fund Manager Paul Tudor Jones (CNBC)
The 50-year-old definition of capitalism in the U.S. is due for an update because of income inequality, according to billionaire hedge fund manager and philanthropist Paul Tudor Jones. “Capitalism may need modernizing,” the reclusive trader told CNBC’s “Squawk Box” on Tuesday in a rare interview. “In 1985, 35 percent of nation’s wealth was owned by the bottom 90 percent. Today, they own 23 percent, and that 12 percent has gone to the top.” Jones pointed to economist Milton Friedman’s nearly 50-year-old definition that the “social responsibility of a company is to improve its profits.”
Citrone’s Discovery Strikes a Comeback With Italian Short Wager (Bloomberg)
(Bloomberg) — Rob Citrone is seeing a comeback in his hedge fund Discovery Capital Management after profiting last month from the market turmoil in Europe. His main fund surged 10.6 percent in May, paring losses this year to about 2 percent, according to a person with knowledge of the matter. The fund had been down about 11 percent until May’s rebound and lost about 8 percent last year, said the person, who asked not to be identified because the matter is private. Citrone’s Global Macro fund erased losses this year after gaining about 13 percent in May. That fund is now up 1.8 percent. A representative for Discovery declined to comment.
GOP Candidates For Governor United, In Opposition To Democrats (WSHU.org)
Four Republicans running for governor of Connecticut were asked in a debate last night if they would invite Republican President Donald Trump to campaign for them. They were pressed several times before they all accepted that they would. Steve Obsitnik, an entrepreneur from Westport and a Navy veteran, was the first candidate to be asked. “I will always support the commander in chief…Do you want him to campaign for you?…I will always support him.” David Stemerman, a hedge fund manager from Greenwich who’s trying to petition his way onto the GOP gubernatorial primary ballot, was next. “I share Steve’s view that we always support the commander in chief. What I would say though in our state is that the challenges we face here we need to deal with ourselves…do you want him to campaign for you?..I would be happy to welcome our commander in chief to our state whenever he wants to be here.”
Fund Managers Flip-Flop Into Bullish Dollar Bets After Bear Run (Bloomberg)
Investors have done an about-face on the dollar. Fund managers crowded into bullish bets on the greenback this month, making it the third-most popular trade across financial markets, according to a survey by Bank of America Merrill Lynch Global Research. That’s a flip-flop from May, when bearish wagers on the currency were in the third slot behind long bets on technology stocks and short positions in U.S. Treasuries. The survey, which collected responses from 184 investors with combined assets of $541 billion, reflects the dollar’s reversal of fortune. The currency fell almost 9 percent last year as investors became more optimistic about growth prospects outside the U.S.