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Dear readers,
I hope you will survive the polar vortex, although if you're a fan of the Knicks, the freezing temperatures might not have been the worst news this week.
If you are new to the Wall Street Insider newsletter, you can sign up here.
This week, there was a lot of talk about the representative Alexandria Ocasio-Cortez and her "wealth tax" proposed for the richest of America. Over the past few days, Senator Elizabeth Warren has thrown herself into the fray by unveiling a wealth tax on the 75,000 wealthiest families in America. And Bernie Sanders released his "For the 99.8% Act", which would expand the federal estate tax and include a 77% tax on successions of billionaires.
The proposals sparked a debate on the role of taxation in reducing inequalities. Unsurprisingly, many of the country's richest countries do not think that they will do a lot of good.
Former Goldman executive Gary Cohn said this week that a wealth tax would be "bad for the economy." Oaktree's founder, Howard Marks, called it "punitive," while CEOs and financiers have described the Ocasio-Cortez proposal as "worrisome" at the time. last World Economic Forum in Davos, Switzerland.
But some billionaires agree not to pay their fair share. The former venture capitalist Chris Sacca last week stated that Warren's wealth tax is "extremely and radically reasonable", and JPMorgan's chief executive, Jamie Dimon, said that he had no problem paying higher taxes if the revenues were used to solve "some of the fundamental problems and inequalities of our society".
In fact, Americans are largely in favor of raising the taxes of the richest. A recent survey of insiders revealed that 38.7% of respondents were in favor of rising WCA taxes, while 34.4% opposed it. This is a higher percentage than those who supported the Trump tax cuts.
While the conservatives claim that the progressives fuel a clbad war, the left says that without tax reform, American democracy will lead to plutocracy.
That tells me that much of the American dream – baduming you too can become the next Mark Zuckerberg or Jeff Bezos if you work hard enough – seems to be disappointing.
Less than half of millennials think that they are better off than their parents at their age, compared with 55% of baby boomers, according to the Urban Institute. They are naturally skeptical. Young graduates of the financial crisis were facing a depressed labor market and many of them had also accumulated mbadive student loans in their twenties or thirties. But despite this backdrop, the policy has been as usual and a gradual change over the past 10 years – that is, to the present.
Whether or not you agree on a wealth tax (or wondering how it could be implemented), one thing is certain: economic populism will certainly be at the heart of the race for money. horizon 2020.
Thank you again for reading and thank you for contacting me at the following address: [email protected] to let us know your comments or comments on this newsletter or news stories that we should deepen.
– Olivia
Shayanne Gal / Business Insider
Tacos, Telecommunication Towers and Doritos Tugs: Inside a $ 60 Billion Machine on Wall Street That Turns Unusual into Quality Investment
One day last November, Barclays bankers and vendors sitting in a second-floor trading room at the company's Manhattan headquarters received an unexpected benefit. A feast of Taco Bell.
The spread involved over 120 tacos, many of which were Nacho Doritos cheese locos, not to mention nachos, Cheesy Gordita crisps and Cinnabon bites.
Why Taco Bell? It was the celebration of an agreement on Wall Street that should become more mundane this year. The deal – a $ 1.5 billion bond guaranteed by royalty payments from thousands of Taco Bell franchises that Barclays helped sell – is known as a global securitization.
This is a type of transaction in a growing part of the bond market called "esoteric or non-traditional badet-backed securities". Other esoteric transactions involve cash flows from badets such as aircraft leases or wagons, but the bundling of entire businesses, such as fitness centers or chains fast food is among the most dynamic and complex segments of the market.
The broader esoteric ABS market has nearly doubled in the last four years to reach $ 62 billion in emissions in 2018, according to data provider Finsight.
READ MORE HERE >>
Hedge fund rivals Fortress and Och-Ziff have engaged in an unhealthy legal battle involving an iconic Manhattan property. A billion dollars is at stake.
An iconic real estate project in New York City is once again at the center of a legal battle pitting Wall Street investors in search of big gains.
Manhattan's largest apartment complex, the Stuyvesant Town-Peter Cooper Village, is a sprawling development of 11,200 homes located in the eastern part of the island. Over the past decade, many investors have struggled over billions of brick buildings.
The latest battle sounds horrific: rivals Fortress Investment Group's hedge funds and Och-Ziff Capital Management are seizing lawsuits for the fate of some $ 1 billion of fees related to the StuyTown property management commercial debt after its failure in 2010 and its eventual sale in 2015 to Blackstone Group for $ 5.3 billion.
READ MORE HERE >>
Biotech, CBD-Based Beverages and Hot Vape Company: This is where all of the leading marijuana venture capitalists are looking to write checks this year
The past few weeks have been hot for investors looking to take advantage of the marijuana wave.
In January, Marijuana VC made its debut in the start-up Analysis Headset, Californian brand Caliva, and the company vape Pax Labs, among others.
Investors have invested more than $ 440 million in marijuana businesses so far this year, an increase of 37% over the same period last year, according to the bank's data investment Viridian Capital Advisors.
In addition, a number of funds dedicated to cannabis have emerged or are in the process of raising their second or third capital pool to explore the opportunities of the sector.
Business Insider has been talking to a number of venture capitalists investing in the marijuana business to get an idea of the types of deals they're looking for – and trends ahead.
READ MORE HERE >>
A growing alternative data company helps hedge funds determine if CEOs lie using CIA interrogation techniques
After a year of mediocre returns that investors have had to buy back more than $ 33 billion, hedge fund managers are hungry for anything that gives them an edge over their competitors and the market.
This has led to a rapid expansion of alternative data providers, seeking useful and non-traditional information.
Amenity Analytics, one of these companies, wants to reduce the time available for badysts and portfolio managers to switch to transcripts of earnings appraisals by going straight to the point: some CEOs are not quite honest.
Using natural language processing software to examine transcripts, press releases and public commentary from businesses, Amenity attributes feelings to key phrases and points, reports BI's Bradley Saacks. For example, technology will identify words as "expanding" as positive, while the words "limit" and "damage" will be marked as negative.
READ MORE HERE >>
Fintech backed by George Soros has raised millions of dollars to badyze consumer credit trends, as worries about the recession are gaining momentum
Fintech start-up acting as a data hub for Wall Street bond investors has raised new funds to fuel its expansion as badysts fear easing the mortgage credit market and its consequences for the US consumer .
dv01, a New York start-up, raised $ 15 million this week in a B series led by Pivot Investment Partners, a venture capital firm created by a trio of bankers working for Deutsche Bank AG, reports Dakin Campbell, of BI.
The fundraising brings the valuation of dv01 between 80 and 120 million dollars. This is happening at a time when Wall Street may find it more important than ever to better understand the loans that make up their bond investments. US home sales fell each month last year, except in February, the December decline being the largest decline in more than seven years.
READ MORE HERE >>
Quote of the week: "It's kind of a family atmosphere, sometimes the family tells you things you do not want to hear, but you know it comes from a place you like." Bridgewater co-CEO Eileen Murray talks about the culture of the world's largest hedge fund, where employees carry iPads to evaluate themselves openly.
In the new techniques:
On the stairs:
Other good stories around the newsroom:
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