Most Read on Bloomberg: Cabbage Patch Redux, Madoff Sons’ Sagaby
The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through May 14.
See READSUMS for previous lists.
1. Bill Gross, Mohamed El-Erian Warn Against Counting the Fed Out
(Bloomberg) -- Three of the world’s most influential bond investors say the Federal Reserve is still on course to raise interest rates this year, a view the head of the New York Fed signaled could happen twice -- even after April’s smaller-than-predicted gain in jobs.
2. The Toy That Sparked 1980s Riots Is Still Fueling Fights Today
(Bloomberg) -- For those who weren’t around for the great Cabbage Patch Kids craze of the 1980s, it’s hard to convey the intensity of it. There were fistfights between parents, near riots outside stores and endless shrieks of hysterical children desperate to get their hands on the dolls.
3. Madoff Sons’ Fight Over Cash Endures Long After Their Death
(Bloomberg) -- The trustee unwinding Bernard Madoff’s Ponzi scheme is losing patience with the estates of the con man’s dead sons.
4. As Hedge Funds Reel, One Trader Thrives by Taking Other Side
(Bloomberg) --In a hedge fund industry plagued by lackluster performance and the biggest outflows since 2009, Benjamin Fuchs stands out.
5. U.S. Stocks Fall Amid Retailer Slump as Oil Climbs; Dollar Falls
(Bloomberg) -- U.S. stocks tumbled following their biggest gain in two months, as disappointing results from Walt Disney Co. to Macy’s Inc. raised doubts about the strength of the American consumer. Oil rose after an unexpected drop in inventories, while the dollar fell.
6. U.S. Stocks Rise as Drugmaker Gains Offset Slide in Commodities
(Bloomberg) -- U.S. equities fluctuated Monday, ending the session higher as gains in health-care and consumer shares offset disappointing Chinese trade data, while prospects for increases in U.S. interest rates dragged commodities lower.
7. World’s Most Extreme Speculative Mania Is Unraveling in China
(Bloomberg) -- From the Dutch tulip craze of 1637 to America’s dot-com bubble at the turn of the century, history is littered with speculative frenzies that ended badly for investors.
8. U.S. Stocks Close Little Changed as Apple Drop Offsets Oil Gains
(Bloomberg) -- U.S. stocks ended virtually unchanged after a whipsaw session, after oil staged a rebound to offset losses by Apple Inc., as investors awaited additional economic data for clues on the health of the world’s largest economy.
9. Billionaire Reimann Family Adding Krispy Kreme to Its Empire
(Bloomberg) -- The Reimann family, one of Europe’s wealthiest business dynasties, has the coffee. Now, it wants the doughnuts.
10. Stocks Rally Amid Commodity Revival as Brazilian Assets Recover
(Bloomberg) -- U.S. stocks rallied the most in two months, joining a rebound in global equities as the bearish sentiment that set the tone in markets over the past fortnight eased amid a recovery in commodities. The yen weakened, while Brazil’s real climbed.
1. I Saw Trump’s Tax Returns. You Should, Too.: Timothy L. O’Brien
(Bloomberg View) -- In January, Donald Trump had this to say when he was asked about whether he would release his tax returns: “I have very big returns, as you know, and I have everything all approved and very beautiful and we’ll be working that over in the next period of time.”
2. LendingClub’s Troubles Bring Back Bad Memories: Matt Levine
(Bloomberg View) -- There are two main ways to look at LendingClub’s problems this week: LendingClub got in trouble for being too much like a fintech -- a “financial technology” company -- and too little like a bank, focusing on algorithms and speed and coolness rather than the plodding legalistic work that is the actual business of finance. LendingClub got in trouble for being too much like a bank and too little like a fintech, with mission creep, conflicts of interest and “a complicated network of middlemen” instead of a pure technology-driven neutral platform.
3. T. Rowe Price Voted for the Dell Buyout by Accident: Matt Levine
(Bloomberg View) -- Sometimes companies are acquired by other companies. The way this works is that the target company’s managers and board negotiate a deal with the acquirer, and then they call a meeting where the shareholders can vote on the deal. They book a big room, and the shareholders show up, and the managers say why the deal is good, and the shareholders discuss it for a bit, and then they vote. This is a real thing that actually happens. I went to one once.
4. Trump, Peter Thiel and the End of Politics: Francis Wilkinson
(Bloomberg View) -- Donald Trump signed up a couple of high-profile California delegates in recent days. One turned out to be a white nationalist. (The campaign said it was a mistake.) The other was billionaire tech investor and Facebook board member Peter Thiel. The “European-American” got most of the attention. But Thiel, a libertarian who seems to regard technology as a competing, and superior, system to politics, is the more compelling figure. In a 2009 essay, Thiel wrote, “I no longer believe that freedom and democracy are compatible.”
5. How to Shorten Airport Lines? Get Rid of the TSA: Adam Minter
(Bloomberg View) -- This spring, millions of Americans have learned to dread going to the airport. An unfortunate combination of surging passenger volumes and declining numbers of screeners have led to security lines that can average over an hour in length. Thousands of passengers are missing flights daily. Meanwhile,airports and airlines across the U.S. are struggling to contain passenger anger. In desperation last week, one leading U.S. airline trade group asked passengers to troll the Transportation Security Administration by tweeting photos of long lines with the hashtag #ihatethewait.
1. BOE Quarterly Inflation Report: Full News Conference
(Bloomberg) --Governor Mark Carney speaks at the Bank of England’s quarterly inflation report news conference in London as the bank kept rates at a record low of 0.5 percent, cut its growth forecasts and issued its strongest warning yet that a vote to leave the European Union would hurt the economy, possibly causing a recession.
2. Milton Berg: We’re at the Cusp of a 30-Year Bear Market
(Bloomberg) -- Milton Berg, MB Advisors founder and chief executive officer, discusses his outlook for markets with Bloomberg’s Erik Schatzker at the SALT Conference in Las Vegas on “Bloomberg Markets.”
3. Millennials, Don’t Worry. You’ll Be Able to Retire
(Bloomberg) -- According to the high-profile consulting firm, McKinsey & Co., millennials will have to work seven years longer or save twice as much in order to live as well in retirement as their parents. But take heart millennials! Bloomberg Gadfly’s Nir Kaissar should make you feel better (if you have a little adventure in your soul as an investor).
4. Rosenberg: Deflation Is the Worry, Not Inflation
(Bloomberg) -- Jeffrey Rosenberg, chief investment strategist at BlackRock, examines the worry of deflation in financial markets and policy signals from global central banks.
5. David Rubenstein on U.S. Election and Hedge Funds
(Bloomberg) -- David Rubenstein, co-founder and co-chief executive officer at Carlyle Group, discusses the U.S. election, hedge funds, investing in energy, and political turmoil in Brazil.
--With assistance from Anny Kuo in New York.