Asteroids, Hedge Funds and the New Elite

Barry Ritholtz is a Bloomberg View columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He blogs at the Big Picture and is the author of “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy.”
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It's the end of the week! Finish strong with our pre-weekend morning train reads:

  • Wall Street’s 0.01%: The Guru Who Only Talks to Hedge-Fund Elite. A new financial elite is emerging on Wall Street. And if you’re not part of it, the next best thing is to sell to it. (Bloomberg)
  • Cognitive bias cheat sheet (Better Humans)
  • Investors Stick With Assets That Mimic Hedge Funds (New York Timesbut see Hedge Funds Should Quit Bellyaching (Bloomberg Gadfly)
  • Housel: Old World, New World (Collaborative Fund)
  • What Unites and Divides Americans (Bloomberg); see also In Places With Fraying Social Fabric, a Political Backlash Rises (Wall Street Journal)
  • The Fundamentals: Where Are We in This Strange Race for President? And can Trump breach Fortress Obama? (Center for Politics)
  • The First Drone Strike: How a Cold War Idea Became the Dominant Weapon in the War on Terror (Slate)
  • The Free-Time Paradox in America: The rich were meant to have the most leisure time. The working poor were meant to have the least. The opposite is happening. Why? (the Atlantic); see also What Should You Choose: Time or Money? (New York Times)
  • 9 things you probably didn’t know about Nora Ephron’s rom-coms (Washington Post)
  • Don’t Panic, But There’s An Asteroid Right Over There (FiveThirtyEight)

Be sure to check out this weekend’s Masters in Business interview all about the music industry with rock 'n' roll legend Steve Miller (of the Steve Miller Band).

Wealth Fund: Outflows Are Affecting Risk Strategy

Source: Bloomberg

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This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

To contact the author of this story:
Barry Ritholtz at britholtz3@bloomberg.net

To contact the editor responsible for this story:
Brooke Sample at bsample1@bloomberg.net