What you need to know on Wall Street right now
Thomson Reuters
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The rise of passive investing has fundamentally altered the business of Wall Street.
It is changing money management, as dollars flow from actively managed funds to index-tracking funds. It has changed stock trading.
And now, it may also be changing the quality of research produced by investment banks for active-investment firms like hedge and mutual funds.
Elsewhere on Wall Street, the business of trading corporate bonds has changed, and the Fed admitted that a startup can predict its upcoming interest rate forecasts.
Wells Fargo has fired thousands of employees and incurred fines totaling $185 million because of a widespread practice of employees opening new accounts for existing customers without their authorization. Business Insider's Josh Barro argues that the scandal is a cautionary tale about incentive pay.
The bond king, Jeff Gundlach, is back with a new presentation on the markets and economy. He says it's time to be defensive on bonds, and thinks the dollar could fall.
And finally, Cairn Capital, a London-based fund management firm with $8.6 billion in assets under advice, has made a big hire.
In deal news, a startup worth over $1 billion had $83 million in revenue last year - and it just filed to go public. And after spending $4 billion on acquisitions this year, Salesforce bought yet another company.
Elsewhere, the explosion of student debt could be "a drag on the financial well-being of the nation," and the stock market is finally moving again after a long quiet stretch.
Finally, here's a great interview with legendary physicist Freeman Dyson, who talks about math, nuclear rockets, and astounding things about the universe.
Here are the top Wall Street headlines at midday:
Chinese buyers are getting real savvy - Chinese investors have been aggressively pursuing acquisitions, in a move that is unsettling to many.
The little guys are winning on Wall Street - It doesn't take a position at a big investment bank to land a role on a big deal.
Here's who holds the world's $60 trillion in sovereign debt - The world's governments now have around $60 trillion in debt which is then sold to investors as bonds. So who owns this debt?
The 'Barbarians at the Gate' are getting something right - There is a long running debate in private equity investing.
Morgan Stanley isn't so sure about its forecast for the oil recovery anymore - Morgan Stanley is losing its conviction about the oil market's future.
San Francisco's housing market has been on a 'wild ride' - The housing market in San Francisco has a notorious reputation.
Porsche just unveiled a new model of its Panamera hybrid - and it looks amazing - Porsche unveiled a new version of its hybrid sedan Friday and it comes with some impressive new features.
RANKED: The 10 busiest airports in the world - The Airports Council International (ACI) released its 2015 World Airport Traffic Report on Friday.
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market