News
(WSJ)($)
Regulators advanced a plan to ban derivatives contracts based on political elections, athletic competitions and awards contests, in a bid to clarify the boundaries between gambling and financial markets. The Commodity Futures Trading Commission voted Friday to propose a new regulation aimed at regulating event contracts, a small but fast-growing part of the markets in which investors can bet on the outcome of events.
(WSJ)($)
How did Jim Simons do it? I spent two years researching a book about Simons and his firm, Renaissance Technologies. I had long conversations with Simons—enduring his chain-smoking for hours at a time. I talked to dozens of his executives, researchers and friends. The response to the book was positive, but the question kept coming: What was really behind perhaps the most successful investment firm of all time?
(Bloomberg)($)
Equity investors looking at trading shares within a shorter period of time instead of holding them for longer are potentially limiting their returns, according to analysts at Bank of America. Trading horizons are getting shorter, with zero-day-to-expiry options now accounting for almost half of all S&P 500 index option volumes, up from less than 5% a decade ago. But the odds of losing money in the S&P 500 drop from 46% for holding a position for a single day to 5% for carrying those investments for a decade, the analysts led by Savita Subramanian wrote in a Friday note.
(Financial Times)
Investors pulled in their horns in April as diminishing prospects for near-term US interest rate cuts drove a broad aversion to risk, global data on exchange traded fund flows indicate. However, there were still signs of animal spirits in some corners of the global market with solid demand for some cyclical assets, such as European and Japanese equities and emerging market debt.
(CNBC)
Jim Simons, a mathematician who founded the most successful quantitative hedge fund of all time, passed away on Friday in New York City, his foundation announced on its website. Pioneering mathematical models and algorithms to make investment decisions, Simons left behind an otherworldly track record at Renaissance Technologies, that bested legends such as Warren Buffett and George Soros. Its flagship Medallion Fund enjoyed annual returns of 66% during a period starting in 2018, according to Gregory Zuckerman’s book “The Man Who Solved the Market.”
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