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Paul Singer, the founder of $US34 billion hedge fund Elliott Management, is out with his most recent client letter, and it’s full of gloomy prognostications.
In the letter – viewed by Business Insider – he once again beats the drum about an impending market crash. But he also takes aim at cryptocurrencies, calling them “one of the most brilliant scams in history” in a brutal takedown.
Elsewhere, UBS economists say the risk of the US slipping into a recession is “material and rising.” On the bright side, $US6.3 trillion manager BlackRock just boosted its outlook on US stocks.
Banks are mulling a creative way to enforce gun control – even if the government doesn’t make a single change.
Walmart’s online sales growth has sharply slowed – and it highlights a key weakness in its battle with Amazon. One graph tells you everything you need to know about Facebook’s problem with falling use.
Here’s what else is happening today:
- Credit Suisse has identified what could be the next big breaking point for stocks
- S&P: Warnings that cryptocurrency could crash the global financial system are ‘much ado about nothing’
- There’s a ‘yellow light flashing’ in the economy – and it poses a threat to the stock market
- Qualcomm raises its bid for NXP Semiconductors
- Litecoin is surging after ‘litecoin cash’ forks
- Rite Aid gains after Albertsons agrees to the buy the drugstore chain
Uber’s CEO already told Goldman Sachs the real plan: It’s not to replace taxis, it’s to replace your car. A hot startup could be the perfect model for the JPMorgan-Amazon-Berkshire Hathaway healthcare initiative.
The official numbers are in, and “Black Panther” soared past the latest “Star Wars” for a historic $US242 million opening weekend. The film’s February box-office success is a rarity for the movie business – but industry insiders say that’s about to change.
Lastly, these are the sneaky ways apps like Instagram, Facebook, and Tinder lure you in and get you “addicted.”