Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The markets have rallied by a resounding 258% since bottoming out in 2009 in the aftermath of the financial crisis, and they continue to reach new heights.
Concurrently, the hottest trend in wealth management has experienced explosive growth. Automated financial advisers, known as roboadvisers, rely on algorithms, not humans, to guide their investments. Such firms, which emerged after the financial crisis, have seen their assets under management balloon from millions in 2009 to hundreds of billions. Money managed by robos is expected to reach $US8 trillion by 2020.
But some Wall Streeters are questioning whether pure roboadvice startups, which have spent the overwhelming majority of their existence in a bull market, could survive a major correction or bear market.
Warren Buffett’s Berkshire Hathaway is now the biggest owner of two of the world’s largest banks: Bank of America and Wells Fargo. He is set to make $US12 billion on his investment in Bank of America alone.
President Trump is considering a tariff that could put the economy on a path to “global recession.” The dollar just had its worst quarter in years, and that’s exactly what Trump wants. And here’s what the latest healthcare hiccup means for the US economy, according to PIMCO.
Evercore has been crushing it in dealmaking, and it’s made another big hire. Australia’s third-biggest lender is trying to find out who was behind a $US300 million fraud. Deutsche Bank rejected House Democrats’ call for Trump’s finance details. And billionaire hedge funder Bill Ackman has set up his own Twitter account.
Lastly, if you want a very special Ferrari,
check out the $US350,00 GTC4 Lusso.
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