A billionaire has been getting investment advice from his kids ― and it is brutally honest

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Morgan Stanley on Tuesday reported fourth-quarter earnings that beat on the top and bottom lines.

It also set out a bit more detail on why it cut back in fixed income, and how it has transformed itself since 2009.

James Gorman, the CEO, also uttered the three words every employee dreads: “lower cost centres.”

Bank of America also beat, though it was less emphatic. “The quarter was fine,” summarized analysts at Credit Suisse.

In other news, David Einhorn unveiled a long position in Macy’s, and revealed that he has been receiving investment advice from his children.

“Dad, why don’t you just short your longs and long your shorts?” one of his kids said.


Here are the top Wall Street headlines at midday –

Goldman just made a big hire to its prized technology division – Goldman Sachs hired attorney Angela Payne James as the chief of staff for the technology division, according to an internal memo that went out on Tuesday morning.

Insider trading case looks at Deutsche Bank emails: ‘This looks like turning into a horror show’ Four men accused of insider trading split profits of almost £1 million ($1.4 million) from a series of trades on Legal and General stock as the financial crisis took hold in 2009, prosecutors told a London court.

The world could “drown” in oil The International Energy Agency said that adding Iran’s expected oil production of about 600,000 barrels a day to the market could cause the world to “drown” in oil in 2016.

Citigroup is making a change to its research business Terence ‘Terry’ Sinclair, the former head of research in Europe, the Middle East and Africa, is moving to a new role, according to people familiar with the matter.

Everything you learned about how the world works is probably wrong – Citi is out with a big new report on our current geopolitical order, and maybe what happens next.

Biotech investor: ‘None of us were as smart as we thought we were’ – Bryan Roberts, partner at venture capital firm Venrock, explains what’s going on with biotech stocks in 2016.

These 12 slides from Albert Edwards predict the next global financial collapse – On a cold Tuesday afternoon on January 12, about 950 financial professionals gathered in a hotel basement to hear terrifying theories on how the next financial collapse would come about.

Here’s how the best-performing hedge fund of 2016 is crushing it – Horseman Capital Management, the London-based hedge fund led by Russell Clark, is the best-performing hedge fund in 2016.

JPMorgan shuffles senior ranks at European investment bank – JPMorgan has bolstered the senior management team at its European investment bank as it seeks to increase its advisory business amid a buoyant M&A market.

7 of Wall Street’s top athletes share their rigorous workout plans Every summer the fastest and strongest people working in finance compete for the title of “Wall Street’s Best Athlete” in The Decathlon.

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