Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Jack Bogle. George Soros. Larry Fink.
They’re among the biggest names in investing, and in an interview, an op-ed, and a letter to CEOs, they set out their views on the future of money management, America, and the world.
- BOGLE: The man who transformed investing for Main Street sees a bleak future for Wall Street’s money managers
- SOROS: “These times are not business as usual. Wishing you the best in a troubled world”
- FINK: Here is the letter the world’s largest investor, BlackRock CEO Larry Fink, just sent to CEOs everywhere
In other news, one of the top strategists in the world explained the wave of populism that’s sweeping the globe and the role technology has played. A star tech and media banker shared his thoughts on dealmaking in 2017.
And “investors should likely have their cake and eat it too in 2017,” according to Lee Cooperman’s hedge fund, Omega.
In Wall Street news, banks are getting ready to pitch for a role on the biggest IPO ever. And the rise of America’s hottest investment product is changing trading.
The news relating to President Donald Trump is relentless. Here’s the latest:
- Trump’s health and human services pick invested in pharma stocks three months before proposing legislation that would benefit them
- Senate Democrats are reportedly set to reveal a $1 trillion infrastructure plan and invite Trump’s support
- NASDAQ: “The market is telling us it is bullish on Trump”
- FEDEX CEO: The US trying to grow without free trade “would be like trying to breathe without oxygen”
- Trump press secretary’s explanation for why Trump put a freeze on government hiring doesn’t hold up
- It would be a disaster if automakers do what Trump wants
- Trump’s plan to jumpstart US manufacturing could backfire over a major flaw
There’s a bunch of corporate news too. Here are the highlights:
- Yahoo is pushing back the timeline to close the $4.8 billion Verizon acquisition
- Verizon’s revenue drops as competition heats up in the US wireless market
- A strong Singles Day propels Alibaba to a revenue beat
- Johnson & Johnson fourth-quarter sales up 1.7%
- Lockheed Martin’s revenue was boosted by the F-35 and Sikorsky helicopters
- CEO James Hogan is calling it quits at Etihad
- The drug industry’s lobby tried to scapegoat Martin Shkreli for rising prices — and he’s outraged
Lastly, members of a private club for “elite” millennials want their money back.
Here are the top Wall Street headlines from the past 24 hours
LEE COOPERMAN’S OMEGA: 2017 is the year for stock pickers – Another Wall Street investor expects a strong year for stock pickers.
America’s millennials stuck in their parents’ basement may finally be able to move out – Economists are hinging a lot of their forecasts for the US economy on how many election promises President Donald Trump keeps.
This map shows the strength of all the world’s trading relationships – Global trade is changing fast, and historic bonds are being broken.
Holland is shaping up to be a surprise beneficiary of Brexit – Paris, Frankfurt, New York, and Dublin have dominated the conversation about where finance firms may move jobs if forced to be Britain’s looming “Hard Brexit.”
An important psychological shift is taking place in the US economy – The recent jump in global bond yields represents a reflationary reawakening just a year after deflation and recession fears were dominant. Is this another false dawn?
The CEO of one of China’s largest bitcoin exchanges says regulation is inevitable – The CEO of one of China’s largest bitcoin exchanges believes regulation of the market by the People’s Bank of China (PBoC) is inevitable, following the explosion of the cryptocurrency’s popularity in China.
A start-up that has been predicting the Fed’s next move just scored $3 million in funding – Prattle, a Missouri-based data provider, said on January 24 that it had raised a $3.3 million seed round of financing led by GCM Grosvenor, a Chicago-based global investment and advisory firm with $45 billion in assets.
“Reality finally caught up” with the most important part of the US housing market – Existing home sales in the US booked a weaker-than-expected December but saw their strongest year since 2006.
The 10 best hotels in the world, according to travellers – Sometimes the journey is the destination, but the digs also really make a difference.