Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
One morning in late 2015, on Sears’ vast Illinois campus, more than a dozen employees huddled in a videoconference room on a floor dubbed “B6.” There, two mid-level employees were preparing a presentation for the CEO, Eddie Lampert, when their boss rushed in with some last-minute advice.
“He looks at the presenters and says, ‘Do not say these words to that guy,'” according to a former Sears executive who described the meeting to Business Insider. “That guy” meant Lampert, who would soon appear on a giant projector screen at the front of the room. One of the words on it was “consumer.”
Elsewhere, Business Insider’s CEO Henry Blodget spoke with Bridgewater founder Ray Dalio for nearly two and a half hours. In the revealing interview, Dalio offered a radical solution to the threat of “fake news” and detailed life inside the world’s biggest hedge fund.
In Wall Street news, Goldman Sachs could earn an extra $3 billion from a major trading rebound.
In deals news, Mars is buying a pet health company for $9.1 billion, Takeda is buying Ariad Pharmaceuticals in a $5.2 billion deal, and McDonald’s has unloaded its business in China.
And just after Trump won, his son-in-law had a cosy meeting with a Chinese exec who’s buying US assets left and right.
In markets news, there are three big risks for 2017, according to Goldman Sachs’ chief economist. The jobs picture isn’t as good as it looks, according to Komal Sri-Kumar. And we caught up with the chief investment officer of a $490 billion fund manager to talk Trump, Dow 20K, and big data.
In tech news, Alibaba founder Jack Ma just met with Donald Trump, and has pledged to create 1 million US jobs. Here are the three main reasons to be bullish on Facebook in 2017, according to Oppenheimer. And reservation-booking app Resy just got a big investment from AirBnB.
The biggest healthcare investor conference starts this week — here are the 5 things we expect to get out of it.
Here are the top Wall Street headlines from the past 24 hours
“The weak players are leaving the poker table,” and it’s killing mutual funds – Warren Buffett famously said that if you’ve been in a poker game for half an hour and “you don’t know who the patsy is, you’re the patsy.”
GOLDMAN SACHS: The “great rotation” that everyone is talking about is “fake news” – For Goldman Sachs’ David Kostin, the “great rotation” in markets is as untrue as the false reports that a Washington, DC, pizza shop ran a Hillary Clinton-linked child-abuse ring.
Prince didn’t own any stocks when he died — but he did own over $800,000 in gold bars – Prince certainly didn’t make a conventional investor.
Trump could be looking at the job market all wrong – President Barack Obama is handing off to President-elect Donald Trump after an impressive labour-market recovery.
Asia finds itself at a “negative intersection” in an unpredictable world – There’s a lot at stake for Asia in 2017.
Here’s what Eisenhower’s presidency can tell us about today’s markets – It seems hard to believe that just this past summer, the 10 year Treasury yield hit a new record low of 1.37% in July. Since then it has risen over 100bps and the sell-off could still have further to go.
Here’s why the unemployment rate will keep falling in 2017 – The economy has been steadily recovering from the 2007 — 08 Great Recession and is expected to continue heading toward full employment in the next year or two.
Trump’s proposed border tax will hit these industries the hardest – President-elect Donald Trump last week said General Motors would face a “big border tax” for making a model of the Chevy Cruze in Mexico.
The rise, fall, and comeback of the Chinese economy over the past 800 years – China’s economy led its European counterpart by leaps and bounds at the start of the Renaissance.