The John Lothian Daily Update is a podcast turning the daily JLN hits and takes comments, our original content and the stories and quips in the top box of First Read into a daily podcast.
Hits & Takes
JLN Editor in Chief Sarah Rudolph will be out of the office for several weeks following surgery on Friday. During that time Suzanne Cosgrove will be acting managing editor for John Lothian News. Please send any important news, press releases, and requests to her for the rest of March. You can reach her at firstname.lastname@example.org
All of us at JLN wish Sarah a successful surgery and speedy recovery.
Next week during FIA Boca-V, our new intern, Owen Rehling, will be shadowing some of our staff and the panels and keynote addresses. Owen is working for us about 10 hours a week while continuing to job search, but we are also looking for ways to engage him more.
I have a favor to ask our journalist friends out there and our PR pros; if you have some wise words for Owen to help him start his career, or cover Boca-V, or both, he can be reached at email@example.com. I am sure he would welcome an opportunity to absorb any wisdom or insights offered. Try to keep the snark to a minimum.
Our friends at Steptoe have an upcoming webinar about how to write an effective comment letter for proposed legislation. With a new administration, this is probably a good skill to have, brush up, or improve. The webinar is on Thursday, March 25 from 1 to 2 PM ET. The speakers will be Matt Kulkin, co-chair of Steptoe’s Financial Services Group and former division director, Commodity Futures Trading Commission (CFTC); Cynthia Taub, partner in Steptoe’s Chemical and Life Sciences Group; Monique Watson, partner in Steptoe’s Energy Group and former deputy director, Office of Energy Market Regulation, Division of Pipeline Regulation, Federal Energy Regulatory Commission. The moderator is Josh Oppenheimer, associate in Steptoe’s Government Affairs and Public Policy Group. You can register HERE.
The latest NFA Board Update from their February 2021 meeting is out. View it HERE.
Here is the press release from Goldman Sachs announcing their “One Million Black Women” initiative.
State Street Global Advisors has a commentary titled “Fearless Girl’s Shattered Ceilings: Why Diversity in Leadership Matters.
SGX has a new video series called “Front Seats: Conversations in Global Finance.” They say “It is a new international forum by Singapore Exchange (SGX) for the exchange of ideas among thought leaders across the world’s financial marketplaces.” In the first episode, SGX’s CEO [[Loh Boon Chye chats with CME Group’s Chairman Emeritus Leo Melamed]] on a wide-ranging of topics, including the diversity of Asia’s economies, global marketplaces of the future and digitalisation in financial markets.
Katten attorneys Henry Bregstein, Gary DeWaal, Chris DiAngelo, Kevin Foley, Anna-Liza Harris and Howard Schickler have been named to the 2021 edition of Chambers Global. The Chambers Global Guide ranks the top lawyers and law firms in over 200 jurisdictions across the world. Congratulations to my friends at Katten.
There have been no new donations to the JLN MarketsWiki Education GoFundme campaign. Support our efforts to preserve industry history and join 136 others and give to our GoFundMe campaign.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
Mexico’s Chamber of Deputies late Wednesday passed a bill to legalize recreational marijuana by a 315 to 129 vote. According to the New York Times, the bill still must be OK’d by Mexico’s Senate and President Andrés Manuel López Obrado, but approval is expected. With recreational cannabis legal both to the north (Canada) and south of the U.S. border, analysts say the pressure to make it federally legal here will intensify.~SC
Hedge Funds Are Training 16-Year-Old Interns in Singapore; As billionaires flock to the tiny city-state, a shortage of qualified professionals is starting to bite.
David Ramli – Bloomberg
In the dog-eat-dog world of hedge funds, giving an internship to a 16-year-old is almost unheard of. But when local talent is hard to find, teaching a minor how to generate alpha can be a worthwhile investment. And so last summer, high schooler Yi Ke Cao spent two weeks at Modular Asset Management, a near $1 billion Singaporean hedge fund spun out of Millennium Management LLC. She crunched data in spreadsheets, chatted with veterans and watched nerve-wracking meetings where money managers defended their investment ideas from peers.
*****Just like baseball, you have to sign them young and develop the talent.~JJL
Nasdaq Foundation Grant Program to Engage More Communities in Markets and Entrepreneurship
Pledges Initial Financial Support to Herndon Directors Institute and Operation HOPE; Launches Research Collaboration with Aspen Institute and Commonwealth
The Nasdaq Foundation, the philanthropic foundation of Nasdaq, today announced a new quarterly program for grant-giving across the U.S., and new research collaborations with the Aspen Institute’s Financial Security Program and Commonwealth, a U.S. non-profit focused on financial security. Both initiatives will contribute to the Nasdaq Foundation’s reimagined mission to equip under-represented communities with the financial knowledge and solutions to share in the wealth that capital markets create.
*****A noble effort by Nasdaq.~JJL
New Research: Repeated Exposure to Fraud Awareness Education Reduces Susceptibility to Investment Scams
While the economic fallout caused by COVID-19 has led to a significant rise in tips, complaints and referrals involving investment scams, new research from the FINRA Investor Education Foundation (FINRA Foundation) and the Center for Economic and Social Research (CESR) provides evidence that repeated exposure to concise, online educational interventions can reduce susceptibility to investment fraud among U.S. adults.
*****How many times do I have to say this?~JJL
The Jump Off Point
Imagine if you had unfettered access to the people, data patterns, and signals that drive venture investment decisions – as they’re happening. Powered by Jump Capital, The Jump Off Point takes a deep-dive into the trends shaping technology and venture capital investing with thoughtful and candid conversations from industry pioneers themselves. Take the leap, and learn from the people that helped chart the course that today’s most innovative companies are building on. Jump Capital is a thesis-led investment firm focused on a variety of verticals including IT & Data Infrastructure, B2B SaaS, Media, FinTech & Crypto.
*****Jump jumps out behind the cloak of invisibility to become a thought leader.~[[JJL]]
Richard Driehaus has died; The investment manager, philanthropist and preservationist was also known for throwing himself extravagant parties. He was 78.
Steven R. Strahler – Crain’s Chicago Business
Richard Driehaus, an investment manager, philanthropist and preservationist who was also known for throwing himself extravagant parties, has died. He was 78.
*****Jeff Carter said this about Mr. Driehaus, “He was a great man. Philanthropist. Put his money where his passion was and he was great to his employees.”
*****The only time I met him was at an award function in Chicago where my mother-in-law, Betty Howard Bergstrom, and Driehaus were given awards.~[[JJL]]
Wednesday’s Top Three
Our top story Wednesday was a repeat from yesterday’s top three, Business Insider’s A billionaire has been trying to sell his Versailles-inspired mansion for nearly 8 years — and it’s finally set to sell at a 47% discount. Look inside the Manhattan townhouse. Second was John Lothian’s piece in JLN, Harry Potter – Sending My Oldest Son And His Friends To Hogwarts. Third was Trader Buys $36 Million of Copper and Gets Painted Rocks Instead.