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 Head of Videography Patrick Lothian is on paternity leave for the next couple of weeks after the birth of Cecelia June on March 5. My grandniece will be called Cece. Mother, baby and father are home from the hospital and, besides tired parents, doing well.
In Patrick’s absence, we have reached into the well of nepotism and contracted Mizzou IT student and son Robby Lothian to edit the weekly video, The Spread. Robby studied the Adobe Suite in the spring semester of last year and produced the weekly web video services for St. Peter’s United Church of Christ in Elmhurst last summer. And yours truly is working on producing video content as well.
Look for the Hall of Fame videos next week at the FIA Boca-V. They were produced by John Lothian Productions and Head of Videography Patrick Lothian. Don’t forget to register for FIA Boca-V if you have not already.
Our prayers and wellness wishes are with JLN Editor-in-Chief Sarah Rudolph, who this morning is undergoing surgery. As mentioned yesterday, Suzanne Cosgrove has stepped up into the acting managing editor role. Thank you to Suzanne for your help while Sarah is out.
SGX announced on their website: “As at 12 Mar 2021 04:29 PM | Please be informed that due to website maintenance, there will be intermittent access to our site from 08:00 am 13 Mar 2021 to 08:00 pm 14 Mar 2021 (Singapore time). We apologise for any inconvenience caused.”
Phil Mackintosh of Nasdaq has a new commentary titled “Lit Markets Provide Price Improvement Too.” It is a look at how liquidity takers also efficiently route for optimal price improvement across venues.
Illinois Governor Jay Pritzker has announced that conventions may resume in Chicago starting in mid-July. This is good news for a possible FIA EXPO next year. Stay tuned.
There were no new donors to the JLN MarketsWiki Education GoFundMe campaign. I did receive a note from the latest donor, who lives Down Under, or in Terra Australis Incognita. Some of our upcoming videos for our various services include interviews with former CME CIO Jim Krause, crypto entrepreneur Scott Knudsen, and Tasty Trade’s Tom Sosnoff. Support our efforts to preserve industry history by giving 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
Ram Vittal – John Lothian News Zoom Interview
In 2020, Ram Vittal was hired by Marex to be the CEO of the London-based firm’s North American operations. John Lothian interviewed Vittal for John Lothian News about his role at Marex. Vittal discusses Marex’s retail and institutional strategies and where they fit in the institutional sector. He talks about whether there is a new commodity super cycle and the firm’s ESG strategy. He also outlines the global firm’s active growth strategy, as they leverage the purchase of Chicago-based futures commission merchant Rosenthal Collins Group and exchange-traded derivatives execution broker XFA.
Is day trading ever a winning investment strategy? High-risk investments have a powerful allure for young investors
Claer Barrett – FT
I did something I very rarely do last weekend. I watched a live football match on TV. My husband and stepchildren are all football fanatics, but I’ve never been bitten by the bug. I usually go upstairs and read when matches are on, but since I invested in a £300 pair of wireless noise-cancelling headphones, we can now peacefully coexist on the same sofa.
*****Yes, day trading is a winning investment strategy. Anyone can win. Is day trading ever a losing investment strategy? Yes, day trading is a losing investment strategy. It can be and is both.~JJL
Beeple collage smashes digital art record with $69.3m sale; A first-of-its-kind sale by Christie’s underscores mania for non-fungible tokens
Sara Germano – FT
A collage by the contemporary artist Beeple, composed as a single image file, sold for $69.3m on Thursday, according to Christie’s auction house, the latest and most extreme example of the rapidly appreciating market for digital artwork known as non-fungible tokens.
*****The word of the day is “mania” from the root word “maniac,” which in an alternative definition means “incredibly crazy investment.”~JJL
Fraser Says Idea That Women Don’t Help Women Is ‘Utter Rubbish’
Jennifer Surane – Bloomberg
Citigroup’s new CEO says she’s had support from female mentors; General Motors’ Barra urges other women to speak up more
There’s a theory in corporate America that women in positions of power don’t help other women. Citigroup Inc. Chief Executive Officer Jane Fraser doesn’t buy it.
*****Jane Fraser is definitely an Outlander.~JJL
Thursday’s Top Three
The top story from Thursday was Jump Capital’s latest podcast, The Jump Off Point. Second was the news in Crain’s that Chicago investment manager Richard Driehaus has died, and the third most-read story was the still-popular Business Insider’s feature, which also was in the top three on Tuesday and Wednesday, 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.