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
Congratulations to Bill Brodsky, Michael Brodsky and Steven Sears on their new enterprise, filling a much needed hole in financial services for professionals offering options management services for high-net-worth individuals.
As the headline of their press release said, “Options Solutions Offers Options Strategies that Seek to Boost Income and Lower Risk.”
Here is what Bill Brodsky said in the release, “We have created a high-touch, disciplined and engaged approach that seeks to create a compounding engine for client portfolios while mitigating market risk. We are pleased to bring this service to market at a time when many investors are struggling to address the very challenges that options were designed to address.”
Congratulations to the Greenwood Project and co-founders Bevon and Elois Joseph. The Greenwood Project turned five yesterday and has grown from plans for five students each summer to more than 350 in the U.S. and now in London.
We have a new remembrance for Jack Sandner from Mike Dawley, formerly of Goldman Sachs.
Happy St. Patrick’s Day. Here is your Irish blessing for the day: May you have the hindsight to know where you’ve been, the foresight to know where you are going, and the insight to know when you have gone too far.
The IFM’s Trish Foshee is the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Trish is a friend and colleague who is the energy and drive behind The IFM and their efforts to educate industry professionals. Thank you to Trish and to all who have given and all who have yet to give. 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
Economies can survive a stock market crash; If a correction is due to higher rates and stronger growth, it would not matter much — except to investors
Martin Wolf – FT
“The long, long bull market since 2009 has finally matured into a fully-fledged epic bubble. Featuring extreme overvaluation, explosive price increases, frenzied issuance, and hysterically speculative investor behaviour, I believe this event will be recorded as one of the great bubbles of financial history, right along with the South Sea bubble, 1929, and 2000.” Thus did Jeremy Grantham, legendary investor and co-founder of GMO asset management, greet the new year. Is he right and how much would it matter to the world if he were?
*****Tell that to the Duchy of Grand Fenwick!~JJL
WallStreetBets’ Founder Goes to Hollywood With His GameStop Tale
Lucas Shaw – Bloomberg
Hollywood talent agencies in recent years have looked to YouTube, TikTok, Instagram and Snapchat to find the next generation of creative talent. Now you can add Reddit to the list. Jaime Rogozinski, the founder of WallStreetBets, has signed with United Talent Agency, the home of Kevin Hart and Seth Rogen. Rogozinski is aiming to capitalize on his fame from founding a forum on the site Reddit where amateur investors trade stock tips and ideas. These traders rushed to buy GameStop Corp., sending shares of the struggling video-game retailer to new highs, only to see them crash and then continue on a roller-coaster ride.
*****The only question is, do you ask for Mark Walberg or Matt Damon to play you?~JJL
Reddit’s WallStreetBets community is pouring money into saving gorillas
Clare Duffy – CNN
The WallStreetBets community is moving beyond GameStop and AMC. But its latest investment target isn’t a stock, bitcoin or even NFTs.
That’s not monkey business. Members of the Reddit group — who gained national attention for their role in pumping up the January trading frenzy of GameStop (GME), AMC (AMC) and other meme stocks — rallied over the weekend to use their earnings to symbolically “adopt” gorillas through donations to the Dian Fossey Gorilla Fund.
*****Some reporters live for an opportunity to write the lead for a story like this one.~SC
British Financier Alan Howard Is the Buyer of Vincent Viola’s New York Townhouse; The 20,000-square-foot, roughly 40-foot-wide mansion sold for $59 million
Katherine Clarke – WSJ
British financier Alan Howard is the buyer of Vincent Viola’s 20,000-square-foot mansion, according to property records and a person familiar with the deal. The property sold for $59 million, records show. Roughly 40 feet wide and spanning six levels, the seven-bedroom house dates back to the 1880s and had been renovated by Mr. Viola, who added a panic room. It also has a red-velvet movie theater with a balcony, a sauna and a swimming pool.
*****Alan Howard needed a panic room? Really?~JJL
‘Fully vaccinated’ hugs: The many benefits of embracing loved ones
Earlier this month, the Centers for Disease Control and Prevention issued new coronavirus guidelines for people who are fully vaccinated. Those guidelines included being able to meet with “unvaccinated people from a single household who are at low risk for severe COVID-19 disease indoors without wearing masks or physical distancing.” CDC Director Rochelle Walensky said these recommendations are a first step to returning to normal activities like hugging grandparents and grandchildren. Tiffany Field, director of the Touch Research Institute at the University of Miami’s Miller School of Medicine, explained the many benefits that come along with those “fully vaccinated” hugs.
*****I am all for grandparent hugs.~JJL
Tuesday’s Top Three
Our top-read story on Tuesday was the John Lothian News page devoted to Jack Sandner Remembrances. The second most read was from the Financial Times, FCA Brings Money Laundering Charges Against NatWest. And the third was a release from the CFTC, Statement of Commissioner Dan M. Berkovitz on Exchange Rules and Product Terms and Conditions that Fail to Impose Limits on Crude OIl “Trading at Settlement” Transactions.