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
A booster shot may be needed for the vaccine for COVID-19 and an annual shot as well (NY Times). I received my second Pfizer shot last Sunday and have been suffering from a headache on and off all week. Next up is a shingles vaccine. Let the shots keep on coming!
Reuters has announced a paywall for their news on their website (Bloomberg).There is no date yet for it to start and no word on how this will work relative to all the other news sites that carry Reuters news.
FIA recently released two letters urging the U.K. Government to start the process of linking the new U.K. Emissions Trading System (UK ETS) with the EU’s Emissions Trading System (EU ETS) as soon as practicable.
According to a CNBC story, Wall Street executives and employees only spent $2.9 billion on campaigns and lobbying during the last U.S. election.
There is a post on the site CodePlatoon.org titled “DRW and Code Platoon: Working together to provide Veterans and military spouses with careers in technology.”
ICE is putting on a series of discussions titled “The Move to Net Zero.” In the first of the series, ICE President of Fixed Income and Data Services Lynn Martin chats with BlackRock’s Head of International and of Corporate Strategy, Mark Wiedman on Thursday, April 29 at 11 a.m. – 11:45 a.m. ET.
There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. Remember, Trading Technologies will match the next $17,300 in donations dollar for dollar. Support our efforts to preserve industry history by giving to our GoFundMe campaign.
Look on JohnLothianNews.com later today for a new video from the Open Outcry Traders History Project, this one featuring Tom Ascher, the executive chairman of Quantitative Brokers.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
Timing is everything: In a virtual press briefing on “transitioning from LIBOR” held Thursday, American Financial Exchange Chairman and CEO Richard Sandor announced AFX’s plans to publish a 90-day Ameribor reference rate by the end of April and 180-day and 360-day forward-looking term rates sometime in May. AFX introduced an Ameribor Term-30 index in March that is meant to be an alternative to the one-month LIBOR, representing 30-day funding costs for U.S. financial institutions. U.S.-regulated firms have been instructed to stop using U.S. dollar LIBOR for new trades after December 31, 2021, with a few exceptions, and on March 5, 2021, the U.K.’s Financial Conduct Authority confirmed that LIBOR fixings would no longer be provided by administrators or be representative after December 31 for most rates — sterling, euro, Swiss franc and Japanese yen settings, as well as 1-week and 2-month U.S. dollar settings.~SC
Institutions Build Presence In Cannabis Investments
John Lothian News talks to Nasdaq IR Intelligence analyst Saleem Daya about the evolving cannabis stock sector, including a steady pick up in institutional interest as the year 2021 unfolds.
Family Offices Are Targeting 800% Returns With SPAC Economics
Benjamin Stupples – Bloomberg
Under-the-radar firms are a driving force in SPAC frenzy; Pritzker, Och, Sawiris family offices among those jumping in
The Pritzkers built an empire spanning hotels to manufacturing before agreeing two decades ago to split up their fortune among 11 descendants. Karen Pritzker, one of the heirs, has parlayed that wealth into venture capital, backing firms such as Snap Inc. and Spotify Technology. Now she’s joined the wave of investors turning to blank-check firms.
*****The important thing is that this is a rational investment goal and not just unfettered greed.~JJL
There’s a single New Jersey deli doing $35,000 in sales valued at $100 million in the stock market
Jesse Pound – CNBC
Hedge fund manager David Einhorn warned of dangers for retail investors that he sees in the market, and one of his main examples was a tiny New Jersey deli with a market capitalization of more than $100 million. The Paulsboro, New Jersey-based Your Hometown Deli is the sole location for Hometown International, which has an eye-popping market value despite totaling $35,748 in sales in the last two years combined, according to securities filings.
Gnome shortage: Lockdown and Suez canal blockage blamed
The ornaments are in short supply with raw materials hard to come by and the recent blockage of the Suez Canal contributing to the national shortage.
Ian Byrne, assistant manager of Highfield Garden World in Whitminster, said there had been a “massive upswing” in the sales of garden gnomes.
“We haven’t seen a gnome in six months now unfortunately,” he said.
*****This is the ultimate short short.~JJL
Bernard Madoff, criminal financier, 1938-2021; Former Nasdaq chair who ran the world’s largest Ponzi scheme
Brooke Masters – FT
When Bernard Madoff’s Ponzi scheme collapsed in December 2008, $65bn vanished overnight, devastating tens of thousands of small investors, charities and religious groups who continue to struggle to this day.
*****This looks like the FT’s official obituary for Bernie, which is the right name for him for where many people say he is now.~JJL
Thursday’s Top Three
The top story on Thursday was from MarketWatch, Coinbase is most valuable exchange after its first day of trading. The second most-read story was a video interview by John Lothian News, Scott Knudsen – From Open Outcry to Electronic Trading to Trading the GOAT. And third was a Bloomberg story about Jamie Miller, World’s Largest Crop Trader Cargill Names First Female CEO.