Jeff, We Hardly Knew Ye

NYC just got blindsided when Amazon pulled the plug on their proposed NYC campus after a facing a passionate onslaught from progressive leader and their followers who opposed the deal NY had forged with the online giant.

The original announcement by Amazon to build an expansive campus in Queens would have resulted 25,000 jobs for the city. That of course does include the massive ancillary economic benefits that would have accrued to the region by the presence of Amazon. Following Amazon’s announcement, Kathryn S. Wylde, the CEO of the Partnership for New York City reflected the broader sense of disappointment in the decision when she indicated that the treatment of Amazon by progressive leaders sends a “pretty bad message to the job creators” of the city and the world. “How can anyone be surprised?” Ms. Wylde said. “We competed successfully, made a deal and spent the last three months trashing our new partner.”

Amazon has been on the hunt for their 2nd headquarters since September of 2017. 200 different cities courted the company in hopes of securing a commitment from the online giant. They were driven by the need for additional pools of talent and the increasingly sour relationship has with city officials in Seattle. So it should surprise no one that the ferocity, misinformation and outright disdain some NY officials threw at Amazon in recent months, would cause the company to reevaluate whether the Big Apple was the right place for them.

Gianna Cerbone-Teoli owner of Manducatis Rustica, a restaurant a few blocks from the new Amazon site encapsulated the feelings of all working Joes that saw this as an economic boon for the area when speaking to the New York Times she voiced her opinion directly to those who opposed the deal. “I’m really upset because I don’t think they realized what they did,” she said. “And they’re proud of it? They think they did something lovely? They wanted the political gain, they should have done it in a different way. They get put into office for us, not to work for themselves.”

We agree Gianna, and on a larger scale, we think the anti-business drum beats in both our city and our country are antithetical to the well-being of the American dream every working person in America pursues each and every day.

SS&C GlobeOp Hedge Fund Performance Index For January Returns 3.59%

WINDSOR, Conn., Feb. 13, 2019 /PRNewswire/ — The gross return of the SS&C GlobeOp Hedge Fund Performance Index for January 2019 measured 3.59%.

Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index advanced 1.11% in February.

“SS&C GlobeOp’s Capital Movement Index for February 2019 of 1.11% shows increased net flows compared to the 0.96% reported for the same period a year ago for February 2018,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “In fact, the 1.11% reported for February 2019 represents the largest net inflows for any February since 2013. This favorable result continues the generally positive net flows into hedge funds we’ve seen since market volatility rose abruptly this past October.”

Reflections On Our State of the Union

Every year in January the President travels down the street from the White House and enters the chambers of the United States House of Representatives to address our lawmakers and the nation on the state of the union. It is quite an affair accompanied by several traditions that have come to define the event. For the most part, the President’s opposing party shows little to no enthusiasm for the annual victory lap the President is prone to take. Nor do they emote much in the way of support for most of his proposed agenda items going forward. This is demonstrated by them withholding applause or standing when he makes a salient point. Of course, those within the President’s own party rise in thunderous applause with his every point.

We all observe this ritual every year from our couch while munching on popcorn. I have always done the same thing, until this year. This year I hopped the train to DC and joined others there to observe, and in various ways participate with the festivities in person. Having a full view sitting right next to the guy running the C-Span camera in the gallery provides a much more expansive view of the dynamic than I had ever experienced before.

This year for instance, the overwhelming sea of white-clothed congresswomen was a sight to behold from the moment they walked in, during their high fives cheers when the President declared that we have more women in Congress now than at any other time in history, and in icy stares when the President turned directly to them and proclaimed America will never be a socialist country.

As interesting as the dynamic in the chambers was the pre and post-game rituals our elected officials participate in on this night. I had the opportunity to spend time with a quite a number of those who run our country during the pre-speech get-togethers in the Capitol leading up the event. I was able to observe how they interacted with each other. How they ribbed each other and threw jokes around like a group of close friends who have been hanging out together for years. It left me with thoughts that there is still hope for our country personified by these people interacting with each other in a civil and respectful manner, as opposed to the massive divide we see characterized by the pundits in our national media. It also made me realize that many of these folks are real characters with unique and charming personas.

Then it was post-speech time, and we proceeded into the National Statuary Hall where we were greeted by a gaggle of television crews, reporters, and radio announcers. All of them seeking commentary from any elected official regarding the speech that just ended. And as they are wont to do when cameras are whirring, our politicians accommodated the press for a few hours. Each one putting their own spin on the President’s speech. Each reflecting the views of themselves and their party in an articulate and well-stated manner. Each with their political game time hat on.

Then time to leave. Once again, people from both sides of the aisle filing out of the Capitol together with a few jokes, jabs and ribs between them. All done in a friendly and collegial way. Home to rest, so they can start a new day tomorrow tackling the issues confronting our country. Yeah, our state of the union is just fine.




Trading View Rolls Out Crypto Dashboard

TradingView, a web-based trading and investing portal have announced the launch of their own proprietary Crypto Dashboard. The solution provides traders in the asset a broad look at the cryptocurrency markets, as well as help them trade cryptocurrencies.  In addition, the company is now accepting Bitcoin as a payment option for its premium solution.

Upcoming Conferences

The 24th Annual Sohn Investment Conference
May 6, 2019 New York

The Sohn Conference Foundation’s flagship Sohn Investment Conference, dubbed the “Super Bowl of investment conferences” by The Wall Street Journal, is the world’s original and premier investment event.  The Sohn Investment Conference, held annually in New York City, gathers top investors from around the globe for a day of fresh market insights.  Sohn’s unique format consists of 15-minute presentations from hedge fund industry leaders on their newest investment ideas.

Proceeds from The Sohn Investment Conference benefit The Sohn Conference Foundation’s mission to fund pediatric cancer research and care.  The Foundation makes grants for cutting-edge medical research, state-of-the-art medical equipment, and innovative programs to treat and cure pediatric cancer.

The Sohn Conference Foundation honors the memory of Ira Sohn, a Wall Street professional who lost his battle with cancer at age 29.


SALT Conference Las Vegas

May7-10, 2019


Founded in 2009, our flagship annual event, SALT Conference | Las Vegas, brings together around 2,000 of the world’s foremost investors, policy experts, politicians and business leaders for four days of networking, entertainment and idea sharing.

Gaining the Edge – Hedge Fund Leadership Conferences

Agecroft Partners created Gaining the Edge to help enhance investors’ knowledge of the hedge fund industry and to improve the lives of children. 100% of the profits from Gaining the Edge – Hedge Fund Leadership Conferences are donated to non profit organizations that benefit children.  Through the end of 2018 Agecroft’s partners have given away the approximately $700,000 from these events to over a dozen organizations focused on troubled youth, children’s health, and children’s education.  In addition to financial support, Agecroft Partners have contributed a significant amount of time and hands on support by serving on boards of more than half of these organizations.

Chicago Hedge Fund Conference

June 19, 2019  |  Chicago

New York Hedge Fund Conference

November 4-5, 2019  |  New York City

Centura Wealth Hires Cariani As Chief Investment Officer

Centura Wealth Advisory announced that they have hired David Cariani as CIO to work with Kyle Malmstrom, the current CIO, and founding partner to add additional capabilities to the firm’s investment offerings.

Hedge Funds Bet On PG&E In 4th Quarter

Shares of California utility PG&E fell 48 percent during the quarter ending on December 31, 2019. That didn’t seem to deter over a  dozen hedge funds who invested in the company during the quarter, with over a dozen firm picking up 12.8 million shares. Regulatory filings show  Anchorage Capital Group and BlueMountain Capital Management as the fund managers who acquired the largest number of shares.