Bill Ackman wants the world to have a better understanding of why people act the way they do.» Read More
CNBC.com asked some of the financial industry's most successful investors, analysts and market strategists how they earned their first paychecks as high school and college students.
As you'll see, it was often a long road from Main Street to Wall Street (and Silicon Valley).
Even before making it big in the financial industry, these people took jobs that required grit, perseverance and sometimes a big risk tolerance—evidenced by the work they took in their early years to pay for college expenses.
Just like most Americans, their first jobs out of high school often required long commutes, a stoic work ethic, and humility. Always thinking bigger, they took pride in their first workplace responsibilities.
After a string of regulatory mishaps including loose oversight of money-laundering controls, JPMorgan Chase is taking no chances.
This week, that risk aversion manifested itself in a high-profile way overseas.
JPMorgan took nearly a week to reverse a decision to block a payment from the Russian Embassy in Kazakhstan to a Russian insurance company. The initial decision came on the back of sanctions recently put in place by the U.S. government as questions arise over Russia's intentions in Ukraine.
Russia called the block "illegal, unacceptable and absurd" just days before JPMorgan decided to process the payment.
Hedge funds and other Wall Street firms have used an unlikely counselor for the past year: a former top economist for President Barack Obama.
Through a contract with New York City-based consultancy 32 Advisors, Austan Goolsbee has held conference calls most Fridays since February 2013 with employees of large hedge fund firms Fortress Investment Group, York Capital Management, Perella Weinberg Partners, SkyBridge Capital and others.
Those firms and others paying to be on the call get to hear from Goolsbeee on the most important economic and policy issues of the day, such as Federal Reserve moves, the U.S. housing market, bitcoin, high-frequency trading, Chinese growth and the debt ceiling. Goolsbee does not give trade ideas for the hedge funds, but rather they get his big-picture perspective on issues more indirectly related to their investments.
Happy Friday, and welcome to the Morning Six-Pack's monthly nonfarm payrolls special edition!
Regardless of what job creation was for March, the folks who had counted on extended unemployment benefits likely are still out of luck, despite Senate support. (Buzzfeed)
The European Central Bank is fully committed to doing ... something ... in case deflation and stagnation persist. (Minyanville)
Large private equity firm Hellman & Friedman hopes to raise around $8.9 billion for a new investment fund starting in May, according to a report.
The fundraising effort, if successful, would make the launch the largest private-equity deal this year, according to the Bloomberg report, which cited two people familiar with the situation. The fund would be the firm's eighth.
Hellman & Friedman, led by Philip Hammarskjold, is based in San Francisco. It currently manages the Hellman & Friedman Capital Partners VII fund, which has more than $8.9 billion of committed capital, according to the firm's website.
A week after the surprise exit of investment bank co-chief Mike Cavanagh, JPMorgan Chase is bracing for another management reshuffle, said people familiar with the matter.
Daniel Pinto, who took over the bank subsidiary as sole CEO in the wake of Cavanagh's March 25 decamping for a senior job at the Carlyle Group, is hammering out a reorganization of his unit that likely would pare his list of direct reports from the current two dozen to a more manageable number, the people familiar with the matter said.
Pinto's goal, adds one of these people, is to announce the changes before JPMorgan reveals its first-quarter earnings on April 11.
At a time when bitcoin prices are falling sharply, at least one cryptocurrency advocate thinks the long-term direction is up—way up.
Wences Casares, CEO of bitcoin start-up Xapo, told The Wall Street Journal he thinks one bitcoin will be worth between $500,000 and $1 million in one decade.
The online currency, which is created by "miners" who solve complex math puzzles and can be traded on a number of exchanges, has seen its price fall sharply through the year amid a number of scandals and bankruptcies.
Since early March, bitcoin has lost a third of its value, most recently on the heels of a reported crackdown by the People's Bank of China.
Casares, though, believes the downturn will be short-lived as the virtual currency gains attraction in areas with unstable monetary situations.
"It's probably the easiest way for someone in a country where they cannot trust their currency or they cannot trust their bank to keep the fruits of their labor," he told the Journal in a video interview.
Read the full report and see the interview here.
While it would be understandable if Bill Gross was mourning his firm's results lately, the Pimco founder took time out Thursday to rue the demise of his pet cat.
In his latest monthly investor letter, Gross tackles such hefty and dense subjects as the Sharpe Ratio, the Shiller P/E and a Markowitz portfolio.
His analysis of those and other market measuring sticks are that investment returns are likely to begin to wane, and that fixed income in particular will not be kind to those holding longer-duration bonds. (Gross bet on short-duration bonds in March and lost.)
But first, there was the subject of his cat, Bob:
Happy Thursday. Let's try to front run the news of the day.
As for the high-speed environment pervasive in trading today, if you don't like it, blame the regulators not the guys who are doing the trading. (Wall Street Journal)
KKR Global Infrastructure Investors II LP is "trying to gather about twice as much as the prior fund raised in 2012," according to the report, which cited two people with knowledge of the plans. The fund will primarily invest in renewable energy, pipelines, utilities and transportation-related assets, Bloomberg said.
Market watcher James Paulsen says last week's selloff is "temporary and probably a buying opportunity."
Fund managers haven't changed their investment strategies for the tech sector, in spite of the recent heavy selling.
The Fed is actively considering additional measures to address risks in the short-term wholesale funding market, Chair Janet Yellen said.