As tensions might drag over the next decade, investors have to learn to operate under prolonged uncertainty, said Warburg Pincus' Charles Kaye.World Economyread more
Billionaire investor Howard Marks, the co-chairman of Oaktree Capital, predicts there won't be a recession in the U.S. for another two years.US Economyread more
Network officials also said voters should expect more of a Koch focus on grassroots activism throughout the 2020 election cycle.Politicsread more
One person was killed and five others wounded on Thursday in a shooting on the streets of Washington, D.C., not far from the White House, police said.U.S. Newsread more
Stores are extending hours and cities are spending on light shows as China tries to encourage consumers to spend more money at night.China Economyread more
New research suggests fewer girls pursue careers in STEM — science, technology, engineering and math — because they're better than boys at reading.Closing The Gapread more
Stocks in Asia Pacific edged up in Friday afternoon trade as a series of developments overnight on the U.S.-China trade front dampened hopes of a deal being reached between...Asia Marketsread more
GM's usage of temporary workers, potential closure of plants and health care contributions remain major sticking points, according to people familiar with the talks.Autosread more
In a room full of avowed capitalists, policies that sound to some like socialism are bound not to go over well.Delivering Alpharead more
Trump has criticized Facebook numerous times since becoming president, most recently posting on Twitter that the company's proposed digital currency, libra, will "have little...Technologyread more
Republicans and Democrats have long since separated themselves by ideology, leaving each more uniformly conservative or liberal than ever. And now a new data analysis by the...Politicsread more
One of Wall Street's top strategists and a longtime bitcoin fan has unveiled his top stock ideas to clients as a way to play the cryptocurrency craze.
Fundstrat's Tom Lee was the first major strategist to issue an official price target on bitcoin and now becomes the first to give clients direct bitcoin equity plays.
Many investment mandates require managers to steer clear of volatile assets and stick to traditional equity markets; despite bitcoin's stellar success over recent weeks, the cryptocurrency may be too volatile for standard investment rules.
In addition to recommending stocks, Lee noted his $25,000 year-end target for the price of one bitcoin.
"We believe investors should have exposure to blockchain, particularly given bitcoin has essentially zero correlation to equities, bonds and commodities — hence, as a portfolio strategy, bitcoin is a good diversification tool," wrote Lee in a note Friday.
The digital asset took Wall Street by storm Thursday, jumping from $13,000 to highs above $19,000 in roughly one day. Bitcoin has since cooled off a bit, now trading just under $16,000.
Cboe, the largest U.S. options exchange, announced in August its plans to launch its own bitcoin derivatives trading products, offering cash-settled bitcoin futures to both institutional and retail investors. They begin trading Sunday evening. Bitcoin fans argue that the launch of such products by Cboe and others help legitimize the trade and may help stabilize the otherwise volatile token.
For its part, CME followed suit in October with Chairman Terry Duffy saying, "Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract." Fundstrat's Lee included Goldman in the group because he expects the bank "to be the first investment bank to be involved in bitcoin trading."
Though options exchanges and investment banks may see upside thanks to the bitcoin mania, technology and chip companies are also set to climb, added Lee. Chipmakers like Nvidia and Advanced Micro Devices that produce graphics processing units (GPUs) necessary for bitcoin "mining" should perform well if bitcoin presses upward.
"GPUs are used by miners for many tokens other than bitcoin. Bitcoin mining is almost exclusively via ASICs (specialized chips)," explained Lee. "But as blockchain grows, and as transactions grow, mining will grow and therefore require more GPUs."
Both Nvidia and AMD were higher Friday, each up more than 0.5 percent.
Online retailer and blockchain incubator Overstock has exposure to digital currency through its Medici Ventures segment and was the first major retailer to accept digital currency bitcoin as payment back in 2014. Earlier this year, Medici subsidiary tZERO announced a joint venture to trade digital coins launched in initial coin offerings in September; shares of Overstock have climbed about 90 percent since the announcement.
Even before its foray into bitcoin, Square had been a promising prospect on the Street, by providing software and hardware technology to turn mobile devices into point-of-sale solutions.
Shares of Square spiked after its CEO, Jack Dorsey announced in November that the company will allow users to buy and sell bitcoin through its app, though Lee cautioned that the service isn't a full bitcoin exchange. Square's stock is up more than 180 percent this year.