Chinese officials will be in Washington on Wednesday to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Another hedge fund has fallen prey to seemingly unbeatable markets.
John Burbank's Passport Capital is shuttering its flagship Passport Global Fund at the end of this year because of "unacceptable" returns over the last two years that "cause me to rethink how to manage money in this environment," he said in a letter to investors Monday.
The manager, who gained prominence with a winning bet against subprime housing before the 2008 financial crisis, joins others who are calling it quits lately.
Earlier this year, Eric Mindich returned money to investors in Eton Park Capital Management. In September, Whitney Tilson said he would shut down his Kase Capital Management, and last month Neil Chriss said he would close Hutchin Hill Capital and return money to investors.
Fund managers are having difficulty finding winning bets as markets continue their record-setting climb. Even managers who are still in the game have complained about the treacherous markets. Earlier this year, David Einhorn of Greenlight Capital questioned whether value investing is still a viable strategy.
Burbank said he would continue to focus on the Special Opportunities Fund and Saudi share class, which he calls "differentiated investment opportunities" where they have a significant edge. "I am confident that focusing on a small number of high conviction long term ideas will continue to yield positive results," Burbank said in his letter.
He founded Passport 17 years ago with less than $1 million. He closed a long-short strategy fund earlier this year, Bloomberg reported, and the firm was hit with investor withdrawals.
Burbank said in his letter that Saudi equities are an opportunity because almost no foreigners own any yet, and the firm will continue to invest in technology winners and "old economy losers." He also left open the possibility of opening a new fund.