Happy Monday after daylight savings. For me, sleep is the most important thing so when you mess with my clocks, it really messes with my situation.
But like the rest of y’all, I’m happy for more daylight!
Anyway, the big thing over the weekend was that Preet Bharara, the rockstar attorney for the Southern District of New York was “fired” by the Trump Administration.
There’s a big fuss being made because Preet has, over the years, become somewhat of a household name given his high profile cases against Wall Street and high level politicians. But in terms of how these things go, it’s pretty run-of-the-mill to have the new administration clear out old appointments.
So if you are on the side of Wall Street, then you are probably pretty happy that Preet is gone. If you really hate Wall Street, then you are probably a little bit pissed that this suited crusader is no longer fighting your good fight.
Or if you are like me, a guy who knows how the world works because he watched all five seasons of the Wire, then you probably feel sort of ambivalent because you know, it’s just the game after all.
And just like in the Wire, even if the cast of characters changes, the game goes on.
No ETF for you
On Friday, we wondered whether or not we might be blessed by a new Bitcoin ETF simply because Tyler and Cameron Winklevoss are so damn good looking.
Well as it turns out, they may not have been good looking enough.
Here’s the SEC explaining just how not very good looking the Winklevii are:
With respect to spot bitcoin trading outside the United States, the information in the Exchange’s proposal and from commenters demonstrates that the bulk of bitcoin trading occurs in non-U.S. markets where there is little to no regulation governing trading, and thus no meaningful governmental market oversight designed to detect and deter fraudulent and manipulative activity. The Exchange notes in its comment letter that only a minority of the global spot bitcoin exchanges are subject to any regulatory regime.
Which, umm, if you think about it, kind of makes no sense?
Matt Levine explains:
This strikes me as a somewhat strange complaint. Most markets for most commodities are “unregulated,” in the sense that there’s no central authority monitoring trades and setting the rules for how prices are made. There’s no central regulator monitoring every time a farmer sells soybeans. There are regulators examining soybean futures transactions, sure, but those are just derivatives of the underlying commodity transactions. Also part of the point of the Winklevoss ETF was to create a regulated market.
Right, the whole point of a Bitcoin ETF was to make Bitcoin more accessible and also… more regulated in a way that would make it palatable to more institutional type players.
Of course, the SEC probably doesn’t care much about legitimizing Bitcoin, no matter how good looking a couple of sexy twins are.
Party’s over, folks
The other thing we talked about last Friday was the relatively peachy jobs number.
(Did you know that every industry added jobs… except retail? Amazon, yo. Time to short, I guess.)
Which made it that much more likely that the Fed will continue raises rates this Wednesday—to be fair, it was extremely likely to begin with.
OK, look I will be the first to admit that Snap’s fundamentals are like… well, let’s just say that there aren’t enough data points to really say very much?
They’re making a lot of money but they’re also losing a lot of money because they’re spending a lot of money.
Really, this thing could go either way. No one fucking knows. (It’s down a little from the IPO.)
But the other thing is that… people sort of don’t care?
“I bought it even when I was pretty positive I would not make a profit in the short run, but just because I am a fan of the product,” said Chris Roh, a 25-year-old software engineer in San Francisco, who has only been trading stocks for about a month on Robinhood, a mobile trading app popular among millennials.
“Snap just felt like the IPO of my time and seeing where Facebook and Amazon are now, I really think Snap has the potential to grow (like them),” said Markley, who bought the shares through Stockpile, another online brokerage aimed at millennials, generally defined as people reaching young adulthood in the early part of this century.
“Snap is tapping into the pride of ownership (for millennials) which we don’t see often in the stock market,” said Dan Schatt, chief commercial officer at Stockpile.
“Snap is offering the comfort of buying something that you know so well, understand and use it every day, which is what these young investors want,” said Schatt, whose teenaged daughter and son also bought Snap shares with his approval on Stockpile.
This dude will bring your cheating wife home.
On hedge funds, is this what a golden age feels like?
Here are some important design jobs that are newish.
I don’t really understand quantum computing, but it seems like a big deal.
Dude with paddleboard accomplishes something very difficult, makes history.
Click here if you want to understand human consciousness.
More validation that video gaming is about to pop off.
In the future, some people will be sexy because of hard work and some people will be sexy because of technology and I wonder if we’ll be able to tell the difference anymore.
Lessons learned from Chinese takeout.
This black person is this white person’s only black friend.
The scorpion and the frog (from Orson Welles’ Aradin):
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