Latest news with #Milken
New York Post
10-07-2025
- Politics
- New York Post
Inside Sun Valley's ludicrous, over-the-top security crackdown
SUN VALLEY, Idaho — 'Sir, please come with us so we can talk outside,' said one of the two local police officers who suddenly towered over me in the middle of what must have been my fifth double espresso of the day. What could the law want with me, I wondered, as I rose from my table at the Austrian-themed coffee-and-pastry haunt at this posh mountain resort. Indeed, I felt I had accomplished precious little since I arrived here this week — much less anything that would interest the cops. Instead, I had attempted to cover the Allen and Co. conference — the so-called 'summer camp for billionaires' at the Sun Valley Resort. Attendees at this year's summit include Sam Altman (who actually did give us something to chew on — thanks Sam), Tim Cook, Anderson Cooper and CBS anchor Gayle King. Advertisement 6 A fabulously fluorescent Gayle King was one of the journalists on the guest list. Jenny Flick They might have thick wallets, but these card-carrying, power-vest wearing members of the global elite have thin skins — or is it just the bankers at Allen & Co. and their security goons? The latter, it seemed, had called law enforcement on me. 'We have had complaints that you have been harassing the guests, and you are going to be asked to leave the property,' said the other youngish-looking cop. My crime, it appears, had been to lob a handful of questions in the direction of the president's daughter, Ivanka Trump, and Treasury Secretary Scott Bessent on the luxury resort's lush grounds. Advertisement In the case of Ivanka, I stated my business with a member of her Secret Service detail who promptly crossed the room to inform her. In response, she came over and took my question (about a DC-related exclusive, she politely professed ignorance) before exiting the premises with her coffee. As for Bessent, I had met him at the comparatively relaxed Milken conference in May. We shook hands Wednesday morning before our extremely brief stroll. He gently parried our queries — with his usual South Carolinian politesse — about his speech to America's uber-rich and what he made of Elon Musk's falling out with President Trump. His government heavies did not bat an eyelid — despite what you may have read in one loose-with-the-facts newsletter. Nevertheless, the organizer's security took a great interest in our activities. Advertisement 6 Ivanka Trump was spotted getting coffee at the VIP shindig on Wednesday. Jenny Flick 6 Treasury Secretary Scott Bessent had flown straight from a Cabinet meeting with President Trump to attend the boondoggle for billionaires. Getty Images 'We have a reporter here — asking questions!' rasped one of Allen & Co.'s wannabe Navy SEALs as he alerted his higher-ups. Another by the name of Colby followed me to my car to ensure the message was fully understood. Advertisement Perhaps it was not Team Bessent — said to be huge fans of this newspaper — who wanted me ejected. Maybe my asking a bemused barista for details of Ivanka's coffee order was the straw that broke the camel's back? 6 The idyllic setting has hosted the Allen & Co. conference since 1983. It was once a favorite of author Ernest Hemingway, who spent his final days in Idaho before taking his own life in 1961. Getty Images Soon thereafter, a baby-faced Sun Valley apparatchik, his earpiece dangling down the front of his unironed shirt, bowled up to me and demanded that I put my name to a no-trespass order. The bizarre diktat would ban me from the Sun Valley resort for one year, he intoned. I refused to sign it — but he told me the ban would take effect, anyway. Security huffed and puffed that I had committed the grievous offense of talking to people, as well as 'walking up and down' the premises on my coffee runs to Konditorei, the Austrian-themed cafe. 6 The Sun Valley 'rules' for journalists covering the Idaho conference. James Franey/NY Post Before the constitutional know-it-alls get in touch, I understand the First Amendment does not extend to private property, which in this case has been rented out by Allen & Co, the boutique investment bank behind this conference. But I had hoped to be treated better in the birthplace of free speech, given that back home in Britain standards have been slipping of late. Advertisement Journalists who had schlepped from New York were told in no uncertain terms that if the summit's top brass did not like our coverage, that we would be booted off the premises. 6 The Post's research from Sunday on the Sun Valley Lodge wine list. James Franey/NY Post Sun Valley's head of security, a man who introduced himself only as 'Randy', gave a 'welcome speech' in which he directly cited The Post's coverage from Tuesday. He panned our 'exposé' of the Sun Valley Lodge's pricey wine list and NFL Commissioner Roger Goodell's generous tipping habits. As for this piece, Randy did not reply to The Post's multiple requests for comment. My comment: Loosen up, Randy. A $648 bottle of Louis Roederer Cristal Brut Champagne should do the trick.
Time of India
07-07-2025
- Business
- Time of India
One Jane Street does not mean Sebi will throw baby out with bathwater; wealth management stocks in, brokerage out: Ajay Srivastava
Ajay Shrivastava of Dimensions Corporate believes the Indian market will continue to grow. He says penalizing wrongdoers is important. However, overregulation could hurt growth. He suggests wealth management firms are better investments than pure brokerages. He advises investors to be cautious and buy wealth management stocks at cheaper valuations. The F&O market provides depth, and its potential is vast. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads , CEO,, says despite market misconduct concerns and the rise of algo trading, the speaker believes the Indian market will persist. Penalizing wrongdoers is crucial, but overregulation could stifle growth and depth. F&Os provide market depth, benefiting wealth management, while pure brokerages face challenges. The market's potential remains vast, and volatility is an inherent aspect to us be honest, every market in the world including the US market, had these problems of having these bad guys like Milken. At the end of the day, every market will have its bad apples. We still do not know what is going to happen legally. But we are in an era of algo trading. Like it or not, machines trade faster than humans, they decide faster than humans, they analyse faster than humans, that is the fact, the question remains that did a player become so dominant that he could influence the market and if it did and whatever comes out, he should be penalised. I do not think it is going to impact the market, barring temporarily affecting F&O volumes by and large because there are different institutions. There are 150-200 people who want to play in this market, large institutions, a couple of million individuals, HNIs, and portfolio offices. It is not that people are going to run away from issue comes back to what happens to the SEBI regulators. If they want to come down heavily on F&O trading, algo trading, sure the volumes will go down. Long term, I do not see a reason for them to do this. Let them open the market. It has given you depth in the Indian market. We have been able to trade and become a global trading destination. Why do you want to destroy it? You saw what the previous Sebi chief did was destroying volumes left, right, and centre. We need to open it up. Temporarily, yes, there could be a shortfall. But broadly speaking, F&Os give depth to the still have to rein in the bad guys, and that is a job for SEBI. But dealing with bad guys does not mean you throw the baby out of the bath water at the end of the day. Just because the plane crashed, does not mean you stop flying. Similarly, just catch the bad guy, penalise him, find the brokerages which are part of the issue and penalise them heavily, make an example of them so that no one dares to do it again. But that does not mean the market is going to die down. Market is much bigger than all of us and all of the do not worry, the party will continue and it has just started. How many people actually participate in the F&O market in this country of 1.3 billion people? It is a very-very long way to have to differentiate between brokerage stocks and wealth management stocks because some of them have become quasi brokerage and wealth managers. You would tend to invest on the side of wealth managers because that is the business which is growing and growing leaps and bound. It is going to get competitive, margins are going to go down but the volumes are growing it becomes more difficult to make money in the market, like right now, people are going to go to the professionals and park my money. The PE industry has shown globally that returns upwards of 25% per annum are a norm in the PE industry in equity is not an exception. Therefore, people who are doing wealth management will keep growing. But pure brokerages is a no-go because that is a no-way street to make money. You cannot make money in brokerages anymore. So, standalone brokerages are not going to work for you. We are not going to invest for wealth management companies, the answer is yes. But learn to live with volatility. One of the stocks you named was down almost 40% in September after the bad result and in the December quarter and since then has recovered back almost everything. Now the question is when were you the buyers? Were you buying at Rs 900, 600, 700, or did you buy at Rs 900, sell at Rs 600 and wait till Rs 900 to buy back? Wealth management companies are very interesting buys, but do not buy them at a market peak. You will get a chance to buy these companies at a much cheaper valuation. Wealth management is in, brokerage is out.
Business Insider
04-07-2025
- Business
- Business Insider
These 4 charts show where the hedge fund industry is midway through 2025
That optimism did not last long, however, as the President's tariff policies disrupted global trade and sent markets into a frenzy. Big-name managers such as Bill Ackman, Dan Loeb, and Ken Griffin, each of whom voted for Trump, were critical of the tariffs, but the administration used one of the industry's own — Treasury Secretary Scott Bessent, a former macro investor who worked for George Soros — to sell the policies at the Milken conference and on TV. Tariff negotiations are still ongoing, but the administration's 90-day pause is set to end Wednesday. Meanwhile, choppy markets and the rise of artificial intelligence renewed interest in long-short equity managers, as hedge fund backers sought investors who can pick winners and losers in the new world order. The first quarter of this year was one of the sector's best fundraising stretches in a long time. Markets have since settled down, and June was a strong month for stocks. One hedge fund founder, BoothBay's Ari Glass, told investors after the first quarter that the portfolio managers and firms his fund backs believe "it is beginning to feel like sentiment is similar to the second quarter of 2020 and we know that while history does not repeat itself, it can rhyme." While the pandemic slammed stocks in March 2020, many hedge funds had a stellar year by betting on a quick and significant recovery. Still, there's the possibility of more macro tremors shaking global markets. Trump is still pursuing his tariff agenda. He will sign his "Big Beautiful Bill," which contains about $4.5 billion in tax cuts and is estimated to add billions to federal deficits, into legislation on Friday. And the potential for a broader conflict in the Middle East has investors on edge. According to a recent report from Goldman Sachs' prime brokerage desk, the week the US bombed Iranian nuclear sites was the second-largest net selling of energy stocks by hedge funds in the last 10 years, with many American funds now shorting energy stocks. Multistrategy giants hitting their peak? The biggest hedge funds still dominate the conversation as managers like Millennium, Citadel, Point72, and Balyasny continue their long-running war over talent that has sent compensation costs skyrocketing. Many multistrategy funds, even smaller peers without the track record of the so-called big four, can only afford these payouts to coveted personnel thanks to pass-through fees, which leaves limited partners holding the bag for all the costs of running the business. A Goldman Sachs survey of multi-manager firms running a combined $300 billion from earlier this year found that 61% have changed their terms by adding either pass-through fees or "more onerous" liquidity terms. End investors have been pushing back for years and finally broke through last year, getting managers as large as Michael Gelband's ExodusPoint to agree to a cash hurdle that requires a fund to outperform Treasury bonds to earn performance fees. Another Goldman report found that close to half of allocators are now looking for managers they back to adopt hurdles. In other words, after years of explosive asset growth, multi-strategy funds might finally be plateauing. According to Nasdaq's eVestment, the sector had net outflows of $1.2 billionin the first quarter. Managers with tens of billions in assets like Citadel, Point72, and D.E. Shaw even returned capital to start the year. Other mega-funds, especially Millennium, have focused increasingly on allocating to external managers via separately managed accounts, which has warped the emerging manager space. SMAs often allow allocators more transparency and customization into a fund's operations and trading, though the independence of these new managers from their behemoth backers is in question. JPMorgan expects 58% of new launches over the next year to be SMAs, despite, as Goldman wrote, the "lines are now more blurred between platform hedge funds vs fund of hedge funds, proprietary vs external." The shift has meant seed investors feel they can push for even greater transparency into managers' books. According to law firm Seward & Kissel, close to half of those who backed new launches last year required the new funds to provide daily trading reports.
Business Insider
04-07-2025
- Business
- Business Insider
These 4 charts show where the hedge fund industry is midway through 2025
Hedge funds have had an emotionally turbulent ride in 2025, starting the year with soaring interest from big investors and optimism for the incoming Donald Trump administration. That optimism did not last long, however, as the President's tariff policies disrupted global trade and sent markets into a frenzy. Big-name managers such as Bill Ackman, Dan Loeb, and Ken Griffin, each of whom voted for Trump, were critical of the tariffs, but the administration used one of the industry's own — Treasury Secretary Scott Bessent, a former macro investor who worked for George Soros — to sell the policies at the Milken conference and on TV. Tariff negotiations are still ongoing, but the administration's 90-day pause is set to end Wednesday. Meanwhile, choppy markets and the rise of artificial intelligence renewed interest in long-short equity managers, as hedge fund backers sought investors who can pick winners and losers in the new world order. The first quarter of this year was one of the sector's best fundraising stretches in a long time. Markets have since settled down, and June was a strong month for stocks. One hedge fund founder, BoothBay's Ari Glass, told investors after the first quarter that the portfolio managers and firms his fund backs believe "it is beginning to feel like sentiment is similar to the second quarter of 2020 and we know that while history does not repeat itself, it can rhyme." While the pandemic slammed stocks in March 2020, many hedge funds had a stellar year by betting on a quick and significant recovery. Still, there's the possibility of more macro tremors shaking global markets. Trump is still pursuing his tariff agenda. He will sign his "Big Beautiful Bill," which contains about $4.5 billion in tax cuts and is estimated to add billions to federal deficits, into legislation on Friday. And the potential for a broader conflict in the Middle East has investors on edge. According to a recent report from Goldman Sachs' prime brokerage desk, the week the US bombed Iranian nuclear sites was the second-largest net selling of energy stocks by hedge funds in the last 10 years, with many American funds now shorting energy stocks. Multistrategy giants hitting their peak? The biggest hedge funds still dominate the conversation as managers like Millennium, Citadel, Point72, and Balyasny continue their long-running war over talent that has sent compensation costs skyrocketing. Many multistrategy funds, even smaller peers without the track record of the so-called big four, can only afford these payouts to coveted personnel thanks to pass-through fees, which leaves limited partners holding the bag for all the costs of running the business. A Goldman Sachs survey of multi-manager firms running a combined $300 billion from earlier this year found that 61% have changed their terms by adding either pass-through fees or "more onerous" liquidity terms. End investors have been pushing back for years and finally broke through last year, getting managers as large as Michael Gelband's ExodusPoint to agree to a cash hurdle that requires a fund to outperform Treasury bonds to earn performance fees. Another Goldman report found that close to half of allocators are now looking for managers they back to adopt hurdles. In other words, after years of explosive asset growth, multi-strategy funds might finally be plateauing. According to Nasdaq's eVestment, the sector had net outflows of $1.2 billion in the first quarter. Managers with tens of billions in assets like Citadel, Point72, and D.E. Shaw even returned capital to start the year. Other mega-funds, especially Millennium, have focused increasingly on allocating to external managers via separately managed accounts, which has warped the emerging manager space. SMAs often allow allocators more transparency and customization into a fund's operations and trading, though the independence of these new managers from their behemoth backers is in question. JPMorgan expects 58% of new launches over the next year to be SMAs, despite, as Goldman wrote, the "lines are now more blurred between platform hedge funds vs fund of hedge funds, proprietary vs external." The shift has meant seed investors feel they can push for even greater transparency into managers' books. According to law firm Seward & Kissel, close to half of those who backed new launches last year required the new funds to provide daily trading reports. Despite all the ups and downs, the average hedge fund returned 2% through May this year, according to industry data tracker PivotalPath — besting the S&P 500 through the same time period.
Yahoo
16-05-2025
- Politics
- Yahoo
Milken Educator Award winner Holly Hunter honored by Gov. Kim Reynolds
Veteran third grade teacher and 2024-25 Milken Educator Award recipient Holly Hunter has been honored by Gov. Kim Reynolds with the presentation of the award at the state Capitol. Hunter's May 13 meeting with Reynolds and Iowa Department of Education Director McKenzie Snow was another highlight to a whirlwind year that started on Jan. 16 with a surprise announcement at Davis Elementary School that she was a Milken recipient. Hunter also received a trip to the Milken Educator Awards Forum in California and $25,000 to use as she wishes. The Milken is awarded to early to mid-career educators who are "furthering excellence in education," according to the organization's January news release. Hunter is one of 48 Iowa teachers who have received the national honor, according to the Iowa Department of Education's website. Related: Adel high schooler battles brittle bone disease to graduate high school Hunter — a 2011 Grinnell High School graduate — began teaching at Davis in 2017. Her connection to the community goes so far back that her current classroom is the same room where she attended third grade. "I love my job and my biggest thing is I love building relationships," she said in an interview with the Des Moines Register. "So, relationships with my coworkers is important and being visible and helpful on committees." Her classroom relationships are her No. 1 priority. "I think winning an award like this kind of validates that what you're doing is making a difference," Hunter said. Hunter was excited to meet Reynolds during the presentation. The two chatted briefly about Hunter's experiences in the classroom and Reynolds told Hunter about her own daughter's work as a teacher. Hunter also met with several people from the Iowa Department of Education. "It was my honor to present the 2024 Iowa Milken Educator Award to Holly Hunter! Holly is a third-grade teacher at Davis Elementary," Reynolds posted on social media. "With this award, she has been recognized as one of our country's finest educators!" Related: These 28 high school graduating seniors from the Des Moines area each have a story to tell In the January news release announcing, Snow congratulated Hunter on the award and praised her work with students. 'Across Iowa, dedicated educators like Holly are ensuring every student receives evidence-based instruction that empowers them to be proficient readers by the end of third grade,' Snow said at the time. 'Holly is a leader in schoolwide Science of Reading implementation, modeling best practices that have the greatest impact on student achievement and growth." Around Davis Elementary — which is part of the Grinnell-Newburg Community School District — Hunter is known for being a member of various committees, helping with school initiatives, her overall leadership and is a "family favorite as a third grade teacher," said Principal Brian Conway. Related: What to know about Iowa's fifth-place ranking for preschool attendance "Some of the reasons that she was nominated for (the Milken) is she's been taking on leadership opportunities within our building, in our district from a young age," he said. "And she is someone who works tirelessly to build really positive relationships with her kids and her families." Samantha Hernandez covers education for the Register. Reach her at (515) 851-0982 or svhernandez@ Follow her on Twitter at @svhernandez or Facebook at This article originally appeared on Des Moines Register: Milken Award winner Holly Hunter honored by Gov. Kim Reynolds
