News 

The first no-fee ETF is coming next year, and it could come from one of these 4 firms

“A free fund could help State Street recoup some of its recent market share losses to iShares and Vanguard, Rosenbluth said” writes Meghan Morris for businessinsider.com. “We think the attention and asset flows that would come with the first zero-fee ETF could help to further catapult JPMorgan, now just outside of the top 10, into the top 5 of ETF asset managers and knock an incumbent back,” Rosenbluth said. Source: businessinsider.com Share This:

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Crypto News 

Blythe Masters Steps Down as CEO of Digital Asset

“Per the announcement, Masters has requested to leave for personal reasons after three years of serving at the company” writes Ana Alexandre for cointelegraph.com. Blythe Masters, the CEO of Digital Asset, a tech company that builds products on distributed ledger technology (DLT), has stepped down, according to an announcement published Dec. 18. Source: cointelegraph.com Share This:

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Exclusive: China Development Bank supervising HNA asset sales – sources

“HNA is planning to shed assets and retain only Hainan Airlines and its logistics business, three of the people said” writes Midwest Communications Inc for 95kqds.com. HNA is also in talks to bring in new investors as controlling shareholders in its smaller regional airlines in China, the people said. Source: 95kqds.com Share This:

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Facing big loss, Swiss asset manager GAM cuts staff, dividend 

“The group revised its dividend policy for 2019 and beyond to target a minimum payout of half of underlying net profits” writes Didier Marti for cnbc.com. Swiss asset manager GAM Holding AG will cut staff by a tenth and omit a 2018 dividend, it said on Thursday, forecasting a 2018 net loss of around 925 million Swiss francs ($931 million) as it shakes up its embattled business.GAM assets had suffered a 17.7 billion franc hit in the third quarter due to slumping markets. Source: cnbc.com Share This:

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Markets News 

JPMorgan’s bond market awards for 2018

“Bond market vol (MOVE) has spiked from 45 to 60” writes J P for businessinsider.com. After trading around 10 most of 2017, the VIX (equity market vol) has been spending 18Q4 between 20-25.In an era of QE, ZIRP/NIRP (zero interest rate policy/negative interest rate policy) and rampant asset price inflation – cash was truly trash.As the Federal Reserve was scrambling to raise rates and run down its balance sheet, Italian debt was enjoying its own mini Renaissance. Source: businessinsider.com Share This:

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Haley says Trump’s unpredictability was an asset in UN diplomacy

“The former governor of South Carolina also defended her successor, current State Department spokeswoman Heather Nauert, who has been criticized by some for her relative lack of foreign policy experience” writes Caitlin Oprysko for politico.com. President Donald Trump’s unpredictability may rattle his advisers and other world leaders, but to outgoing U.S. Ambassador to the United Nations Nikki Haley, the president’s mercurial nature has often been an asset. “If I need to pick up the phone and say this is what I’m gonna to do, are you good with this?.  Source:…

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Research: When Overconfidence Is an Asset, and When It’s a Liability

“Much of the research on overconfidence looks at verbal expressions of overconfidence, because these can more clearly be compared to actual performance and outcomes” reports hbr.org. In a series of studies, researchers found that overconfidence hurt one’s reputation — but only if the person expressed confidence verbally.But those who expressed confidence nonverbally  (with a higher level of plausible deniability) did not lose all of their initial advantage.The advisors expressed confidence or cautiousness about their decisions on a recorded video, with varying levels of plausible deniability.Why might the channel of communication…

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Rand Paul undecided on Trump’s attorney general pick, cites ‘disturbing’ views on surveillance, civil asset forfeiture

“Paul told NBC News he hasn’t made a decision yet on William Barr, in part because of his past positions on Patriot Act surveillance and civil asset forfeiture” reports washingtonexaminer.com. “I’m disturbed that he’s been a big fan of taking people’s property, civil asset forfeiture, without a conviction.It’s a terrible thing called civil asset forfeiture and he’s a big fan of that.”.  Source: washingtonexaminer.com Share This:

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US SEC Fines Delaware-Based Digital Asset Fund and Issues Cease and Desist Order

“Delaware-registered CoinAlpha Advisors LLC was reportedly established in July 2017 to act as the managing member of and manager to fund CoinAlpha Falcon LP, which was formed in October 2017” writes Ana Alexandre for cointelegraph.com. The United States Securities and Exchange Commission (SEC) has issued a cease and desist order against CoinAlpha Advisors LLC in addition to ordering a $50,000 penalty, according to a filing published Dec. 7.Now, CoinAlpha Advisors reportedly has to pay a civil money penalty in the amount of $50,000 within ten days of entry of the…

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