News 

Carlson Capital’s latest investor letter reveals market-lagging flagship funds, and insiders say 2 more portfolio managers have jumped ship

“Black Diamond Relative Value is up 8%, and Black Diamond Thematic has been the best out of all the funds, with a 10.24% return” writes Bradley Saacks for businessinsider.com. And the Dallas-based hedge fund manager’s two flagship multi-strategy funds — Black Diamond and Double Black Diamond — finished October up 2.5% and 1.4%, respectively, for the year so far, according to an investor letter.Meanwhile, the average hedge fund has returned more than 7% and the stock market is up double-digits.This year, Carlson Capital saw investors redeem from its stock-picking Black…

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Gold falls to three-month low as demand for haven assets wanes

“December gold GCZ19, -0.38% concluded the session off $5.80, or 0.4%, at $1,457.10, marking the lowest finish for the most-active contract since early August, according to Dow Jones Market Data” writes Mark Decambre for marketwatch.com. A recent resurgence in equity markets, notably the Dow Jones Industrial Average DJIA, +0.06% and the S&P 500 index SPX, -0.18%, have sapped demand for gold and assets perceived as havens, including Treasurys. Indeed, rising yields, which move inversely to prices, with the 10-year Treasury note TMUBMUSD10Y, +0.00% at 1.94%, can compete against gold, which…

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Crypto Futures News 

Bakkt Expands Bitcoin Custody Service Beyond Futures Trading Clients

“When it first launched, Bakkt was only able to provide custody services to clients trading its bitcoin futures contracts” reports coindesk.com. While a number of other companies are developing their own platforms for physically-settled bitcoin futures in the U.S., Bakkt has been the only one to launch so far.Intercontinental Exchange’s bitcoin subsidiary announced Monday it would provide custody services for institutional clients.CME Group, which has offered cash-settled bitcoin futures since December 2017 – meaning customers receive the fiat equivalent to the contract’s value at expiration, rather than the actual bitcoin – also announced…

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Get your estate plan in order

“Even though these whopping big exemptions probably mean that you are not currently exposed to the federal estate tax, your estate plan may still need updating to reflect the current tax rules” writes Bill Bischoff for marketwatch.com. When you die, the assets in the living trust are included in your estate for federal estate tax purposes.So, you may be exposed to the federal estate tax in the near future, even though you’re covered right now. If you pass away, your current estate plan with all its flaws, or your completely…

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News 

Huge problem facing Warren wealth tax: Evaluating billionaires

“Warren also plans to raise an additional $1 trillion for her new “Medicare for all” plan by doubling her wealth tax on the ultrarich” reports washingtonexaminer.com. To be clear, calculating the net worth of the ultrarich for the purposes of the wealth tax is inherently complicated.Larry Summers, former president of Harvard University and economic adviser to President Barack Obama, has called Warren’s estimate of wealth tax revenues “naively high.” Sanders’ wealth tax plan would raise $4.35 trillion over 10 years, economic advisers to the campaign estimate, while Warren’s plan would…

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Hillary Clinton slams Bernie Sanders’s and Elizabeth Warren’s wealth tax plans as ‘incredibly disruptive’ and ‘unworkable’

“Hillary Clinton called the wealth taxes proposed by Sens” writes Eliza Relman for businessinsider.com. Clinton said she’s “all in favor” of reinstating the estate tax, which Republican lawmakers all but eliminated in their 2017 tax law.Fewer than 2,000 Americans are expected to owe an estate tax this year.Both Warren and Sanders support an estate tax in addition to their wealth taxes. Source: businessinsider.com

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Crypto Futures News 

SFC Unlikely to Approve Crypto Futures, Issues Warning

“Unlike traditional assets, the future valuation of digital assets is hard to predict” writes Arnab Shome for financemagnates.com. Meanwhile, today, the SFC published a new framework to regulate the crypto exchanges operating within its jurisdiction.The agency also clarified that it has not licensed or authorized any entity to offer such futures contracts in Hong Kong. “Given the current risks associated with these contracts and in order to protect the investing public, the SFC would be unlikely to grant a license or authorization to carry on a business in such contracts,”…

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Egypt’s SWF capital to increase by 5-fold to EGP 1trn

“Its authorized capital is EGP 200bn and the issued capital is EGP 5bn” writes Bassant Mohammed for dailynewssegypt.com. She explained that the SWF aims to fill Egypt’s financing gap and increase the participation of the private sector.Egypt’s SWF aims to manage the state-owned assets which will be transferred to it.The government plans to increase the capital of Egypt’s Sovereign Wealth Fund(SWF) by fivefold from EGP 200bn to EGP 1trn by the end of this year and early next year, Minister of Planning and Administrative Reform Hala Al Saeed revealed on…

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News Oil 

Forexlive European FX News 5 Nov: US China trade optimism boosts risk assets

“The session started with a positive boost to risk assets on optimism regarding the US-China trade deal” reports forexlive.com. The AUDUSD broke through its large option expiry level at 0.6900 and price is contained underneath 0.6925 overhead resistance for now.GBPUSD pulled away from the large 1.2900 (1.5bln) option expiry level and then returned to it on the slightly better UK PMI data out.The AUD got a double boost with the US-China trade optimism and the RBA hinting that they may have done with easing for now (if you read between…

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