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Wall Street’s top-ranked stock picker reveals his ‘aha moment’
The greatest epiphany of Dennis Lynch’s career came while he was on paternity leave.
It was during that time that Lynch – who now serves as head of growth investing at Morgan Stanley Investment Management, where he is the lead manager of six funds and directly oversees $27 billion – was able to detach from many of the short-term trappings of the investment business.
Needless to say, the mental adjustment worked out well for him, considering he’s been the top-performing large-cap fund manager on Wall Street in recent years.
Oh, and you may have heard of the stock that inspired him. It was an online bookseller called Amazon, which had developed quite the stigma following the dot-com era.
The crypto party may be over
The US Justice Department has reportedly opened a criminal probe into cryptocurrency market manipulation, an issue Business Insider highlighted in a major investigation last November.
Market manipulation is nothing new: spoofing and wash trading – the forms of market manipulation the probe is focusing on – have been around for years.
But the attributes of cryptocurrency markets make them particularly susceptible to this type of fraud.
From the leaders of one historic Wall Street institution to the newly appointed chief of another: thank you.
That was the message six senior women at JPMorgan Chase had for Stacey Cunningham after she was named the first woman to run the New York Stock Exchange in its 226-year history.
Cunningham got her start in 1996 as a clerk on the floor of the exchange. She’ll succeed Thomas Farley on Friday, becoming the exchange’s 67th president.
The JPMorgan executives, five of whom sit on the firm’s operating committee and another who heads equity capital markets, sent her a hand-signed letter in appreciation of her service as a role model to younger women.
Deutsche Bank woes continue
The Deutsche Bank news just keeps getting worse. Shares in the German lender sank by as much as 5% in early trading Thursday after it confirmed it would be cutting 7,000 jobs. CEO Christian Sewing, who took over the bank in April, told staff “we must concentrate on what we truly do well.”
Sewing said the bank would cut its equities sales and trading headcount by 25% and its investment bank leverage exposure by 10%. The global headcount cut is less than the expected 10,000 reported by the Wall Street Journal on Wednesday, but still a 7% reduction.
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