Gutfreund proposed playing one hand of Liar's Poker. In it, Gutfreund proposed playing one hand of Liar's Poker. The dollar remains the world’s reserve currency and is the benchmark for global trade, though its value has softened in the past year.Powell said Bitcoin bulls see it one day exceeding the combined market cap of the dollar, euro and other currencies.The dollar “is only 50 years old and it’s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,” he said.The digital currency slipped 3% in early U.S. trading on Thursday, hovering around $49,000. Workhorse's stock has lost 32.4% over the past three months through Wednesday, while Oshkosh shares have rallied 28.6% and the S&P 500 has gained 3.3%. Two important figure… I suspect it’s a bit of both.”The fund opened at $24.40. What Happened: McGlone, who previously ascribed a $50,000 plus level for the cryptocurrency, said in a March outlook report that if the Grayscale Bitcoin Trust (OTC: GBTC) closing at its steepest discount ever is an indicator, then it may “signal [Bitcoin’s] march to $100,000.” The Greyscale premium, a metric watched closely, ended February with a 2.7% discount. What happened, happened.". Gutfreund took Salomon Brothers public and earned $40 million personally, according to Liar’s Poker. “In 2020, the benchmark crypto gained legitimacy with declining volatility vs. the opposite in most assets. Gutfreund took Salomon Brothers public and earned $40 million personally, according to Liar’s Poker. The firm had cornered the market for two-year Treasuries, violating regulations. Latest Ratings for TSLA DateFirmActionFromTo Feb 2021Morgan StanleyMaintainsOverweight Feb 2021Piper SandlerMaintainsOverweight Jan 2021Deutsche BankMaintainsBuy View More Analyst Ratings for TSLA View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaAnalyst Who Predicted ,000 Bitcoin Sees Key Metric Indicating 'March To 0,000'How Square's Purchase of Jay Z's Tidal Could Popularize Blockchain© 2021 Benzinga.com. Why It Matters: The Grayscale premium is a reference to the difference between the value of the holdings of GBTC versus the market price of its holdings. GBTC closed 10.31% lower at $41.40 on Thursday. Earlier this week, Bitcoin recorded a low of $43,867 and a high of $52,535. The book captures an important period in the history of Wall Street. Equivalent European measures for both investment-grade and high-yield corporate debt rose for the third consecutive day to the highest in about a week.Sentiment soured after Powell told a Wall Street Journal webinar that the recent run-up in yields was notable, but declined to be drawn on what tools might be used if disorderly conditions or any persistent tightening in financial conditions threatened the Fed’s goals. “The first step is we have to get our carbon footprint down.”After years of rising output turned Canada into the world’s fourth-largest crude producer, expansion projects have nearly halted on the heels of two market crashes since 2014.Adding to its struggles, Canada’s oil industry is being shunned by some investors such as Norway’s $1.3 trillion wealth fund amid concern that the higher carbon emissions associated with oil sands extraction will worsen climate change. (Bloomberg) -- A firm hired to monitor Texas’ power markets says the region’s grid manager overpriced electricity over two days during last month’s energy crisis, resulting in $16 billion in overcharges.Amid the deep winter freeze that knocked nearly half of power generation offline, the Electric Reliability Council of Texas, known as Ercot, set the price of electricity at the $9,000-a-megawatt-hour maximum -- standard practice during a grid emergency. From the frat-boy camaraderie of the forty-first-floor trading room … “Ercot made an error and we don’t let errors slide.”The utility commission on Wednesday adopted a prior recommendation made by the market monitor, voting to to claw back some payments to power generators for services they never actually provided during energy crisis. Like “I have … "We will continue to follow the proper due course procedures as defined by the USPS and will also look to other options available to us." Unformatted text preview: Liar’s Poker Book Notes • John Gutfreund (chairman) seated at the head of the trading floor, holds power and influence over other traders, traders are afraid of him.Leaves his mark by the cigarette ashes. Both ETFs focus on drawing interest from many of the growthy tech stocks which are in the market's crosshairs as bond yields rise, including electric-vehicle maker Tesla Inc. . Jeffrey Gundlach, a well-known gold bull, commented earlier today that Bitcoin is up over 467% in the past 12 months while gold is down by 11% for the same period. He played the game most afternoons with Meriwether and the six young bond arbitrage traders who worked for Meriwether and was usually skinned alive. We shall see. Gutfreund, for his part, was unapologetic, Nestled in his elegant 43rd-floor office in 7 World Trade Center overlooking the Hudson River, Mr. Gutfreund initially sought to tough it out. NOW WATCH: The days of restaurant tipping are dying, The Wall Street legend made famous in 'Liar's Poker' has died — here are the most iconic scenes from the book, How I Got To Hang Out With Wilbur Ross, John Gutfreund and Larry Lindsey At Campbell's Apartment, Michael Bloomberg's ode to his old boss is a perfect example of a Wall Street that doesn't exist anymore. Bloomberg reported last month that the exchange was in talks to raise new funding, which would double the company’s valuation to more than $10 billion.“Personally, I think $10 billion is a low valuation,” Powell said. On Thursday, bonds took a leg higher after Federal Reserve Chairman Jerome Powell said he was watching the rise in rates but offered no concrete steps the central bank was taking to tamp down rate moves. “As tech continues to get better/cheaper/faster there will be new applications and maybe even something that supersedes what we know as crypto today. Some traders said Gutfreund … In it, Gutfreund proposed playing one hand of Liar's Poker. They won’t panic they will wait for real demand to come back.”Still, the impact of recent volatility is already being felt in Asia’s primary markets for raising new debt. “It’s a mind-blowing amount of money.”While prices neared the $9,000 cap on the first day of the blackouts, they soon dipped to $1,200 -- a fluctuation that the utility commission later attributed to a computer glitch. Gutfreund was the CEO of Salomon Brothers when Lewis began his career there. GameStop shares closed up 6.4% at $131.93 after earlier hitting $147.87, their highest since a surge in the heavily shorted stock late last month. Two state-owned firms in India withdrew planned rupee note sales on Thursday and at least three Japanese companies have put off yen debt offerings in recent days.In Europe, issuance remains robust for now, and notwithstanding recent bouts of turmoil, selling bonds remains cheaper than it was at the beginning of the coronavirus crisis.Companies and governments have sold over 407 billion euros ($487 billion) of bonds so far this year, the region’s fastest pace of issuance ever, according to data compiled by Bloomberg.“Issuers want to take advantage of this supportive environment provided by the central banks, before the market starts to anticipate tapering,” said James Cunniffe, director for corporate syndicate at HSBC Holdings Plc. “What Gutfreund said has become a legend at Salomon Brothers and a visceral part of its corporate identity. Vistra Corp. on Thursday submitted comments to the utility commission arguing against repricing. Instantly access learning resources for 8,950 books! Gutfreund’s late husband was the CEO of investment bank Salomon Brothers and featured as a villain in the book “Liar’s Poker.” He died in 2016. New York was not to Buffett's taste, but it suited Gutfreund down to the ground. Our chairman, John Gutfreund, left his desk at the head of the trading floor and went for a walk. As recently as Feb. 12, their average recommended exposure level stood at 88.9%, which was higher than 97.9% of all daily readings since 2000. He spent a total of 38 years at the firm. Once-“King of Wall Street” John Gutfreund’s 20-room co-op lists for $120M Late Salomon Brothers boss was featured in Michael Lewis' "Liar's Poker" It's a game that requires gamesmanship and knowledge of probabilities highly valued by the traders. EDF Renewable Energy and Just Energy are among those asking the Public Utility Commission to reset the power price for the days after the immediate emergency while others have also asked regulators to waive their obligation to pay until price disputes are resolved.“If we don’t act to stabilize things, a worst-case scenario is that people will go under,” said Carrie Bivens, the Ercot independent market monitor director at Potomac Economics. pic.twitter.com/OjMyWYU0Oa — Gary Black (@garyblack00) March 4, 2021 According to Black, if you asked 100 institutional investors in the Elon Musk-led company if they would prefer to invest $1.5 billion of excess cash in BTC or in Tesla stock, 95/100 would choose the stock. Bitcoin is up 467% over the past twelve months. What happened, happened.". Mortgage rates have risen past a psychological benchmark for the first time since they fell to historic lows during the pandemic. • John Meriwether (member on board of Salomon Inc) – one of the company’s finest bond traders. “Since reaching a low point in January, mortgage rates have risen by more than 30 basis points,” wrote Freddie Mac’s chief economist, in a release. 5 likes. Missing out on the USPS contract had sent Workhorse's stock plunging 47.5% on Feb. 23 to $16.46, and the stock has lost another 9.4% since to close Wednesday at $14.92, the lowest close since June 29, 2020. The investor acknowledged that the prospect was “unlikely” but shareholders would support such a move. Govt bonds have ~2% risk, defined as monthly volatility of returns. That year, Susan Gutfreund listed the apartment … Gutfreund “seemed able to smell money being lost” (13). Plenty of power companies at risk of defaulting on their payments have said the same. In Liar’s Poker, Lewis recounts his four-year stint at Salomon Brothers, … Earlier this week, Mark Cuban commented on some of Schiff’s most recent remarks saying, “Gold is dead Peter. "Yesterday's meeting with the USPS marked the first step in what we expect may be a prolonged process to explore our options and possibly pursue further action related to our NGDV bid," said Chief Executive Duane Hughes. MicroStrategy Incorporated (NASDAQ: MSTR) meanwhile holds 90,531 BTC, purchased at an average price of $2.171 billion, as of late February now worth about almost $4.286 billion. The VanEck Vectors Social Sentiment ETF was down 4.3% in Thursday afternoon trade, in its debut. Price Action: After a volatile week, the market-leading cryptocurrency was trading at $48,171 at the time of writing. Gutfreund challenged … All rights reserved. It's a game that requires gamesmanship and knowledge of probabilities highly valued by the traders. The book is really entertaining and at the … You can change your choices at any time by visiting Your privacy controls. The UK economy is expected to recover six months faster than expected from the pandemic, the chancellor says. At stake was $1 million. In 1984, through an improbable set of circumstances, Michael … For evidence of Gutfreund's aura, one need look at only the first scene in Michael Lewis' iconic book, "Liar's Poker." Cathie Wood's flagship ARK Invest ETF and a VanEck Vectors Social Sentiment backed by Wall Street bro Dave Portnoy are down by at least 4%. Investors who say #btc has less risk than govt bonds or gold haven’t done their research. You succeeded in getting Wall Street to buy into the mania. “Sharp reductions in the GBTC premium have often marked bottoms in Bitcoin,” wrote McGlone. He said legal and corporate advisory firms were retained to identify and pursue its options. But the market monitor is giving that opinion considerable weight and could sway regulators to let companies off the hook for some of the massive electricity charges they incurred during the crisis.The Arctic blast that crippled Texas’s grid and plunged more than 4 million homes and businesses into darkness for days has pushed many companies to the brink of insolvency and stressed the power market, which is facing a more-than $2.5 billion payment shortfall. He said: “One hand, one million dollars, no tears.” ― Michael Lewis, quote from Liar's Poker “I … Liar’s Poker is the culmination of those heady, frenzied years—a behind-the-scenes look at a unique and turbulent time in American business. What Happened: “Bubbles typically peak when rational investors capitulate,” said Schiff on Twitter, calling them the newest skeptics to “join the cult.” Congratulations to those who bought Bitcoin early, pumped up the price, and who've been dumping into the hype. “The increasing probability of [exchange-traded] funds in the U.S., on the back of launches in Canada are adding pressure to the trust price, but we see sustaining the upward trajectory as the more likely outcome.” Bitcoin traded 8.48% lower at $47,120.70 at press time. The panel, which oversees the state’s power system, ordered Ercot to manually set the price at the maximum to incentivize generators to feed more electricity into the grid during the period of supply scarcity. Jack Dorsey-led Square Inc (NASDAQ: SQ) and Tesla combined have spent over billion to buy 151,919 BTC. 249 pp. The team will soon be accepting the crypto as part of a deal with payment services provider BitPay. The 1980s “King of Wall Street” immortalized in the Michael Lewis book “Liar’s Poker” died Wednesday. (Adds Ogelman quote, Moody’s downgrade in fifth paragraph. The Nasdaq Composite was negative for the year, down 1.4%. Gutfreund turned Wall Street firm Salomon Brothers into a trading powerhouse, and stories of his time in finance have captured the imaginations of bankers and want-to-be-bankers for decades. Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. The market monitor argues that Ercot should have reset prices once rotating blackouts ended because, at the point, the emergency was over.It’s asking the commission to direct Ercot to correct the real-time price of electricity from 12 a.m. Feb. 18 to 9 a.m. Feb. 19. But gold won't ever change. Yet he’s projecting a disruptive future that would stretch the imagination of even the most ardent crypto fans.In a Bloomberg Television interview, Powell said Bitcoin could reach $1 million in the next decade, adding that supporters say it could eventually replace all of the major fiat currencies.“We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” he said.