[00:00:00] Boom, boom Boom Boom Boom Boom Boom Boom Boom Boom Boom Boom. Welcome to the John Lothian News Daily update podcast for January 4, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothian News the proud home of markets wiki and markets wiki education. We invite you to explore our extensive collect of trading history videos on the Marketsweekie education
[email protected]. This includes the open Outcry Traders History project and the path to electronic trading video series. Thank you for joining us in this podcast. We give you a rundown of what's included in today's John Lothian newsletter. We'll discuss key points from the Hits and takes section, share anecdotes from the first read section, spotlight the top three stories from the last JLN and JLN options editions, and dive into the initial three stories from today's JLN lead section. Here are the hits and takes comments from today's JLN later today, JLN will publish part one of a John Lothian profiles interview with veteran public relations professional and journalist Andy Yama, who served as head of corporate communications at the Chicago Mercantile Exchange in the 1980s and early 1990s. Yemo was there for the 1987 stock market crash and the FBI investigation and the political wrangling for the top spot at the exchange and gives us an insider's view.
[00:01:49] The video is part of our work of Marketswiki Education's history video series, where we are trying to preserve industry history. Several years ago, we started a GoFundMe campaign, which is still ongoing to support this work. In fact, our first gift of the new year came from industry veteran and author Robert Corey. Rob is the author of the popular book about internships titled how to intern successfully. Insights and actions to optimize your experience. In December, he published his second in the intern series titled Intern Management Principles for designing an exceptional internship. If you are a parent of an intern or potential intern, the first book is for you and your offspring. If you are a company or an individual looking to hire an intern, the new book is for you. Thank you to rob for his contribution to the markets wiki Education GoFundMe campaign. I encourage more contributions to support these efforts. We have a lot more work that will be released in 2024 and more yet to be captured. SEC commissioner Mark T. Yuda was sworn in for his second term on December 28, 2023. He initially started his first term on June 30, 2022, following his nomination by President Biden and Senate confirmation for a term ending in 2023. In June 2023, President Biden nominated commissioner Ayuta for a term ending until 2028, and the Senate confirmed him on December 20, 2023. Morgan Stanley executive chair James Gorman was interviewed by Bloomberg and reflected on his time as CEO of Morgan Stanley, saying, I embrace mistakes.
[00:03:57] CME Group is looking for a director of equity products in London. Bill Ackman is not satisfied after the resignation of the Harvard University president. Now he wants the entire board of the Harvard Corporation that supported former president Claudine Gay to resign because of their support, Bloomberg reports. Your Microsoft keyboards are about to change for the first time since it added the Windows start key in 1994. Microsoft Corp. Is introducing a dedicated button on the Windows keyboard to activate its AI copilot service, and the initial devices featuring this new key will be released this month, Bloomberg reported. I went to the doctor yesterday for a physical ahead of an MRI where I have to be sedated, and I asked my doctor his opinion of artificial intelligence, or AI. He said AI would be the end of civilization as we know it. He said he expected radiologists will be replaced with AI that can read x rays and other tests. He also said he would be long gone by the time this took effect. He does not hold back his honest opinions, that's for sure. My doctor's view is opposite that of Greg IPP of the Wall Street Journal, who has written a piece titled the Future is bright if you know where to look with the subheading. A burst of advances in artificial intelligence, medicine and elsewhere promise a better life down the road.
[00:05:43] My personal opinion is that AI is opening up a new information revolution parallel to that of the advent of the personal computer and the introduction of the Internet. I am optimistic about the potential of the future, but the world will change and we must adapt to that change.
[00:06:04] Our most read stories from our previous edition of JLN options were OCC reports December 2023 and total 2023 volume data from OCC.
[00:06:18] Does high implied volatility mean quick profits from Tasty live? Two Sibo indices rose more than 42% in 2023. From CboE here are more stories from the first read section of today's JLN. Here's a press release from interactive brokers. The headline Rich Repetto joins board of Interactive Brokers Interactive Brokers, an automated electronic broker, announced the appointment of Rich Repetto as an independent director of the firm effective January 1, 2024. Quote, we are pleased to announce the appointment of Rich to the board of directors following his distinguished career, where he pioneered the research of electronic brokers and exchanges, unquote, said Thomas Petterfee founder and chairman of interactive Brokers, quote Mr. Repetto's extensive knowledge and understanding of the electronic investing and trading industry brings an important perspective to the board, and we look forward to benefiting from his insights. Unquote. My comment brilliant move by interactive brokers. JLN has an interview with Rich Rapetto about his career that we will be releasing soon. Here's another story, this one from the Washington Post headline what happened to Wall Street's post? Floyd bet on black banking after raising millions, Greenwood has failed to meet some of its initial goals, but has acquired a portfolio of companies outside of the world of finance. In 2020, Paul Judge and Ryan Glover, both seasoned black entrepreneurs, started work on a plan to help solve one of America's most intractable social problems, the yawning wealth gap between white households and black and latino families. After facing decades of discrimination by banks, black and latino customers need a safe, welcoming place to put their money, they argued, as they developed a plan for launching Greenwood, a banking platform rather than a traditional bank. My comment this is not the Greenwood project, but another Wall street effort that uses the Greenwood name. JLN is working on setting up an interview with the new executive director of the Greenwood Project to give an update on the great work that organization is doing and the real progress on Wall street. Here's another story, this one from Morningstar. This best selling personal finance author says he's racked up more than $1 billion in debt. The author of Rich Dad, Poor dad said he owes more than a billion dollars, but it's not my problem, he claims. A bestselling personal finance author and entrepreneur admits that he has more than $1 billion in debt, and he doesn't think that's a bad thing. If I go bust, the bank goes bust, said rich dad, poor dad author Robert Kiyosaki in a November 30 Instagram reel. Not my problem.
[00:09:34] Quote, if you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem. J. Paul Getty here's a story from the Wall Street Journal. The headline prosecutors pursue affinity fraud cases in which scammers target their own U. S. Attorney in Brooklyn makes a push to protect close knit ethnic and religious communities.
[00:10:00] Stockbroker Mina Tedras recruited investors in his hedge fund from communities that trusted him the most, his relatives and fellow egyptian coptic Christians in Brooklyn, New York, and around the US. In his pitch, he promised annual returns of as much as 30% and claimed to use artificial intelligence to make high frequency trades. In reality, the fund was a $5 million ponzi scheme that Tadrus used to cover meals at restaurants, make car payments and shop at luxury retailers, prosecutors said when they charged him in September. My comment look at the returns of Citadel and then tell me how you're going to perform better than Ken Griffin and his crew. Here are the top three stories from Wednesday's jail. End our top story Wednesday was SBF's victory from behind bars from the lever. Second was Bill Ackman demands Harvard's board resign in 4000 word screed blasting University for racist Dei policies from the New York Post. Third was Harvard president Claudine gay resigns shortest tenure in university history from the Harvard Crimson. Here are the top three stories from the lead section of today's JLN. First, from Bloomberg, the headline the world's next big carbon capture challenge, figuring out how to use it. Skepticism about how to commercialize and use carbon capture is growing. So is the debate over how to deploy it equitably and safely. Carbon capture is having a moment. Companies such as Chevron Corp. Are building technology to capture carbon dioxide from smokestacks, while others such as Microsoft Corp. Are investing in startups working to yank the greenhouse gas out of the air directly. Governments and climate activists are pressing companies to eliminate their emissions, but there's doubt whether solar, wind and batteries can do so alone. The US in particular has focused on boosting carbon capture, thanks to the energy department investing billions of dollars in the technology and attractive tax credits in the Inflation Reduction act for project developers. A growing array of science also shows the world will need to capture carbon at a fairly vast scale in the coming decades to limit global warming to 1.5 degrees celsius.
[00:12:43] Here's another story, this one from Bloomberg. The headline american attacks in the Red Sea are reconfiguring global trade again. Another supply chain disruption is brewing. A string of recent attacks by Yemen based Huthi rebels on commercial vessels transiting the Red Sea on the Suez Canal have forced global shippers to once again shift how they transport goods. It's just the latest in a multi year string of disruptions to global supply chains. It also comes just as pandemic era supply chain stress seemed to be in the rear view mirror. So what is the geopolitical and economic impact of this latest disruption? In this episode, we speak with Craig Fuller, founder and CEO of Freight Waves, about the impact of the attacks. We also talk about the broader logistics landscape, including the rise and fall of digital freight brokerages and the 2023 bloodbath for trucking firms.
[00:13:55] Here's one more story from Bloomberg. The headline Wall Street's ambitions in China run into rising firewall one of Wall Street's biggest banks stopped briefing the head of its subsidiary in mainland China on sensitive company strategy, so the government can't eavesdrop or demand details later at nearby outposts. For other us and european banks, executives are spending tens of millions of dollars to locally house financial data and set up on site internal controls. Some units are even looking at reshaping balance sheets to stand separate from parent companies.
[00:14:40] We're grateful for your attentive viewership of the John Lo the news daily Update. Please consider spreading the word about our podcast among your friends. Moreover, if you haven't done so already, we would greatly appreciate if you could spare a moment to leave a review on Apple Podcasts or whatever platform upon which you access this podcast. Your reviews play a crucial role in introducing our content to new listeners. Also, if you haven't yet subscribed to the daily John Loathian newsletter, email, you can enjoy a complimentary 90 day trial by visiting johnlothiannews.com trial. Thank you for your support. Have a great day and stay safe and treat people the same way you want to be treated, with respect, equality and justice. This has been John Lothian goodbye. Welcome to the John Lothian News Daily Update podcast for January 4, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothian News the proud home of markets wiki and markets wiki education. We invite you to explore our extensive collection of trading history videos on the Marketsweekie education
[email protected]. This includes the Open Outcry Traders History Project and the path to electronic trading video series. Thank you for joining us in this podcast. We give you a rundown of what's included in today's John Lothian newsletter. We'll discuss key points from the Hits and Takes section, share anecdotes from the first read section, spotlight the top three stories from the last JLN and JLN options editions, and dive into the initial three stories from today's JLN lead section. Here are the hits and takes comments from today's JLN later today, JLN will publish part one of a John Lothian profiles interview with veteran public relations professional and journalist Andy Yama, who served as head of corporate communications at the Chicago Mercantile Exchange in the 1980s and early 1990s. Yemo was there for the 1987 stock market crash and the FBI investigation and the political wrangling for the top spot at the exchange and gives us an insider's view the video is part of our work of MarketsWiki Education's history video series where we are trying to preserve industry history. Several years ago, we started a GoFundMe campaign which is still ongoing to support this work. In fact, our first gift of the new year came from industry veteran and author Robert Corey. Rob is the author of the popular book about internships titled how to intern successfully. Insights and actions to optimize your experience. In December, he published his second in the intern series titled Intern Management principles for designing an exceptional internship. If you are a parent of an intern or potential intern, the first book is for you and your offspring. If you are a company or an individual looking to hire an intern, the new book is for you. Thank you to rob for his contribution to the markets wiki Education GoFundMe campaign. I encourage more contributions to support these efforts. We have a lot more work that will be released in 2024 and more yet to be captured SEC commissioner Mark T. Yuda was sworn in for his second term on December 28, 2023. He initially started his first term on June 30, 2022, following his nomination by President Biden and Senate confirmation for a term ending in 2023. In June 2023, President Biden nominated commissioner Ayuta for a term ending until 2028, and the Senate confirmed him on December 20, 2023. Morgan Stanley executive chair James Gorman was interviewed by Bloomberg and reflected on his time as CEO of Morgan Stanley, saying, I embrace mistakes.
[00:19:25] CME Group is looking for a director of equity products in London. Bill Ackman is not satisfied after the resignation of the Harvard University president. Now he wants the entire board of the Harvard Corporation that supported former president Claudine Gay to resign because of their support, Bloomberg reports. Your Microsoft keyboards are about to change for the first time since it added the Windows start key in 1994. Microsoft Corp. Is introducing a dedicated button on the Windows keyboard to activate its AI copilot service and the initial devices featuring this new key will be released this month, Bloomberg reported. I went to the doctor yesterday for a physical ahead of an MRI where I have to be sedated, and I asked my doctor his opinion of artificial intelligence, or AI. He said AI would be the end of civilization as we know it. He said he expected radiologists will be replaced with AI that can read x rays and other tests. He also said he would be long gone by the time this took effect. He does not hold back his honest opinions, that's for sure. My doctor's view is opposite that of Greg IPP of the Wall Street Journal, who has written a piece titled the Future is bright if you know where to look with the subheading. A burst of advances in artificial intelligence, medicine and elsewhere promise a better life down the road.
[00:21:11] My personal opinion is that AI is opening up a new information revolution parallel to that of the advent of the personal computer and the introduction of the Internet. I am optimistic about the potential of the future, but the world will change and we must adapt to that change.
[00:21:33] Our most read stories from our previous edition of JLN options were OCC reports December 2023 and total 2023 volume data from OCC.
[00:21:46] Does high implied volatility mean quick profits from Tasty live? Two Sibo indices rose more than 42% in 2023. From CbOE here are more stories from the first read section of today's JLN. Here's a press release from interactive brokers. The headline Rich repetto joins board of Interactive Brokers interactive Brokers, an automated electronic broker, announced the appointment of Rich Rapetto as an independent director of the firm effective January 1, 2024. Quote, we are pleased to announce the appointment of Rich to the board of directors following his distinguished career, where he pioneered the research of electronic brokers and exchanges, Unquote, said Thomas Petterfee, founder and chairman of Interactive Brokers. Quote, Mr. Repetto's extensive knowledge and understanding of the electronic investing and trading industry brings an important perspective to the board, and we look forward to benefiting from his insights. Unquote. My comment brilliant move by interactive brokers. JLN has an interview with Richard Petto about his career that we will be releasing soon. Here's another story, this one from the Washington Post headline what happened to Wall Street's post? Floyd bet on black banking after raising millions, Greenwood has failed to meet some of its initial goals, but has acquired a portfolio of companies outside of the world of finance. In 2020, Paul Judge and Ryan Glover, both seasoned black entrepreneurs, started work on a plan to help solve one of America's most intractable social problems, the yawning wealth gap between white households and black and latino families. After facing decades of discrimination by banks, black and latino customers need a safe, welcoming place to put their money, they argued, as they developed a plan for launching Greenwood, a banking platform rather than a traditional bank. My comment this is not the Greenwood project, but another Wall street effort that uses the Greenwood name. JLN is working on setting up an interview with the new executive director of the Greenwood Project to give an update on the great work that organization is doing and the real progress on Wall street. Here's another story, this one from Morningstar this bestselling personal finance author says he's racked up more than $1 billion in debt. The author of Rich dad, poor dad said he owes more than a billion dollars, but it's not my problem, he claims. A best selling personal finance author and entrepreneur admits that he has more than $1 billion in debt, and he doesn't think that's a bad thing. If I go bust, the bank goes bust, said Rich dad, poor dad author Robert Kayosaki in a November 30 Instagram reel. Not my problem.
[00:25:02] Quote, if you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem. J. Paul Getty here's a story from the Wall Street Journal. The headline prosecutors pursue affinity fraud cases in which scammers target their own U. S. Attorney in Brooklyn makes a push to protect close knit ethnic and religious communities.
[00:25:28] Stockbroker Mina Tedras recruited investors in his hedge fund from communities that trusted him the most, his relatives and fellow egyptian coptic Christians in Brooklyn, New York, and around the US. In his pitch, he promised annual returns of as much as 30% and claimed to use artificial intelligence to make high frequency trades. In reality, the fund was a $5 million Ponzi scheme that Tadras used to cover meals at restaurants, make car payments and shop at luxury retailers, prosecutors said when they charged him in September. My comment look at the returns of Citadel and then tell me how you're going to perform better than Ken Griffin and his crew. Here are the top three stories from Wednesday's JLN our top story Wednesday was SBF's victory from behind bars from the lever. Second was Bill Ackman demands Harvard's board resign in 4000 word screed blasting University for racist DEi policies from the New York Post. Third was Harvard president Claudine Gay resigns shortest tenure in university history from the Harvard Crimson. Here are the top three stories from the lead section of today's JLN. First, from Bloomberg, the headline the world's next big carbon capture challenge, figuring out how to use it. Skepticism about how to commercialize and use carbon capture is growing. So is the debate over how to deploy it equitably and safely. Carbon capture is having a moment. Companies such as Chevron Corp. Are building technology to capture carbon dioxide from smokestacks, while others such as Microsoft Corp. Are investing in startups working to yank the greenhouse gas out of the air directly. Governments and climate activists are pressing companies to eliminate their emissions, but there's doubt whether solar, wind and batteries can do so alone. The US in particular has focused on boosting carbon capture, thanks to the energy department investing billions of dollars in the technology and attractive tax credits in the Inflation Reduction act for project developers. A growing array of science also shows the world will need to capture carbon at a fairly vast scale in the coming decades to limit global warming to 1.5 degrees celsius.
[00:28:11] Here's another story, this one from Bloomberg. The headline american attacks in the Red Sea are reconfiguring global trade again. Another supply chain disruption is brewing. A string of recent attacks by Yemen based husey rebels on commercial vessels transiting the Red Sea on the Suez Canal have forced global shippers to once again shift how they transport goods. It's just the latest in a multi year string of disruptions to global supply chains. It also comes just as pandemic era supply chain stress seemed to be in the rear view mirror. So what is the geopolitical and economic impact of this latest disruption? In this episode, we speak with Craig Fuller, founder and CEO of Freight Waves, about the impact of the attacks. We also talk about the broader logistics landscape, including the rise and fall of digital freight brokerages and the 2023 bloodbath for trucking firms.
[00:29:23] Here's one more story from Bloomberg. The headline Wall Street's ambitions in China run into rising firewall one of Wall Street's biggest banks stopped briefing the head of its subsidiary in mainland China on sensitive company strategy, so the government can't eavesdrop or demand details later at nearby outposts. For other us and european banks, executives are spending tens of millions of dollars to locally house financial data and set up on site internal controls. Some units are even looking at reshaping balance sheets to stand separate from parent companies.
[00:30:08] We're grateful for your attentive viewership of the John Lo the news daily update. Please consider spreading the word about our podcast among your friends. Moreover, if you haven't done so already, we would greatly appreciate if you could spare a moment to leave a review on Apple Podcasts or whatever platform upon which you access this podcast. Your reviews play a crucial role in introducing our content to new listeners. Also, if you haven't yet subscribed to the Daily John Lo the newsletter email, you can enjoy a complimentary 90 day trial by visiting johnlowthiannews.com trial. Thank you for your support. Have a great day and stay safe and treat people the same way you want to be treated, with respect, equality and justice. This has been John Lovian. Goodbye.
