[00:00:00] Boom, boom, boom boom Boom Boom Boom Boom Boom Boom Boom. Welcome to the John Lothian News daily Update podcast for January 2, 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. Video is 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'll 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 edition, and dive into the initial three stories from today's JLN lead section. Here are the hits and takes comments from today's JLN welcome to 2024. We start the year with some job news in the industry, including Nick Rutstett and Greg Dowd. Also, the CME is looking to add someone to its corporate communications team in Chicago. Additionally, Tarana Deratti, the CEO of Vermiculus Financial Technology, wrote a 2023 retrospective from Vermiculus CEO JLN has hired an intern for a week starting January eigth. Joanna Clohesi, an Eagle Scout, member of Troop 117, G Venture crew 711, and an original member of the exploring club Flying Pigs patrol, will be working for JLN. She is exploring a career in journalism and will be headed to either University of Missouri or Indiana University to study the subject. We hope to give her some experience with all the different aspects of what JLN does, which is classified as convergence journalism. Greg Dowd shared on LinkedIn that he is starting a new position as president and CEO of the National Milk Producers Federation. Dowd is a former president of the Commodity Markets Council and served as a chief agricultural negotiator for the US Trade representative. Nick Rutstadt, the former global head of futures and derivatives clearing at Morgan Chase, announced on LinkedIn that he has landed at Tula Capital as a global asset manager specializing in global macro fixed income, relative value and inflation trading. The CME group is looking for a manager editorial communications in Chicago the Wall Street Journal has a video explaining why short sellers are targeting struggling EV companies with an introducing paragraph that says electric vehicle manufacturers like Lucid, Lordstown Motors and Faraday Future were big winners of the stock boom two years ago. Now all three companies'shares are about to hit zero. Wall Street Journal Dion Ryobin and George Downes discuss why did you enjoy some fine wine over the holidays? After reading some of the wine suggestions from this newsletter, well, now you can take your wine experience to the next level, according to an article by the Wall Street Journal's Letty Teague. The piece is titled how to become a wine snob in five exhausting steps. And the sub headline is it takes some time and effort, plus the willingness to annoy your fellow wine drinkers. But our wine columnist, a self confessed occasional snob herself, has some guidance for the truly committed.
[00:04:02] Here are more stories from the first read section of today's JLN. We have an episode of our Options Discovery series. Options Discovery episode 28 understanding market movements to make options trades Matt Amberson, principal and founder of Orts, discusses this and more with JLN's Esma Owis. In this episode of Options Discovery, Esma Owis discusses the different stages of a market cycle. This episode includes a breakdown of the four different stages of a market cycle, what tools traders can use to analyze the markets, and some potential option strategies. Esma then sits down with Matt Amberson, the founder of Options research and Technology services, and he shares more insight on different market movements. You can check out orats with the link in today's newsletter, and you can watch this video on johnlothiannews.com.
[00:05:07] Here's a story from Bloomberg the headline Nobel Prize winner cautions on rush into StEm after a rise of AI a Nobel prize winning labor market economist has cautioned younger generations against piling into studying science, technology, engineering and mathematics STEM subjects, saying as quote, empathetic and creative skills may thrive in a world dominated by artificial intelligence. Christopher Pisaridis, professor of economics at the London School of Economics, said that workers in certain it jobs risk sowing their own seeds of self destruction by advancing AI that will eventually take the same jobs in the future. Here's my comment my father recommended moderation. While I love finance, I also love journalism. So I studied and degreed in both. People in finance needed to be able to write and otherwise communicate, and people in journalism needed to be able to understand the subject they were writing about. Focusing solely on some disciplines without a grasp of the humanities can lead to a less satisfying life.
[00:06:23] Here are the top three stories from Friday's Jellen our top story Friday was Musk leads world's richest to $1.5 trillion wealth gain in 2023 from Bloomberg. Second was Abercrombie's 285% surge in 2023 beats even sizzling Nvidia, also from Bloomberg. Third was chairman Lee's Grayscale Bitcoin Trust sponsor. As investors await call on ETF from the Wall Street Journal, here are the top three stories from the lead section of today's JLN. The first stories from the Financial Times. The headline vanguard and rivals gained ground on BlackRock in US ETF market challenge to domestic leadership contrasts with continuing dominance of ishares in Europe. BlackRock's lead in the US exchange traded fund market is being eroded by vanguard and smaller rivals as firms jockey for a larger slice of the $8 trillion industry. BlackRock's ishares managed about 32% of the US ETF market as of November. That compared with 33.7% in late 2022. And it was down more than seven percentages from the end of 2018, when the $9.1 trillion asset manager controlled two out of every $5 invested in us etfs, according to data from Morningstar Direct. Here's another story from the Financial Times. The headline us office owners face $117,000,000,000 wall of debt repayments pain likely to be widely spread as landlords struggle to refinance at current interest rates billions of dollars of debt will fall due this year on hundreds of us office buildings that their owners are likely to struggle to refinance at current interest rates. There are $117,000,000,000 of commercial mortgages tied to offices which either need to be repaid or refinanced in 2024, according to data from the Mortgage Bankers association. Many of those were taken out a decade ago, in an era when interest rates were far lower. Since then, commercial mortgage rates have nearly doubled, while the performance of many buildings has sunk, raising the prospect of billions of dollars of losses for investors. Here's another story, this one from the Financial Times as well. The headline stampede into money market funds sparks fee bonanza for asset managers Fidelity Vanguard and Charles Schwab, among groups reaping the benefit of more than $1 trillion of inflows.
[00:09:14] Record inflows of us money market funds in 2023 have triggered a multibillion dollar fee bonanza for the asset management industry, which for years treated the product as a loss leader. Us money market fund providers such as Fidelity, Vanguard and Charles Schwab collectively earned $7.6 billion in fees in 2023 as assets passed $6.3 trillion, according to government figures. We're grateful for your attentive viewership of the John Lothian 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 on which you access this podcast. Your reviews play a crucial role in introducing our content to new listeners. Also, if you haven't subscribed to the daily John Lothian newsletter, email yet, you can enjoy a complimentary 90 day trial by visiting johnlothiannews.com trial. Thank you for your valued 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. This podcast has been produced by Andrew Lothian. Welcome to the John Lothian News Daily Update podcast for January 2, 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 MarketsWiki 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'll give you a rundown of what's included in today's John Lovia 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 edition, and dive into the initial three stories from today's JLN lead section. Here are the hits and takes comments from today's JLN welcome to 2024. We start the year with some job news in the industry, including Nick Rutstat and Greg Dowd. Also, the CME is looking to add someone to its corporate communications team in Chicago. Additionally, Tarana Deratti, the CEO of Vermiculus Financial Technology, wrote a 2023 retrospective from Vermiculus CEO JLN has hired an intern for a week starting January eigth. Joanna Clohesi, an Eagle Scout member of Troop 117 G Venture crew 711, and an original member of the exploring club Flying Pigs patrol, will be working for JLN. She is exploring a career in journalism and will be headed to either University of Missouri or Indiana University to study the subject. We hope to give her some experience with all the different aspects of what JLN does, which is classified as convergence journalism. Greg Dowd shared on LinkedIn that he is starting a new position as president and CEO of the National Milk Producers Federation. Dowd is a former president of the Commodity Markets Council and served as a chief agricultural negotiator for the US trade representative Nick Rutstadt, the former global head of futures and derivatives clearing at Morgan Chase, announced on LinkedIn that he has landed at Tula Capital as a global asset manager specializing in global macro fixed income, relative value and inflation trading. The CME Group is looking for a manager. Editorial Communications in Chicago, the Wall Street Journal has a video explaining why short sellers are targeting struggling EV companies, with an introducing paragraph that says electric vehicle manufacturers like Lucid Lordstown Motors and Faraday Future were big winners of the stock boom two years ago. Now all three companies'shares. Are about to hit zero. Wall Street Journal's Dion Ryobin and George Downes discuss why did you enjoy some fine wine over the holidays? After reading some of the wine suggestions from this newsletter, well, now you can take your wine experience to the next level, according to an article by the Wall Street Journal's Letty Teague. The piece is titled how to become a wine snob in five exhausting steps, and the sub headline is it takes some time and effort, plus the willingness to annoy your fellow wine drinkers. But our wine columnist, a self confessed occasional snob herself, has some guidance for the truly committed.
[00:14:34] Here are more stories from the first read section of today's JLN. We have an episode of our Options Discovery series Options Discovery episode 28 understanding market movements to make options trades. Matt Amberson, principal and founder of Orts, discusses this and more with JLN's Esma Awis. In this episode of Options Discovery, Esma Awis discusses the different stages of a market cycle. This episode includes a breakdown of the four different stages of a market cycle, what tools traders can use to analyze the markets, and some potential option strategies. Esma then sits down with Matt Amberson, the founder of Options research and technology services, and he shares more insight on different market movements. You can check out orats with the link in today's newsletter, and you can watch this video on johnlothiannews.com.
[00:15:38] Here's a story from Bloomberg the headline Nobel Prize winner cautions on rush into STEM after a rise of AI a Nobel Prize winning labor market economist has cautioned younger generations against piling into studying science, technology, engineering and mathematics STEM subjects, saying, as, quote, empathetic and creative skills may thrive in a world dominated by artificial intelligence. Christopher Pisaridis, professor of economics at the London School of Economics, said that workers in certain IT jobs risk sowing their own seeds of self destruction by advancing AI that will eventually take the same jobs in the future. Here's my comment my father recommended moderation while I love finance, I also love journalism. So I studied and degreed in both. People in finance needed to be able to write and otherwise communicate, and people in journalism needed to be able to understand the subject they were writing about. Focusing solely on some disciplines without a grasp of the humanities can lead to a less satisfying life.
[00:16:54] Here are the top three stories from Friday's Jellen our top story Friday was Musk leads world's richest to $1.5 trillion wealth gain in 2023 from Bloomberg. Second was Abercrombie's 285% surge in 2023 beats even sizzling Nvidia, also from Bloomberg. Third was chairman Lee's Grayscale bitcoin Trust sponsor. As investors await call on ETF from the Wall Street Journal, here are the top three stories from the lead section of today's JLN. The first stories from the Financial Times the headline Vanguard and rivals gain ground on Blackrock in US ETF market challenge to domestic leadership contrasts with continuing dominance of ishares in Europe. BlackRock's lead in the US exchange traded fund market is being eroded by Vanguard and smaller rivals as firms jockey for a larger slice of the $8 trillion industry. BlackRock's ishares managed about 32% of the US ETF market as of November, that compared with 33.7% in late 2022. And it was down more than seven percentages from the end of 2018, when the $9.1 trillion asset manager controlled two out of every $5 invested in US etfs, according to data from Morningstar Direct. Here's another story from the Financial Times. The headline us office owners face $117,000,000,000 wall of debt repayments pain likely to be widely spread as landlords struggle to refinance at current interest rates. Billions of dollars of debt will fall due this year on hundreds of us office buildings that their owners are likely to struggle to refinance at current interest rates. There are $117,000,000,000 of commercial mortgages tied to offices, which either need to be repaid or refinanced in 2024, according to data from the Mortgage Bankers association. Many of those were taken out a decade ago in an era when interest rates were far lower. Since then, commercial mortgage rates have nearly doubled, while the performance of many buildings has sunk, raising the prospect of billions of dollars of losses for investors. Here's another story, this one from the Financial Times as well. The headline stampede into money market funds sparks fee bonanza for asset managers Fidelity Vanguard and Charles Schwab, among groups reaping the benefit of more than $1 trillion of inflows.
[00:19:45] Record inflows of us money market funds in 2023 have triggered a multibillion dollar fee bonanza for the asset management industry, which for years treated the product as a loss leader. Us money market fund providers such as Fidelity, Vanguard and Charles Schwab collectively earned $7.6 billion in fees in 2023 as assets passed $6.3 trillion, according to government figures. We're grateful for your attentive viewership of the John Lothian 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 on which you access this podcast. Your reviews play a crucial role in introducing our content to new listeners. Also, if you haven't subscribed to the Daily John Lothian newsletter, email yet, you can enjoy a complimentary 90 day trial by visiting johnlothiannews.com trial. Thank you for your valued 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. This podcast has been produced by Andrew Lothian.
