Ian Gutterman

Broncos at 14-1 to win the Super Bowl is a fat pitch. Not suggesting they should be the favorite but they have as good a shot as anyone of being the 1 seed and the Bills, Chiefs, and Ravens are all flawed. Mathematically, that 1 seed is a huge odds booster.

Broncos at 14-1 to win the Super Bowl is a fat pitch. Not suggesting they should be the favorite but they have as good a shot as anyone of being the 1 seed and the Bills, Chiefs, and Ravens are all flawed. Mathematically, that 1 seed is a huge odds booster.

I see a lot of people reacting to State Farm’s decision to stop writing new home insurance in California. But there seems to be a lot of confusion about their motives. The last thing State Farm wants to do is give up business. Here’s why State Farm felt they had to act. 1/12

"Hedge Funds Are Pocketing Much of Their Clients’ Gains With ‘No Limit’ Fees" "In 2023, the main hedge fund at billionaire Dmitry Balyasny’s eponymous firm notched a gross return of 15.2%. Investors walked away with a gain of just 2.8%. The rest they paid in fees — more than $768 million — mainly for compensation but also a wide variety of other costs down to mobile-phone service. That parceling out of costs is one of the most coveted perks of running a multistrategy hedge fund. Investors are so eager to pony up money that they effectively write a blank check, agreeing to cover just about any expense managers deem reasonable, in good times and bad. The term for that: Passthrough fees.... Multistrats — known for their trading “pods” that chase profits in all kinds of markets — say they need that freedom to compete for talent, invest in cutting-edge technologies and stay nimble as markets evolve. Prominent firms with the fee structure include Millennium Management, Citadel, Point72 Asset Management, Balyasny Asset Management and ExodusPoint Capital Management. Those five alone manage more than $200 billion.... ...Last week, Citadel filed a bond prospectus, obtained by Bloomberg, with pages of details on costs it charges. They include technology and travel “of all forms,” such as booking or leasing a private jet. Investors can also foot bills for employee gifts, entertainment for employee gatherings, as well as snacks, drinks and “other nourishment,” the document shows. From the start of 2022 and through last September, Citadel’s three biggest funds racked up almost $12.5 billion of passthrough fees, with more than $11 billion paying for employee compensation and benefits...."