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How would you like to be Bill Gross' personal financial advisor, Matt Levine asks on Bloomberg View, writing about the disclosure that more than $700 million in Gross' flagship bond fund at Janus Capital came from one Morgan Stanley office in La Jolla, Calif., where one of Gross' personal advisors works. Levine writes what's more interesting than how much of Gross' own money is in the fund, is how much isn't: "Bloomberg lists his net worth as $2.0 billion; Forbes has it at $2.3 billion. He made $290 million just in 2013. Assuming that all of the $700 million in La Jolla money was his, that's still only like 30-35 percent of his net worth that's invested in his own flagship fund."
That's Cameron on the left. | Copyright Dimitrios Kambouris, Getty Images
After finally pouring through an application the Winklevoss twins filed with the SEC on Dec. 31 to launch a bitcoin ETF, even bitcoin enthusiasts think it’s a bad idea. One section admits that there is nothing a shareholder can do if the bitcoins backing the ETF happen to disappear, whether by human error or criminal action, which is a problem bitcoin has faced repeatedly. The bitcoins won’t be insured and the investment trust won’t be held responsible, so places like Inside Bitcoins conclude that it's probably just better for people to hold their bitcoins directly, not through a third party.
First star to the right, and straight on til morning.
Asset Manager Van Eck is known for coming up with pretty creative ideas for its holiday gifts for clients, namely creating Federal Reserve-theme ties and tote bags. This year was no different, with the wares depicting an empty sailboat labeled "QE III" sailing off into the sunset with some pretty rough waves ahead in the distance. These ties seem to be gaining a cult following, according to the Wall Street Journal, and why not? Who wouldn't want a necktie of Janet Yellen riding a white dove?