Elon Musk recently overtook Microsoft co-founder, Bill Gates, for second spot on the Bloomberg Billionaires Index. Mr. Musk now trails only Amazon founder, Jeff Bezos, for richest person in the world. Elon Musk is now worth approximately US$127.9 billion. Most of his net worth has been derived from Tesla Inc., which will soon be joining the S&P 500 Index, along with PayPal Holdings Inc., which Mr. Musk co-founded. There is clearly a changing of the guard occurring on the list, with the Gates and Buffetts being replaced with more “new economy” entrepreneurs like Bezos and Musk. The question now is, who might be next?
U.S. GDP growth unchanged in Q3, according to second estimate: Real U.S. GDP up 33.1% in 3Q according to ‘second’ estimate
Core capital goods orders rise in October: U.S. core capital goods orders beat expectations in October
Digital relationships can help drive flows into asset managers: Tech means asset managers reap large inflows from advisors
Could the U.S. be headed for another recession?: Picture of U.S. economy is worrisome as virus inflicts damage
Lots of opportunities in distressed debt: After years of famine, this distressed debt pro predicts a feast
Reasons for hope
AstraZeneca and the University of Oxford find positive results in COVID-19 vaccine trials: AstraZeneca’s Oxford coronavirus vaccine is 70% effective on average, data shows, with no safety concerns
Brightening spirits with butterflies: Butterflies released at Ontario nursing home a ‘story of hope’ for seniors
Looking to cap delivery fees: Ontario government moves to cap delivery app fees in regions where indoor dining banned
Adapting your business
How the WWE has adapted to the pandemic: WWE’s tech leader, Rajan Mehta, is helping it fight the pandemic smackdown
Turning friends into clients: Three practical ways to ask friends for business
Video messaging may be here to stay: How will you be using video in your customer experience mix in 2021?
Some potential changes to the advisory business:4 advisory changes that go beyond Zoom
No reason to play it safe: Two futurists discuss why your business shouldn’t play it too safe in a pandemic
Chart of the week: Industrial profits surge in China
In October, industrial profits in China rose at their fastest pace since March 2012, surging 28.2% year-over-year. October was also the first month that year-to-date profits were ahead of the same period in 2019. Both private- and state-owned industrial companies have experienced a rise in profits in recent months, after falling substantially during the COVID-19 lockdowns. Stronger exports, along with robust local and global consumer demand, are bolstering the sector. The strength of the industrials sector has helped China avoid a technical recession thus far in 2020. Can the industrials sector now help push the Chinese economy back to being one of the fastest growers in the world? Let us know what you think.
Used with permission of Bloomberg Finance L.P.
News and notes (U.S.)
Hedge funds posted US$2.8 billion in outflows in September: Third quarter end saw hedge fund investors retreat, but industry assets still up, says BarclayHedge
What’s driving the SPAC boom: How SPACs became Wall Street’s money tree
VC fundraising sets a record in 2020: US VC fundraising hits record $69B in 2020 after a16z closes two mega-funds
How BlackRock’s purchase of Aperio Group will impact the industry: What BlackRock’s latest deal means for rivals, advisors
Mutual fund sales and performance over the past two weeks: Mutual funds scorecard: November 25 edition
News and notes (Canada)
Manulife launches new ETFs: Manulife gets smart
Accelerate to launch alternatives ETF with exposure to multiple asset classes: Accelerate to launch alternative portfolio ETF
Looking for better ESG disclosures: Pension managers call for strengthened ESG disclosure by companies
Time to start preparing for client identifier requirements: Don’t sleep on looming client ID demands, IIROC says