Hedge fund carnage — Don't move just yet — Eleven Madison Park chaos

 
Subscribe to Insider View in browser
 
 
 
INSIDER WEEKLY
 
 
 
 

Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories. Happy Father's Day to those who celebrate. 


On the agenda today:

But first: Today is also Juneteenth, a federal holiday that commemorates the freedom of enslaved African Americans in the US. We'll begin by sharing some important reads.


Subscribe to Insider for access to all our investigations and features. New to the newsletter? Sign up here.  Download our app for news on the go – click here for iOS and here for Android.


Honoring Juneteenth

Juneteenth Celebrations in the United States

Last year, the US federal government officially recognized Juneteenth as a federal holiday. Many employers — including Insider — observe the day as well. And so, in honor of Juneteenth, here are three vital stories to read:

With that, let's look at this week's top stories.​​


'Shit show' at NYC's best restaurant

Daniel Humm

Eleven Madison Park in Manhattan had been named the best restaurant in the world in 2017 and counted the rich and powerful as fans. But in 2021, chef Daniel Humm reopened the restaurant as meat-free — and insiders say it's been a "shit show" ever since.

One former staffer told us that while Humm — who dated Laurene Powell Jobs — describes the restaurant as farm to table, it's actually "farm to trash." Another recalled Chipotle founder Steve Ellis being "insulted" that staffers had to refuse a $1,000 tip. Others spoke of Humm dancing around the kitchen and lighting up a joint with Woody Harrelson.

Read the full story here:


Who is Entrata CEO Dave Bateman?

Excerpts from some of Dave Bateman's posts on social media.

For many, the proptech founder only came into view this spring when he was ousted from the company for emailing antisemitic conspiracy theories to some of Utah's biggest politicos and tech leaders. 

But others, including people who have worked with him, say Bateman was a hard-partying CEO who thought he was too big to be stopped. Insider spoke with former Entrata employees who described his erratic behavior as an open secret — and one that no one did anything to address.

Read the full story here:


Don't move just yet…

Remote cities

The future of remote work is now — and many Americans could soon work from cities that don't exist yet: WFH-ers may soon see a flourishing of "Remotevilles" created just for them. 

These "experiments'' will be on the fringe of metropolitan hubs and could have cheaper housing, better schools, and smarter government. So don't move just yet.

Read the full story here:


How the bubble in the index-rebalance trade popped 

Building collapsing

Betting on the annual rebalancing of stock indexes has been easy money in recent years for many hedge funds, including Ken Griffin's Citadel and Steven Cohen's Point72. The stocks that are widely expected to be added to an index typically climb, while those being cast out, fall.  

But a volatile stock market has turned that trade on its head, causing some portfolio managers to face steep losses. For example, the nearly 300 stocks expected to join the Russell 3000 Index later this month tumbled a combined 58% over the first two weeks of June. Alex Morrell explains what went wrong with this popular arbitrage strategy.

Read the full story here:


This week's quote:

Elon Musk looks at his phone with a display of a space capsule entering orbit behind him.

"I'll stop trolling people about aliens because people really think — I've seen no actual evidence for aliens. I get asked that a lot and I'd think I'd know and I've not seen anything. Yet." 


More of this week's top reads:


Plus: Keep updated with the latest business news throughout the week by checking out The Refresh from Insider, a dynamic audio-news brief from the Insider newsroom. Listen here tomorrow.


Curated by Matt Turner. Edited by Lisa Ryan, Sarah Belle Lin, and Jordan Parker Erb. Sign up for more Insider newsletters here.

 
 
 
Download on the app store   Get it on google play

Commentaires

Posts les plus consultés de ce blog

Chris Ramsey can take the heat, but what would relegation for QPR mean for black managers in the Premier League?

The Best Specialty Burgers On Earth, Power Ranked.