Aug 15

Today’s News 15th August 2018

  • Mapping The World's Most (And Least) Livable Cities

    If you want to move to the world’s most liveable city, pack your bags and book a flight to Vienna.

    The Economist assessed 140 major cities worldwide on stability, healthcare, culture and environment, education, and infrastructure, declaring the Austrian capital the most liveable city for the first time. Australia’s second most populous city, Melbourne, scored 98.4 out of 100. Osaka, Japan, came third with Calgary and Sydney rounding off the top five.

    Infographic: The World's Most Liveable Cities | Statista

    You will find more infographics at Statista

    In total, three Canadian and three Australian cities made the top-10 list.

    Interestingly, U.S. cities are notably absent from the top of The Economist’s ranking with Copenhagen the only other European city this year besides Vienna.

    However, as Statista’s Niall McCarthy notes, even though people living in Damascus are daring to hope that their country’s long and bloody civil war might be drawing to a close, the Syrian capital is at the opposite end of the ranking. It scored just 30.7 out of 100 where 100 is ideal.

    Infographic: The World's Least Liveable Cities | Statista

    You will find more infographics at Statista

    Dhaka, Bangladesh and Lagos, Nigeria, rounded off the bottom three with scores of 38.0 and 38.5 respectively.

    While most of the bottom-10 are scattered across Africa and the Middle East, Karachi in Pakistan and Port Moresby in Papua New Guinea were among the bottom-ranked cities.

  • It's Official: "Britain's Democracy Now At Risk"

    Authored by Jessica Garland via TruePublica.org.uk,

    Electoral Reform Society: It’s not just campaigners saying it any more: democracy is officially at risk, according to parliament’s own digital, culture, media and sport committee.

    Britain’s main campaign rules were drawn up in the late 1990s, before social media and online campaigning really existed. This has left the door wide open to disinformation, dodgy donations and foreign interference in elections.

    There is a real need to close the loopholes when it comes to the online Wild West.

    Yet in this year’s elections, it was legitimate voters who were asked to identify themselves, not those funnelling millions into political campaigns through trusts, or those spreading fake news.

    The government trialled mandatory voter ID in five council areas in May. In these five pilot areas alone about 350 people were turned away from polling stations for not having their papers with them – and they didn’t return.

    In other words, they were denied their vote.

    Yet last year, out of more than 45 million votes cast across the country, there were just 28 allegations of personation (pretending to be someone else at the polling station), the type of fraud voter ID is meant to tackle.

    Despite the loss of 350 votes, the pilots were branded a success by the government.

    Yet the 28 allegations of fraud (and just one conviction) are considered such a dire threat that the government is willing to risk disenfranchising many more legitimate voters to try to address it.

    The numbers simply don’t add up.

    Indeed, the fact-checking website FullFact noted that in the Gosport pilot, 0.4 per cent of voters did not vote because of ID issues. That’s a greater percentage than the winning margin in at least 14 constituencies in the last election. Putting up barriers to democratic engagement can have a big impact. In fact, it can swing an election.

    In the run-up to the pilots, the Electoral Reform Society and other campaigners warned that the policy risked disenfranchising the most marginalised groups in society.

    The Windrush scandal highlights exactly the sort of problems that introducing stricter forms of identity could cause: millions of people lack the required documentation. It’s one of the reasons why organisations such as the Runnymede Trust are concerned about these plans.

    The Electoral Commission has now published a report on the ID trials, which concludes that “there is not yet enough evidence to fully address concerns” on this front.

    The small number of pilots, and a lack of diversity, meant that sample sizes were too small to conclude anything about how the scheme would affect various demographic groups. Nor can the pilots tell us about the likely impact of voter ID in a general election, where the strain on polling staff would be far greater and a much broader cross-section of electors turns out to vote.

    The Electoral Reform Society, alongside 22 organisations, campaigners and academics, has now called on the constitution minister to halt moves to impose this policy. The signatories span a huge cross-section of society, including representatives of groups that could be disproportionately impacted by voter ID, from Age UK to Liberty and from the British Youth Council to the Salvation Army and the LGBT Foundation.

    Voters know what our democratic priorities should be: ensuring that elections are free from the influence of big donors. Having a secure electoral register. Providing balanced media coverage. Transparency online.

    We may be little wiser as a result of the government’s voter ID trials. Yet we do know where the real dangers lie in our politics.

  • Even China Has A Higher Proportion Of Women Politicians Than America

    As primary elections in the United States closed last Tuesday and the results trickled in on Wednesday, a clear pattern emerged from the ballot box: women winning. As Statista’s Sarah Feldman notes, the pink wave saw female candidates clean up many primary wins, putting them on track to enter positions of power in various levels of government.

    While Wednesday’s results were historic for the United States, many countries are light-years ahead of the US when it comes to women holding seats in the legislature.

    Infographic: Where Do Women Hold Political Office? | Statista

    You will find more infographics at Statista

    Rwanda, where most legislators are women, has three times as many women in government as the United states.

    Over the past two decades, women have entered government at increasing rates, with this uptick partially fueled by legislative or voluntary gender quotas for political parties and parliaments.

    America, however, still has relatively fewer women politicians than communist China but – luckily for the land of the free – has a greater proportion than Russia.

    So many waves – red, blue, pink, or red ink…

  • The End Of The US Unipolar Moment Is Irreversible

    Authored by Federico Pieraccini via The Strategic Culture Foundation,

    The past weeks have shown how part of the American establishment is weighing the pros and cons of the Trump administration’s strategies around the world. I have a strong feeling that in the coming weeks we will see the destabilizing effects of American politics, especially towards its closest allies.

    A disastrous flip of events appears to be on its way, in case Trump were to lose the November midterm elections (the House and Senate elections). If this were to happen, the Trump administration would probably exploit the Russia gate conspiracy claiming that Moscow had now acted in favour of Democrats. Trump could argue that Moscow was disappointed by the lack of progress in softening US sanctions against Russia; indeed, by Trump’s measures against Russia (expulsions, sanctions, property seizures) and its allies (China, Iran and Syria).

    Trump would not hesitate to claim Russian interference in the midterms to aid the Democrats, citing intelligence reports. He would say that Russia aims to create chaos in the US by placing roadblocks in the way of attempts to “Make America Great Again” and handing the House and Senate to the Democrats. He would use the electoral defeat to blame his accusers of getting aid from Russia. In doing so, he would be accelerating the implosion of his administration in an all-out war with the establishment. The mainstream media would dismiss Trump’s accusations against the Democrats of collusion with Russia as a conspiracy theory of an unravelling presidency. All this, summed up, would lead to the Democrats having majority in both houses, easily proceeding to the impeachment of Trump.

    *  *  *

    Italy is piggybacking on the US, operating side by side with Washington to expand its role in North Africa, especially in Libya. However, Rome will have to offer something in return to please Trump. Evidence points to the Trans Adriatic Pipeline (TAP) as the quid pro quo, the US encouraging Italy to complete it in order to put pressure on Germany’s North Stream II project and undermine Russian gas deliveries to the EU. I have the impression that the only card available for Italy to play (and which interests Trump) is an endorsement of Washington’s positions on Iran, given that Italy already shares in common with Washington differences with Paris and Berlin on many issues. In this sense, Conte’s words about US intelligence info on the JCPOA paves the way for further decisions:

    “”I didn’t take a specific stand. I said we are willing to evaluate the necessity to take more rigorous stances if the (nuclear) accord is shown to be ineffective. We are waiting to have elements of intelligence, Italy would like to evaluate it with its EU partners”

    As evidence of Washington’s failed strategy towards Iran, India continues to buy crude oil from Iran, increasing the amount in the last month by 52%. China is also increasing its importation from Iran. Meanwhile, Iran is working with other countries to circumvent the US dollar in order to sustain their mutual trade within a new framework of agreements. Washington is especially disappointment with New Delhi, with American officials continuing to reiterate that India’s intentions align with Washington’s. Since November, with the imposition of counter-sanctions on countries that continue to work with Iran, Washington’s bluff will become evident to everybody, much to the disappointment of the Trump administration.

    In the meantime, relations between Canada and Saudi Arabia have almost completely broken down on account of human rights. Ambassadors have been expelled and there is a continuing war of words, with trade between the two countries being brought to a stop. This is the latest example of the divisions manifesting themselves within the Western elites, with Israel, Saudi Arabia and the Trump administration being in opposition to the likes of France, Germany and Canada.

    What is also clear is that the issue of energy is central to Washington’s strategy. Between criticism of the German Nord Stream II and invitations to Italy to finish the Trans Adriatic Pipeline, it is clear that both the Trump administration and the policy makers of the deep state are strongly concerned about what actions allies and enemies could take to overcome the pressure brought to bear by Washington on the issues of energy, Iran, and sanctions. This shows that the US is very fearful of de-dollarization, especially coming from its allies.

    Bypassing sanctions with currencies other than US dollar, or creating creative finance structures that bypass the SWIFT payment system, are the only means of maintaining relations between countries in spite of Washington’s sanctions. The US strategy is limited in the short term and certainly harmful in the long term for US Dollar financial hegemony.

    That Washington’s allies are even entertaining such possibilities places US financial hegemony at great risk in the long run. This worries the American deep state a great deal, even without Trump, who in any case will not be in charge past 2024 (should he be re-elected in 2020).

    One of the points of greatest tension is precisely this strategic difference between the Trump administration and the policy makers in the deep state (AKA Langley and Foggy Bottom). While the former can increase the pressure on allies (through NATO, the JCPOA, TTIP and TPP) to obtain immediate solutions and benefits, the latter must above all consider the effects in the medium and long term, which are often harmful for US interests. The imposition of sanctions on Iran, and the obligation of European allies to comply with this directive, is a prime example.

    Another of Washington’s strategies revolves around the price of oil. The United States would have no problem seeing the price of crude oil skyrocket. Secretly, many in the administration hope that Iran will take the first false step by closing the Strait of Hormuz (Teheran will not make this move as things stand now); some even hope that the crisis between Canada and Saudi Arabia will have some impact on the cost of crude oil.

    Even trade war and tariffs should be seen as part of Trump’s short-term strategy to demonstrate to his base that something is being done against countries that he thinks are taking advantage of the United States. In reality, Trump knows, or should know, that there is no way of stopping China’s growth, a result of globalization that has been the engine of free-market capitalism, making the western elite richer than ever before. Trump deceives his base with trade wars and tariffs, but in the long run the costs will be borne by American consumers, many of whom are Trump’s voters.

    Trump thinks in the very short term, constantly aiming to present himself before his electors with a list of ticked boxes ( Peter Lavelle of Crosstalk gets trademark of this definition), confirming that he is fulfilling his electoral promises. In this way he hopes to win the midterms in November. To succeed in this endeavor, the economy must pick up to a gallop (for now this is happening thanks to a series of tax cuts and the continuous pumping of easy money from the Fed) and he must put pressure on his allies as well as aggressively confront Iran, Russia and China through sanctions, cutting energy supplies and forcing Tehran to negotiate once again the nuclear agreement.

    What many analysts struggle with when trying to analyse Donald Trump is that there is no overarching strategy uniting his actions into a coherent policy. Trump acts extemporaneously, often with a very short strategic outlook and for internal political motivations.

    Nevertheless, if there is something that worries the deep state, it is the long-term impact of tariffs, trade war, sanctions and impositions on allies; or, to put it most simply, de-dollarization. If there is anything that scares the Trump administration, it is remaining entangled in a destabilizing war with Iran that would lead to the early end of the Trump presidency and destroying its legacy, as Bush’s legacy was destroyed by Iraq.

    In all this uncoordinated and inconsistent behaviour, there is the hope of a major rise in the price of oil that would help slow down China’s growth and transform the US shale-gas industry into an ultra-profitable business, further boosting the US economy and allowing Trump to present further evidence to his base of his ability to improve their lives.

    The United States is in the terminal phase of its unipolar moment and is struggling to come to terms with the downsizing of its role in the world. Its ruling elite cannot accept the prospect of sharing power, preferring to oppose by all means possible the transition to a world order involving more powers. If this situation is already complex for any superpower enough to manage, a president has been elected who has little regard for compromise and mediation.

    Ultimately, in addition to an obvious problem in defining Washington’s role in the world over the next few years, the United States finds itself with a president who is in almost open warfare with an important part of the US establishment. The deep state is still living on the hope of impeaching Trump to halt the loss of US influence, deluding themselves that things can return to how they were at the height of the unipolar moment in the 1990s.

  • Lockheed Martin Awarded Second Contract Worth $480mn For Hypersonic Missile Weapons

    The U.S. Air Force has awarded a second contract not to exceed $480 million to Lockheed Martin Missiles & Fire Control to develop a hypersonic weapon prototype that would travel five times faster than the speed of sound to overcome Russian and Chinese missile defense systems.

    The contract will cover the critical design review, test, and production readiness support for the Air-Launched Rapid Response Weapon (ARRW), according to a US Air Force statement.

    “We are going to go fast and leverage the best technology available to get hypersonic capability to the warfighter as soon as possible,” said Secretary of the Air Force Heather A. Wilson.

    The AARW program now consists of two hypersonic weapon prototyping efforts administered by the Air Force to expedite hypersonic research and development. Lockheed was awarded the first $929 million contract back on April 18, which was for the design and manufacture of the Hypersonic Conventional Strike Weapon (HCSW), a new air-launched weapon system.

    Officials from the Defense Department, Missile Defense Agency, Air Force, Navy, and Army signed a memorandum June 28 to work jointly on the development of “hypersonic boost-glide” technology, the release said.

    “The Joint Team requires the right mix of agile capabilities to compete, deter and win across the spectrum of competition and conflict,” said Air Force Chief of Staff Gen. David L. Goldfein. “We must push the boundaries of technology and own the high ground in this era of great power competition and beyond.”

    “The ARRW effort is ‘pushing the art-of-the-possible’ by leveraging the technical base established by the Air Force/[Defense Advanced Research Projects Agency] partnership,” the release said. “The HCSW effort is using mature technologies that have not been integrated for an air-launched delivery system.”

    The Air Force said the second contract remains as an undefinitized contract to allow Lockheed to begin work immediately. The final price and negotiated terms will be agreed upon later this year, it said.

    The second contract indicates that Pentagon officials understand American exceptionalism is dying, while rivals Russia and China have created far superior hypersonic national programs.

    “We have lost our technical advantage in hypersonics; we haven’t lost the hypersonics fight,” Vice Chairman of the Joint Chiefs Air Force Gen. Paul Selva told reporters in January. “China has made it a national program, so China’s willing to spend tens to up to hundreds of billions to solve the problem of hypersonic flight, hypersonic target designation, and then ultimately engagement.”

    In March, the United States Strategic Commander told the Senate Armed Services Committee that the U.S. is vulnerable to future attack via hypersonic missiles and is quickly falling behind the technological curve for hypersonics.

    “We [U.S.] don’t have any defense that could deny the employment of such a weapon [hypersonic missiles] against us,” warned Air Force Gen. John Hyten, commander of U.S. Strategic Command.

    Hyten further said, “both Russia and China are aggressively pursuing hypersonic capabilities. We have watched them test those capabilities.”

    “I think we have stability with Russia on the nuclear side,” he added. “We have an advantage with China on the nuclear side. But they are gaining ground quickly, especially when you look at space and cyber.”

    Earlier this year, we reported that Russia test-fired a high-precision Kinzhal (Dagger) hypersonic missile from a MiG-31 supersonic interceptor jet in the South Military District in Russia’s southwest.

    “The launch went according to plan, the hypersonic missile hit its target,” the Ministry of Defence of the Russian Federation declared.

    The defense ministry released exclusive video showing the hypersonic missile air launch from the underbelly of the MiG-31.

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    In late 2017, China conducted several tests of a hypersonic glide vehicle that could be used to defeat U.S. missile defense systems.

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    Earlier this month, China claimed to have successfully tested a new hypersonic missile that would be capable of penetrating any missile defense system in the world. The Starry Sky-2, which is an experimental design known as “waverider,” rides the shock waves generated during flight. The missile could one day carry conventional and or nuclear warheads undetected through US missile defense shields.

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    The arms race in hypersonic weapons has ushered in the next Cold War between the US, Russia, and China. It is a repeating war cycle of madness where billions of dollars are being diverted to the military-industrial-complex. So, it is no surprise that Lockheed Martin has been awarded nearly $1.5 billion in the span of a few months to develop and field hypersonic missiles for the Air Force.

    Hypersonics will not make the world safer, but more dangerous with global superpowers having the capabilities of hurling projectiles at March five or higher. The 53.7 Year War Cycle is telling us something, perhaps, war is nearing.

  • Ultra-Wealthy Having Their Brains Frozen So They Can "Come Back To Life" 100s Of Years From Now

    Authored by Michael Snyder via The American Dream blog,

    If you could live forever, would you do it? Throughout history, money has allowed the elite to buy just about anything they want – except an escape from death. Many super-rich individuals are deeply haunted by the knowledge that they have spent their lives working incredibly hard to accumulate vast amounts of wealth but they only have a very limited amount of time in which to enjoy it. As a result, many of them are absolutely obsessed with finding a way to cheat death.

    The quest for eternal life is very much alive today – especially in tech hotbeds such as Silicon Valley. As technology continues to increase at an exponential rate, many among the elite are absolutely convinced that eternal life will be possible someday, and they are determined to stick around long enough to be a part of that revolution.

    One way that some ultra-wealthy people are attempting to extend their lifespans into the future is through the emerging science of cryogenics. Some are having their entire bodies frozen, and others are having just their brains frozen, but it is very expensive…

    The super-rich are having their brains frozen for £80,000 ($100,000) in the hope of being re-born in as little as 200 years time.

    Cryogenics, which involves deep freezing the body to -196°C (-321°F), is increasingly being seen as a way to beat death.

    There are several companies that currently perform this kind of “service” around the world right now. In total, several hundred people have already been frozen, and a few thousand more have signed up and are waiting to die.

    And even though nobody has ever been successfully “brought back”, there is a very fervent belief that someday in the future it will be possible to return to the land of the living and “experience a whole new life”…

    One businessman believes he will wake up in the future and ‘experience a whole new life’ after having his head placed on the body of another human being.

    The British-born man, who wanted to remain anonymous because of the sensitivity of the topic, says he ‘can’t think of anything more exciting’.

    One of the largest cryogenics companies is “the Alcor Life Extension Foundation” in Scottsdale, Arizona. It is already storing 149 dead bodies, and it has more than 1,000 “paying members” overall.

    Once death is near, technicians from Alcor need to be close at hand in order to start the freezing process…

    Only when death has been legally declared can technicians start packing the body in ice while attaching a “heart-lung resuscitator” to get the blood circulating.

    They then administer 16 different medications meant to protect the cells from crystallising.

    Currently there are 149 dead “patients” at Alcor’s facility, including US baseball legend Ted Williams and the youngest person to ever be cryopreserved, Matheryn Naovaratpong, aged two, from Thailand.

    Of course this technology will never be available to everyone because it is extremely expensive.

    So could we someday have a small minority of “super-wealthy immortals” ruling over all the rest of us?

    Probably not, but that isn’t going to stop the elite from continuing to pursue eternal life.

    Cryogenics is one method that is being pursued, but it is not the only one. Transhumanists such as Ray Kurzweil are absolutely convinced that “the Singularity” will soon enable people to live indefinitely, while Russian billionaire Dmitry Itskov wants to rip our brains out and put them into robots…

    Inventor and futurist Ray “The-Singularity-is-Near”Kurzweil, now the director of engineering at Google, and Russian billionaire news magnate Dmitry Itskov want to bring our minds from the analog into the digital.

    Kurzweil believes in a future where tiny nanobots will swim through our bloodstreams, repairing and augmenting us on a molecular level until our dependence on them makes us more machine than man. Itskov has a less nuanced approach: He wants to rip our brains out of our bodies and put them into robotic avatars—and he wants the ability to do it by 2025.

    To you and I all of this talk may seem like it is coming from “Crazytown”, but these wealthy elitists actually believe this stuff.

    And in places such as Silicon Valley, enormous amounts of money is being poured into the quest for eternal life…

    Larry Ellison, the eccentric co-founder of software conglomerate Oracle, donates hundreds of thousands of dollars to life-extension therapies every year. “I don’t understand how someone can be here, then not be here,” he says. We’re not sure if Peter Thiel, co-founder of Paypal and unofficial technology advisor to US president Donald Trump, really transfused blood from younger men into his own in a search for eternal youth, but he’s definitely made an enemy of getting older. “I’ve always had this really strong sense that death was a terrible, terrible thing,” he told the Washington Post, reflecting on the millions of dollars he has donated to anti-aging research.

    Without a doubt, there are ways to extend our lifespans. Eating well and getting regular exercise are a couple of them. But very few people ever make it much past 100, and the maximum age that anyone ever gets to is about 120.

    We are only here for a limited amount of time, and this is something that the greatest thinkers throughout human history have always wrestled with. And despite all of our advanced technology, we still have not figured out a way to cheat death, although the mavens in Silicon Valley will inevitably give it their best shot. Many of them will put their faith in cryogenics, transhumanism or putting their brains into robots, but in the end they will discover that their faith has been badly misplaced.

  • Hedge Funds Piled Into Facebook Just Before The Crash: Full Q2 13-F Summary

    It wasn’t just David Einhorn who picked just the wrong time to dump most of his Apple stock: in the second quarter, some of the most iconic hedge funds like Duquesne’s Stanley Druckenmiller, Moore Capital Coatue Management and Jana Partners either bought or added to stakes in Facebook in the second quarter… just days before the company’s biggest crash in history.

    Other weres luckier, and the rich(est) got richer, as Warren Buffett’s Berkshire Hathaway boosted its stake in Apple from 239.6 million shares to 252 million shares, and added to Teva and Goldman Sachs, while trimming holdings in Wells Fargo, American Airlines, and United Continental.

    Also observed during Q2: hedge fund managers made big Q2 bets that the U.S. economy would continue to expand despite increasing concerns about a broadening trade war. Third Point added new positions in payment companies PayPal Holdings and Visa, both of which are up more than 19% year to date. Greenlight Capital, run by billionaire investor David Einhorn, added new positions in low-to-middle income retailers including Dollar Tree, Dollar General , Gap Inc and TJX Companies (or maybe he just hired a new and convincing retail analyst).

    At the same time, Reuters notes that some other large hedge fund managers cut their positions in FAANG stocks – Third Point sold all of its stake in Alphabet and divested 1 million shares of Facebook, reducing its position in the company by 25 percent. At the same time, it increased its stake in Microsoft by nearly 310 percent, buying 1.7 million shares. Omega Advisors, meanwhile, sold all of its position in Netflix.

    As noted earlier, a number of prominent HF managers sharply cut their stake in Apple only weeks before it became the first publicly traded U.S. company to be worth more than $1 trillion. Einhorn’s Greenlight Capital slashed its stake by 77%, while Philippe Laffont’s Coatue Management got rid of 95%. Advisory firm Diamond Hill Capital Management cut its stake by 27%. Other big holders, including Sanders Capital and Adage Capital Partners, trimmed only small amounts in the second quarter. On the other side of the trades were Warren Buffett and a variety of central banks and sovereign wealth funds.

    Some other observations from the latest set of 13Fs:

    • Hedge funds hummed their way into holding Spotify stock in Q2, as the company was acquired by Tiger Global, Coatue Management, Maverick Capital, Moore Capital and Soros Fund Management
    • Davidson Kempner, Soroban either exited or sold down stakes in NXP Semiconductors in the quarter before the company’s deal with Qualcomm was terminated last month, while Third Point and Highfields Capital Management added a new stake.
    • Soros Fund Management cuts bank holdings including Bank of America, JPMorgan Chase and Citigroup
    • Jana Partners added shares of broad-based exchange-traded funds that track the S&P 500 and the Russell 2000 indexes and took new positions in Wells Fargo & Co and food delivery company GrubHub.
    • Greenlight Capital trimmed its stake in Apple along with Coatue Management before shares jumped 13 percent since the end of June.
    • Eminence Capital exited its position in Papa John’s before shares dove following news that John Schnatter, the firm’s founder and then-chairman, used a racial slur, leading him to resign.
    • Activist Corvex, fresh off Tuesday’s news that its target Energen is being purchased by Diamondback Energy, reported a new stake in MGM.

    Courtesy of Bloomberg, below is a summary of the biggest buys and sells from the latest round of 13F filings as of June 30.

    ADAGE CAPITAL

    • Top new buys: NVT, PEG, VST, MAS, D, F, OGE, FCX, TRU, BV
    • Top exits: NKTR, RTN, CQH, VVC, ETR, AGR, NDSN, PX, AEP, WCN
    • Boosted stakes in SHPG, AET, MRK, AMZN, LMT, WFC, SRPT, HON, MMM
    • Cut stakes in CC, DE, WRK, EMR, ITW, CI, PNC, BAC, DLTR, FTV

    ANCORA ADVISORS

    • Top new buys: AVGO, MIK, CLBK, HSIC, TRNC
    • Top exits: PRF, AFSI, ALLE, SKYW, RCII
    • Boosted stakes in LBRDK, PAH, MATW, HILI, GHL
    • Cut stakes in GLIBA, ARCH, HDV, GLW, IWM

    APPALOOSA MANAGEMENT

    • Top new buys: KEY, SYMC, CFG, VST, EDU, NXPI
    • Top exits: QQQ, AMAT, SMH, ALL, NVDA, HCA, BTU, URI
    • Boosted stakes in MU, WDC, LNG, WFC, PAH, PCG, KNX, KMT, SUM
    • Cut stakes in BABA, NRG, BAC, MGM, ALLY, AGN, XPO, GOOG, AMLP

    BALYASNY ASSET MANAGEMENT

    • Top new buys: T, BBY, WMT, ERJ, LNC
    • Top exits: BURL, AIG, VIPS, URI, HTZ
    • Boosted stakes in WFC, STI, DLTR, EVRG, DWDP
    • Cut stakes in DIS, AA, NTRS, V, DRI

    BAUPOST GROUP

    • Top new buys: TRCO, SBGI, TBIO, SHPG
    • Top exits: PBF, IMOS, FWP, OREXQ
    • Boosted stakes in FOXA, FOX, PCG, ABC, AGN, TMQ, VSAT, MCK
    • Cut stakes in LN

    BERKSHIRE HATHAWAY

    • Top exits: VRSK
    • Boosted stakes in AAPL, USB, TEVA, BK, DAL, GM, GS, LUV, AXTA
    • Cut stakes in AAL, PSX, CHTR, UAL, WFC

    BLUE HARBOUR GROUP

    • Top new buys: GWR
    • Top exits: FTNT, JACK, RDC, MDRX
    • Boosted stakes in WCC, IWM, FCE/A, AXTA, SPY, OTEX, COMM
    • Cut stakes in XLNX, MD, ON, ISBC

    BRIDGEWATER ASSOCIATES

    • Top new buys: CMI, AMAT, BABA, BMY, WMT, JNJ, LMT, AKAM, PHM, INTC
    • Top exits: PG, GE, DVA, RIG, PEP, CPB, AMGN, FCX, DRI, MAS
    • Boosted stakes in TD, RY, IEMG, TOL, CVX, MCD, SU, TEL, BNS, CAT
    • Cut stakes in VWO, EEM, SPY, NFX, FB, SWN, CLF, BBBY, ABC, BIIB

    CITADEL ADVISORS

    • Top new buys: KDP, EQH, EVRG, BNS, BJ SBUX
    • Top exits: AMD, USG, BABA
    • Boosted stakes in C, AMAT, AMZN, V, KEY, DVN, MU
    • Cut stakes in AVGO, ADI, LRCX, UTX, CSCO, ABT

    CLINTON GROUP INC

    • Top new buys: EL, CAT, LMT, MCK, VZ, CCE, FITB, LOPE, AGNC, ABX
    • Top exits: MON, DRI, MA, LLY, JNPR, BCO, PEP, TWTR, HDS, CDNS
    • Boosted stakes in PGR, HRB, COLM, WLK, DNB, ITW, CMD, ROK, MO, SNPS
    • Cut stakes in FB, D, GOOGL, ABBV, AVY, REG, WCG, AMGN, EA, HSY

    COATUE MANAGEMENT

    • Top new buys: SPOT, INTC, NOW, AAXN, HTZ, HUYA
    • Top exits: SNAP, RHT, WDC, CGNX, LRCX
    • Boosted stakes in FB, MSFT, ADBE, ATVI, PYPL, TAL
    • Cuts stakes in MU, AAPL, AVGO, BABA, FWONK

    CORVEX MANAGEMENT

    • Top new buys: MGM, VNO, MDB, MHK, CHTR, LCA, FOXA, CTL
    • Top exits: BABA, EVHC, KDP, IQ
    • Boosted stakes in TMUS, NXPI, JBLU, BAC, MSFT
    • Cut stakes in EGN, CRM, GOOGL, MDCO, FG, NOW, ICE, FB

    DUQUESNE FAMILY OFFICE

    • Top new buys: FB, GILD, OIH, MPC, SPLK, ADSK, DVN, ATVI, XLE, HD
    • Top exits: INTC, NKTR, MU, JD, QCOM, YNDX, VIPS, STL
    • Boosted stakes in MSFT, BABA, WDAY, CTRP, PAGS
    • Cut stakes in GOOGL, STMP, AMZN

    ELLIOTT MANAGEMENT

    • Top new buys: DVN, VMW, FOX, SRE
    • Top exits: EGN, TER, NOMD, VICI
    • Boosted stakes in HES, DISH, EQT, MFGP, QQQ, ATHN, WIN, NXPI
    • Cut stakes in CDK, ISBC, WIT, IMPV

    EMINENCE CAPITAL

    • Top new buys: BERY, SYMC, QSR, HLT, HAIN, MHK, BECN, CPLG, CTRP, EQIX
    • Top exits: PZZA, NEWR, JACK
    • Boosted stakes in ELLI, TTWO, VMC, LEN, CF, EFX, EA, GOOG
    • Cut stakes in WEN, ICE, MSFT, CBRE, ADSK, PYPL, IQV, FB, CYBR

    ENGAGED CAPITAL

    • Top new buys: UEIC, CASY, GRPN
    • Top exits: FNSR, MX, IWM
    • Boosted stakes in APOG, STKL, BHE, BW, NCR, PETX
    • Cut stakes in CCRN

    FAIRHOLME CAPITAL

    • Top new buys: C
    • Top exits: SRG
    • Boosted stakes in T, VSTO, OAK
    • Cut stakes in JOE, SHLD, VST

    GLENVIEW CAPITAL

    • Top new buys: NVT, MSFT, FBHS, HOLX
    • Top exits: TMUS, CAH, RLGY, CMCSA, V, HUM, FB
    • Boosted stakes in ESRX, FDC, CHTR, AET, ENDP, AGN, ARMK, MTOR, MCK, CNDT
    • Cut stakes in HCA, LH, ANTM, CAR, IQV, UHS, NWL, CVS, WBA, APTV

    GOLDEN GATE CAPITAL

    • New buy: GWR
    • Exits: KLXI
    • Boosted stakes in ARCC, HXL, ADS, WCC, ALB
    • Cut stakes in NGVT, TNET

    GREENLIGHT CAPITAL

    • Top new buys: GPS, DG, TJX, AZO, DLTR, BBY
    • Top exits: CEIX, DDS, TPR, BLMN, FIVE, ANF, PYPL, URBN, SFM, ODP
    • Boosted stakes in IAC, BHF
    • Cut stakes in MU, AER, AAPL, MYL, VOYA, PRGO, CNDT, ADNT, CNX, DSW

    HIGHFIELDS CAPITAL MANAGEMENT

    • Top new buys: NXPI, CVS, FB, LEN, PBR/A, SNE, ESRX, ACWI, MHK
    • Top exits: EXPE, HDS, DLTR, IVZ, ENB, HAL, X, PE, MDLZ, TGT
    • Boosted stakes in CHTR, AET, GOOGL, DIS, GOOG, EQT, RJF, MIK
    • Cut stakes in HCA, FOXA, FDX, CMCSA, PXD, HLT, VER, H, VOD, CCE

    ICAHN ASSOCIATES

    • Top new buys: EGN, VMW, AFSI, CI
    • Boosted stakes in IEP, NWL
    • Cut stakes in HLF, LNG

    JANA PARTNERS

    • Top new buys: FB, BABA, MSFT, WFC, DXC, GOOGL, RPM, GRUB, ATUS
    • Top exits: BLMN, NOC, KDP, WRK, CI, DISCK, IQ, ILG, ILPT, DBX
    • Boosted stakes in PF, SPY, EA, CAG, A, AAPL
    • Cut stakes in TIF, LRCX, HDS, ADSK, BSX, GM, ZBH, FDC, JACK, ANTM

    LAKEWOOD CAPITAL

    • Top new buys: ESRX, ASND, FB
    • Top exits: CJ, ABG,
    • Boosted stakes in C, BIDY, WRK, CMCSA
    • Cut stakes in CIT, ADNT, RLGY

    LAND & BUILDINGS INVESTMENT MANAGEMENT

    • New buy: DHI
    • Top exits: RLJ, MAR, RESI, VTI, HST
    • Boosted stakes in CLI, BKD, LEN, INVH, PLD
    • Cut stakes in LSI, MAC, QTS

    LONE PINE CAPITAL

    • Top new buys: CP, NVDA, MHK
    • Top exits: AVGO, TSM, BLK, TMUS, EXAS
    • Boosted stakes in WYNN, TDG, MSFT, BABA, NOW, MELI, GOOG, IQV, BKNG, PAGS
    • Cut stakes in FB, PYPL, STZ, ADBE, AMZN, FLT, EA, TRU, CSX, UNH

    MARCATO CAPITAL

    • Top new buys: IMAX, CPLG
    • Boosted stakes in TEX, THRM
    • Cut stakes in IAC, ITRI, DXC, BLDR, AIR, TPHS, VRTS

    MAVERICK CAPITAL

    • Top new buys: DIS, AAOI, GPK, SPOT, ALNY, PRSP, COMM, CASY, GPS, TGT
    • Top exits: TAP, SNAP, MGM, PM, LVS, CAR, WING, DPZ, ETSY, EAT
    • Boosted stakes in DLTR, MA, CNC, TMUS, MHK, CIEN, BUD, MSFT, KORS, SCHW
    • Cut stakes in V, UHS, EVHC, DWDP, AMRX, ADBE, WTW, VFC, TIF, TPR

    MARSHALL WACE

    • Top new buys: TMUS, AXGN, TSM, BRX, IDXX, GPS, CMG, ACGL, JEC, MTN
    • Top exits: SCI, NTRS, CME, NKE, MU, SRCL, JPM, IBN, FLT, AXP
    • Boosted stakes in TFX, ATVI, BBY, DGX, SPGI, MCD, BURL, ROST, ZTS, VRTX
    • Cut stakes in BABA, BAC, DISCK, AVGO, UNH, SAGE, GS, AJG, GILD

    MOORE CAPITAL

    • Top new buys: NXPI, GOOGL, WFC, MA, SPOT, TGT, FDC, AMP, KMX
    • Top exits: MS, AAPL, GS, LMT, NOC, RTN, GD, COF, BPOP, PLNT
    • Boosted stakes in GCP, FB, EQT, PX, FBP, MOMO, NVDA, CME, GM, TMUS
    • Cut stakes in BABA, BAC, MSFT, AVGO, CCI, ISBC, V, TWTR, EA, VOYA

    OMEGA ADVISORS

    • Top new buys: NRG, IQV, LEN, MPC, CVS, KKR, MGY, WRD, CDAY, IMMU
    • Top exits: BMY, WFC, NAVI, NFLX, NYCB, GWPH, GLPI, D, BKI, NINE
    • Boosted stakes in SBGI, ASH, HUM, TRN, C, FTSI, MU, TMO, PE, FRAC
    • Cut stakes in SHPG, ANDV, MXL, PVH, DXC, DISH, AER, VVV, PFSI, ALLY

    PAULSON & CO

    • Top new buys: MITL, AKRX, CMCSA, ATUS, FOXA, LHO
    • Top exits: MDR
    • Boosted stakes in DISCK, NXPI, FOX, AET, XL, TMUS
    • Cut stakes in GOLD, IAG, COL, AEM, GG, SHPG

    PERSHING SQUARE

    • Top new buys: LOW
    • Boosted stakes in UTX, MDLZ
    • Cut stakes in ADP, QSR

    POINT72 ASSET MANAGEMENT

    • Top new buys: MPC, FOXA, TEVA, SGEN, WMGI, PNC, SGMS, AZO, LOXO, HUM
    • Top exits: ANDV, NFLX, HON, LOW, MCD, AIG, NVDA, BYD, ETN, CAH
    • Boosted stakes in GOOGL, HLT, BMY, PE, BIDU, SYK, DVN, CMCSA, DXC
    • Cut stakes in WYNN, AVGO, STZ, OXY, ATVI, FB, BKNG, DWDP, BABA, LRCX

    POINTSTATE CAPITAL

    • Top new buys: MPC, FB, CVX, TEVA, PXD, NXPI, STM, USFD, NOW, APC
    • Top exits: BAC, CFG, AVGO, DE, RF, FCAU, MYL, GS, NOC, GILD
    • Boosted stakes in TRGP, AET, FE, NFLX, SHPG, MSFT, BABA, ADBE, VRTX, JD
    • Cut stakes in CRM, LRCX, LNG, LOW, DWDP, LOMA, BMA, LLL, LYB, X

    RENAISSANCE TECHNOLOGIES

    • Top new buys: AAPL, FB, MSFT, MS, AXP, ITW, CME, WY, FL, AMG
    • Top exits: BKNG, VZ, MON, PG, WFC, SLB, TWX, KO, CVS, BDX
    • Boosted stakes in VMW, ABMD, JNJ, WMT, VRTX, HLF, ABEV, WWE, GS, CTXS
    • Cut stakes in HD, AMZN, BMY, LLY, PEP, UNH, NXPI, PM, CL, GILD

    SANDELL ASSET MANAGEMENT

    • Top new buys: KLXI, PAY, ANDV, GPT, EVHC, ILG, EDR, PF, COTV
    • Top exits: STB, BABA, AKRX, BKS
    • Boosted stakes in COL, NXPI, AVA, ORBK, XL, FB, AMZN, AAPL, MSFT, GOOG
    • Cut stakes in OCLR, MGI, KS

    SENATOR INVESTMENT

    • Top new buys: MRK, FOXA, HD, BKI, LNG
    • Top exits: AVGO, ARNC, LOW, BUD, CMCSA
    • Boosted stakes in CZR, ICE, APTV, FDC, BA
    • Cut stakes in DWDP, DHI, JAZZ, FG, XPO

    SOROBAN CAPITAL

    • Top new buys: GOOGL, UTX, GRA, MHK
    • Top exits: BUD, CMCSA, LBRDK, FB, CHTR
    • Boosted stakes in SAP, NSC, AXTA
    • Cuts stake in NXPI, UNP, MGM, AVGO, FWONK, GOOG

    SOROS FUND MANAGEMENT

    • Top new buys: SPOT, P, COUP, FB, DVN, EXR, HUBS, HLT
    • Top exits: KW, LRCX, AMLP, ZAYO, BAX, TMO, LH, TGT, CI, KRE
    • Boosted stakes in NXPI, XL, I, LPLA, NOW, CRM, TTWO, LULU, CVE, ETFC

    STARBOARD VALUE

    • Top new buys: WEB, RPM, SCOR
    • Top exits: EVHC, BCO
    • Boosted stakes in BMS, IWN, PRGO
    • Cut stakes in NWL, MAC, CARS, BAX, DEPO

    TEMASEK HOLDINGS

    • Top new buys: ASLN
    • Top exits: KRE, JPM, BAC, WFC, MS, GS, SENS, RDUS
    • Boosted stakes in CTL, HDB, PYPL, V, GPN, MA, PTLA, DWDP, WP, AVGO
    • Cut stakes in VIRT, AMRS, NETS, AMZN, BABA

    TIGER GLOBAL

    • Top new buys: UXIN, COUP, ADBE, GDS, HUYA, PVTL, DOCU, NEW, CDAY
    • Top exits: EHIC, SINA, ARCC, UAL
    • Boosted stakes in TWTR, FB, NOW, MELI, RUN, BABA, SE, APO, CRM, ADSK
    • Cut stakes in RDFN, JD, TDG, MSFT

    THIRD POINT

    • Top new buys: NXPI, PYPL, V, CPB, DE, FPAC, EGN, PVH, CWH
    • Top exits: GOOGL, ICE, MHK, PAGS, ANTM, GGAL, GRBK, PAM, BKI, SUPV
    • Boosted stakes in MSFT, ADBE, EA, MPC, UTX, DWDP, CRM, SHY, DOV
    • Cut stakes in BLK, WP, STZ, FB, LEN, WYNN, SPGI, SHW, VMC

    TRIAN

    • Top new buys: NVT
    • Boosted stakes in BK, GE, MDLZ
    • Cut stakes in PNR, WEN, SYY
    • Activist investor Trian takes new stake in undisclosed company

    TUDOR INVESTMENT

    • Top new buys: AVHI, HD, CHFN, SHPG, VZ, FFKT, LHO, FBNK, NKE, ANDV
    • Top exits: SPB, SBUX, DLTR, DECK, DXC, MSI, PEP, AIG, SPGI, IR
    • Boosted stakes in PF, FOXA, TGT, TJX, BIDU, COL, AAPL, AET, JPM, CMCSA
    • Cut stakes in SPY, NXPI, AMZN, C, WBA, MU, PAGS, BKNG, PDCO

    VALUEACT

    • Top new buys: UFI, LIND, STRA, AES, EVA
    • Boosted stakes in C, SLM, ADS, BHC, STX, AFI, MS
    • Cut stakes in FOX

    VIKING GLOBAL

    • Top new buys: GE, DWDP, MIDD, TMUS, ILMN, HBI, OLN, PTEN, CNC
    • Top exits: WFC, ADS, TDG, WDC, VOYA, XEC, CVS, MOMO, NTES, CLR
    • Boosted stakes in UTX, DIS, TMO, PE, AMZN, HIG, BMRN, MSFT, LNC, ANTM
    • Cut stakes in XRAY, GOOGL, TD, FB, CP, NFLX, EFX, V, BUD, ADSK

    YORK CAPITAL

    • Top new buys: NVT, CNC, USG, PRSP, T, ATUS
    • Top exits: GRA, SHPG, EVHC, WHR
    • Boosted stakes in NXPI, XL, FMC, ESRX
    • Cut stakes in TRCO, AABA, AVGO

    Source: Bloomberg

  • Visualizing What You Have To Make Each Year To Reach The Top 1% In Each State

    In 2015, the top 1% of Americans made 26.3 times as much income as the bottom 99 percent – an increase from 2013, when they earned 25.3 times as much, according to a recent study released by the Economic Policy Institute, a left-leaning Washington, D.C. think tank.

    The study found that from 2009 to 2015, the incomes of the top 1 percent grew faster than the incomes of the bottom 99% in 43 states and the District of Columbia.

    While we’ve covered this study before, we thought it’d be helpful to visualize what it takes to enter the top 1% income bracket in each state. The below infographic map presents the minimum annual income required to be in the top one percent.

    * * *

    A few key quick takeaways 

    The top five highest one percent income states are on the East Coast. They are…

    • Connecticut ($701K)
    • DC ($598K)
    • New Jersey ($589K)
    • Massachusetts ($583K)
    • New York ($550K)

    Here’s what it looks like at the lower end of the top one percent income states…

    • Mississippi ($254K) 
    • Arkansas ($255K) 
    • New Mexico ($255K) 
    • West Virginia ($258K) 
    • Kentucky (275K)
    • Alabama ($298K) 
    • Maine ($304)
    • Hawaii ($311K) 
    • Idaho ($315K) 

    And a surprise: why is North Dakota not too far below a state like California, or only in a single category under New York?

    • California ($515K) 
    • New York ($550K)
    • North Dakota ($445K) …well, though it doesn’t have Manhattan – one of the largest financial centers in the world – North Dakota did have a recent oil boom up through 2014. In 2015 its top one percent income level was at an incredible $502K. But since 2015 due to a global decline in oil prices the number dropped to $445K.

    Places with no state income taxes…

    • Texas ($441K)
    • Nevada ($341K)
    • Alaska ($400K)
    • Florida ($418)
    • Wyoming ($406K)
    • Washington (451K)
    • South Dakota (407K)

    To be in the top 1 percent nationally in 2015, a family needed an income of $421,926.

    * * *

    So it turns out, you have to be rich, but not that rich…

  • Ryan Zinke Shifts Wildfire Debate From 'Global Warming' To Anti-Logging 'Environmental Terrorists'

    Authored by Michael Bastasch via The Daily Caller,

    • Interior Secretary Ryan Zinke lambasted “environmental terrorists groups that have not allowed public access, that refuse to allow harvest of timber.”

    • Environmentalists use litigation to keep federal agencies from thinning forests, clearing debris or allowing logging.

    • Activists want to blame global warming for wildfires, but experts say the relationship between climate and fires is complicated.

    Interior Secretary Ryan Zinke spent the last week targeting environmental groups that have for years opposed activities, like logging and thinning, to reduce the risks of catastrophic wildfires on federal lands.

    The former Montana congressman blamed “litigation from radical environmentalists who would rather see forests and communities burn than see a logger in the woods,” in a USA Today op-ed published Wednesday.

    Zinke also called out “extreme environmentalists” in an interview with KCRA that aired Sunday. The day before that, Zinke lambasted “environmental terrorists groups that have not allowed public access, that refuse to allow harvest of timber” in an interview with Breitbart Radio.

    Deadly wildfires have consumed over 1 million acres in West Coast states, damaging structures and forcing thousands to flee their homes. The recent death of a firefighter battling the nearly 350,000-acre Mendocino Complex Fire brings the death toll to six for this season.

    So what’s the point of attacking environmentalists? Zinke is taking the conversation away from global warming and bringing it back to land management, including the litigation and environmental laws that keep officials from actively managing the forests.

    Instead, activists focus on global warming, arguing human-caused warming has expanded wildfire season due to longer hotter, drier conditions in the western states. At the same time, these groups often oppose efforts to clear forests of debris and dead wood that fuel fires when hot, dry weather sets in every year.

    “I’ve heard the climate change argument back and forth,” Zinke told the Sacramento-based KCRA. “This has nothing to do with climate change. This has to do with active forest management.”

    Wildfire experts tend to see land management and urban growth as prime drivers of wildfires.

    Many experts also see global warming as a factor in the rise of fires, but admit the relationship is more complicated than the media lets on.

    “The story can’t be a simply that warming is increasing the numbers of wildfires in California because the number of fires is declining. And area burned has not been increasing either,” University of Washington climate scientist Cliff Mass wrote in a recent blog post.

    In fact, the recent National Climate Assessment special report gave “low to medium confidence for a detectable human climate change contribution in the western United States based on existing studies.”

    Most wildfires are caused by humans, mostly unintentionally. Sparks from vehicles or equipment, power lines, arson and cigarettes are some of the ways humans cause massive blazes. Lightning is the cause of wildfires humans don’t spark.

    In California, for example, humans caused 95 percent of all wildfires, with power lines and utility equipment becoming a growing problem. Research also shows that wildfire season has primarily grown from population growth in fire-prone areas, increasing the chances of a fire-causing spark.

    Environmentalists have obviously not taken kindly to Zinke’s remarks, but are particularly incensed by his dismissal of global warming as a driver of catastrophic wildfires.

    Randi Spivak, public lands program director at the Center for Biological Diversity, said the administration is missing the main issue by being dismissive of climate change’s effect on the fires.

    “Climate change creates drought, high wind conditions, low humidity. Fire creates its own weather,” Randi Spivak, the public lands director at the Center for Biological Diversity, told The Hill.

    “You can thin all you want till the cows come home but fire will overtake that,” Spivak said, adding “what is misleading is people like Zinke and other people who refuse to talk about climate change and how we need to tackle that.”

    “Name calling and finger pointing won’t change the truth that climate change is exacerbating wildfires,” echoed the Sierra Club’s Athan Manuel. “The long-term safety of our communities relies on reducing carbon pollution.”

    Zinke actually did say fire season had gotten longer and temperatures had warmed, but added that “doesn’t relieve you of the responsibility to remove the dead and dying timber and manage our forests so you don’t have these catastrophic burns.”

    But Zinke is correct that environmental litigation has kept federal agencies, including the Interior Department and U.S. Forest Service, from thinning, clearing debris and conducting prescribed burns to keep forest growth in check.

    A 2014 study published in the Journal of Forestry found “[v]egetative management, or logging projects continued to be the dominant type of management activity involved in Forest Service land management litigation, representing nearly three times more cases than any other type of management activity.”

    The Forest Service was found more likely to lose cases “where plaintiffs advocated for less resource use,” particularly in the 9th Circuit Court of Appeals where the agency won less than half its cases.

    In fact, the 9th Circuit on Monday overturned a Forest Service plan for part of Idaho’s Payette National Forest. The judge sided with environmental groups and ruled “renders the Project inconsistent with the desired vegetative conditions set forth in the Payette Forest Plan” from 2003.

    The service’s plan that got overturned included getting “fire conditions toward historical range of variability to reduce wildland fire risk, improve wildlife habitat” through “mechanical thinning, harvest and prescribed burning.”

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