10 Thursday AM Reads

The Big Picture

Jun 04

My morning Montreal reads: • Shorting SpaceX? Jefferies Becomes Go-To Bank After IPO Miss: It’s the kind of look that ambitious investment bankers usually strive to avoid: When SpaceX named the ...

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Jefferies Becomes Go-To Bank After IPO Miss:  It’s the kind of look that ambitious investment bankers usually strive to avoid: When SpaceX named the ...</p>\n\n<a href=\"https://ritholtz.com/2026/06/10-thursday-am-reads-496/\">Source Link</a>\n\n</div>\n","source":"ritholtz_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>10 Thursday AM Reads</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n10 Thursday AM Reads\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-04 18:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://ritholtz.com/2026/06/10-thursday-am-reads-496/><strong>The Big Picture</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>My morning Montreal reads:\n\n• Shorting SpaceX? Jefferies Becomes Go-To Bank After IPO Miss:  It’s the kind of look that ambitious investment bankers usually strive to avoid: When SpaceX named the ...</p>\n\n<a href=\"https://ritholtz.com/2026/06/10-thursday-am-reads-496/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AM","symbol_name":"Antero Midstream Corporation","start_time":0,"source_url":"https://ritholtz.com/2026/06/10-thursday-am-reads-496/","article_id":"2640163437","we_media_id":null,"thumbnails":["https://ritholtz.com/wp-content/uploads/2035/05/lowestever.png"],"rights":{"source":"ritholtz_highlight","url":"https://ritholtz.com/2026/06/10-thursday-am-reads-496/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2640163437","pubTimestamp":1780569049,"columns":[],"sourceInfo":{"source_id":"ritholtz_highlight","name":"The Big Picture"},"weMediaInfo":null,"summary":"Jefferies Becomes Go-To Bank After IPO Miss: It’s the kind of look that ambitious investment bankers usually strive to avoid: When SpaceX named the roughly two dozen firms handling its IPO, Jefferies Financial Group Inc. was conspicuously absent. But behind the scenes, bearish investors and some of Jefferies’ own bosses see that as a unique opportunity. . The triumph of capital: It’s been a great generation to have started out rich. If you compare the United States to the famously high-tax Nordic countries, the major difference is not in the top statutory income tax rates. The top American combined state and local tax rate is generally a little higher than it is in Norway and a little lower than in Denmark and Sweden. New York and California, where a large share of our billionaires live, have unusually high top income tax rates, so the richest people are paying Nordic-level marginal rates. . Iran Atomic Risk Seen Higher Than Before Trump Attacks Began. The risk that Iran is covertly pu","collect":0,"end_time":0,"defaultTopTitle":"ritholtz.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AM":"Antero Midstream Corporation","IE00BZ18W340.USD":"BNY MELLON GLOBAL INFRASTRUCTURE INCOME \"B\" (USD) ACC","BK4144":"石油与天然气的储存和运输","IE00BMQBXF63.USD":"BNY MELLON GLOBAL INFRASTRUCTURE INCOME \"B\" (USD) INC A","IE00BZ18W456.USD":"BNY MELLON GLOBAL INFRASTRUCTURE INCOME \"B\" (USD) INC"},"translate_title":"10周四上午阅读","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AM":1.5},"content_text":"My morning Montreal reads:\n\n• Shorting SpaceX? Jefferies Becomes Go-To Bank After IPO Miss:  It’s the kind of look that ambitious investment bankers usually strive to avoid: When SpaceX named the roughly two dozen firms handling its IPO, Jefferies Financial Group Inc. was conspicuously absent. But behind the scenes, bearish investors and some of Jefferies’ own bosses see that as a unique opportunity. (Bloomberg)\n• Who Let the Professors Out? Inside CFM: The $27bn quant on Paris’ Left Bank: Stock markets are surging, and momentum is rampant. It made me think of CFM wizard Jean-Philippe Bouchaud who believes that it is fund flows that drives markets and not fundamentals. (Rupak’s Substack) see also Transcript: Jean-Philippe Bouchaud, Founder/Chief Scientist, Capital Fund Management co‑founder, chair & head of research/chief scientist atCapital Fund Management (CFM). The $20 billion firm started in 1991 specializing in managed futures and now runs futures and multi-strategy programs. He began his career in theoretical physics, was awarded the IBM Young Scientist Prize (1990) and the C.N.R.S. Silver Medal (1996), and has published over 300 scientific papers and several books in physics and finance. (The Big Picture)\n• The triumph of capital: It’s been a great generation to have started out rich. If you compare the United States to the famously high-tax Nordic countries, the major difference is not in the top statutory income tax rates. The top American combined state and local tax rate is generally a little higher than it is in Norway and a little lower than in Denmark and Sweden. New York and California, where a large share of our billionaires live, have unusually high top income tax rates, so the richest people are paying Nordic-level marginal rates. (Slow Boring)\n• Sorry Marc, it — investment grade private credit — is just not that big: The FT, gently, on Marc Rowan, Apollo’s CEO,  latest “this is the biggest thing in history” essay — and the multiple times he has said exactly that before. The kindest version of the takedown. (Financial Times)\n• Gmail Thinks I’m Stupid, So I Left: A nicely irritated post on Gmail’s creeping infantilization — AI summarizing nothing, hiding addresses, “smart compose” doing the opposite. The user case for going Fastmail/Proton in one sitting. (Modded Bear)\n• High Density Living, 2000 Years Ago: Inside the Roman Apartment Building: Ancient Rome had six-story walk-ups, noise complaints, and absentee landlords. The more things change. A tombstone outside Rome bears “The Tenant’s Lament”—proof that housing has always been a problem. (Common Edge)\n• This $50,000 Safety Fix Is Dividing the Aviation Industry and Washington: Federal safety officials and lawmakers have been at odds over mandating systems enabling pilots to see nearby aircraft (Wall Street Journal)\n• Iran Atomic Risk Seen Higher Than Before Trump Attacks Began. The risk that Iran is covertly pursuing nuclear weapons is higher today than before the US and Israel launched their first military attacks on the Islamic Republic a year ago, according to western officials. The International Atomic Energy Agency has warned member countries about new nuclear proliferation dangers posed by Iran’s large inventory of near-bomb-grade uranium, which is no longer subject to weekly IAEA inspection. (Bloomberg free)\n• Cancel Culture at CBS News: The Bulwark on the Pelley/Weiss/Bilton triangle and what it tells you about who the new CBS News editorial line is for. The “cancel culture” framing applied where the people doing the cancelling actually are. (The Bulwark) see also Scott Pelley Fires Back After “60 Minutes” Ouster: “The Collapse of Values at the Top Has Become Untenable”: Variety carrying Pelley’s on-the-record statement after the firing — the kind of clean, scorched-earth quote that doesn’t happen at CBS News by accident. (Variety)  see also When “60 Minutes” is in Trouble, We are All in Trouble: Jim Acosta on what the Pelley firing means for the rest of the press corps. Read alongside Margaret Sullivan’s “priced in” piece — same diagnosis, fresh data point. (Jim Acosta)\n• He Was the Knicks Owner Who Could Do Nothing Right. Now James Dolan Can’t Miss.: WSJ on the strangest sports-business arc of the decade — Dolan, of all people, with a Finals team and a cleaner front office than half the league. Even Knicks fans aren’t sure what to do with this. (Wall Street Journal)\nVideo of the day: What It’s Like to Be a Billionaire’s Family Member\nBe sure to check out our Masters in Business interview this weekend with Chris Davis, Chairman and Portfolio Manager of Davis Funds. The firm oversees $20 billion in client assets, with Davis (and colleagues) co-investing $2 billion in their own mineus alongside shareholders. Davis was named Morningstar’s Portfolio Manager of the Year; he also sits on the boards of Berkshire Hathaway and Coca-Cola.\nThe Lowest Consumer Sentiment EVER\n\nSource: A Wealth of Common Sense\nSign up for our reads-only mailing list here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}