Business

Authored by Simon Black via SovereignMan.com,

In the spring of 1871 after a miserable defeat in the Franco-Prussian War, Paris plunged into a major crisis as local citizens revolted against the government.

Financial markets went berserk as a result, and the prices of French government bonds plummeted.

There’s an old story that an heir to a large fortune came calling to the offices of the Rothschild banking family looking for investment advice.

Authored by Jeffrey Snider via Alhambra Investment Partners,

Better lucky that smart? Managers of active funds are now extremely concentrated in the strongest parts of the US equity market with 'momentum' massively outperforming the market in August (and ramping higher off the North Korea missile launch lows).

After a two-year long bear market, bitcoin came roaring back in 2016, and has been climbing ever since.

The digital currency reached a new all-time high above $4,650 on Tuesday, an increase of more than 350% year-to-date. The sheer intensity of its gains has inspired some comparisons to the digital currency's initial run-up, which ended with the collapse of bitcoin exchange Mt. Gox in early 2014, marking the end of the first bitcoin bull market.

Bloomberg’s David Westin spoke with Berkshire Hathaway Chairman Warren Buffett on his 87th birthday before his charity auction lunch at Smith & Wollensky’s in New York.