Friday, 29 August 2014
Last updated 11 hours ago
Oct 28 2013 | 12:19pm ET
A top Fortress Investment Group executive is sold on the controversial bitcoin, even if his firm is not.
Michael Novogratz told attendees at a UBS Wealth Management event that he sees a potentially bright future for the digital currency. According to the Fortress macro co-chief investment officer, bitcoin could prove a cheaper way to transfer money in countries with weak banking systems.
"Will more and more merchants allow you to buy stuff with bitcoin?" Novogratz said at the conference, according to the Financial Times. "We'll see. My gut is yes, but you don't need to know to make that bet."
Fortress itself appears to want to know more, however: The firm decided that the currency was too speculative to invest in. Novogratz, however, has the courage of his convictions, having bought up some bitcoins three months ago.
Novogratz would not say how much he had spent on the stash, merely commenting that he bought "enough that I am smiling that it has doubled." The currency's value against the dollar has soared since the U.S. moved against a bitcoin marketplace where people allegedly used the digital currency to buy drugs and commit other crimes, seen as a victory for the bitcoin's legitimacy.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...