Macro Hedge

Written by John Balafoutas | May 22, 2023

Quick Quote

“The stock market is a device for transforming money from the impatient to the patient” - Warren Buffett

What Really Matters

⏰ Morgan Stanley CEO to Step Down: James Gorman has released his plans to step down as the CEO of Morgan Stanley within the next year. The bank’s board has issued a statement explaining they have “identified three very strong senior internal candidates for the consideration as the next CEO”

📉 Public Stocks Take Hit as Return to Work Slows: Shares of some of the largest office landlords drop to near historic lows, echoing the stagnant return-to-office rate. SL Green and Vornado Realty Trust are now in the crosshairs as both down 30%+ YTD

🔎 Activist Investor Takes Aim at Yelp: TCS Capital has amassed a 4%+ stake in Yelp and is asking the company to explore strategic alternatives, including a sale. TCS is one of the companies 5 biggest shareholders and believes the company can be sold to another firm or private-equity buyer, for at least $70 per share (more than double its current price)