Here are the top finance stories of the day for August 10

Happy Monday. 

Second quarter earnings continue to roll out. Some big ones to keep an eye on this week: Softbank (Tuesday), Tencent (Wednesday), and Cisco (Wednesday).

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Ken Griffin

Ken Griffin, Founder and CEO, Citadel, speaks during the Milken Institute’s 22nd annual Global Conference in Beverly Hills, California, U.S., April 30, 2019.

Mike Blake/Reuters

It’s a good time to be Ken Griffin.

To be honest, it’s never really a bad time to be a billionaire. But 2020 has been particular nice for Griffin, whose $34 billion hedge fund, Citadel, has enjoyed big returns. Griffin’s success comes at a time when many of Citadel’s peers have struggled to make heads or tails of the wild market thus far. 

Bradley Saacks has all the deets about which funds are doing particularly well and how that stacks up to its competitors.

polar bear

A polar bear walking on very thin, submerged ice.

Christopher Michel/Flickr

Cold storage is so hot right now. With the e-grocery industry on the rise, cold-storage facilities are in high demand. Daniel Geiger has the scoop on the latest plans for Lineage Logistics, the largest player in the space. 

brookfield place

The food court at Brookfield Place, a shopping mall in Manhattans Financial District, is cordoned off on May 5, 2020 in New York City.

Bryan Thomas/Getty Images

If you miss going to the mall, don’t worry. You might be able to live in one soon. Alex Nicoll spoke to commercial real-estate experts about developers and landlords switching retail buildings into residential or industrial spaces. 

college dorm room

Jordan Silverman/Getty Images

Rounding out our real-estate coverage, we have Meghan Morris examining a developer that is in hot water for how it looked to influence return-to-campus plans at colleges it operates student house. Meghan has all the juicy details about how Corvias, who previously faced congressional scrutiny for its military housing, was communicating with colleges in Michigan and Georgia. 

wall street stealing tech talent 4x3

iStock; Samantha Lee/Business Insider

Some of the most important trading the world’s largest hedge funds are doing isn’t on the markets, but on tech talent instead. Bradley Saacks has some great data on the war for engineers and data scientists between the likes of Two Sigma, Citadel, Bridgewater, Amazon, and Microsoft.

Goldman Sachs, Goldman, Goldman sign

Reuters/ Lucas Jackson

Every bank likes to say that it operates like a fintech, but here’s one example of how one of the largest on Wall Street really is. Reed Alexander got an exclusive look at demo day for Goldman Sachs’ internal incubator program where everyone from first-year analysts to the most senior managing directors can pitch ideas in the hopes of getting backing from the bank.

daniel loeb third point

REUTERS/Phil McCarten

Who says you can’t teach an old dog new tricks? Dan Loeb built a career taking activist positions in companies and facilitating change. But the founder and chief executive of $13.4 billion Third Point is singing a different tune to investors due to the current market environment. Bradley Saacks has the rundown for Loeb’s latest letter to investors that calls for quality as an “essential” screen for new investments.

Odd lots:

First Impressions of What It’s Like to Be Back in the Office (Bloomberg)

Inside the Mark Cuban-backed search engine that wants to defeat Amazon’s fake review problem and help consumers find American-made products in the process (Business Insider)

How to Move Your Elephant During a Pandemic (NYT)

Amazon and Mall Operator Look at Turning Sears, J.C. Penney Stores Into Fulfillment Centers (WSJ)

A Season of Grief and Release: 5 Months of the Virus in New York City (NYT)


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