What you need to know on Wall Street today
Heading into 2017, the eulogy for good old-fashioned stock pickers had been all but written.
Robo-advisors and passive strategies were supposed to put them out of commission. And matters weren't helped much as volatility hovered close to the lowest levels on record, sapping the market of the price swings so crucial for active managers to prove their bonafides.
But then something unexpected happened - the stock pickers fought back. Here's our story.
In other news, the scorching-hot stock market is on pace to do something that's never been seen before. And there's a new biggest bull on Wall Street now that Trump has signed tax cuts into law. And the Fed says it could speed up rate hikes because of Trump's tax cuts.
In finance news, the three partners of a boutique London M&A firm made £63 million between them last year.
In crypto news, Ripple's XRP hit an all-time high, sending its cofounder's wealth soaring. And the blockchain "name game" is just getting started - and it echoes dot-com mania.
In other news, Tesla missed badly on Model 3 delivery expectations for the fourth quarter, delivering only 1,550 vehicles. Here's what you need to know:
- Tesla's Model 3 deliveries were awful - but the company still set a sales record for 2017
- Tesla just slashed in half its Model 3 production target for the first quarter
- Wall Street is making excuses for Tesla's Model 3 problem - and it could backfire this year
Lastly, Trump's tax overhaul has slowed Manhattan's real estate market even before going into full effect.