tyb
Mystery Surrounds $7 Billion Outflow From Vanguard S&P 500 Fund
A record outflow from one of Vanguard Group’s biggest exchange-traded funds is stirring speculation over who was behind it and why.
More than $7 billion was pulled from the $172 billion Vanguard S&P 500 ETF (VOO) on a single day this week, according to data compiled by Bloomberg, about 4% of the fund’s assets. But trading volumes were below the one-year average and there were no obvious outsized transactions, while the U.S. equity benchmark rose on the day – making a mass exodus less appealing. It’s all leading to a theory that a major holder of the fund executed a large over-the-counter trade.
“We think the redemption didn’t show up because it was an outsized primary market sale,” said Eric Balchunas, a Bloomberg Intelligence ETF analyst. Rather than shopping for a tie at a store, “this is like someone going straight to the tiemaker, and that’s rare since most ETF usage is smaller investors,” he said.
When cash flows into an ETF, a market maker known as an authorized participant gives the issuer more of the fund’s underlying assets in exchange for new shares to meet demand. When money is being taken out, the process works in reverse. Ordinarily an investor buys or sells their shares on an exchange. But instead of selling on the open market, they could hand them directly to an AP, who can redeem them with the issuer in return for the underlying assets. Those assets can then be sold down by the AP or passed on to the investor to hold or sell. “Trading activity and flows are not actually systemically tied together,” said Dave Nadig, chief investment officer and director of research at ETF Flows, a research and data provider. Since the huge withdrawal didn’t show up on the tape, it suggests an institution collected a position worth $7 billion but preferred to have the underlying assets, he said.
It’s not possible to know for certain who pulled out the cash. According to the latest available data, Bank of America Corp. is the largest holder in the fund, with shares worth about $14 billion. Raymond James Financial Inc. is next with about $5.2 billion, followed by Parametric Portfolio Associates with $4.9 billion.
ding,ding Bank of ~~Italy~~ America
Spokespeople for Vanguard and Parametric declined to comment on the flows, while Bank of America and Raymond James didn’t immediately respond to requests for comment.
The scale of the withdrawal indicates that VOO is now being used by large institutions in addition to being a favorite with retail investors, Balchunas said. The fund is cheaper than its main competitor, the SPDR S&P 500 ETF Trust (SPY). It has an 0.03% expense ratio, compared with 0.095% for SPY. VOO has attracted $19.5 billion of inflows this year, second only to the Vanguard Total Stock Market ETF (VTI), which has lured $27.8 billion. SPY is leading outflows after seeing $26 billion pulled from the fund.
https://www.bnnbloomberg.ca/mystery-surrounds-7-billion-outflow-from-vanguard-s-p-500-fund-1.1531808
SAM302 USAF C-40B departed Anchorage-Ted Stevens Airport after a ground stop-inbound from Atsugi NAF, Japan
It is heading back to JBA
This AC departed JBA on 1201 with a stop at Anchorage then sw to Atsugi NAF for a 1202 arrival and ground stop-overnight.
Departed 1202-late-for Jakarta and a 1203 arrival.
It departed after a ground stop of a few hours and retraced it's inbound legs.
AF2 USAF VIP C-32A departed JBA for Savannah, GA
Defend The Majority Rally Featuring Vice President Mike Pence
https://www.eventbrite.com/e/defend-the-majority-rally-featuring-vice-president-mike-pence-tickets-131115402699
gusts
It doesn't really cool it off much when it gets like that.
Not close to fires but went through all of dat in 2007 with the wind.
And every time it picks up the radar goes off-most are like that here nao (or should be)
Came within about 6 inches of an ember igniting muh tree in front yard-still have the burned wood as a reminder.
put a sprinkler sys on the roof and I just found out the new owners (sold again after muh sale) replaced the roof and did not put it back.
Will suck to be them as that area (behind old house) not burned for 30 years or moar.
SAM305 USAF C-40B nw from JBA depart
SAM294 USAF G5 en from St. Louis Downtown Airport- this AC had two "out and back" trips on 1202 that looped over Kansas City and then back to St. Louis
SAM302 USAF C-40B inbound to JBA from Anchorage, AK ground stop-inbound from Atsugi NAF
£50 billion in UK banknotes is 'missing.' Nobody has an explanation
A group of UK lawmakers said on Friday as much as £50 billion ($67.4 billion) in cash was "missing," and it urged the Bank of England to investigate. The money is "stashed somewhere but the Bank of England doesn't know where, who by or what for — and doesn't seem very curious," Meg Hillier, chair of the House of Commons Public Accounts Committee (PAC), which oversees government finances, said in a statement. "It needs to be more concerned about where the missing £50 billion is," she added.
The Bank of England immediately pushed back. "Members of the public do not have to explain to the Bank why they wish to hold banknotes. This means that banknotes are not missing," a spokesperson said in a statement, adding that the central bank would continue to meet public demand for notes.
Despite the increased use of digital payments, demand for cash has risen in most advanced economies since the global financial crisis, according to a 2018 report by the Bank for International Settlements. This has been partly driven by lower interest rates, the report said, which have diminished returns on savings held with banks. "We are seeing the increasing use of cash as a store of value, as opposed to for transactional purposes," chief cashier at the Bank of England Sarah John said in testimony before the Public Accounts Committee in October. Worries about the strength of financial institutions since the 2008 crisis have also contributed to this, she added.
And while there was a sharp decline in demand for notes and coins during the peak of coronavirus lockdowns this year, it has since recovered, with people stockpiling even more cash at home as a result of the pandemic. The number of notes in circulation in Britain reached a record high of 4.4 billion in July, with a total value of £76.5 billion ($103 billion), according to a September report by the National Audit Office (NAO), which monitors government spending. This compares with 1.5 billion notes worth about £24 billion ($32.3 billion) in 2000.
At the same time, the volume of cash payments has declined, a trend likely to accelerate because of the pandemic. A decade ago, cash was used in six out of 10 transactions; last year it was less than three. The Bank of England estimates that between 20% and 24% of the value of notes in circulation are used for cash transactions, with a further 5% held by UK households as savings.
"Little is known about the remainder, worth approximately £50 billion, but possible explanations include holdings overseas for transactions or savings and possibly holdings in the UK of unreported domestic savings or for use in the shadow economy," the NAO said in its report. It recommended that the central bank, working with other public authorities, improve its understanding of what is driving the increase in demand for notes and who is holding the £50 billion.
moar
https://www.foxcarolina.com/news/50-billion-in-uk-banknotes-is-missing-nobody-has-an-explanation/article_4a9d9ebf-1af3-534e-9e10-f56e5ce81711.html
well I don't back down from them and they know it.
But they still try
Seems they are the only ones who ever mention MNR..funny 'dat
The insecurity with them is over-the-top
VENUS62 USAF G5 east from Terra Haute, IN after a ground stop
This AC tail # 18-1942 has and continues to be used in hihger profile trips. It has been used as AF2 in Sept. and as an escort for AF2 (757) in some of the campaign stops of the last few months.
It was also out in front of POTUS and crew in the 757's and 747's as escort into and out of the campaign stops of the the last week leading up to election.
Someone important on this AC most of the time-wish I could tell you who.
SES says Intelsat pulled plug on partnership in 3 a.m CEO call
Two of the largest satellite companies are fighting in U.S. bankruptcy court over incentive payments to clear spectrum for next 5G wireless use. Satellite company SES SA claims rival Intelsat SA breached a 2018 agreement to work together as part of a Federal Communications Commission (FCC) plan to free up key C-Band satellite spectrum for use by wireless carriers.
SES said in a court filing that Intelsat had agreed to split incentive payments designed to speed up spectrum clearing 50-50 but changed its mind after the FCC in February allocated Intelsat $4.9 billion and SES $4 billion.
SES’s filing Friday recounted a Feb. 5 celebratory dinner at an upscale steak and seafood restaurant in northern Virgina-oh that is a surpise between both chief executives after a call with a senior FCC attorney in which Intelsat confirmed it would split the proceeds 50-50. The FCC declined comment. A few days after the dinner “and at approximately 3 a.m. EST, (Intelsat CEO Stephen) Spengler called SES’s CEO, Steve Collar, and said he had ‘a problem,’” SES’s filing said. Spengler told Collar Intelsat believed the agreement had been disbanded three months earlier, when the FCC decided to proceed with a public auction rather by a private sale, SES’s filing said.
“During his call with Mr. Collar, Mr. Spengler was contrite and rightly so,” the filing said. “Mr. Collar was shocked.” “This case is about corporate desperation, greed, and dishonesty,” the SES court filing said. “Saddled with crippling debt and facing bankruptcy, Intelsat betrayed its faithful contractual partner in a brazen attempt to steal approximately $450 million.” Intelsat declined to comment Friday, but said in prior court filings SES’s claim is “based on meritless theories of breach of contract, breach of fiduciary duty, and unjust enrichment.”
It calls the $1.8 billion sought “flat-out absurd.”
Intelsat filed for bankruptcy protection in May in Virginia; a judge scheduled a two-week trial on SES’s claims for June 28, 2021. Intelsat argued that SES “does not need even close to the amount of time it seeks, but believes that delaying a trial will improve its leverage in plan negotiations”. Both companies are based in Luxembourg. The C-band is a block of spectrum used to deliver video and radio programming to 120 million U.S. households.
The auction is set to begin next week. An SES spokeswoman said Friday its claim “will not impact SES’s ability to complete the C-band clearing according to the FCC’s accelerated time lines.”
https://www.reuters.com/article/usa-wireless-ses-intelsat/ses-says-intelsat-pulled-plug-on-partnership-in-3-a-m-ceo-call-idUSL1N2IK21L
Mayor Garcetti Bans Walking As Latest LA Lockdown Begins
As LA Mayor Eric Garcetti kicks off the most restrictive lockdown in the country in the City of Angels, it appears even walking and exercise are now banned as California takes a page out of Australia's COVID-19 playbook. During comments earlier this week, the LA Mayor warned "it's time to cancel everything", including "unnecessary travel on foot" - also known as 'walking'.
JUST IN: Los Angeles Mayor Eric Garcetti: "It’s time to cancel everything." pic.twitter.com/oMiwjSTFWg
— The Hill (@thehill) December 3, 2020
As we reported earlier this week, the order prohibits "all travel, including, without limitation, travel on foot, bicycle, scooter, motorcycle, automobile, or public transit," with limited exceptions. "All travel, including, without limitation, travel on foot, bicycle, scooter, motorcycle, automobile, or public transit is prohibited, subject to the exceptions in Paragraph V."
Of course, there are a few exceptions: people who work in the health-care industry and news industry are allowed to travel, along with individuals going to grocery stores, gas stations and other locations deemed essential.
Garcetti also ordered all residents living in the city “to remain in their homes,” while barring all inter-household gatherings and requiring all non-essential businesses to either close, or have all their employees return to working from home.
https://www.zerohedge.com/political/mayor-garcetti-bans-walking-latest-la-lockdown-begins
RUDY33 US Navy Osprey ne from NAS North Island
Not this actual one
CMV-22B Osprey Makes First Ever Landings And Take-Offs From An Aircraft Carrier
On Nov. 22, 2020, a CMV-22B tilt-rotor aircraft of the “Titans” of Fleet Logistics Multi-Mission Squadron (VRM) 30, conducted the first ever Navy COD (Carrier On-board Delivery) variant of the Osprey landings and take-offs from an aircraft carrier. The CMV-22B registration #169437, assigned to Fleet Logistics Multi-Mission Squadron 30 (VRM-30) “Titans” at Naval Air Station North Island, carried out the first landing on the flight deck of USS Carl Vinson.
moar
https://theaviationist.com/2020/11/23/cmv-22b-osprey-makes-first-ever-landings-and-take-offs-from-an-aircraft-carrier/
U2-S USAF Dragon Lady also up out of Skunkworks and at a comfy 60K ft