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Russian Ministry of Defense: Air defense system shot down 45 Ukrainian drones overnight.Silver prices have hit record highs recently. Data from the Korea Gold Exchange showed that on October 17th, the price of silver reached 2,467 won (approximately 12 yuan) per gram, a year-to-date increase of nearly 70%, exceeding the increase in gold over the same period. This surge in demand for silver among South Korean investors has led to tight market supply. So far this year, major South Korean commercial banks have generated cumulative silver bar sales of 10.4 billion won (approximately 52.08 million yuan), 13 times higher than the same period last year. Due to the shortage of silver bars in the market, South Korean commercial banks and major precious metals sales platforms have announced that they will suspend silver bar sales starting on the 20th of this month.1. October 24th – Federal employees, whether furloughed or working, will miss their first full paycheck, forcing lawmakers to act. They have already missed partial paychecks, placing significant financial strain on over 2 million employees and their families. 2. October 31st – The Trump administration this week deployed $8 billion in unused research and development funds from fiscal year 2025 to ensure 1.3 million active-duty military personnel receive their October 15th paycheck. However, whether this can be done again before Halloween (November 1st) remains uncertain. 3. October 31st and November 5th – Senate clerks will miss their first full paycheck on October 20th (paid on the 5th and 20th of each month). House clerks will miss their paychecks at the end of October (paid at the end of each month) and, if they do, will not receive their paychecks until after Thanksgiving, creating significant financial hardship. 4. November 1st – Open enrollment for the Affordable Care Act. Healthcare is a primary concern for the shutdown, with Democrats aiming to pressure Republicans to reach an agreement on strengthening subsidies for Obamacare before open enrollment begins. 5. November 21 – If the shutdown continues into late November, it could lead to TSA staffing shortages and air traffic control issues for Americans during the busy Thanksgiving travel week. Air traffic control chaos in early 2019 was a key factor in forcing the government to end the longest shutdown in history.On October 19th, local time, Pakistani Deputy Prime Minister and Foreign Minister Dar welcomed the ceasefire agreement reached between Pakistan and Afghanistan in Doha, Qatar, on the evening of the 18th on social media, calling it "the first step in the right direction." Dar also expressed hope that at the next round of meetings hosted by Turkey, a concrete and verifiable monitoring mechanism would be established to address the threat of attacks from Afghanistan into Pakistan. On the same day, Afghan government spokesman Zabiullah Mujahid issued a statement announcing that negotiations between Afghan and Pakistani representatives in Qatar had concluded with the signing of a bilateral agreement. Neither side will take any hostile actions against the other, nor will they support groups that attack the Pakistani government. Both sides will refrain from targeting each others security forces, civilians, or critical infrastructure. A mechanism will be established to review bilateral positions and ensure the effective implementation of the agreement, mediated by an intermediary.The General Staff of the Ukrainian Armed Forces: In the past day, the Russian army lost about 1,000 soldiers, as well as 3 armored personnel carriers, 45 artillery systems and other equipment.

Melvin Capital Will Close Following Huge Losses on Meme Stocks And A Market Decline

Charlie Brooks

May 19, 2022 10:01

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Melvin Capital, formerly one of Wall Street's most successful hedge funds that lost billions in the meme stock saga, will cease operations following this year's market decline.


After years of double-digit profits, Gabe Plotkin, widely considered as one of the industry's greatest traders, told investors that the past 17 months have been "very difficult."


Plotkin was attempting to turn around the company after being discovered betting against retail favorite GameStop (NYSE:GME) in early 2021 and being blindsided by falling markets this year.


"The proper next step is to wind down the Funds by fully selling the Funds' assets and accounts and delivering cash to all investors," Plotkin said in a letter that Reuters obtained on Wednesday.


At the end of April, Melvin Capital held assets of $7.8 billion. In the first four months of 2022, the fund had a 23 percent loss, according to a source acquainted with the firm's accounts.


The losses this year follow significant losses in 2021, when Melvin Capital finished the year down 39 percent. The firm wagered that GameStop's stock would decline, but lost when ordinary investors took the opposite position and drove the stock soaring.


The company's assets were $12.5 billion at the start of 2021.


Plotkin stated in his letter that he had already obtained a large amount of cash and reduced the funds' exposure.


Plotkin's representative declined to respond.


Powerful investors, including Citadel LLC and Point72 Asset Management, where Plotkin had worked, continued to back Melvin for a time, investing billions in emergency funds in early 2021 amid the massive stock losses.


Plotkin informed investors earlier this year that he intended to reorganize and reduce assets from around $8.7 billion to $5 billion, while temporarily reducing fees. Investors responded vehemently to the ideas, and Plotkin was subsequently obliged to apologize and admit he had made an error.


Plotkin announced on Wednesday that he had begun selling the portfolio and will cease charging management fees beginning June 1. He also stated that he "gave everything" he had, but that it was insufficient to "bring the expected returns."


Melvin's largest investments at the end of the first quarter included Live Nation Entertainment (NYSE:LYV), Hilton Worldwide Holdings (NYSE:HLT), Amazon (NASDAQ:AMZN), and Datadog (NASDAQ:DDOG). In recent weeks, their stock prices have fallen substantially, sparking rumors that a hedge fund may be attempting to unwind bets.


Plotkin was a top investor at Steven A. Cohen's hedge fund, formerly known as SAC Capital Advisors, but he resigned in 2014 to start his own company after SAC pled guilty to criminal insider trading allegations. Melvin Capital gained 52.5% by the end of 2020, the year the epidemic began, after attracting the attention of influential investors and achieving rapid growth.


Melvin enjoyed average annualized gains of 30% from 2014 to 2020. Since its inception, the fund has returned an annual average of 11.9%.