RIP, Ivan Boesky

Ivan made his last trade on Monday when he died at age 87. May 21, 2024 [WEBSITE]( | [UNSUBSCRIBE]( RIP, Ivan Boesky SEAN RING Dear Reader, The bell has tolled for one of Wall Street’s most notorious characters, Ivan Boesky, who passed away on Monday at the ripe old age of 87. Ivan, a man who could turn a profit faster than you can say “insider trading,” has left us for that great stock exchange in the sky. Known for his sharp suits, an even sharper tongue, and the sharpest elbows in the trading world, Ivan carved an indelible mark on the 1980s financial scene—mostly on the wrong side of the law. The Epitome of 80s Greed Back in the day, Ivan wasn’t just a player; he was the game. He rose to prominence as a high-flying speculator, always one step ahead of the market and, as it turned out, the SEC. His career took a dramatic turn when he teamed up with Dennis Levine in a partnership that would make Gordon Gekko blush. Together, they engaged in a dance of deceit and dollars that eventually led them straight to the clink. You see, Ivan had this knack for making trades that seemed too good to be true. And that’s because they were. Using insider information, he made millions in profits, living the high life while the rest of us mere mortals played by the rules. But as the old saying goes, “If you’re not cheating, you’re not trying.” Ivan took that to heart, living by a code that would make a pirate envious. Downfall and Den of Thieves In 1986, the party came to a screeching halt. The SEC, tired of Ivan’s antics, finally caught up with him. In a dramatic fall from grace, Boesky was charged with insider trading, leading to one of the biggest financial scandals of the decade. His role in this scandal was so legendary that it inspired James B. Stewart’s classic exposé, Den of Thieves, a must-read for anyone interested in the darker side of Wall Street. In Den of Thieves, Stewart vividly portrays Boesky’s rise and fall, capturing the essence of a man driven by greed and ambition. It’s a tale as old as time—hubris leading to downfall. Ivan’s story reminds us that in the world of finance, no one is invincible, not even those who think they have the game rigged. After a stint in Club Fed—where he undoubtedly gave financial advice to fellow inmates—Ivan retreated from the public eye. Gone were the days of high-stakes trading and lavish parties. Instead, he lived a quieter life, swapping stocks for solitude. Friends and family say he still kept an eye on the market, though his tips were a bit less reliable without the inside scoop. His insights, once golden, became just another voice in the cacophony of market speculation. But let’s not kid ourselves. Ivan’s legacy isn’t just about scandal and disgrace. He was a financial wizard, a man who could read the markets like a psychic reads tea leaves. His ability to predict market movements was uncanny, and for a time, he was a king among traders. Of course, it helps when you have insider information, but even without it, Ivan had a mind built for finance. [You have (1) item on hold at our warehouse:]( Item #: [51987]( Status: On hold Value: Approx. $300 Claim by date: MIDNIGHT TONIGHT To see how to claim yours before midnight, simply [click here]( our Head of Customer Experience will show you what you need to do. [Click Here To Learn More]( The Aftermath In his later years, Ivan attempted to reinvent himself. He became a philanthropist, donating to various causes to cleanse his tarnished image. It was a noble effort, but for many, the shadow of his past loomed large. The name Ivan Boesky will forever be synonymous with insider trading, a cautionary tale for future generations of traders and investors. Ivan is survived by his wife, children, and numerous former colleagues who still can’t believe they didn’t see it coming. His passing leaves a gap in the world of high-stakes finance and high-risk ethics. As we bid farewell, we remember his infamous words: “Greed is alright, by the way.” Well, Ivan, it seems karma had its final say. In lieu of flowers, the family requests that donations be made to financial literacy programs so future traders know exactly what not to do. This is a fitting tribute to a man whose life was a masterclass in both financial wizardry and ethical failure. So, what can we learn from Ivan Boesky’s life and legacy? First and foremost, it’s a reminder that in the world of finance, the line between success and scandal is razor-thin. One minute, you’re on top of the world; the next, you’re facing a judge and a very long prison sentence. It’s a high-stakes game where the winners take all, but the losers pay dearly. Ivan’s story also highlights the seductive power of greed. In a world driven by profits, it’s easy to lose sight of what’s right and wrong. Boesky’s downfall wasn’t just about breaking the law; it was about a fundamental disregard for the rules that govern fair play. It’s a lesson that resonates today, as new scandals emerge in the financial world. But perhaps the most important lesson from Ivan Boesky’s life is the importance of accountability. No matter how powerful or influential you are, the consequences of unethical behavior are real and far-reaching. Boesky’s story is a stark reminder that in the end, justice has a way of catching up with those who believe they are above the law. Wrap Up The market just closed on one of its most colorful characters. Your life was a rollercoaster of triumphs and trials, a testament to the highs and lows of Wall Street. As we reflect on your legacy, we’re reminded that in the world of finance, it’s not just about making money—it’s about how you make it. And that, dear reader, is a lesson worth remembering. Farewell, Ivan, you magnificent rascal. You will be missed, but never forgotten. All the best, Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( Rate this email Like Dislike Thanks for rating this content! Looks like something went wrong. Please try to rate again. In Case You Missed It… A Nickel For Your Thoughts? SEAN RING Thanks to Bidenflation, your thoughts are now five times more expensive than they used to be. One can harken back to the days of yesteryear, when Ingrid Bergman’s Ilsa Lund offered Humphery Bogart’s Rick Blaine a franc for his thoughts in Casablanca. Rick answered, “In America, they’d only bring a penny. I guess that’s about all they’re worth.” Well, Rick, eighty years later, you’ve got a raise! It’s nominal, not real. Nominal is the economist’s preferred word for “illusory.” Oh, I’m not being serious. Since the creation of the Federal Reserve in 1913, the dollar has lost over 95% of its value. Pennies are practically worthless. But nickel is on a tear. No, not the ones in your pocket. The metal that’s used to make stuff. Let me catch you up on this critical element. The Metal that Shapes the Modern World What is nickel? Nickel, a lustrous silvery-white metal, has been known since antiquity but was often confused with other metals like silver. Its history dates back to 1751 when Axel Fredrik Cronstedt, a Swedish chemist, isolated it while attempting to extract copper from a mineral known as niccolite. Cronstedt named the new metal "nickel" after the German word "kupfernickel," which translates to "devil's copper" due to the deceptive nature of the ore. Where is Nickel Found? Nickel, a critical element, is primarily found in two types of ore deposits: laterite and sulfide deposits. The major nickel producers are countries with abundant lateritic ores, such as Indonesia, the Philippines, Russia, New Caledonia (we’ll get to them later), and Canada. Indonesia and the Philippines alone account for over 40% of the global nickel supply, a significant contribution driven by their rich lateritic deposits. Nickel’s Applications Nickel's resistance to corrosion and ability to alloy with other metals make it invaluable in various industries. Here are some key applications: - Stainless Steel: About 68% of the world’s nickel production manufactures stainless steel, enhancing its strength and corrosion resistance. - Batteries: Nickel is a critical component in the production of rechargeable batteries, especially nickel-cadmium and nickel-metal hydride batteries. More recently, nickel's role in lithium-ion batteries has surged due to the growing demand for electric vehicles (EVs). - Plating: Nickel plating is widely used to provide a protective coating for other metals, improving their resistance to corrosion and wear. - Alloys: Nickel alloys are essential in aerospace and military applications due to their high-temperature resistance and durability. - Coins: Various countries use nickel in coinage due to its durability and resistance to tarnishing. Nickel in the World Economy Nickel is pivotal in the global economy due to its extensive use in stainless steel and battery production. The metal is crucial for infrastructure development, automotive manufacturing, and the burgeoning EV market. The push towards green energy and sustainable technologies has further amplified nickel's importance. As countries strive to meet climate goals, the demand for nickel-rich batteries continues to rise, positioning the metal as a cornerstone of the energy transition. The LME Nickel Episode of March 2022 In March 2022, the London Metal Exchange (LME) witnessed one of the most dramatic events in its history, centered around nickel trading. The episode was triggered by a massive short squeeze involving Tsingshan Holding Group, a major Chinese nickel producer. Tsingshan had built substantial short positions in nickel, betting on falling prices. However, geopolitical tensions, including the Russia-Ukraine conflict, exacerbated supply concerns and sent nickel prices soaring. On March 8, 2022, nickel prices surged over 250% within hours, briefly touching $100,000 per metric ton, a historical high. This unprecedented spike forced the LME to halt trading and cancel billions of dollars' worth of trades to restore market order. The LME's intervention sparked controversy and debates about market integrity and the role of financial institutions in commodity markets. The exchange faced criticism for its handling of the situation, with some market participants questioning the decision to cancel trades. This incident underscored commodity markets' volatility and speculative nature, mainly when driven by geopolitical factors and supply chain disruptions. Elliott Fund Management sued for $456 million, claiming that LME acted "unreasonably and irrationally" when it canceled those nickel trades made on March 8, 2022. Jane Street Global Trading sued LME for $15.3 million for the same reason. The Hong Kong Exchange (HKEX) owns the LME. Now, let’s get to more current events on the other side of the world. [Warning: Biden’s revenge against Trump voters?]( [Is THIS Joe Biden’s planned revenge]( against Trump? Bumbling Biden will lose in November. But a former CIA advisor [now holds evidence]( That Biden has already started rolling out one extreme act of revenge… Against Donald Trump… And EVERY good American who supports our next President. Please view his warning before election day. [See how to protect yourself HERE]( [Click Here To Learn More]( A Crucial Player in the Nickel Industry New Caledonia, a French overseas territory in the southwest Pacific Ocean, is renowned for its rich cultural heritage and diverse ecosystems. With its stunning beaches, coral reefs, and unique blend of French and Melanesian influences, it is a unique and vibrant place. However, due to its abundant nickel reserves, New Caledonia holds significant economic importance beyond its natural beauty. Credit: [( Importance as a Nickel Miner New Caledonia is one of the world’s leading producers of nickel, holding approximately 10% of the world’s known nickel reserves. The territory’s economy is heavily reliant on nickel mining, which accounts for a substantial portion of its GDP and exports. Major nickel mines such as the Goro mine and Koniambo Nickel project are central to global nickel supply, making New Caledonia a crucial player in the global market. The high-quality laterite nickel ore found here is essential for producing stainless steel and batteries, particularly as demand for electric vehicles rises. Voting Rules Changes and the Recent Riots New Caledonia has been experiencing significant political tensions, particularly surrounding its relationship with France. The recent riots against French rule were sparked by changes to voting rules related to the territory's independence referendums. The changes that incited the riots include modifications to the electorate criteria for the independence referendums. Many pro-independence Kanak groups perceived these changes as favoring the loyalist (pro-France) side. Specifically, the eligibility criteria were seen to potentially dilute the influence of the indigenous Kanak population, which predominantly supports independence. The changes led to widespread unrest and riots, as the pro-independence factions felt that the alterations undermined their prospects of achieving a fair vote on the territory's future. The Upshot Between its importance and the tightening of its supply due to the New Caledonian crisis, nickel has had a surge in its market value. Since February, we’ve rallied from $16,000 per metric ton to nearly $21,000. That’s a tidy 31.25% return in under four months. Year-to-date, only silver’s 32.35% return outpaced nickel’s 27% return. Wrap Up The commodity bull market is well underway, but far from over. More metals keep joining the party. As inflation heats up again, the Fed cuts rates in June or July, and supply tightens, we’re only looking for more of the same for the near future. There’s still time to join the metals party. Take action. All the best, Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2024 Paradigm Press, LLC. 1001 Cathedral Street, Baltimore, MD 21201. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Rude Awakening e-mail subscription and associated external offers sent from Rude Awakening, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@rudeawakening.info. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. 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