Guggenheim’s Chief Investment Officer turned bearish on cryptocurrency after Bitcoin’s drop to $30,000 on Wednesday.
What Happened: Scott Minerd, chief investment officer at Guggenheim Partners, seemingly reversed his stance on crypto after Wednesday’s selloff as he took to Twitter to state that it has proven to be “Tulipmania.”
Crypto has proven to be Tulipmania. As prices rise, tulip bulbs and #crypto currencies multiply until supply swamps demand at previous market clearing prices.
Minerd’s comments attracted a fair amount of criticism from the crypto community, with most people calling into question whether Guggenheim had done its research before announcing plans to invest “hundreds of millions” into
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NEW YORK, May 13, 2021 (GLOBE NEWSWIRE) Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today provided its Second Quarter 2021 High-Yield and Bank Loan Outlook. Titled In the Recovery Phase of the Credit Cycle, the report explains why fundamental conditions support positioning long in credit-sensitive fixed-income assets despite tight spreads.
Among the highlights in the 16-page report:
Looking ahead, we believe that the length of the recovery phase and the expansion phase of this credit cycle will depend on the discipline of borrowers and investors, as well as other factors including interest rates, economic growth, government policy, and external shocks.
Operator
Good day and thank you for standing by. Welcome to First Quarter 2021 OGE Energy Earnings conference call [Operator Instructions]
I would now like to turn the conference over to your host, Mr. Jason Bailey.
Jason Bailey
Director of investor relations
Thank you, May, and good morning, everyone, and welcome to OGE Energy Corp.s First Quarter 2021 Earnings Call. Im Jason Bailey, Director of Investor Relations. And with me today, I have Sean Trauschke, Chairman, President and CEO of OGE Energy Corp.; and Bryan Buckler, CFO of OGE Energy Corp. In terms of the call today, we will first hear from Sean, followed by an explanation from Bryan of first quarter results. And finally, as always, we will answer your questions. Id like to remind you that this conference is being webcast and you may follow along on our website at ogeenergy.com. In addition, the conference call and accompanying slides will be archived following the call on that same website. Before we begin the presen