HedgeFund News Wrap: Week Ending 04/01/2016

OVER 134K RESERVATIONS FOR THE NEW TESLA

(Bloomberg) – Tesla has released the Model 3 and the public is loving it. The reasonably priced $35,000 Tesla is by-far the cheapest car ever offered by the company and it already has over 135,000 reservations in under 24 hours.

Debuted on Thursday, the 200-plus-miles of range has been said to be a platform for future vehicles, sits five passengers and is a very safe car. This is HUGE for the automobile world, as this brings electronic vehicles and autonomous driving to the masses at a very affordable price.

The Model 3 is “the final step in the master plan, which is a mass market, affordable car,” Tesla’s chief executive, Elon Musk, said at the unveiling. “It was only possible to do after going through the prior steps.”

With all of the reservations, Tesla is doing a happy-dance as just the reservations alone are more than total sales of all previous Tesla cars combined.

Read the entire article at Bloomberg
More coverage: Business Insider and New York Times

A ROUND THREE KNOCKOUT FOR MARRIOTT

(USA TODAY) – Anbang has jumped ship in the pursuit of Starwood after weeks of out-bidding Marriott. Starwood Hotels & Resorts Worldwide put a “For Sale” sign up and Marriott took the bait, but then Anbang wanted a piece and a bidding war ensued.

After three weeks of going back and forth, Anbang has given up and Marriott has won! But why? We aren’t totally sure. “It’s quite a surprise that they withdrew the offer,” Sigrid Zialcita, managing director of Asia-Pacific research at Cushman & Wakefield Inc. in Singapore, said by phone Friday. “They bit off more than they can chew.”

While the deal is not officially-official, the deal between Starwood and Marriott is expected to close mid-year. If so, the merger would make Marriott the largest hotel company, with about 1.1 million rooms in 5,700 properties.

Read the entire article at USA TODAY
More coverage: Bloomberg and The New York Times

GET THAT GOLD

(CNN Money) – Gold had its best quarter since 1986 as it rose 16.5 percent in the first three months of 2016. The world’s largest gold-focused exchange-traded fund, SPDR, are approaching their highest level since December 2013.

“This is one of the most surprising gold rallies I have ever seen,” said Ira Epstein, a strategist at the Linn Group who has been trading gold for 40 years.gold.PNG

Gold is demolishing virtually every other asset class this year. But, why? According to several sources, gold is a “safe haven” that investors turn to when they’re scared because it’s a classic. These fears caused investors to pour $13.4 billion into gold assets during a recent 11-week stretch, the largest weekly inflow since the 2009 crisis

Read the entire article at CNN Money

More coverage: The Wall Street Journal and MarketWatch