| By Derek Caney (@stax920)
Some U.S. mutual funds are boosting their performance with big bets on unicorns – privately-held companies with valuations of $1 billion or more, such as Uber and Pinterest. Such investments are creating a vicious cycle in which more unicorns are created. The problem is that many of these companies have yet to turn a profit and their markets are illiquid. That creates a lot of risk for mutual funds, which millions of Americans rely on for their savings.
Flattery will get you nowhere, Mr. Trump. 
The Americans went into the final leg of the women's 4x200 freestyle relay one second behind the Australians for the lead. Then Katie Ledecky leapt into the pool… Elsewhere around the Olympics - Japan's Kohei Uchimura became the first gymnast in 44 years to win back-to-back- all-around titles. He did it in dramatic fashion with only 0.099 of a point margin over Ukraine's Oleg's Verniaiev.
- American Kristin Armstrong (no relation to Lance) took the gold medal in the road cycling individual time trial, becoming the first cycler to win the same Olympic event three times in a row. Not a bad way to celebrate your birthday. She turns 43 today.
Kristin Armstrong. REUTERS/Matthew Childs - Australia put up a fight against the U.S. men's basketball juggernaut. They were up by 2 points early in the fourth quarter before Carmelo Anthony put the game away to help notch the team's 20th consecutive win 98-88.
Coming up today - Americans Simone Biles and Aly Raisman will take each other on in the women's individual all-around gymnastics final.
- The Olympic organizers swear that the pool water will be blue going forward. They blamed the greenish hue on a drop in alkalinity levels. According to Reuters, jokes were flying across Twitter about algae and dye. Sure. That's what they were joking about…
Around the world - Turkey may seek other defense industry options outside NATO, its foreign minister Mevlut Cavusoglu said – rather ominous words for a country that earlier this week took a big step toward reestablishing relations with Russia. Turkey's relations with the United States have turned chilly over U.S. reluctance to allow the extradition of Fethullah Gulen, the cleric Ankara blames for the failed coup last month. Gulen lives in self-imposed exile in Pennsylvania.
- Russia may tighten security at its borders, the Kremlin said, a day after it accused Ukraine of using terrorist tactics to provoke a new conflict and destabilize Crimea. The U.S. has seen nothing to corroborate Russian allegations of a Ukrainian incursion in Crimea.
Digits of the day: 1,210 Pokemon STOP! Taiwan authorities have issued 1,210 tickets to drivers playing Pokemon GO while driving.
Around Wall Street - Not so elementary, Watson. Bankers love IBM's artificial intelligence software. They think it can help cut costs in a market weakened by low interest rates and new regulations. Unfortunately, they can't afford Watson.
- Wall Street compensation for M&A bankers will fall 5 to 15 percent, while pay for equity and bond underwriters could fall as much as 25 percent, according to a Johnson Associates report.
- A federal appeals court will allow two states to set limits on municipal broadband expansion, a win for private-sector broadband providers and a setback for the FCC, which tried to block the limits. The FCC argued that a 1996 law required regulators to remove barriers to broadband investment and that the cities in Tennessee and North Carolina were trying to bridge the digital divide by expanding broadband service in areas with little or no internet service.
Around the country - An enterprising young lad thought the best way to get a message to Donald Trump was to scale the 58-story Trump Tower in Manhattan using a harness and suction cups. New York City police thought otherwise. They dragged him in through an open window 21 floors above the street after trying to negotiate with him for three hours.
- New Jersey Governor Chris Christie "flat out lied" when he said senior staff members were not involved in the "Bridgegate" scandal in 2013, according to a text message sent by a former aide, who faces a criminal trial related to the scandal. Speculation has persisted for years about whether Christie or members of his staff were aware of an alleged plot to close two New York City-bound lanes at the George Washington Bridge in Fort Lee as retribution against Mayor Mark Sokolich, a Democrat who had refused to back the Republican governor's re-election campaign.
- About two dozen people were injured in an explosion at an apartment building in Silver Spring, Maryland. The fire is under control, but there's no word yet on deaths or why it happened.
Today's reason to live Desperate Bicycles - Handlebars |
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