How to Be a Billionaire

This profile of Chase Coleman by my colleagues on our wealth and investing teams is a don't miss. A problem that very few hedge fund managers have as of late: The Tiger cub has to figure out how he's going to manage so much money. Tiger Global has grown to $30 billion under management, and after soaring success -- he's become the youngest financier out of the top 500 richest people in the world -- he learns how to grapple with scale, lofty valuations and some talent that's left the firm. His investing tip? Don't keep the panic button too close to the keyboard. Here's the rundown for BTV on Wall Street Beat with Alix Steel and David Westin.

Here's a less fortune story about a trader. Garth Ritchie is having a troubling time at Deutsche Bank. We profile the silver-haired, South African leader of the investment bank whose job is in limbo. One trader told me that the culture inside the German lender is like "Game of Thrones," but a place that the long-time equities trader managed to rise through swiftly through successive CEOs. Here's the story with Bloomberg's Steve Arons and Donal Griffin on how the executive has defied gravity, and here's the take for BTV.

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Paul Taubman's years-long investment in hiring top dealmakers from Wall Street rivals is helping make his firm a force in M&A beyond the telecom and media industry he's known for. PJT landed work on the $63 billion Allergan sale to AbbVie. He's been hiring health-care bankers as far back as 2015 and recently added ex-Goldman partner Jami Rubin, who made the sometimes tough switch from being a research analyst to an investment banker. Here are the details of the deal, which also had JPMorgan and Taubman's alma mater, Morgan Stanley, involved. Freeman & Co. estimates $170 million in advisory fees for all the banks on the deal.

Speaking of AbbVie, the deal puts a spotlight back on debt-fueled M&A. Credit ratings agencies giving the firm the benefit of the doubt on its deleveraging. Remember, earlier this year, we had big investors tell us they were concerned about companies piling on too much debt for deals.

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Meanwhile, the Winklevoss twins had their collective wealth top $1.4 billion as bitcoin surged this year, we report for Wall Street Beat on Bloomberg TV. Ironically, Facebook's Libra coin project is considered to have helped the rise in the cryptocurrency. The twins were worth half as much at the beginning of this year and they have stomached major price swings. Also in Libra world: Switzerland strangely has a friend in Facebook but a foe in its largest bank -- UBS's CEO this week accused his regulators of rules that are becoming too tough on the banking system.

The CEO of Raymond James sits down with us for an exclusive BTV interview. He responds to why the biggest banks like Morgan Stanley and Goldman Sachs are doubling down on wealth management, a space where he has almost 8,000 advisers, and he weighs in on the SEC's best interest rule. In a separate interview, he says he believes brokerages may start suing individual states if they go against the federal rules. Here's a magazine story that can walk you through what the issue is and why there are so many people battling it, and a Q&A on what the best interest rule is.

Illiquidity

Four days and more than $6 billion in outflows later, here's what you need to know about what happened with issues surrounding the Natixis-backed H2O fund, once a star boutique money manager. After investing in a series of illiquid bond wagers, ranging from lingerie to robotics companies and an FT report about all of the trades, Morningstar grew concerned and investors followed suit. Here's our explainer, for BTV. Here's how the week has been going down, from my colleagues.

• Sridhar Natarajan and Luca Casiraghi report how Goldman Sachs was exposed to the issue.
• How Natixis is linked to controversial German financier, Lars Windhorst.
• Why Natixis marked down bond assets to avoid the fate of Neil Woodford.
• When is a bond not a bond?

Wall Street is interconnected. There are more funds like this. Think of us if there are other mismatches in money managers that you see overexposed to illiquid bets.

More from the team:

• As Elizabeth Warren took the stage this week at the Democratic debate, one of her ideas got a stamp of approval by a group of billionaires. "We are part of the problem," says the group of ultra-wealthy people, advocating for a wealth tax that could generate $3 trillion of revenue in 10 years, Tom Metcalf and Suzanne Wooley report.
• The U.S. is heading to zero interest rates forever, writes Bloomberg Opinion columnist Noah Smith. He responds to the Congressional Budget Office's projection of 30 years of a widening budget deficit, that government borrowing will more than double as a percentage of GDP by 2049.
• The banker who turned Citigroup into a muni-bond behemoth is set to retire, Amanda Albright and Jenny Surane report. (Terminal clients only).
• Debt, conflict and vacancy imperil the Times Square dream for Jared Kushner, by Caleb Melby and David Kocieniewski.
• Harvard, in the search for yield, is investing in a litigation strategy that has slowly become more popular on Wall Street.
• Bank of America becomes the next bank to stop lending to private prisons, Vice Chairman Anne Finucane says in an interview with Bloomberg's Lananh Nguyen. JPMorgan took a similar step earlier this year, and Wells Fargo has also been stepping back.
• An ex-UBS banker forms a boutique in China after working on some major Hong Kong IPOs. And he's sold his own stock to many of his clients, including Xiaomi, Ben Scent reports.

Stay tuned! As you're off for 4th of July, we have big stories already slated for the week ahead. I'll be around all week,

Sonali