The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
Danny Moses, a legendary investor who shorted subprime loans prior to the financial crisis in 2008, told CNBC that the cannabis industry in America has the makings for a big long.
"I've never seen a sector have the political tailwinds, the economic tailwinds, and the wellness tailwinds that this sector potentially has," he said on "Fast Money."
As the head trader of the now-defunct Frontpoint Partners, Moses and his team bet against the U.S. housing market before it collapsed. That bet was detailed in Michael Lewis' bestselling book "The Big Short: Inside the Doomsday Machine," which was later adapted into the Academy Award-winning film "The Big Short."
But Moses sees lots of potential in pot stocks.
"Shorts can only go to zero. Longs can go to infinity," said Moses, who founded Moses Ventures and is an investor with Meridian Capital Partners.
He said multistate operators in the U.S. present an interesting case because they are not working on debt. Because marijuana remains illegal federally, banks do not lend money to companies in the industry. With that, the cannabis industry is over-regulated and under-levered, he said.
"It's really tremendous," Moses said.
The New York Stock Exchange and Nasdaq both began carrying cannabis companies in 2018 when Canopy Growth and the Cronos Group went public on the indexes, respectively. Each company is based in Canada, where recreational marijuana became legal that same year.
Ten states and the District of Columbia have legalized the crop and more are expected to do so in coming years, even though federal law bans it. The prospects of legalization, along with legislation which if passed could open up banking services to marijuana companies, puts U.S. operators in a prime spot.
Moses pointed out that companies such as Constellation Brands, the beverage company with a stake in Canopy Growth, have added Wall Street bankers to their ranks, which he said could be "an excuse to come into this space."
"If you were to get debt to come in, the cost of capital would go down dramatically for these companies, and so I think that's a really interesting play that people aren't really focusing on right now," he said.