![]() ![]() Despite periods of market volatility, the S&P 500 generally went higher until March 2020 - when it tanked after the pandemic shuttered the global economy. In October 2013, Spitznagel told CNBC the market was primed for a “major crash” and could plummet as much as 40%. Spitznagel and Taleb have raised alarms about the economy before, and not every doomsday prophesy comes to pass. Spitznagel has long criticized central banks for keeping interest rates too low, predicting last year that “if this credit bubble ever pops, it’s going to be the most catastrophic market failure that anyone has ever read about.”Įven last year “wasn’t much of a favorable year, but our extra bow string more than compensated in other years,” he said. These types of funds have an incentive to anticipate dire economic conditions, as they thrive during market downturns. Universa is a so-called tail-risk fund, designed to protect investors during the toughest of market circumstances. While the Bloomberg Economics model puts the odds of a recession this year at 100%, some predict a mild downturn due to a strong labor market and easing inflation. On Friday, Treasury Secretary Janet Yellen said she’s satisfied with US jobs and inflation data but did not want to downplay recession risks. FKP Scorpio also recently announced a new showcase festival in Sweden, Where’s The Music?, which will plug the music conference gap between Eurosonic Noorderslag and by:Larm left by MIDEM (which has shifted to new summer dates).“It is objectively the greatest tinderbox-timebomb in financial history - greater than the late 1920s, and likely with similar market consequences,” Mark Spitznagel, 51, the firm’s chief investment officer, wrote in a letter to investors this week obtained by Bloomberg. It is growing its interests rapidly in Europe, and especially Scandinavia, which some independent and Live Nation-allied events see as a threat. It has been speculated that the real source of tension in this bust up is actually the there mentioned German booking agency and festival promoter FKP Scorpio, the other partner in Tinderbox. ![]() Moreover, we will develop our concert business further with our good partners in Beatbox Entertainment and FKP Scorpio”. We will now focus 100% on our two successful festivals in Aarhus, Northside and Grim Feast, and on the launch of Tinderbox in Odense, which we expect a lot from. They continued: “We do not want our own people or our other business to stand in the way of our artists’ careers, and therefore we pull from the booking industry. You can think what you like about the boycott, but it is a fact that the festivals failed to enter a dialogue before the boycott and subsequently refused to enter into dialogue with us”. Unfortunately it also cost several people their jobs. In a statement, via Denmark’s Gaffa magazine, Neilsen and Myllerup said: “We are obviously annoyed that four festivals’ boycott must have such drastic consequences for our company. Now Tinderbox co-founders Brian Nielsen and Flemming Myllerup, who are also involved in the Northside and Grim Feast festivals, have announced their departure from Scandinavian, in a bid to relieve some of the tension for that company. Festival Republic also cancelled the 2015 edition of its Hove Festival in Norway, claiming that the emergence of the new festival made it too difficult to compete in the already busy Nordic market.īeatbox’s two founders had already split their business interests, ensuring that the booking agency and festival promotion sides of the company were separate, which meant Beatbox Booking’s Peter Sørensen expressed some surprise when a boycott nevertheless began against his firm. Two staffers at Denmark-based booking agency Scandinavian have resigned from the company, after their involvement in the upcoming Tinderbox festival resulted in a boycott of the agency by a number of other major music events.Īs previously reported, Roskilde Festival, Smukfest, Nibe Festival and Jelling Musikfestival all refused to work with Scandinavian, and another Danish agency called Beatbox, in protest against Tinderbox and the public funding it is receiving (£2.5 million over five years). Business News Gigs & Festivals Danish booking agency resignations follow Tinderbox controversy By Andy Malt | Published on Friday 10 October 2014 ![]()
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