In 1996 Kessler and JPMorgan dropout Fred Kittler cooked up a hedge fund, called Velocity Capital, to invest in Silicon Valley companies, private and public.
Meanwhile, higher yielding and therefore riskier emerging market debt is trading lower as measured by the iShares JPMorgan USD Emerging Markets Debt (EMB) ETF, a fund holding sovereign debt priced in dollars.
In addition to a hefty weighting to BAC, the fund also holds more than 9% of its assets in both Citigroup (C) and JPMorgan (JPM), likely to be impacted by any news at Bank of America.