tag:blogger.com,1999:blog-62150057165052577772024-03-04T22:07:27.075-08:00Naked InvestingCritical Perspectives on Economics and FinanceUnknownnoreply@blogger.comBlogger374125tag:blogger.com,1999:blog-6215005716505257777.post-91271676251038936002012-05-25T15:29:00.000-07:002012-05-25T15:29:51.257-07:00Knighted Jony Ive: current project is Apple's most important and best work yet<br />
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Ive was in England this week where he was knighted for “services to design and enterprise.” During the Brit’s visit, he spoke with <a href="http://www.telegraph.co.uk/technology/apple/9283486/Jonathan-Ive-interview-Apples-design-genius-is-British-to-the-core.html" style="color: #05408f; outline: none; text-decoration: none;" target="_blank">The Telegraph</a> in a lengthy interview where he was asked if he had to be remembered for just one product, which one would it be.</div>
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After a long pause, Ive told the reporter that what Apple is working on right now feels like the most important and the best work they have done. Of course, he can’t reveal what said product is so it’s a sheer guessing game at this point. Possible products could include the new iPhone, the next iPad or even the long-rumored Apple TV.</div>
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Ive further elaborates that a large number of products ultimately remain hidden away behind Apple’s walls. He says that it’s often unclear during a project if they will be able to overcome hurdles and create something that lives up to Apple standards. Challenges of this nature happened with the iPod, iPhone and the iPad.</div>
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But one of the toughest aspects of his job is not in the design phase but knowing when to walk away from a prototype.</div>
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"And there have been times when we've been working on a program and when we are at a very mature stage and we do have solutions and you have that sinking feeling because you're trying to articulate the values to yourself and to others just a little bit too loudly,” Ive said. “And you have that sinking feeling that the fact that you are having to articulate the value and persuade other people is probably indicative of the fact that actually it's not good enough. On a number of occasions we've actually all been honest with ourselves and said 'you know, this isn't good enough, we need to stop'. And that's very difficult."</div>
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<img alt="apple, iphone, ipad, apple tv, jony i" src="http://static.techspot.com/images2/news/thumbs/2012-05-24-teaserd5f.jpg" />
</div>Unknownnoreply@blogger.com3tag:blogger.com,1999:blog-6215005716505257777.post-13104210738794421812012-05-23T23:55:00.001-07:002012-05-23T23:55:42.978-07:00Just how many shares Mark Zuckerberg and Peter Thiel sold on May 18?<span style="background-color: white; color: #333333; font-family: Arial; font-size: 14px; line-height: 18px;">Facebook Inc. </span><span style="background-color: white; color: #333333; font-family: Arial; font-size: 14px; line-height: 18px;">Chief Executive Mark Zuckerberg has sold 30.2 million shares and director Peter Thiel has sold 16.8 million shares of the social-networking company, according to securities filings published late Tuesday. The sales confirm plans detailed in a prospectus before Friday's $16 billion IPO. Zuckerberg sold 30.2 million shares at a price of $37.58 for gross proceeds of $1.13 billion; Thiel sold 16.8 million shares for gross proceeds of $633 million. Facebook insiders had told prospective shareholders of their plans in an S-1 filing last week.</span>Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-6215005716505257777.post-1089920976606019612012-05-21T00:38:00.000-07:002012-05-21T00:57:02.378-07:00FaceBook IPO: push the price and pull the money<span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"><b>On May 16:</b></span><br />
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<span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">Facebook pushed the price up to convince the early investors to sell more shares. Insiders and early Facebook investors will be unloading more of their shares in the initial public offering, the company said Wednesday, as they take advantage of investor demand.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">Facebook said in a regulatory filing that 84 million shares, worth up to $3.2 billion, will be added to the offering.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">The entire increase comes from insiders and early investors, so the company won't benefit from the additional sales.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">The biggest increases come from investment firms DST Global and Tiger Global. Goldman Sachs is doubling the number of shares it is selling. Facebook board members Peter Thiel and James Breyer are also selling more shares.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">Founder Mark Zuckerberg isn't increasing the number of shares he's selling.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">The news comes a day after Facebook raised the expected price range for the stock to a range of $34 to $38 per share, up from its previous range of $28 to $35. Also Tuesday, major advertiser General Motors Co. said it would stop advertising on Facebook.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">At the high end of the price range, the IPO would raise $16 billion without the overallotment option reserved to meet extra demand. That would make it the third-largest U.S. IPO in history, ahead of General Motors in 2010, according to Renaissance Capital.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">The IPO is the most hotly anticipated in years and would value Facebook overall at more than $100 billion.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">In a filing with the Securities and Exchange Commission, Facebook said current shareholders are now offering approximately 241 million shares, up from about 157 million shares previously.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">Even though Zuckerberg isn't increasing the number of shares he is selling, the additional sales will trim his voting control to 55.8 percent from 57.3 percent. That's because he has voting control over some shares now owned by investment firms, which will be sold in the offering.</span><br style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;" /><span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;"> </span>
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<b>On May 18:</b><br />
What does this tell you?</div>
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<a href="http://dealbreaker.com/2012/05/facebook-ipo-goes-nowhere-in-exciting-fashion/18may12-facebook/" rel="attachment wp-att-76653" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;"><img alt="" class="aligncenter size-large wp-image-76653" height="374" src="http://dealbreaker.com/uploads/2012/05/18may12-facebook-620x374.png" style="-webkit-box-shadow: rgb(102, 102, 102) 2px 2px 5px; border: none; box-shadow: rgb(102, 102, 102) 2px 2px 5px; display: block; margin: 0px auto 20px; max-width: 100%; padding: 4px;" title="Source: Bloomberg FB <equity> TSM" width="620" /></a></div>
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The key facts are that 43mm shares of Facebook changed hands at $38.00, almost all of them at the bid, and another 28.5mm traded at $38.01, largely at the ask.* I am not really smart enough to interpret – humans and algorithms aware of the stabilizing bid may have thrown in their own bids at $38-even – but my best guess would be that the underwriters have eaten through half or so of the 63mm share Facebook greenshoe in stabilizing the deal at just about $38. So I seem to have lost my<a href="http://dealbreaker.com/2012/05/company-sells-stock/" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">imaginary bet</a> that the greenshoe would be exercised in full.<span id="more-76652" style="margin: 0px; padding: 0px;"></span></div>
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The greenshoe and stabilization are <a href="http://www.slate.com/blogs/moneybox/2012/05/18/the_mystery_of_ipo_pricing.html" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">weirdly misunderstood</a>; people cannot get over the idea that it is a prop position for the underwriters, meaning that if the stock reached $50 the underwriters would <a href="http://danariely.com/2012/05/16/the-facebook-ipo-a-note-to-mark-zuckerberg-or-with-friends-like-morgan-stanley-who-needs-enemies/" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">make a kajillion dollars</a> on their 63mm share greenshoe option, while if instead it breaks through $38 in the wrong direction the underwriters would be <a href="https://twitter.com/?tw_e=screenname&tw_i=203574976970883072&tw_p=tweetembed#!/zerohedge/status/203574976970883072" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">long a lot of stock at $38</a>. Nah. Morgan Stanley et al. sold 484mm shares for $38.00 last night, but only bought 421mm from Facebook. That left them with a 63mm short that they were hoping to cover at $37.582 (the price of the IPO and greenshoe to them) but that it sure looks like they’ve mostly covered at $38.00 – $38.01 today.</div>
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There are scenarios where the greenshoe and attendant stabilizing can be a prop winner or loser for the underwriters, where for instance they do some stabilizing below the IPO price (buying in their short below where they sold it), or where they use their own money to stabilize while holding some greenshoe firepower in reserve, hoping that the stock will recover and they’ll make money on the prop bet while still being able to exercise the greenshoe. That may have happened here. But in general greenshoes are a nice illustration of banks being long-term greedy, trading the greenshoe on behalf of clients rather than lining their own pockets – which, here, would have involved allowing the stock to break the IPO price and then buying with a $37 handle to cover the greenshoe.</div>
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The real prop winners or losers on the greenshoe, though, are the people who <a href="http://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm#toc287954_15" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">signed up to sell into it</a>(page 146): VCs and early insiders like Peter Thiel, Dustin Moskovitz, Sean Parker, Accel Partners and DST, all of whom are missing out on multi-hundred-million-dollar sales and will have to take their chances when their <a href="http://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm#toc287954_17" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">lockups expire</a> in 3-12 months. Given the somewhat scraggly performance of the IPO, they may regret missing the chance to sell now at $38, though they can console themselves with the stupefying amounts of money they made on the <a href="http://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm#toc287954_15" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">shares they did sell</a> (page 141).</div>
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For the underwriters, this still looks pretty much like an agency trade, one in which they made $176mm though the chances of clipping the extra $26mm on the greenshoe seems remote. Here’s the <a href="http://www.sec.gov/Archives/edgar/data/1326801/000119312512240111/d287954d424b4.htm#toc287954_19" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">split among the top underwriters</a>:</div>
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<a href="http://dealbreaker.com/2012/05/facebook-ipo-goes-nowhere-in-exciting-fashion/18may12-fb-splits/" rel="attachment wp-att-76694" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;"><img alt="" class="aligncenter size-full wp-image-76694" height="255" src="http://dealbreaker.com/uploads/2012/05/18may12-fb-splits.png" style="-webkit-box-shadow: rgb(102, 102, 102) 2px 2px 5px; border: none; box-shadow: rgb(102, 102, 102) 2px 2px 5px; display: block; margin: 0px auto 20px; max-width: 100%; padding: 4px;" title="BAML is a poor substitute for the official "Merrill Lynch, Pierce, Fenner & Smith Incorporated" width="447" /></a></div>
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So they’re doing okay. Not entirely to be scoffed at is the fact that, besides placing the stock, they get to trade at least some of it – maybe not quite the way they’d hoped, but still. Those volume numbers above represent <a href="http://online.wsj.com/article/SB10001424052702303448404577411903118364314.html?mod=WSJ_hp_LEFTTopStories" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">a record for an IPO</a>, and mean that each Facebook share outstanding changed hands on average about one and a half times today.** If you take the 573mm shares that traded and assume (unjustifiably but whatever) that average revenues for these trades are <a href="http://dealbreaker.com/2012/02/its-probably-best-not-to-think-too-hard-about-jpmorgans-revenue-per-trade-breakdown/" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">1.5 cents per share</a>, you get about $8.6mm in Street-wide trading revenue for Facebook today – about one-sixth of the way to <a href="http://blogs.reuters.com/felix-salmon/2012/05/18/how-to-make-250-million-trading-facebook-shares/" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">what SecondMarket made on Facebook in four years</a>. Public equity trading may be a crappy business, but they make it up in volume.</div>
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The biggest loser, though, may be Nasdaq, whose hiccups earlier today seem to have <a href="http://www.bloomberg.com/news/2012-05-18/sec-will-review-facebook-trade-reporting-problems-at-nasdaq.html" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">sparked an SEC investigation</a>, as all hiccups do. Even worse, they may have taken Nasdaq out of <a href="http://online.wsj.com/article/SB10001424052702303879604577410423223904562.html?mod=WSJ_hp_LEFTWhatsNewsCollection" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">the running for a BATS listing</a>. Because if you can’t execute the <a href="http://dealbreaker.com/2012/03/bats-global-markets-would-love-it-if-we-could-all-agree-those-were-just-practice-trades/" style="color: #dc1e27; margin: 0px; outline: none; padding: 0px; text-decoration: none;">biggest IPO you’ve ever done</a>, you … wait … never mind.</div>
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<br /></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-49395920700187269432012-04-10T01:38:00.000-07:002012-04-10T01:38:46.844-07:00Bill Gross and options trader agreeBill Gross has mentioned recently that Ben Bernanke will deliver QE3, and, perhaps, QE4 and QE5. One GLD options trader bets that QE3 will push the GLD to at least $185 by mid-July.<br />
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GLD has erased 7% over the last month, and dropped 0.1% to $161.28 on Thursday, as the lack of a third round of Federal Reserve monetary easing damps demand. The ETF is off nearly 13% since hitting $184.59--the ETF's all-time high--on Aug. 22.<br />
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"It looks like they are thinking GLD will make a new high around July expiration," said Todd Salamone, director of research at Schaeffer's Investment Research. "It could be someone expecting a breakout and betting on QE3 by July."<br />
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The trader set up a strategy known as a "debit spread" on Gold Trust options, according to Salamone, buying 20,000 July $185 calls, while selling 20,000 $210 calls of the same expiration. The strategy, which has a break-even at about $185.70, requires the ETF's shares to jump 15% by July 16.<br />
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The trader maximizes profit at nearly $50 million before commissions and fees if the shares rise 30% to trade at $210 by July expiration.<br />
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Gold posted a record of $1,925 an ounce in the New York futures market last September, went into consolidation phase and finished at $1,652 an ounce Friday.<br />
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Less than four weeks earlier, gold had tumbled--shedding almost $100 an ounce in a single day--as a statement about the economic outlook from the Fed's rate-setting committee undermined hope for further easing. On Monday, Bernanke gave gold a boost, saying the U.S. labor market was still unstable--a comment some market watchers interpreted as a sign that he had left the door open for QE3.<br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-12945169222122167712012-03-29T00:57:00.000-07:002012-03-29T00:57:41.926-07:00Clayton Christensen’s investments<span style="font-family: Verdana, sans-serif;">Today, I went to listen to Clayton Christensen’s talk on Growth -- part of <a href="http://r20.rs6.net/tn.jsp?et=1109621327036&s=17564&e=001LILfuMPpMDBS3J6jJzNe6ABTfydD43S7zaRpjnyX-V7ZbHx96d3XCp18i6mnxftzqMBzZeYqeF0nhzuOSFSDwNS1NShxrYQLaVP2_fR__XEeIYjCnQH7SAHarzG-6R_uPvmcbgRy19oAnpAc7QfEYDmrAavgebwBMcKaCwGCLhzmDntQjz25tjraBmXZolatQye8ShqTsee5Q3KHIpk-winX6Q4aTzaVc27RpzS9V274RKqLwVyXKyksrx908idFQvBLXMyBnFmsIZWHyuUEhpbnN9hLYByCnpprp-jcc_6y4D6mV6OdPu6GUwPbFzZrjl9o3h6FHTYQ_C60JBsyaJcZBTc-fZPhcqPMt3G7MCxOPYmT0kmg6fti2zD2JP-LnQxr7h8GcQhWWERLTbiLRw==">special "Power of 10"</a> PARC Forum series featuring 10 speakers on 10 aspects of innovation. He charmed the audience with his self-deprecating sense of humor.</span><br />
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<span style="font-family: Verdana, sans-serif;">Besides teaching at Harvard, he writes the books. The 2011 "Innovator's Dilemma" received the Global Business Book Award. Importantly, Clayton co-founded four successful companies: CPS Technologies, a materials science firm; Innosight, a management consulting firm; Rose Park Advisors, an investment management company; and The Innosight Institute, which extends his research on health care and education.</span><br />
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<span style="font-family: Verdana, sans-serif;">Somewhere in the beginning of his talk, Clayton mentioned the astronomical returns brought by disruptive companies in 10 years. I found a few companies in which Clayton's hedge fund <span style="background-color: white;"><a href="http://www.roseparkadvisors.com/" target="_blank">Rose Park Advisors</a></span> invested, according to his interview in December 2011.</span></div>
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<span style="font-family: Verdana, sans-serif;"><strong style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">athenahealth</strong> (<span class="ticker" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">NAS: <a class="tmf-ticker qsAdd qs-source-isssitthv0000001" href="http://www.google.com/finance?q=athn" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #288bcb; cursor: pointer; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">ATHN</a></span>)</span></div>
<div style="line-height: 22px;">
<span style="font-family: Verdana, sans-serif;"><span style="background-color: white;">Provides medical software to doctors' offices.</span><span style="background-color: white;"> The company is becoming a one-stop shop for all of the e-needs of doctors, especially when it comes to insurance filings.</span></span></div>
<div style="line-height: 22px;">
<strong style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span style="font-family: Verdana, sans-serif;"><br /></span></strong></div>
<div style="line-height: 22px;">
<span style="font-family: Verdana, sans-serif;"><strong style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Cree</strong><span style="background-color: white;"> (</span><span class="ticker" style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">NAS: <a class="tmf-ticker qsAdd qs-source-isssitthv0000001" href="http://www.google.com/finance?q=cree" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #288bcb; cursor: pointer; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">CREE</a></span><span style="background-color: white;">)</span></span></div>
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<span style="background-color: white;"><span style="font-family: Verdana, sans-serif;">Manufactures LEDs. </span></span></div>
<span style="background-color: white;"><span style="font-family: Verdana, sans-serif;"><span style="line-height: 22px;">LEDs last longer and use less energy than traditional light bulbs.</span></span></span></div>
<div style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; line-height: 22px; margin-top: 20px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">
<span style="font-family: Verdana, sans-serif;"><strong style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">New Oriental Education</strong> (<span class="ticker" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">NYS: <a class="tmf-ticker qsAdd qs-source-isssitthv0000001" href="http://www.google.com/finance?q=edu" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #288bcb; cursor: pointer; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">EDU</a></span>)</span><br />
<span style="background-color: white;"><span style="font-family: Verdana, sans-serif;">Online education in China.</span></span><br />
<span style="background-color: white;"><span style="font-family: Verdana, sans-serif;">New Oriental is changing the education paradigm in the world's largest nation.</span></span><br />
<strong style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span style="font-family: Verdana, sans-serif;"><br /></span></strong><br />
<span style="font-family: Verdana, sans-serif;"><strong style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">NxStage Medical</strong><span style="background-color: white;"> (</span><span class="ticker" style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">NAS: <a class="tmf-ticker qsAdd qs-source-isssitthv0000001" href="http://www.google.com/finance?q=nxtm" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #288bcb; cursor: pointer; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">NXTM</a></span><span style="background-color: white;">)</span></span><br />
<span style="background-color: white;"><span style="font-family: Verdana, sans-serif;">Makes portable dialysis machines.</span></span><br />
<span style="background-color: white;"><span style="font-family: Verdana, sans-serif;">Dialysis patients don't need to go to the hospital for treatment, which is both more convenient and -- usually -- more sanitary.</span></span></div>
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<span style="font-family: Verdana, sans-serif;"><strong style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">salesforce.com</strong> (<span class="ticker" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">NYS: <a class="tmf-ticker qsAdd qs-source-isssitthv0000001" href="http://www.google.com/finance?q=crm" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #288bcb; cursor: pointer; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">CRM</a></span>)</span><br />
<span style="background-color: white;"><span style="font-family: Verdana, sans-serif;">Cloud-based software solutions for businesses</span></span><br />
<span style="background-color: white;"><span style="font-family: Verdana, sans-serif;">Instead of buying expensive software and paying for installation, companies can simply use the programs available on Salesforce's servers.</span></span></div>
<span style="font-family: Verdana, sans-serif;"><span style="line-height: 22px;"><i><br /></i></span><span style="line-height: 22px;">I don't know when the hedge fund led by hid son Matthew added those companies to the portfolio, or, perhaps, sold already. The returns on all of them for the past 3-5 years is much higher than </span><span style="background-color: white; line-height: 22px;">S&P 500 returns. Whether those companies are the lucky ones among many more unlucky ones, I don't know either.</span></span></div>Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-6215005716505257777.post-62342758581130135212012-03-18T17:47:00.000-07:002012-03-24T14:06:40.044-07:00Goldman Sachs soap opera<span style="font-family: Verdana, sans-serif;">As GS soap opera plays out, here is what I think.</span><br />
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<span style="font-family: Verdana, sans-serif;">Greg Smith's <a href="http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html" target="_blank">"Why I Am Leaving Goldman Sachs"</a> parallels <a href="http://www.scribd.com/doc/538697/Mark-Zuckerbergs-Online-Diary" target="_blank">Mark Zuckerberg's blog post</a> after Jessica Alona broke up with him. Mark called her "bitch" in his blog. Glaring lack of Grace.</span><br />
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<span style="background-color: white; font-family: Verdana, sans-serif;">The guy worked at GS for almost 12 years and took full monetary advantage of GS's culture. Since he doesn't return his bonuses, he is as obnoxious as the rest of GS managers he describes.</span><br />
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<span style="background-color: white; font-family: Verdana, sans-serif;">Now, what about Wall street at large? </span><br />
<br />
<span style="font-family: Verdana, sans-serif;"><span style="background-color: white;">Part of the financial crisis of 2007-2008 was due to the rating agencies rating risky bonds as AAA bonds pursuing profits and competing with each other for the clients-bond issuers. They, in effect, were taking advantage of the pension funds buying these bonds based on the AAA rating. I asked the head of the research of one of the rating agency about that. He answered that those who buy the bonds have to do their own research. Sounds similar to the Blankfein's response to why GS was selling to its clients the tools which were not appropriate for them. Blankfein said that the clients buy </span>
<span style="background-color: white;">instruments</span> <span style="background-color: white;"> with the predefined risk profile to play certain role in their portfolio and that's, in the end, client's decision which instruments to buy.</span></span><br />
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<span style="background-color: white; font-family: Verdana, sans-serif;">The broader part of the financial landscape is institutional wealth management based on the model portfolios. The clients are duped to believe that there is scientific prove behind the models. They are not told that the investment theory cannot be proven experimentally, and, therefore, it's not a scientific theory. The wealth management is a huge industry swallowing one third of the client's money over the thirty-forty years of the client's portfolio management.</span><br />
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<span style="background-color: white; font-family: Verdana, sans-serif;">How exactly is GS different? The level of cynicism?</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-18257532926461678392012-03-16T00:52:00.000-07:002012-03-16T00:52:08.615-07:00Roger McNamee talks to Bloomberg WestRoger McNamee is very refreshing in his critique and guidance. He allocates Elevation Partners VC capital to eight slots and doesn't want to diversify. Diversification minimizes the profits and increases the risk. Apple is the only public stock he ever owned.<br />
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He looks for the next enabling technology. Not like Pinterest collecting people's crap. But, like Adobe in the past, now - enabling mobile applications to run.<br />
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Listen up, new entrepreneurs.<br />
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</script>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-16057021333512346762012-03-10T02:05:00.000-08:002012-03-10T02:05:36.797-08:00Andy Kessler on the third wave of computing<br />
The clip starts with the two-bedroom house in Menlo Park and close proximity to the Facebook campus, the only property going below one million. Just slightly below. Facebook going public will create a few billionaires and about three thousand millionaires.<br /><br /><br />
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<a href="http://andykessler.com/">http://andykessler.com/</a><br /><a href="http://www.andykessler.com/andy_kessler/2012/02/cnbc-clip-today-talking-about-facebook.html">CNBC clip from </a><a href="http://www.andykessler.com/andy_kessler/2012/02/cnbc-clip-today-talking-about-facebook.html">February 07, 2012</a> talking about FacebookUnknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-70387038446966927252012-03-10T01:25:00.001-08:002012-03-10T01:25:47.708-08:00The world's 100 richest hedge funds in 2010<br />
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<span style="font-family: Verdana, sans-serif;"><span id="yui_3_2_0_47_1331189741760521">Here is the link to the Bloomberg report on the </span>top performing hedge funds in 2010 published in February 2011:</span></div>
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<span id="yui_3_2_0_47_1331189741760532"><span style="font-family: Verdana, sans-serif;"><a href="http://www.opalesque.com/files/bloombergtophedgefunds.pdf" id="yui_3_2_0_47_1331189741760396" rel="nofollow" style="color: #234786; outline-color: initial; outline-style: initial; outline-width: 0px;" target="_blank"><span class="" id="lw_1331369605_0">http://www.opalesque.com/files/bloombergtophedgefunds.pdf</span> </a></span></span></div>
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<span style="font-family: Verdana, sans-serif;">We are lucky Jeff Gundlach didn't open his own hedge fund and we can still invest in DoubleLine DBLTX.</span></div>
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The report mentions Gundlach on page 43:
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--Three of the top 10 funds made money on mortgage bonds, according to Bloomberg data. The mortgage market is often lucrative for <span class="yshortcuts cs4-visible" id="lw_1331369605_1" style="border-bottom-color: rgb(54, 99, 136); border-bottom-style: dotted; border-bottom-width: 2px; color: #366388; cursor: pointer;">hedge funds</span> because it’s volatile, says Jeffrey Gundlach, chief executive at Doubleline Capital LP, a Los Angeles manager of mutual funds that trade mortgages. “The mortgage market has every single risk,” Gundlach says. People default, banks foreclose on housing loans and the government often changes the rules. “Any market that has risks morphs into opportunity,” he says.--</div>
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<span style="font-family: Verdana, sans-serif;"><span id="yui_3_2_0_47_1331189741760553"><span id="yui_3_2_0_47_1331189741760552">This was first-ever ranking of the top 100 large hedge funds. Look at the strategy of each ot the top performing funds. </span></span>Mortgages, gold, emerging markets and global economic trends stand out. You can pass this link to your friends who were hypnotized to believe that equity value investing is the only way of successful investing and all the global macro funds go bust. Although, why would I care...</span></div>
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</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-28516499421125574242012-03-08T02:11:00.000-08:002012-03-08T02:11:17.181-08:00The power of Global Macro. Stock picker lesson learned: watch the credit markets<span style="font-family: Arial; font-size: 15px; line-height: 1.6em;">James Kee, president and chief economist at South Texas Money Management Ltd., says investors should avoid short-term forecasts and focus on the longer-term relationships among asset classes. Kee talked with Bloomberg's Pimm Fox and Courtney Donohoe on Bloomberg Radio's "Taking Stock."</span><br />
<span style="font-family: Arial; font-size: 15px; line-height: 1.6em;"><a href="http://media.bloomberg.com/bb/avfile/Markets/Analyst_Calls/v7uOdqUFAZFA.mp3" target="_blank">Audio Link</a> </span><span style="font-family: Arial; font-size: 15px; line-height: 24px;">(Source: Bloomberg, March 7, 2012)</span><br />
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I noticed two things: </div>
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<span style="font-family: Arial;"><span style="line-height: 1.6em;">Talking about long term. Larry Summers' joke is that when people start talking about long term, they want to avoid </span><span style="line-height: 25px;">responsibility</span><span style="line-height: 1.6em;">.</span></span></div>
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<span style="font-family: Arial; line-height: 25px;">James Kee's lesson learned. </span><span style="font-family: Arial;"><span style="line-height: 1.6em;">In 2007, bond guys warned James about credit crisis, but he had a dogmatic view relying on company data. Healthy balance sheet, P/E at the level of 1998 were important. He disregarded bearish bond guys. Since then, he </span><span style="line-height: 25px;">watches the credit markets.</span></span></div>
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-58228904766630864932012-03-05T00:20:00.000-08:002012-03-08T01:32:22.577-08:00S&P bull markets<span style="font-family: Verdana, sans-serif;"><br /></span><br />
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<span style="font-family: Verdana, sans-serif;">Next week marks the third anniversary of the current bull market cycle in U.S. stocks. Back on March 9, 2009, a day not easily forgotten in the annals of wealth destruction, the <a href="http://topics.bloomberg.com/s%26p-500/" style="-webkit-tap-highlight-color: rgb(255, 102, 0); color: #007cd5; text-decoration: none;">S&P 500</a> sank to a 12-year low of 676, the bottom of the worst bear market since the Great Depression. Since then, the S&P has more than doubled. In fact, this bullish run in stock prices is in the <a href="http://www.bespokeinvest.com/thinkbig/2012/2/24/the-1000-day-club.html" style="-webkit-tap-highlight-color: rgb(255, 102, 0); color: #007cd5; text-decoration: none;">top 10</a> in terms of duration (1088 days) and so far has delivered a bigger pop in share price appreciation (102 percent) than the 96 percent gain during the long upswing in stocks that lasted from July 23, 2002 to October 9, 2007—just before the economy and the U.S. financial system became a heaving mess.</span></div>
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<span style="font-family: Verdana, sans-serif;">Investors for the most part prefer to put their money in bonds and money market accounts rather than stocks. Investors have pulled more money out of U.S. domestic mutual funds than they’ve put in for five straight years. They withdrew <a href="http://mobile.bloomberg.com/news/2012-02-10/fink-call-intended-to-get-cash-off-sidelines.html" style="-webkit-tap-highlight-color: rgb(255, 102, 0); color: #007cd5; text-decoration: none;">$134 billion</a> last year, according to the Washington-based <a href="http://topics.bloomberg.com/investment-company-institute/" style="-webkit-tap-highlight-color: rgb(255, 102, 0); color: #007cd5; text-decoration: none;">Investment Company Institute</a>. Trading volume in S&P component stocks, at near comatose levels this year, is down <a href="http://blogs.wsj.com/marketbeat/2012/02/24/trading-volume-anemic-this-year/" style="-webkit-tap-highlight-color: rgb(255, 102, 0); color: #007cd5; text-decoration: none;">20 percent</a> through Feb. 21, year-on-year, according to Deutsche Bank.</span><br />
<span style="color: #aaaaaa; font-family: Verdana, sans-serif; font-size: x-small; line-height: 11px; text-align: right;">Illustration Courtesy Bespoke Investment Group</span></div>
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<span style="font-family: Verdana, sans-serif;">You know things are bad when Wall Street firms such as Blackrock, the world’s biggest asset-management firm, start taking out multiple-page ads in the financial press urging investors to rethink the cost of cash. At a Feb. 29 speech in New York, Blackrock Chief Executive Officer Laurence Fink said: “I have said many times that I would personally be 100% in equities.” Really? Haven't you, Mr. Fink, already invested somewhere in private equity? Like Mitt Romney in Golden Gate Capital? (<a href="http://mittromney.abouttruth.net/2012/01/27/romney-tax-returns-detail-funds-not-included-in-ethics-forms/">http://mittromney.abouttruth.net/2012/01/27/romney-tax-returns-detail-funds-not-included-in-ethics-forms/</a>)</span><br />
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<span style="font-family: Verdana, sans-serif;">I have an advice for you: hire the best bond manager you can get and let him to run the total return fund which has been under-performing its benchmark (<a href="http://money.usnews.com/funds/mutual-funds/intermediate-term-bond/blackrock-total-return-fund/mjhqx">http://money.usnews.com/funds/mutual-funds/intermediate-term-bond/blackrock-total-return-fund/mjhqx</a>)</span><br />
<span style="font-family: Verdana, sans-serif;">The fund has returned 6.37 percent over the past year, 11.73 percent over the past three years, 4.53 percent over the past five years, and 4.10 percent over the past decade.</span></div>
</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-107630137023314892012-03-04T21:07:00.000-08:002012-03-04T21:07:02.638-08:00Macro-Monetary Era National debt charts and much more...<br />
<a class="sl-start" href="http://www.businessinsider.com/a-whole-bunch-of-charts-that-will-make-you-freak-out-about-the-debt-2012-2" style="background-color: white; color: #1d637d; font-family: arial, helvetica, sans-serif; font-size: 19px; line-height: 19px; text-align: left; text-decoration: none;">Click here to see the charts ></a>
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(source: businessinsider, Feb 14, 2012)Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-23460460038518496352012-03-04T19:16:00.000-08:002012-03-04T19:16:58.737-08:00Gundlach on the signs of the market being ready to pull back<br />
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The investor, who was crowned by Barron's as the new "King of Bonds" a year ago, said in an interview that he thinks the recent rally in stocks, which this week drove the <a href="http://www.reuters.com/finance/markets/index?symbol=us!dji" style="color: #006e97; cursor: pointer; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;" title="Full coverage of Dow Jones Industrial Average">Dow</a> Jones industrial average above 13,000 points for the first time since May 2008, has gone too far.</div>
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Gundlach, the chief executive officer and chief investment officer of the $28 billion DoubleLine Capital LP, said he is still concerned about the <a href="http://www.reuters.com/subjects/euro-zone" style="color: #006e97; cursor: pointer; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;" title="Full coverage of Euro Zone">euro zone</a> crisis and deepening tensions in the Middle East.</div>
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The United Nations' nuclear agency said on Friday that <a href="http://www.reuters.com/places/iran" style="color: #006e97; cursor: pointer; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;" title="Full coverage of Iran">Iran</a> has sharply stepped up its uranium enrichment drive in a report that will further inflame Israeli and Western fears that Tehran is pushing ahead with an atomic weapons program.</div>
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"It's an awfully easy decision right now to not be making further investments in risk assets," Gundlach said.</div>
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"The pricing of the market has returned to the levels prior to the scales falling from investors' eyes regarding the global financial crisis, and I really don't think that's appropriate," he said.</div>
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The Dow has gained 8 percent since December and the broader S&P 500 index is up roughly 10 percent.</div>
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The size of the gain leaves no cushion of safety given all the dangers in the world economy and leaves the stock market as priced for disaster as it was when the financial crisis hit in 2008, Gundlach argued.</div>
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"When I look at the pricing in the market today, I see a good chance of downside movement of some significance," he said.</div>
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Such predictions reinforce Gundlach's status as a bit of an outlier given the optimism among many in the U.S. markets prompted by some stronger economic figures in recent months.</div>
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Gundlach, whose prescient call to buy U.S. Treasuries last year boosted his DoubleLine funds, said he was concerned about "schizophrenic" investor psychology that had flipped to over-confidence because of some stronger economic data and market gains when only five months ago people felt a new recession was imminent.</div>
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He said a decline in stock market volume was a worrying signal. Average daily volume on U.S. <span style="line-height: 1.6;">exchanges last year was 7.84 billion shares but so far in 2012, average daily trading has been 6.95 billion shares.</span></div>
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Gundlach's investment track record has been very strong. Last year, for example, the DoubleLine Core Fixed-Income fund, Gundlach's multi-sector bond fund which can invest in corporate bonds, mortgage-backed securities, Treasuries, and emerging-market debt, posted returns of 11.5 percent.</div>
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In comparison, the Barclays Capital U.S. Aggregate bond index - the fixed-income market's equivalent of the S&P 500 index - posted returns of 7.8 percent.</div>
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Gundlach's view clashes with that of many money managers, who cite low Treasury rates, strong corporate balance sheets, and worldwide liquidity programs as reasons to allocate money to riskier assets such as stocks.</div>
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When asked why few other money managers agreed with his views, Gundlach said: "I'd say that's because the great majority of money managers never say, 'take money out'."</div>
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Like Wall Street analysts who "never have a sell signal on anything," managers tend to only go public with buy or hold sentiments, he said.</div>
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Investors that concede that the market may not rally further but still expect to earn their high-yield coupon are the biggest red flag to flee the risk sector, Gundlach said.</div>
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"That's usually about as negative as the consensus gets, and usually I warn my clients that when you start hearing a predominance of that method of thinking it's about as close as you're going to come to a sell signal."</div>
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Coupons for BBB-rated companies hit a record low this week, according to IFR, a unit of Thomson Reuters. CSX Corp (Baa3/BBB) set a record for the lowest 30-year triple-B coupon with its $300 million 4.4 percent deal at just 133 basis points over Treasuries.</div>
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Rising oil prices, tensions in the Middle East, and deficit policies to be announced in the U.S. elections in November are just three possible catalysts to burst the rally, Gundlach said.</div>
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"When you see volume decline and you see insider selling at a high level, you're already seeing the market showing cracks, and it's already there," he said. He added that positive economic surprises "can only, at some moment, disappoint."</div>
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Gundlach also said that worsening government finances in the United States and much of the developed world were "completely unsustainable" but that once politicians tried to really deal with <span style="line-height: 1.6;">them, there were major risks of a recession.</span></div>
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"You might also at some point have a well-meaning attempt to address this absurd amount of government borrowing to fund the spending outlays. If you do that, you will go into a recession immediately," he said.</div>
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Gundlach said a mix of Ginnie Mae and non-guaranteed mortgage-backed securities is "the best fixed-income strategy right now," since the risks of both, when blended, can be positioned to offset each other. This blend can also yield about five percentage points above a generic Treasury portfolio, he said.</div>
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"I've been at this game for about 30 years, and what I've learned is that in the world of <a href="http://www.reuters.com/finance" style="color: #006e97; cursor: pointer; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;" title="Full coverage of finance">finance</a> you tend to make money slowly and lose money quickly, and the idea is to not be there when you have potential for downside movement," he said.</div>
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(source: Reuters, Feb 24, 2012)</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-83601632679603317462012-03-04T12:04:00.000-08:002012-03-04T12:04:17.897-08:00Jeff Gundlach: The Decline and Fall of the Roman EmpireOn February 14, Jeff Gundlach hosted a webcast with clients. The title of his presentation: "The Decline and Fall of the Roman Empire."
Not surprisingly, Gundlach drew parallels between the U.S. and Ancient Rome. Like the U.S., he noted that Rome had an insufficient tax system and a huge military budget.
Like Rome, the U.S. faces "persistence of a destitute underclass," as reflected by the excruciatingly slow job recovery.
Gundlach's talk included commentary on the year-to-date performance of markets as well as his outlook for the rest of the year.
As usual, Gundlach's presentation has all of the most important financial and economic charts you need to understand the world.
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<a href="http://www.businessinsider.com/doubleline-jeff-gundlach-us-decline-fall-roman-empire-2012-2#-1" style="background-color: white; color: #1d637d; font-family: arial, helvetica, sans-serif; font-size: 13px;" target="_blank">Click Here To See Jeff Gundlach's Presentation ></a>
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(source: Business Insider)Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-52982741741362099472012-03-04T11:34:00.000-08:002012-03-04T11:34:17.153-08:00Hedge Fund Industry, Markets: Titans at the Table<br />
<script src="http://player.ooyala.com/player.js?deepLinkEmbedCode=thNnhrMzoUmDSqRDshNJ8WRguFbs0Wvu&embedCode=thNnhrMzoUmDSqRDshNJ8WRguFbs0Wvu&width=640&height=360">
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Jim Chanos, founder of Kynikos Associates Ltd., Jamie Zimmerman, chief executive officer of Litespeed Management LLC, Michael Novogratz, principal at Fortress Investment Group LLC, and Steve Kuhn, head of fixed income trading at Pine River Capital Management LP, discuss the hedge fund industry, the outlook for financial markets and their investment strategies. They speak with Betty Liu on Bloomberg Television's "Titans at the Table."
(Source: Bloomberg)Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-33861229755927553652011-11-22T23:09:00.001-08:002011-11-22T23:29:42.697-08:00Property slump in China<br />
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According to documents obtained earlier this year by the Financial Times, the China Banking Regulatory Commission (CBRC) ordered domestic banks to weigh the impact of a 30 per cent decline in housing transactions in "stress tests" aimed at determining the health of the Chinese financial system. While Beijing has been trying to rein in sky-high property prices, a China property slump would have a big ripple effect on the global economy. Construction of property accounted for more than 13 per cent of China's economy last year.</div>
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In April, the CBRC told banks to test their loan books against a 50 per cent fall in prices, and also a 30 per cent fall in transaction volumes. In October, however, property transactions fell 39 per cent year on year in China's 15 biggest cities, according to government data. Nationwide, transactions dropped 11.6 per cent, up from a 7 per cent fall in September.</div>
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The fall-off in transactions has affected developers' cash flows and, in some cases, their ability to repay bank loans.</div>
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Rising defaults after a lending surge in 2009 and 2010, much of which ended up in the property sector, were cited by the International Monetary Fund this month as one of the Chinese financial sector's biggest risks.</div>
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The CBRC has not released the results and declined to comment. But one analyst who reviewed the stress-test documents said they did not take into account the impact fewer deals and lower property prices would have on bank collateral.</div>
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(source: FT, November 21, 2011)</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-47128991285036036442011-10-19T02:35:00.000-07:002011-10-19T02:35:23.964-07:00Gilad Shalit home. Hamas supporters rally near Ramallah, call for renewed terror attacks, soldier kidnappings.HaAretz published<a href="http://www.haaretz.com/news/diplomacy-defense/live-blog-the-gilad-shalit-prisoner-swap-as-it-happens-1.390590"> minute-by-minute report on Gilad Shalit's return home</a><br />
As you read, note:<br />
<b>08:50 Hamas supporters rally near Ramallah, call for renewed terror attacks, soldier kidnappings.</b><br />
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<strong>17:05 </strong>The Shalit family arrives in Mitzpe Hila to a ecstatic welcome from hundreds of friends, family and supporters.</div>
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<tr><td rowspan="2"><img alt="Shalit family - Yaron Kaminsky - 18.10.2011" class="" src="http://www.haaretz.com/polopoly_fs/1.390616.1318950941!/image/3917454489.jpg_gen/derivatives/landscape_295/3917454489.jpg" style="border-bottom-style: none; border-left-style: none; border-right-style: none; border-top-style: none; float: left; margin-bottom: 0px; margin-left: 0px; margin-right: 9px; margin-top: 0px; max-width: 474px;" title="Shalit family - Yaron Kaminsky - 18.10.2011" /></td><td class="text" style="color: white; height: 89px; overflow-x: hidden; overflow-y: hidden; padding-bottom: 10px; padding-left: 0px; padding-right: 0px; padding-top: 10px; width: 158px;" valign="top"><div style="margin-bottom: 17px;">
The Shalit family en route to their reunion with Gilad, October 18, 2011.</div>
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<strong><br />15:26 </strong>Shalit will be flown home at 16:00 accompanied by a doctor, reports Channel 2.<strong>16:00</strong> The Shalit family is flown home to Mitzpe Hila in a military helicopter, with medical personnel onboard.</div>
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<strong>14:29</strong> Shalit reported he felt weak and ill during flight from Egypt border and as such will undergo more comprehensive medical check-ups, reports Channel 2.</div>
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<img alt="Israelis waiting to greet Gilad Shalit near Kerem Shalom border crossing with Gaza, Oct. 18, 2011." height="351" id="galleryImage" src="http://www.haaretz.com/polopoly_fs/1.390639!/image/323827123.jpg_gen/derivatives/landscape_468/323827123.jpg" style="border-bottom-style: none; border-left-style: none; border-right-style: none; border-top-style: none; display: block; width: 468px;" title="Israelis waiting to greet Gilad Shalit near Kerem Shalom border crossing with Gaza, Oct. 18, 2011." width="468" /><br />
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Israelis waiting to greet Gilad Shalit near Kerem Shalom border crossing with Gaza, Oct. 18, 2011.<span id="credit" style="font-size: 10px; font-style: italic; padding-left: 5px;">Alon Ron</span></div>
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<strong>13:58</strong> All prisoners have been transfered to their respective drop-off points. Gilad Shalit has been reunited with this family. The live blogging of the prisoner release ends here.</div>
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<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><em>What do you think about the Shalit prisoner swap? Head over to Haaretz.com on Facebook and share your views</em></a></div>
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<strong>13:28</strong> Netanyahu mentions that this week will be the Jewish holiday of Simchat Torah, when portions of the book Isaiah will be read in synagogues, which discuss the importance of achieving the release of captives.</div>
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<strong>13:25</strong></div>
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<tr><td rowspan="2"><img alt="Shalit family - Nir Kafri - 18.10.2011" class="" src="http://www.haaretz.com/polopoly_fs/1.390604.1318915549!/image/3341867815.jpg_gen/derivatives/landscape_295/3341867815.jpg" style="border-bottom-style: none; border-left-style: none; border-right-style: none; border-top-style: none; float: left; margin-bottom: 0px; margin-left: 0px; margin-right: 9px; margin-top: 0px; max-width: 474px;" title="Shalit family - Nir Kafri - 18.10.2011" /></td><td class="text" style="color: white; height: 107px; overflow-x: hidden; overflow-y: hidden; padding-bottom: 10px; padding-left: 0px; padding-right: 0px; padding-top: 10px; width: 158px;" valign="top"><div style="margin-bottom: 17px;">
The Shalit family leaves their Mitzpe Hila home en route to reunion with Gilad , Oct. 18, 2011.</div>
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Netanyahu: I just embraced Gilad and took him to his parents, and told them, I have returned your son to you.</div>
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<strong>13:23</strong> Netanyahu: I thought about Gilad Shalit stuck in captivity for more than 5 years. I didn't want Gilad Shalit to turn out like Ron Arad, who has now been missing for 25 years. I thought about the pain of Ron Arad's mother until her dying day.</div>
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<strong>13:21</strong> Netanyahu: I held fast to my insistence that the leaders of Hamas stay in Israeli jails and that they would not return to the territories. In recent months, Hamas compromised on this demand to free their leaders, so I was forced to make a difficult decision. It was the best deal we could make.</div>
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<strong>13:20</strong> Netanyahu: Today is a happy day and a sad day for Israel. When I returned to the position of Prime Minister in 2009, I had a important task waiting for me: to return our soldier Gilad Shalit home.</div>
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<strong>13:18</strong> Netanyahu speaks at press conference at Tel Nof Air Force Base.</div>
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<strong>13:09</strong> Netanyahu meets with Shalit, tells him: How good that you have returned home. Shalit salutes Netanyahu, Netanyahu embraces Shalit.</div>
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<strong>13:04 </strong>After 5 years and 4 months of captivity, Gilad Shalit meets with his family.</div>
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<tr><td rowspan="2"><img alt="Ofer 181011 " class="" src="http://www.haaretz.com/polopoly_fs/1.390597.1318913268!/image/91806260.jpg_gen/derivatives/landscape_295/91806260.jpg" style="border-bottom-style: none; border-left-style: none; border-right-style: none; border-top-style: none; float: left; margin-bottom: 0px; margin-left: 0px; margin-right: 9px; margin-top: 0px; max-width: 474px;" title="Ofer 181011 " /></td><td class="text" style="color: white; height: 89px; overflow-x: hidden; overflow-y: hidden; padding-bottom: 10px; padding-left: 0px; padding-right: 0px; padding-top: 10px; width: 158px;" valign="top"><div style="margin-bottom: 17px;">
Prisoners to be freed as part of the Shalit swap arrive at Ofer, October 18, 2011.</div>
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<tr><td class="text" style="color: white; height: 36px; overflow-x: hidden; overflow-y: hidden; padding-bottom: 10px; padding-left: 0px; padding-right: 0px; padding-top: 10px; width: 158px;" valign="bottom">Photo by: Tomoer Appelbaum</td></tr>
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<strong>13:03</strong></div>
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Gilad Shalit, in first interview to Egyptian television: I knew people were working to free me, I had access to mass media.</div>
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<strong>12:45 </strong>Gilad Shalit lands in Tel Nof Air Base.</div>
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<strong>12:25 </strong>IDF Spokesperson announces that it has completely carried out its end of the prisoner release deal and that it has released the Palestinian prisoners, with the help of the Red Cross.</div>
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<strong>12:16</strong></div>
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First video released of Gilad Shalit being greeted by IDF soldiers; he is filmed wearing glasses. Channel 2 reports that he was not given sunglasses in captivity, so there is a fear that his eyesight may have deteriorated.</div>
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<strong>11:53 </strong>Palestinian protesters clash with IDF near Ramallah. Protesters are reportedly upset that prisoners will not be released at pre-determined location they were waiting at. Route of the prisoner release convoy was reportedly altered due to protesters burning tires at the scene.</div>
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<tr><td rowspan="2"><img alt="Shalit Red Cross - Alon Ron - 18.10.2011" class="" src="http://www.haaretz.com/polopoly_fs/1.390600.1318914824!/image/1112483539.jpg_gen/derivatives/landscape_295/1112483539.jpg" style="border-bottom-style: none; border-left-style: none; border-right-style: none; border-top-style: none; float: left; margin-bottom: 0px; margin-left: 0px; margin-right: 9px; margin-top: 0px; max-width: 474px;" title="Shalit Red Cross - Alon Ron - 18.10.2011" /></td><td class="text" style="color: white; height: 89px; overflow-x: hidden; overflow-y: hidden; padding-bottom: 10px; padding-left: 0px; padding-right: 0px; padding-top: 10px; width: 158px;" valign="top"><div style="margin-bottom: 17px;">
Red Cross vehicles arriving at the Kerem Shalom crossing, Oct. 18, 2011.</div>
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<tr><td class="text" style="color: white; height: 18px; overflow-x: hidden; overflow-y: hidden; padding-bottom: 10px; padding-left: 0px; padding-right: 0px; padding-top: 10px; width: 158px;" valign="bottom">Photo by: Alon Ron</td></tr>
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<strong>11:49 </strong>IDF Spokesperson: IDF has conducted medical tests on Gilad Shalit and found him to be in good health. He will now be taken to see his family.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>11:47 </strong>Gilad Shalit in first interview, to Egyptian TV: It's uncomfortable to see so many people at once, after not seeing people for so long.</div>
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<strong>11:42 </strong>Gilad Shalit in first interview, to Egyptian TV: I will endeavor to facilitate peace between Israel and Palestinians.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>11:32 </strong>Hamas chief Khaled Meshal currently in el-Arish, reports Channel 2.</div>
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<strong>11:25 </strong>Gilad Shalit currently undergoing medical tests in Israel.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>11:23 </strong>Gilad Shalit, in first interview, to Egyptian television: "I did think that I would be set free. I felt over the last few months that it would happen."</div>
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<strong>11:22 </strong>Gilad Shalit, in first interview, to Egyptian television: "I missed my family, seeing people, and talking."</div>
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<strong>11:18 </strong>Gilad Shalit to Egyptian television: "I will be very happy if the Palestinian prisoners in Israeli jails are released, so long as they don't return to attack Israel."<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>11:11 </strong>Gilad Shalit to Egyptian television: "I was informed of my impending release a week ago."</div>
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<strong>11:08 </strong>Gilad Shalit to Egyptian television: "Hamas treated me well."</div>
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<strong>11:05 </strong>IDF Spokesperson: "Gilad Shalit has returned home"</div>
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<strong>11:03</strong></div>
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OFFICIAL CONFIRMATION: Gilad Shalit has been returned to Israeli soil after 5 years and 4 months in captivity.</div>
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<strong>10:59 </strong>Gilad Shalit is currently at the Israel border crossing.</div>
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<strong>10:44 </strong>Shalit family watches first photos of Gilad Shalit released from captivity in a private room on Tel Nof Air Force Base.</div>
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<strong>10:38 </strong>OFFICIAL CONFIRMATION: Gilad Shalit has returned to Israeli hands after 5 years and 4 months in captivity.</div>
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<strong>10:28</strong></div>
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After confirming that Gilad Shalit is in Egyptian hands, IDF begins transfer of Palestinian prisoners.</div>
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<strong>10:23 </strong>BREAKING: First images of Gilad Shalit broadcast on Egyptian television.</div>
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<strong>10:16</strong> OFFICIAL IDF CONFIRMATION: Gilad Shalit has been identified alive and well at the Egypt-Gaza border.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>10:00</strong><strong> </strong>Egypt has agreed to accept Palestinian prisoner Amna Muna.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>09:52</strong><strong> </strong>Female Palestinian prisoners have relented, begin their way to Gaza.</div>
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<strong>09:4</strong><strong>9</strong><strong> </strong>Gilad Shalit has spoken to his family by telephone, reports BBC on Twitter.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>09:44 </strong>Transfer of female Palestinian prisoners to Gaza has begun, reports DPA.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>09:37 </strong>Prime Minister Netanyahu meets with family of Gilad Shalit at Tel Nof Air Force Base.</div>
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<strong>09:33 </strong>IDF official says that the prisoner exchange deal is being held up because of the two Palestinian prisoners' refusal to be deported to Gaza.</div>
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<strong>09:31 </strong>Unattributed report: Two female Palestinian prisoners refuse to be deported into Gaza.</div>
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<strong>09:23 </strong>Gilad Shalit has arrived in Egypt and is wearing an IDF uniform, reports Channel 2.</div>
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<strong>09:17 </strong>Egyptian television says it will release pictures of Gilad Shalit being transferred.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>09:13</strong> Israel official meets Gilad Shalit ahead of return to Israel, reports Channel 2.</div>
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<strong>08:50 </strong>Hamas supporters rally near Ramallah, call for renewed terror attacks, soldier kidnappings.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>08:38 </strong>Top Hamas official confirms that Gilad Shalit has been transferred to Egyptian hands.</div>
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<strong>08:34 </strong>Dozens of families from Isawiya awaiting Israeli Arab prisoners' release (Haaretz)<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>08:28 </strong>Al-Arabiya reports that Gilad Shalit has been handed over to the IDF; no Israeli confirmation has been given as of yet.</div>
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<strong>08:24 </strong>Gilad Shalit arrives at the Israel-Gaza border crossing.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>08:21 </strong>The Shalit family arrives at the Tel Nof Air Force Base.</div>
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<strong>08:18 </strong>Noam Shalit: "You can say this is one of the happiest days of my life."</div>
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<strong>08:11</strong> Israeli Arab prisoners transferred from Prison Service to Red Cross, and from there to a Border Police base near Jerusalem; with that, the Prison Service has completed its role in the prisoner exchange.</div>
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<strong>08:06</strong> A lot of medical equipment, including dental and x-ray equipment, is brought to Tel Nof Air Force Base.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>08:03</strong> IDF Chief of Staff Benny Gantz makes his way to Tel Nof Air Force Base in anticipation of Gilad Shalit's arrival.</div>
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<strong>08:01</strong> Gilad Shalit's grandfather Zvi arrives at Tel Nof Air Force Base.</div>
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<strong>07:53</strong> Buses carrying Palestinian prisoners roll out, in effective confirmation of Gilad Shalit's presence in Egyptian hands.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>07:41</strong> All Palestinian prisoners are on Red Cross buses awaiting the Egyptian go-ahead for the final exchange to take place.</div>
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<strong>07:37</strong> A convoy with Israeli Arab prisoners is on its way to an IDF base near Jerusalem, ahead of their impending release.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>07:35</strong> Al-Jazeera reports that Gilad Shalit is now held on the Palestinian side of border by Egyptian officials.</div>
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<strong>07:31</strong> Egypt reports that Gilad Shalit is now in Egyptian hands; Hamas denies exchange has already taken place.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>07:20</strong> Reports emerge from Egypt that Gilad Shalit is already en route to the Kerem Shalom border crossing.</div>
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<strong>07:15</strong> Female Palestinian prisoner Amna Muna, who was supposed to be deported abroad as part of prisoner exchange deal, will instead be deported to Gaza.<a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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<strong>06:54</strong> Shalit family departs from North toward IAF Tel Nof base as all Palestinian prisoners arrive at border crossings.</div>
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<span class="st">At first, prisoners will be taken off the busses and identified, ahead of being handed over to Egyptian authorities in Kerem Shalom, and the Red Cross in the Ofer Camp prison </span><span class="st"><em>(Anshel Pfeffer)</em></span></div>
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<strong>06:04</strong> Prisoner convoy from Sharon Prison arrives at Ofer Prison. Two female prisoners and 14 east Jerusalem residents will be moved to a police station near Ma'aleh Adumim and from there to Jerusalem<span class="st"><em>(Anshel Pfeffer)</em></span><a href="http://www.facebook.com/haaretzcom" style="color: #0099ff; text-decoration: none;"><br /></a></div>
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Another convoy, this one with 147 prisoners will leave for Kerem Shalom and will be followed several other small envoys transporting 40 additional prisoners.</div>
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One prisoner will be moved taken to the Katzrin police; two prisoners will arrive at Ayalon Prison and will be released in Lod, and three prisoners that were moved to Megido Prison are residents of Wadi Ara<em>(<em>Yaniv Kubovic)</em></em></div>
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<strong>05:38 </strong>Red Cross representatives arrive at Israeli prison, identify prisoners earmarked for release. <em>(Yaniv Kubovic)</em></div>
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<strong>05:33 </strong>Israeli Border Patrol prepares to close roads leading to Kerem Shalom, forming a ‘sterile zone’ for Palestinian prisoner transfer.<span class="st"><em>(Anshel Pfeffer)</em></span></div>
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<strong>05:16</strong> Second convoy with 147 Palestinian prisoners leaves prison for Kerem Shalom.<em> (Yanir Yagna)</em></div>
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-17765453300015766292011-10-17T23:16:00.000-07:002011-10-17T23:16:41.470-07:00Release of Gilad Shalit<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Officials in the Prime Minister’s Office said that “a brief window of opportunity has been opened that would possibly lead to Gilad Shalit’s homecoming.” In his speech, Netanyahu said that he is thankful he can take part in the mitzvah of “pidyom shvuyim,” freeing the captive, as Shalit should be on his way home “in the next few days.” He emphasized that he instructed the team to sign the deal which was crafted keeping in mind the obligation to Gilad’s family as well as Israel’s security.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Gilad Shalit (born August, 28 1986) was kidnapped from his post on June 25, 2006, by Hamas militants in a cross-border raid near the Kerem Shalom crossing in Israel, and has been held as a hostage at an unknown location in the Gaza Strip by Hamas since then.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">For more than five years, Hamas has refused requests from the International Committee of the Red Cross to allow visits to Shalit. Multiple human rights organizations have stated that the terms and conditions of Shalit’s confinement are contrary to international humanitarian law. To date, the only contact between Shalit and the outside world since his capture has been three letters, an audio tape, and a DVD that Israel received in return for releasing 20 female Palestinian prisoners. The current deal consists of the release of over 1,000 Palestinian prisoners serving various terms in Israel.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Listen to a song called “erev chag”, holiday eve, dedicated to Gilad, and our awaiting for his return:</span><br />
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<iframe allowfullscreen="" frameborder="0" height="360" src="http://www.youtube.com/embed/IXZ688PpBc8" width="640"></iframe>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-13158703355812583552011-10-12T14:05:00.000-07:002011-10-12T14:05:37.500-07:00Jeffrey Gundlach on bonds, risky assets and gold<span class="Apple-style-span" style="background-color: white; font-family: Arial; font-size: 10px; line-height: 10px;"></span><br />
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Jeffrey Gundlach, bond-fund manager and CEO of DoubleLine Capital LP, held a conference call late Tuesday, October 11, discussing whether the risky assets are cheap enough. Not yet. “It’s a dangerous market at the present level, and if anything we’d be inclined to short risk assets.”</div>
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DoubleLIne Multi-Asset Growth Fund <a href="http://www.marketwatch.com/investing/stock/DMLIX" style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: #004276; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;">DMLIX</a> is positioned to benefit from further declines in the price of copper , which Gundlach called a “wonderful indicator” of global economic health. <a href="http://www.marketwatch.com/investing/stock/DMLIX" style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: #004276; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;">DMLIX</a> is “significantly underweight” commodities in general. Copper’s weakness “shows that the global recession story has some teeth.”</div>
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The global-growth slowdown also has driven Gundlach into U.S. dollar-based assets, with no exposure of any kind to non-U.S. stocks. Gundlach' funds are in a low-risk mode . There will be a better entry point into the emerging market equity, energy and commodity complex and equities in general.</div>
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Gundlach is bullish on gold, especially shares of gold miners, which under performed metal itself. “Gold could come down to $1,500 or so on a sell-off of commodities and inflation-risk generally.” And at that level he would be a buyer .</div>
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Gundlach has owned Treasury bonds for some time and his investors have benefited from the rally, but nowadays he sees long-term bonds as hedges, not investments. In fact, if and when the 10-year Treasury yield touches 1.7% again, Gundlach would be inclined to lighten up on Treasurys. It’s not that he believes inflation is imminent and threatens bond values. It’s more that bonds have rallied tremendously and may have had their best days for capital appreciation. “I don’t think buying Treasurys at 1.7% on the 10-year can be classified as investments.”</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-31334674126176231672011-10-10T00:36:00.000-07:002011-10-12T12:42:50.162-07:00Christoph Eibl on the price of Gold as commodity<span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: 15px; line-height: 24px;">Christoph Eibl, founding partner of Tiberius Asset Management, talks about the demand for gold and the outlook for industrial metals. He speaks with Linzie Janis on Bloomberg Television's "Countdown."</span><br />
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<a href="http://youtu.be/kX36IoO-cKs">Watch the interview with Christoph Eibl on YouTube</a>
<span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: 15px; line-height: 24px;"> (Source: Bloomberg, October 4, 2011)</span><br />
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<a href="http://youtu.be/_8dR_bZjRv0">Watch the interview with Adrian Mowat on YouTube</a>
<span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: 15px; line-height: 24px;">(Source: Bloomberg, October 10, 2011)</span><br />
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-87687658013666141712011-10-08T14:05:00.000-07:002011-10-08T14:05:09.382-07:00What is in a draft of the 'Volcker Rule' on proprietary trading?<span class="Apple-style-span" style="background-color: white; font-size: 16px;">A draft of the 'Volcker Rule' on proprietary trading has hit the Internet, rocking both Wall Street and Washington and sending financial organizations across the country into a frenzy.</span><br />
"Billions of dollars are at stake for big banks, which have been working for months to shape the rule aimed at curbing risky trading activities that played a part in the financial crisis," the Wall Street Journal wrote.<br />
The leaked document was labeled as a draft and was authored by FDIC, the Federal Reserve, the Comptroller of the Currency and the Securities and Exchange Commission. It was posted on the American Banker's <a href="http://www.americanbanker.com/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #552200; font-weight: bold; text-decoration: underline;" target="_blank">website </a>.<br />
The Volcker Rule proposal defines proprietary trading, offer limited circumstances under which a bank could invest in a hedge or private-equity fund, and require banks to install internal controls to ensure compliance with the rule. The Federal Deposit Insurance Corp. is set to release proposal on Oct. 11.<br />
From WSJ:<br />
<br />
<blockquote>
"Officials inside the government agencies that drafted the document fumed about the leak. They worried that it could lead to pressure to change the language ahead of the FDIC's meeting next week. Alternatively, the regulators could feel pressure to refrain from changes that could make it appear that they had given in to industry pressure.[...]<br />
The leak left regulators fuming and opened a new front in Wall Street's battle to soften the blow of the proposed rule. The draft gave banking industry lobbyists several days to discuss it before Tuesday, when the Federal Deposit Insurance Corp. is scheduled to consider issuing a version for public comment."</blockquote>
Many of those who have seen the draft are reportedly concerned that it demands extremely granular policing of traders, as part of the strict compliance program described in the leaked 205-page draft.<br />
From the WSJ:<br />
<br />
<blockquote>
"Among the many prescriptions for these compliance regimes: Banks with trading assets of $1 billion or more in trading assets and liabilities would have to measure their trading with a variety of quantitative formulas, and periodically report these metrics to regulators. The specific reporting requirements would vary by the scale and scope of a banks' trading activity, according to the document." [...]Critics say that by allowing banks to hedge risks on a portfolio-wide basis, the rule could open the door to more aggressive trading tactics. A bank could claim that its portfolio is at risk from an economic turn, such as a recession, and take positions that protect it from such an event, they say."</blockquote>
Still, like countless other pieces of legislation pushed through under the Dodd-Frank Act, it will likely take many more months if not years before Wall Street firms and regulators know how the rule will actually be applied in practice.<br />
<br />
(Source: WSJ, October 7, 2011)<br />
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-34237303808045779152011-10-04T01:49:00.000-07:002011-10-04T01:51:14.581-07:00Reflection Series: gold outlook almost a year ago - November 22, 2010
Christoph Eibl, co-founder and head of trading at Tiberius Asset Management, talks about the outlook for commodities including gold. Gold bought for investment accounted for 38 percent of total demand in 2010, compared with about 4 percent a decade before, the World Gold Council estimates.
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(Source: Bloomberg, November 22, 2010)
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-24627077550017276472011-10-03T21:10:00.000-07:002011-10-03T21:11:01.106-07:00Meet David Tepper managing Appaloosa<span class="Apple-style-span" style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 18px;"></span><br />
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<img alt="David Tepper Hedge Fund Manager Appaloosa Management" src="http://www.atrader.com/files/imagecache/article-medium/upl/articles/10/05/David_Tepper_XL.jpg" /></div>
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He is a “distressed-debt specialist”, was once (2003) considered to be “the hottest investor on wall street” and was one of the top 10 money earners in Institutional Investor’s Alpha’s Ranking of the world’s 25 Highest-Paid Hedge Fund Managers in 2004. He also ranked second on the same list in 2003. With an estimated current net worth of around $1.2 billion, he is ranked by Forbes as the 645th richest person in the world.</div>
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Tepper was born in Pittsburgh’s East End, the second of three children. During his adolescence he spent plenty of time with his maternal Grandfather, Benjamin Tauberg. The two were huge fans of baseball, especially the Pittsburgh Pirates. Tepper said of the game, "I loved baseball. I lived and died for Roberto Clemente. I knew every player in the major league. You could pull a player’s card, and I could tell you the statistics."</div>
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David and his family lived modestly in a four-bedroom plain redbrick row house or terraced house in Stanton Heights. David stuck close to his father Harry and mother Roberta. His father was a bright accountant with a modestly sized firm. His mother was a homemaker, but decided to become an elementary school teacher and taught at different Pittsburgh Public Schools.</div>
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David attended Peabody High School where he was good at math but never received an 'A'. Tepper would ask plenty of questions as a student, but didn't study often. Although Math was an easy subject and he could memorize baseball statistics with ease, it did not translate into his academic performance.</div>
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David showed an interest in his father’s investments and the numbers associated with them. His father made a hobby of investing in the markets and would share his knowledge with the family over dinner. David showed immediate interest in his first investments, "Pennsylvania Engineering Co" and the soon to be bankrupt "Career Academies", that were given to him by his father.</div>
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While in High School he had a hand at Intramural football, but preferred acting because he didn't like the condition of the football field. During his senior year he won the school's best actor award for his role as "the father" in Bye Bye Birdie and received a standing ovation at the awards ceremony.</div>
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The University of Pittsburgh would prove to be a stepping stone for David. His grades improved significantly and he paid his way through school by working at the Fine Arts library. He graduated with honors receiving his Bachelor of Arts degree in Economics. He also dabbled in the markets during college.</div>
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After graduation he entered the finance industry working for Equibank as a Credit Analyst in the Treasury department. In 1980, unsatisfied with this position he enrolled for his Graduate Degree from Carnegie Mellon University.</div>
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Tepper has an uncanny ability to invest in a market outside of his expertise. Tepper was the former head of junk bond trading at Goldman Sachs In 2001 he generated a 61% return by focusing on distressed bonds, and in the fourth quarter of 2005 he pursued what he saw as better opportunities in Standard & Poor's 500 stocks. He makes significant gains year after year by “investing in the diciest of companies,” such as MCI and Mirant. Investments in Conseco and Marconi also led to huge profits for the company’s hedge funds while Tepper “keeps the market on edge.”</div>
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On March 19, 2003 David announced he would make a single donation of $55m to Carnegie Mellon University's Graduate School of Industrial Administration. This donation was made after being encouraged by Kenneth Dunn his former professor who became Dean of the school. He accepted the suggestion, but made it a “naming-gift” and suggested the school's name be changed to David A. Tepper School of Business.</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6215005716505257777.post-88922830050380105672011-10-03T20:56:00.000-07:002011-10-03T20:56:27.333-07:00Hedge Fund and Private Equity Executives on the Forbes 400 List of Wealthiest Americans<span class="Apple-style-span" style="background-color: white; color: #262626; font-family: Arial, Helvetica, sans-serif; font-size: 15px; line-height: 19px;"></span><br />
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Double-dip recessions, sovereign debt crises and political gridlock notwithstanding, it's been a good year for hedge fund billionaires.</div>
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Alternative investments players make up some 16% of this year's <em style="font-style: italic;">Forbes</em> 400 list of the wealthiest Americans. One of them even cracks the top 10: George Soros, who is now a retired hedge fund manager, did very well for himself in Soros Fund Management's last year of managing money for outside investors. Soros' fortune now totals $22 billion, up almost $8 billion from last year and good enough for seventh place on the list.</div>
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No other hedge fund or private equity honcho cracked that elite group, but 18 others made the top 100. And most of them boast larger fortunes than last year, some of them significantly larger.</div>
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Despite his miserable year, Paulson & Co.'s John Paulson remains the second-richest hedge fund manager in the country, with a $15.5 billion fortune, 17th on the list and $3.1 billion higher than a year ago. Dell Inc. and MSD Capital founder Michael Dell was one spot behind with $15 billion, followed by Soros' fellow retiree Carl Icahn in 25th place with $13 billion ($2 billion more than last year), Ronald Perelman in 26th with $12 billion ($1 billion more) and James Simons in 30th with $10.6 billion ($1.9 billion more).</div>
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Steven Cohen was 35th on the list with $8.3 billion ($1 billion more than last year), Ray Dalio 44th with $6.6 billion (up $1.6 billion), David Tepper in 60th with $5 billion (up $700 million) and Stephen Schwarzman and Sam Zell in 66th with $4.7 billion (up $600 million and $300 million, respectively). Another hedge fund retiree, Caxton Associates' Bruce Kovner, was in 74th place with $4.3 billion ($200 million more than last year).</div>
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Two alternatives players dropped off the list this year. Blackstone Group co-founder Peter Peterson has given away a huge chunk of his fortune over the past year, while Maverick Capital Management's Samuel Wyly, who just made the cut last year, fell short this year. Wyly is facing Securities and Exchange Commission fraud charges and this year lost his brother and business partner, Charles Wyly, in a car accident. </div>
(Source: FINAlternatives, Oct 3, 2011)<br/>
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<strong style="font-weight: bold;">Hedge Fund and Private Equity Executives<br />on the <em style="font-style: italic;">Forbes </em>400 List of Wealthiest Americans</strong></div>
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<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><em style="font-style: italic;">rank</em></td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><em style="font-style: italic;"> billionaire</em></td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><em style="font-style: italic;">firm</em></td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><em style="font-style: italic;">net worth</em></td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">7</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">George Soros</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Soros Fund Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$22 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">17</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">John Paulson</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Paulson & Co.</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$15.5 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">18</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Michael Dell</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">MSD Capital</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$15 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">25</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Carl Icahn</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Icahn Enterprises</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$13 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">26</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Ronald Perelman</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">MacAndrews & Forbes</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$12 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">30</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">James Simons</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Renaissance Technologies</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$10.6 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">35</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Steven Cohen</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">SAC Capital Advisors</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$8.3 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">44</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Ray Dalio</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Bridgewater Associates</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$6.6 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">60</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">David Tepper</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Appaloosa Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$5 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">66</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Stephen Schwarzman</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The Blackstone Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$4.7 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">66</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Samuel Zell</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Equity Group Investments</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$4.7 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">73</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Bruce Kovner</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Caxton Associates</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$4.3 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">75</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Daniel Ziff</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Och-Ziff Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$4.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">75</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Dirk Ziff</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Och-Ziff Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$4.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">75</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Robert Ziff</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Och-Ziff Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$4.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">86</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Henry Kravis</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Kohlberg Kravis Roberts</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$3.7 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">88</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Robert Bass</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Oak Hill Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$3.6 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">91</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">John Arnold</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Centaurus Energy</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$3.5 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">96</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">George Roberts</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Kohlberg Kravis Roberts</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$3.4 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">107</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Leon Black</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Apollo Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$3.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">107</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Ron Burkle</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Yucaipa Cos.</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$3.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">107</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Paul Tudor Jones</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Apollo Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$3.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">117</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Edward Lampert</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">ESL Investments</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$3 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">139</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">William Conway</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The Carlyle Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.7 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">139</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Daniel D'Aniello</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The Carlyle Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.7 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">139</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">David Rubenstein</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The Carlyle Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.7 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">150</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Daniel Och</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Och-Ziff Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.6 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">159</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Stanley Druckenmiller</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Duquense Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.5 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">159</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Tom Gores</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Platinum Equity</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.5 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">166</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Julian Robertson</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Tiger Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.4 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">171</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Nicolas Berggruen</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Alpha Investment Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.3 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">171</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Kenneth Griffin</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Citadel Investment Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.3 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">188</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Philip Falcone</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Harbinger Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">188</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Henry Hillman</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Hillman Cos.</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">200</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Israel Englander</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Millenium Partners</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.1 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">200</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Wilbur Ross</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">W.L. Ross & Co.</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.1 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">200</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">David Shaw</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">D.E. Shaw Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$2.1 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">227</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">David Bonderman</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Texas Pacific Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.9 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">227</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">James Coulter</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Texas Pacific Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.9 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">227</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Alec Gores</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Gores Technology Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.9 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">242</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Leon Cooperman</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Omega Advisors</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.8 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">242</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Theodore Forstmann</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Forstmann Little</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.8 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">260</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">George Argyros</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Westar Capital</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.75 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">273</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Glenn Dubin</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Highbridge Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.6 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">273</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Noam Gottesman</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Man Group</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.6 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">273</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Bruce Karsh</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Oaktree Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.6 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">273</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Howard Marks</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Oaktree Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.6 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">293</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Stephen Mandel</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Lone Pine Capital</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.5 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">293</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Jonathan Nelson</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Providence Equity Partners</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.5 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">293</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Peter Thiel</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Clarium Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.5 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">309</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Joshua Harris</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Apollo Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.45 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">309</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">T. Boone Pickens</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">BP Capital</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.45 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">309</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Marc Rowan</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Apollo Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.45 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">312</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Louis Bacon</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Moore Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.4 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">312</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Thomas Lee</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Lee Equity Partners</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.4 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">331</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Richard Chilton</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Chilton Investment Co.</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.3 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">331</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Marc Lasry</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Avenue Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.3 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">331</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Thomas Steyer</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Farallon Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.3 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">359</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">James Dinan</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">York Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">359</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">C. Dean Metropoulos</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Metropoulos & Co.</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">359</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Nelson Peltz</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Trian Partners</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">359</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Henry Swicea</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Highbridge Capital Management</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.2 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">375</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Thomas Barrack</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Colony Capital</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.1 billion</td></tr>
<tr><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">375</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">John Henry</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">John W. Henry & Co.</td><td style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">$1.1 billion</td></tr>
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<span class="Apple-style-span" style="color: #383838;"><br /></span></div>
</span>Unknownnoreply@blogger.com0