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30 ноября, 16:00

Why Top Management Should Listen to Activist Investors

Activist investors who expect to raise returns by influencing strategic decisions are having a meaningful impact on many industries from consumer-packaged goods to aerospace and defense. And the odds that your company, or industry, may find itself targeted by an activist are going up. Activists launched 159 campaigns in 2015 focused on shareholder value maximization, nearly double the 88 that were launched the year before. If you are a senior executive in a company concerned about activists, you have two potential paths: take the defensive (and perhaps expected) posture of defending your current strategy, or embrace the challenge and reassess your company’s path to value creation. Activists’ interventions are often described, favorably or not depending on your point of view, as slashing and burning, taking out cost, and engaging in financial engineering. But that’s an unfair oversimplification. Many activists are asking some very tough and fundamental strategic questions: Are the company’s investments in the right place?  Is the company’s portfolio too diverse?  Are there difficult moves that must be made to create a winning strategy?  Senior executives should consider these questions carefully, since the rise of corporate activism is unlikely to slow any time soon — either way — these very basic but important strategic questions must be addressed. Simply improving short-term performance by cutting costs across the board isn’t the answer – activists can do that themselves, simply by taking out 10% from your company’s cost baseline. You need to look at costs as strategic investments that ultimately drive growth: which costs, if cut, would actually destroy shareholder value by diminishing growth or competitive advantage? And as an insider with the right perspective and access to granular company data, you can match or exceed what outsiders may be able to offer your investors. Take the time to reassess your company’s path to value creation. You have clearly thought about these strategic questions before, but constraints on your business and short-term issues may have stood in the way of  the answers – or at least at looking at the questions as an outsider might, and possibly arriving at different conclusions about the business. Now, you will have to translate your strategic thinking into a value creation plan that your management team and board will embrace.  You will have to be clear-minded about such questions as: What are the simple approaches to value creation that have worked in the industry, and do they still apply? What advantage do we have — or can we create — in the market, and how do we maintain and extend this advantage? What is our company great at doing? What is our promise to the market and to customers? What is needed to execute against that promise? Defining your aspirations that way and combining them with the capabilities required to fulfill those aspirations will give your company the best chance to create long-term value … and to address activists’ concerns and capitalize on the opportunities and ideas they bring. For our recent book we studied companies from a broad range of industries that operate this way, including Apple, CEMEX, Danaher, Haier, IKEA, Inditex (known for its Zara apparel business), Starbucks and many others. These companies may do business in a dozen different sectors, but everything they do nonetheless fits together in a coherent way. Apple’s online services, smartphones, and computers, for example, all rely on the same capabilities for design and integration. Starbucks applies its capabilities in talent management and distinctive retailing to everything it does. Danaher designs, manufactures, and markets industrial and consumer products in industries including dental, industrial technologies, environmental, and life science and diagnostics, and has distinguished itself by its outstanding shareholder return and its focus on continual improvement, across all its businesses. When your company has developed that kind of clear identity, you have leverage and insight that other companies –and activist investors –do not have. When investor Carl Icahn wrote to Tim Cook in 2014, with concerns about insufficient cash growth and share undervaluation at Apple, Cook’s response was measured. He eventually did buy back stock and increase shareholder dividends, but his response about television and cars was such that Icahn stated publicly that whatever Tim Cook decided was completely Tim Cook’s decision. Danaher, similarly, has good relationships with activist investors. In fact, the company was formed by Steven and Mitchell Rales, who were corporate raiders and understood the value of coherence from the start. Aetna CEO Mark Bertolini described the positive impact of coherence on stock value: “The magic question is: Are your business fundamentals sound enough so that you can consistently deliver a product to customers that they will continue to buy over time? If people believe your business fundamentals are sustainable, it will move the stock price higher.” Some CEOs might resist this approach: they may feel locked into the constraints given to them, or may simply want to avoid the risk of change — hoping that potential disruption or industry structure changes that activists initiate will leave them unharmed. But we’ve seen that movie over and over, and we know how it ends. The better course is to build a case for your company’s fundamental advantage, and lay out your plans for improving it and driving value creation.

Выбор редакции
23 ноября, 00:00

If Oil Refiners Crash, So Will the Economy

Carl Icahn, Wall Street JournalBiofuel regulations are ruining merchant oil refiners—bad for business and national security.

21 ноября, 22:17

Trump Rally to Wane? Buy These Quality ETFs

Bet on these quality ETFs to avoid Trump, Fed and oil-induced uncertainties.

19 ноября, 20:10

Chuck Schumer Is All In On Bernie Sanders' Democratic Party

WASHINGTON — Sen. Bernie Sanders (I-Vt.) lost the Democratic nomination and Chuck Schumer (D-N.Y.) is the new leader of the Senate Democrats. But the Vermont senator’s vision and ideas will dominate the Democratic Party’s attempt to recover from Hillary Clinton’s ruinous White House run. Schumer will be the person who crafts and leads the strategy, but in sitting down to explain it to The Huffington Post on Friday, he revealed how much of it comes from Sanders, as well as Sen. Elizabeth Warren (D-Mass.). “When you lose an election the way we did, you don’t flinch, you don’t look away. You look it in the eye and say ‘What did we do wrong?’” said Schumer, who also had a significant role in Democrats’ 2016 calculations. “To me, overwhelmingly, we did not have a strong economic message. What we need is a sharper, bolder, stronger, more progressive economic message.” Schumer explained that includes staples from the Sanders and Warren wing of the party ― debt-free college, at least some of the free college that was so mocked by the Clinton campaign, a higher minimum wage, a “bolder” stance on trade, a tougher stance the “rigged” system of lobbyists and special interests, and major investments in infrastructure, among other ideas. Some are initiatives that Schumer has long embraced, but others — and especially the language used to describe them are the sorts of things progressives have heard from Sanders and Warren for years.  “On economic issues in particular, a strong, bold economic message wins,” Schumer said. “Bernie and I think alike on these issues and always have,” he said, adding that Warren and Sanders both backed him when he first announced his intent to replace retiring Minority Leader Harry Reid (D-Nev.). Schumer has even embraced Sanders’ choice to head up the Democratic National Committee, Rep. Keith Ellison of Minnesota. “Bernie convinced me of this. Bernie asked me to do it, to organize it,” Schumer said, adding that he agrees with Sanders’ idea that the DNC needs to become more of an activist and organizing operation. “So when we’re pushing for a strong college bill on the floor, there are hundreds of thousands of people on campuses across the country emailing, and tweeting and calling and protesting. And when we do minimum wage, there should be minimum wage workers all over the country pushing for that,” Schumer said. “That’s what Bernie wants to do with the DNC, and I completely agree.” Bernie makes a lot of sense in a lot of ways. It’s almost as if Schumer thinks Sanders would have been the better candidate against President-elect Donald Trump, but he was not willing to say so. “I’m not going to point fingers looking back. I think that is divisive,” he said. “But Bernie makes a lot of sense in a lot of ways.”  Schumer is aware that many progressives do not see in him as the type of champion they adore in Sanders and Warren. He is, after all, a senator whose constituents include many of those system-riggers on Wall Street — people who have been Schumer’s top donors for decades. To name a couple, they are people like John Paulson and Carl Icahn, both of whom were major Trump backers and have supported Schumer in the past. Paulson, the hedge fund manager who made billions from the collapse of the housing market, was a major fundraiser for Schumer.  So Schumer knows he has to thread a needle in both protecting and containing a dominant industry in his state, and convincing liberals. He can point to the support of Sanders and Warren, who credit Schumer with advancing several of their interests. “I don’t attack Wall Street just for the sake of attacking it,” Schumer said. “But whenever there’s a challenge, I go after them. I was one of the leaders — Elizabeth Warren — Prof. Warren — called me and Dick Durbin up [after the housing bubble collapsed] and said we need a [Consumer Financial Protection Bureau]. I got it into the Dodd-Frank bill. I pushed the Dodd-Frank bill. And I have said repeatedly, and I say it as leader, they will not repeal it. They will not get 60 votes for any part of repeal of Dodd-Frank.” Dodd-Frank also included numerous reforms to the banking industry. Republicans have pledged to do away with it, and most of Wall Street agrees. “The number of people on Wall Street who are mad at me and don’t do donations exceeds the number who do,” said Schumer, noting that bankers and investors are also liberal New Yorkers. “A lot of these people support choice, support environment.”  Paulson is “one of the biggest environmentalists around,” Schumer said. “He’s a bird watcher.” Regardless of progressive distrust of Schumer, he has long made it his mantra to focus on the needs of the middle class. And for him, the successes of both Sanders and Trump with disaffected white voters tells him he needs to address them more clearly. And the fact that the economic messages of Sanders and Warren from the left resonated better with them than the cautious pronouncements of Clinton tells him the progressive message is actually the one that speaks to the broader audience. “There’s this debate ― do we appeal to the Obama constituency or the blue collar constituency? A bold, strong, progressive economic message that focuses on the rigged system and what we’re going to do when we change it, will appeal to both groups,” Schumer said. “The beauty of that message is it unites Democrats.” Unknown, though, is whether liberals will buy in. In Schumer’s office is a photograph of Ebbets Field, taken on the last day the Brooklyn Dodgers played there before betraying the borough for the West Coast. In that picture can be seen one of the most famous baseball billboards of the day — a 3-foot-tall, 30-foot-wide advertisement for Brooklyn politician and tailor Abe Stark. “Hit Sign, Win Suit,” it says. Schumer agreed it was brilliant because — unlike a much larger version that it replaced — it was a great promise that delivered almost no suits. HuffPost asked Schumer if liberals would regard his newly bold and progressive agenda as something akin to Abe Stark’s sign offering something to swing for, but never hit. Schumer certainly knew there would be some who feel that way. But he felt that more than words, he could offer deeds. “Wait and see,” he said. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

18 ноября, 01:51

HUFFPOST HILL - Dancing Horse Owner And Man With Gold House To Save The Little Guy

Like what you read below? Sign up for HUFFPOST HILL and get a cheeky dose of political news every evening!  The Trump transition team’s approach seems to involve some combination of Yahoo! Answers, a lot of texts to White House officials that begin with, “hey, sorry to bother you again about this, but,” and sticking its head out the window and asking a street urchin what day it is. Mitt Romney will meet with Trump about a cabinet position, but given the current disorganization, we doubt the customary turkey chili will be served. And Republicans finally followed up on a suggestion from its autopsy report: take more selfies of large numbers of white people and triumphantly post them online. This is HUFFPOST HILL for Thursday, November 17th, 2016:  IT’S NEWT - J/K, the moonbase will have to wait. Kevin Hall: “Newt Gingrich said Thursday he will not serve in the Donald Trump administration in any official role.... ‘I will not be in the Cabinet,’ Gingrich, 73, said. ‘I intend to be focused on strategic planning.’ McClatchy had contacted him for comment on whether his long ties to the Washington establishment might pose a problem with a Trump team that boasts of its outsider status and its promise to ‘drain the swamp’ of Washington. He did not say whether the decision not to be in the new government was his or Trump’s. The Trump transition team did not respond to requests for comment. Since leaving Congress in 1999, Gingrich established a range of for-profit businesses that intersected with policy and politics in Washington. These included taking consulting fees from mortgage giants Fannie Mae and Freddie Mac, and speaking fees and support from the pharmaceutical industry. Those past ties to the drug industry in particular might have raised alarms given Trump’s campaign criticism of the sector.’” [McClatchy] ROMNEY MEETING WITH TRUMP - The 2012 GOP nominee is already the leading contender for Secretary of ‘Hi, there, friend. What are you doing?” Mark Preston and Jeremy Diamond: “President-elect Donald Trump will meet this weekend with one of his fiercest critics: 2012 Republican nominee Mitt Romney, a senior Republican source told CNN on Thursday. The two men are set to meet this weekend to discuss ‘governing moving forward’ and potentially a role for Romney in Trump’s Cabinet, the source said. The source declined to specify for which Cabinet positions Romney is under consideration. The meeting is the latest in a series of Trump’s conversations and encounters with Republicans who did not support his candidacy in an effort to reunite the GOP following a divisive election that fractured party leaders past the Republican primary and into the general election. It also comes as Trump has a jam-packed schedule Thursday and the President-elect’s team looks to tamp down reports of disarray and infighting within the transition effort, which has been slow to ramp up following Trump’s shocking upset victory last week.” [CNN] TIM RYAN (D - LOOK HIM UP) CHALLENGING PELOSI - Still waiting for a last-minute announcement from Heath Shuler. Daniel Marans: “Rep. Tim Ryan (D-Ohio) has announced he will challenge Rep. Nancy Pelosi (D-Calif.) as House Minority Leader.... ‘I believe we all need to re-evaluate our roles within the Caucus, the Democratic Party, and our country,’ Ryan wrote in a letter to his Democratic colleagues announcing the decision…. Although Ryan faces steep odds against his leadership bid, his candidacy speaks to the turmoil in Democratic ranks after Hillary Clinton’s loss to Donald Trump in the presidential race and the party’s failure to retake control of the Senate…. Speaking on Monday about Ryan’s consideration of a run, spokesman Michael Zetts emphasized the congressman’s success with the kinds of white, blue-collar voters in the Great Lakes region among whom Clinton performed so poorly. Ryan, a former high school football quarterback who has served in Congress since 2003, represents a district that includes onetime manufacturing hubs like Youngstown.” [HuffPost] Like HuffPost Hill? Then order Eliot’s new book, The Beltway Bible: A Totally Serious A-Z Guide To Our No-Good, Corrupt, Incompetent, Terrible, Depressing, and Sometimes Hilarious Government Does somebody keep forwarding you this newsletter? Get your own copy. It’s free! Sign up here. Send tips/stories/photos/events/fundraisers/job movement/juicy miscellanea to [email protected] Follow us on Twitter - @HuffPostHill HE WENT TO JARED! Somewhere Chris Christie is reading this article with Springsteen’s “Secret Garden” playing on loop and crying profusely. Julie Hirschfeld Davis and Maggie Haberman: “Jared Kushner, the son-in-law of President-elect Donald J. Trump, has consulted with lawyers about the possibility of joining the new administration, a move that could run afoul of federal nepotism laws and would all but certainly invite legal challenges. Mr. Kushner, 35, had been planning to return to his private businesses after Election Day. But on the morning after Mr. Trump won, he began discussing a role in the White House, according to two people briefed on his discussions, who requested anonymity to describe his thinking. Mr. Trump is urging him to join, according to one of the people briefed, a sentiment shared by Stephen K. Bannon, the chief strategist for the White House, and Reince Priebus, who was named chief of staff. Mr. Kushner has consulted with at least one lawyer and believes that by forgoing a salary and putting his investment fund, his real estate holdings and his newspaper, The New York Observer, into a blind trust, he would not be bound by federal nepotism rules, according to one of the people briefed.” [NYT] GREAT NEWS FOR WAR FANS - Jessica Schulberg: “John Bolton, a top candidate to serve as President-elect Donald Trump’s secretary of state, is publicly calling for the U.S. to help overthrow the existing government in Iran. ‘The only long-term solution is regime change in Tehran,’ the former U.S. ambassador to the United Nations told SiriusXM’s Breitbart News Daily on Thursday morning. ‘The ayatollahs are the principal threat to international peace and security in the Middle East.’ The call for regime change is very much in line with past statements from Bolton, a hyper-hawkish Bush administration official who stands by the decision to invade Iraq in 2003. He has repeatedly urged the U.S. to help Israel bomb Iran or do it alone. Even as Iran was in the final stages of negotiating an international agreement that requires it to dramatically scale back its nuclear infrastructure, Bolton recommended a military attack.” [HuffPost] CFPB ON GOP CHOPPING BLOCK - Ryan Grim: “Senate Republicans are gearing up for an assault on one of the trademark populist achievements of the Obama administration, vowing to take on the Consumer Financial Protection Bureau...Targeting the CFPB would seem to be a strange move under President-elect Donald Trump, a populist who won the White House on the back of deep economic anxiety, promising to break the hold the rich and powerful have on Washington. Sen. Richard Shelby (R-Ala.), formerly chairman of the Banking Committee, told HuffPost he wanted to see the agency eliminated. ‘My top priority is either to bring the consumer agency under appropriations’ ― which would give Congress the power to shrink its budget, or bar it from spending money on certain activities ― ‘or abolish it.’” [HuffPost] DEMOCRATS SEEK TO LIMIT DEPORTATIONS - Elise Foley: “Democrats are pressuring President Barack Obama to do whatever he can before leaving office to protect the more than 740,000 undocumented young people to whom he granted temporary work permits from the threat of deportation under the new administration. On Thursday, Reps. Zoe Lofgren (D-Calif.), Lucille Roybal-Allard (D-Calif.) and Luis Gutiérrez (D-Ill.) asked Obama to issue pardons to Deferred Action for Childhood Arrivals recipients, many of whom fear they could soon be under threat of deportation from President-elect Donald Trump. The request is a long shot. Obama created the program for so-called Dreamers using executive authority, and there’s nothing to stop Trump from taking it away using the same powers. DACA recipients who obtained a work permit under the program fear they would be under increased threat from the incoming administration, especially since it would have access to their personal information ― though Trump has said he would focus on deporting convicted criminals.” [HuffPost] SURVEY SAYS PEOPLE PREFER ELECTION SYSTEM THAT BENEFITS THEIR SIDE - Americans earning their bachelor’s degree in “Self-Serving Studies” from the Electoral College. Ariel Edwards-Levy: “Most Democrats want to see the nation switch over to a popular vote system for electing the nation’s leader, a new HuffPost/YouGov poll finds, with about 4 in 10 also saying that they will refuse to accept Donald Trump as their legitimate president…. Democrats now favor a constitutional amendment to abolish the Electoral College, 66 percent to 14 percent, according to the HuffPost/YouGov survey, while Republicans support keeping the current system by 67 percent to 13 percent. Independents are close to evenly split.” [HuffPost] A+ ECONOMIC ANXIETY CURE - Alexander Kaufman: “Donald Trump promised during his campaign to bring back mining jobs to struggling workers in coal country. Now the president-elect is apparently considering for commerce secretary a Manhattan billionaire who owned a West Virginia coal mine where 12 workers died in 2006. Hedge fund titan Wilbur Ross, 78, tops Trump’s list to lead the Department of Commerce, according to a Politico report later seemingly confirmed in a tweet by financier Carl Icahn, a Trump confidant.” [HuffPost] Using Halperin’s grading scale: Style: C, Substance: D+ Final Grade: F - “Mark Halperin and John Heilemann’s afternoon politics show on Bloomberg TV, “With All Due Respect,” will end following coverage of Donald Trump’s inauguration, according to a staff memo. Halperin and Heilemann, who joined in May 2014 and served as co-managing editors of Bloomberg Politics, will continue to host the show daily until Dec. 2. Bloomberg will produce four hourlong specials previewing Trump’s presidency and then cover the event on Jan. 20. The two journalists will cease day-to-day roles with the company, but according to the memo are in discussions to ‘play a role at Bloomberg as contributors and columnists.’” [HuffPost’s Michael Calderone] BECAUSE YOU’VE READ THIS FAR - Here’s a helpful duck. TRUMP RUINING ALREADY TERRIBLE AREA - Would working out of Mar-A-Lago kill the guy? Sarah Maslin Nir: “They came from as far as England, Italy and Mexico and as close by as Harlem to rarefied turf on the Upper East Side, all to take a selfie with Trump Tower’s golden sign in the background. Below it was a snarl of barricades, armored police officers, lead-footed tourists and aggrieved New Yorkers trying to go about their business. Double-decker tour buses crawled along, inching past on an avenue narrowed at points to a single lane by the police, who also scanned from above in a booth atop a cherry-picker…. Trump Tower is a mass of black glass and steel not far from Central Park, but since last week it has become New York’s White House-in-waiting. While Mr. Trump is inside fielding phone calls from world leaders and conferring with his inner circle, the surrounding sidewalks have become a cacophonous plaza, luring out-of-town visitors, curious New Yorkers, angry protesters and a scrum of reporters craning their necks to spot a potential cabinet member entering or exiting.” [NYT] COMFORT FOOD - A brief history of zip codes - Metallica’s kid instrument performance on “Jimmy Fallon” might be our favorite to date. - This year’s National Book Award winners. TWITTERAMA @SchreckReports: Are they floating Jeb for secretary of low energy yet? @ashleyfeinberg: tiffany’s secret service codename is ivanka @meganamram: Didn’t realize “breaking the glass ceiling” was going to be more of a Kristallnacht situation Got something to add? Send tips/quotes/stories/photos/events/fundraisers/job movement/juicy miscellanea to Eliot Nelson ([email protected]) or Arthur Delaney ([email protected]). -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

17 ноября, 23:35

Trump Eyes Billionaire Who Owned Deadly Coal Mine For Commerce Secretary

Donald Trump promised during his campaign to bring back mining jobs to struggling workers in coal country. Now the president-elect is apparently considering for commerce secretary a Manhattan billionaire who owned a West Virginia coal mine where 12 workers died in 2006. Hedge fund titan Wilbur Ross, 78, tops Trump’s list to lead the Department of Commerce, according to a Politico report later seemingly confirmed in a tweet by financier Carl Icahn, a Trump confidant. Other contenders named by The New York Times include Dan DiMicco, the former chief executive of the steel producer Nucor Corporation, and Lewis Eisenberg, the private equity chief at Granite Capital International Group.  A spokesperson for Trump’s transitional team did not respond to requests for comment.  Ross, whose job as commerce secretary would be to promote economic growth and improve living standards across the country, seems an odd choice for a president who campaigned as an economic populist. The New Jersey native’s cutthroat investment strategy of snatching up ailing businesses presents an appealing narrative to investors, particularly those who believe the U.S. has lost its competitive edge in a global economy.  But many of those turnaround stories have a human toll attached. “It’s really the height of hypocrisy when people are counting on you to turn around the economy for them and to bring back coal jobs that you’re naming someone who’s never done anything to help working-class people,” attorney Tony Oppegard, a former mine safety official who now represents miners in his private practice, told The Huffington Post. “Trump portraying himself as the savior of the working class was just a con job.” In August, Ross’ investment firm WL Ross & Co. agreed to pay a $2.3 million fine to the U.S. Securities and Exchange Commission to settle charges that it failed to disclose fees it charged investors. In 2012, Ross, clad in purple velvet slippers, took the stage at a black-tie induction ceremony for the secretive Wall Street fraternity Kappa Beta Phi and sang show tunes mocking poor people, according to a reporter who sneaked into the event. Two years later, Ross declared that “the 1 percent is being picked on for political reasons.”  In 2004, Ross bought Cone Mills, a struggling textile producer in North Carolina, and merged it with another firm to create International Text Group. The company, later renamed Cone Denim, laid off hundreds of workers and outsourced jobs to emerging markets, where labor is cheaper.  “I thought Trump was going to change some things, stop shipping all these jobs overseas,” Rep. Walter Jones (R-N.C.) told The Daily Beast. “The base that helped him win ― the base is looking for certain promises to be kept.” But in 2002, after spending decades as an investment banker, Ross earned the nickname “bottom feeder” when he started buying up decaying steel mills and coal mines. In 2004, he began the process of purchasing some mines owned by the bankrupt coal giant Horizon Natural Resources ― but only after a bankruptcy judge stripped thousands of miners, some with black lung disease, of their medical coverage and union status.  Among the mines Ross bought was Sago Mine, where a dozen miners died after an early-morning explosion on Jan. 2, 2006.  Ross completed the purchase in March 2005, the same year the federal Mine Safety and Health Administration cited Sago for 208 violations, up from 68 a year earlier. More than half of those violations were labeled “serious and substantial,” including 20 dangerous roof falls, 14 power wire insulation problems and three cases of inadequate ventilation plans, according to The Christian Science Monitor.  “He certainly had the authority to try to make a difference and make sure those mines were operated differently. In my view, they were a bunch of dog-hole mines,” Oppegard said, using an Appalachian slang term for unsafe mines. “Bottom line is to get as much coal out as cheaply as possible and get as much coal as possible. That’s what a dog hole is.” Ross, who said after the explosion that he feared he’d be “in the way” if he flew from New York to West Virginia, promised to pay $2 million total to the families of the dead workers. “For the rest of my life, the memory of those who died at Sago will haunt me,” Ross told New York magazine after the disaster. “That will never go away. I know that the families will wonder whether there wasn’t something more I could have done to make sure their loved ones would still be alive.” But for many miners, that wasn’t enough.  “Well, $2 million between 13, no, 12 men, one’s still living, that’s not a lot,” Judy Shackelford, a relative of one of the miners, told ABC News.  “It’s easy to throw a couple million afterward instead of spending a few million ahead of time to save men’s lives in the first place,” Kevin Sharp, also a relative of one of the miners, said in the ABC News report.  Three years after the disaster, Ross shuttered the Sago mine. Two years after that, he sold International Coal Group, the company that owned Sago, to Arch Coal. That company emerged from bankruptcy in October following rounds of mass layoffs earlier this year. Arch declined to comment on how many workers were pink-slipped.  Ross’ investment firm did not respond to a request for comment. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

17 ноября, 23:35

Trump Eyes Billionaire Who Owned Deadly Coal Mine For Commerce Secretary

Donald Trump promised during his campaign to bring back mining jobs to struggling workers in coal country. Now the president-elect is apparently considering for commerce secretary a Manhattan billionaire who owned a West Virginia coal mine where 12 workers died in 2006. Hedge fund titan Wilbur Ross, 78, tops Trump’s list to lead the Department of Commerce, according to a Politico report later seemingly confirmed in a tweet by financier Carl Icahn, a Trump confidant. Other contenders named by The New York Times include Dan DiMicco, the former chief executive of the steel producer Nucor Corporation, and Lewis Eisenberg, the private equity chief at Granite Capital International Group.  A spokesperson for Trump’s transitional team did not respond to requests for comment.  Ross, whose job as commerce secretary would be to promote economic growth and improve living standards across the country, seems an odd choice for a president who campaigned as an economic populist. The New Jersey native’s cutthroat investment strategy of snatching up ailing businesses presents an appealing narrative to investors, particularly those who believe the U.S. has lost its competitive edge in a global economy.  But many of those turnaround stories have a human toll attached. “It’s really the height of hypocrisy when people are counting on you to turn around the economy for them and to bring back coal jobs that you’re naming someone who’s never done anything to help working-class people,” attorney Tony Oppegard, a former mine safety official who now represents miners in his private practice, told The Huffington Post. “Trump portraying himself as the savior of the working class was just a con job.” In August, Ross’ investment firm WL Ross & Co. agreed to pay a $2.3 million fine to the U.S. Securities and Exchange Commission to settle charges that it failed to disclose fees it charged investors. In 2012, Ross, clad in purple velvet slippers, took the stage at a black-tie induction ceremony for the secretive Wall Street fraternity Kappa Beta Phi and sang show tunes mocking poor people, according to a reporter who sneaked into the event. Two years later, Ross declared that “the 1 percent is being picked on for political reasons.”  In 2004, Ross bought Cone Mills, a struggling textile producer in North Carolina, and merged it with another firm to create International Text Group. The company, later renamed Cone Denim, laid off hundreds of workers and outsourced jobs to emerging markets, where labor is cheaper.  “I thought Trump was going to change some things, stop shipping all these jobs overseas,” Rep. Walter Jones (R-N.C.) told The Daily Beast. “The base that helped him win ― the base is looking for certain promises to be kept.” But in 2002, after spending decades as an investment banker, Ross earned the nickname “bottom feeder” when he started buying up decaying steel mills and coal mines. In 2004, he began the process of purchasing some mines owned by the bankrupt coal giant Horizon Natural Resources ― but only after a bankruptcy judge stripped thousands of miners, some with black lung disease, of their medical coverage and union status.  Among the mines Ross bought was Sago Mine, where a dozen miners died after an early-morning explosion on Jan. 2, 2006.  Ross completed the purchase in March 2005, the same year the federal Mine Safety and Health Administration cited Sago for 208 violations, up from 68 a year earlier. More than half of those violations were labeled “serious and substantial,” including 20 dangerous roof falls, 14 power wire insulation problems and three cases of inadequate ventilation plans, according to The Christian Science Monitor.  “He certainly had the authority to try to make a difference and make sure those mines were operated differently. In my view, they were a bunch of dog-hole mines,” Oppegard said, using an Appalachian slang term for unsafe mines. “Bottom line is to get as much coal out as cheaply as possible and get as much coal as possible. That’s what a dog hole is.” Ross, who said after the explosion that he feared he’d be “in the way” if he flew from New York to West Virginia, promised to pay $2 million total to the families of the dead workers. “For the rest of my life, the memory of those who died at Sago will haunt me,” Ross told New York magazine after the disaster. “That will never go away. I know that the families will wonder whether there wasn’t something more I could have done to make sure their loved ones would still be alive.” But for many miners, that wasn’t enough.  “Well, $2 million between 13, no, 12 men, one’s still living, that’s not a lot,” Judy Shackelford, a relative of one of the miners, told ABC News.  “It’s easy to throw a couple million afterward instead of spending a few million ahead of time to save men’s lives in the first place,” Kevin Sharp, also a relative of one of the miners, said in the ABC News report.  Three years after the disaster, Ross shuttered the Sago mine. Two years after that, he sold International Coal Group, the company that owned Sago, to Arch Coal. That company emerged from bankruptcy in October following rounds of mass layoffs earlier this year. Arch declined to comment on how many workers were pink-slipped.  Ross’ investment firm did not respond to a request for comment. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

16 ноября, 23:22

Why Donald Trump's Surprise Victory Crashed The U.S. Treasury Market

They said he couldn't win. They said if he did, the stock market would crash. Well, he did and it didn't. But long bonds did. Donald Trump's surprising win in the U.S. presidential election sent global financial markets for quite the joyride. Doomsday predictions were plentiful leading up to Tuesday's vote. Justin Wolfers at the Brookings Institute forecast a 10-15 percent drop if President-elect Trump prevailed. RBC Capital modeled a 10-12 percent decline. Barclays predicted an 11-14 percent sell-off. The consensus opinion in the event of a Trump victory was for a 4-7 percent correction in stocks and modest rally in U.S. treasuries. When the results came through early Wednesday morning, the base-case scenario looked likely to play out. U.S. stock futures traded limit down, the dollar retreated, Asian markets tanked and gold spiked. However, President-elect Trump stepped on stage in the wee hours of the morning and delivered a very conciliatory acceptance speech, giving investors hope he would moderate the sometimes-abrasive tone of his campaign and focus on the pursuit of pro-growth policies. The Dow and S&P 500 recovered all prior losses by early in Wednesday's session before making new all-time intraday highs the following day. The stock market reversal was surprising most, but the more shocking move came in bond markets. Yields on U.S. treasuries soared in anticipation of higher growth and inflation under President-elect Trump. Yield on the 10-year U.S. treasury climbed 20 basis points on Wednesday. Yield on the U.S. 30-year surged 23 basis points. And it wasn't a fake-out. The 30-year added another 10 basis points in yield over the next two days, finishing the week at 2.95 percent, its highest level since early January. By Thursday the 30-year break-even rate, a measure of inflation expectations, spiked to 2.08 percent, its highest point in two years. The magnitude of the four-day spike in 10-year Treasury yields was the largest in nearly two-and-a-half years, representing three standard deviations from implied volatility. From lows just after midnight Wednesday morning to highs on Friday the 10-year added 42 basis points of yield, closing at 2.14 percent. With the benefit of hindsight, it's hard to see how forecasters got it so wrong. Almost every one of President-elect Trump's policies are highly inflationary. He has pledged to pass a $1 trillion infrastructure bill. Doing shock-and-awe fiscal stimulus in the latter stages of a business cycle - just as inflation begins to accelerate due to a tight labor market - is akin to throwing gasoline on a fire. He pledges to roll back banking and energy regulation, which should stimulate growth. He plans to reduce the corporate tax rate to 15 percent, which would add nearly $800 billion to headline GDP according to the non-partisan Tax Foundation. Even the incoming President's more controversial plans are inflationary. With the economy near full employment, mass deportations would trigger a labor shortage, causing wages to rise. Imposing tariffs would raise consumer and producer prices. During the campaign, he also suggested America should consider renegotiating its national debt. Although unlikely, such a scenario would trigger a U.S. sovereign credit rating downgrade/default and cause borrowing costs to soar. We'll know soon whether foreign holders of U.S. treasuries sold bonds en masse amid the uncertain debt picture. Many pointed to parallels between this week's action and the post-Brexit rally in Britain's FTSE 100 index, but the moves were completely different in nature. The surge in British risk assets was driven almost entirely by currency factors. With the blue-chip FTSE index deriving nearly 70 percent of its profits from multinational corporations, the sharp drop in the pound was stimulative to earnings on an accounting basis. After Tuesday's election, the dollar rallied alongside the stock market, with the greenback enjoying its best week in a year. Ironically, the big currency winner in this week's mayhem: the pound, which rallied against all 31 major currencies comprising its trade-weighted basket. The worst performer? The Mexican peso, which fell 10 percent immediately following President-elect Trump's victory and continued to bleed lower all week. Analysts expect the peso's slide to continue, with Nomura projecting a 25 percent depreciation. Mexican President Enrique Pena Nieto has already expressed a willingness to work with the incoming U.S. president on revised North American Free Trade Agreement (NAFTA) terms. Not everyone got the result, and subsequent market reaction, wrong. On Wall Street Week earlier this year "bond king" Jeffrey Gundlach of DoubleLine Capital predicted a Donald Trump victory. He also said a Trump victory would be positive for stocks and negative for bonds due to higher inflation expectations. Gundlach ended up being dead right, although he didn't bet on it. Carl Icahn didn't make such a bold proclamation, but he did support Donald Trump during the campaign. When the candidate emerged victorious Icahn left the after-party to plow $1 billion into stock futures, which at the time were down 5 percent. Needless to say, the decision paid off handsomely. Implied odds of a December rate hike also swung wildly this week. Expectations for a tightening next month entered the week at 84 percent, but briefly plummeted below 50 percent early Wednesday morning amid market turmoil. However, with risk assets resurgent and inflation expectations running rampant, by Friday's close odds were back up to 81 percent. If President-elect Trump is able to pass his massive infrastructure bill, the Fed could actually have to quicken the pace of its monetary tightening. Pre-election prospects of a December rate hike had already taken the shine off emerging markets, but the phenomenon accelerated as inflation expectations spiked following Donald Trump's victory. Fast-rising U.S. Treasury yields weakened the appeal of riskier government debt causing emerging market carry trades to unwind at their fastest pace since 2011. A Bloomberg gauge of carry trades in eight developing-nation currencies tumbled 3.8 percent Wednesday and Thursday as spreads between "risk-free" treasuries and emerging-market bonds narrowed to a 16-month low. The list of assets experiencing violent volatility goes on. In Japan, the Topix index closed 4.6 percent lower Wednesday before rallying 6 percent Thursday. Oil fell by around 4 percent before recovering all losses. Gold initially spiked 2 percent Wednesday morning, but fell 6.5 percent from its highs the rest of the week. Copper had its best week in five years, rallying 4 percent Thursday to its highest level in 16 months on President-elect Trump's infrastructure plan. The surprising election result also sent several equity sectors soaring. Bank stocks around the world screamed higher due to rising yields and Donald Trump's campaign promise to repeal oppressive portions of Dodd-Frank post-crisis financial regulation. The S&P 500 bank sub-sector rallied 10.2 percent in the three days following Trump's victory, its best three-day performance since August 2009 - and it could be just the beginning. Even the beleaguered Stoxx Europe 600 banking index rallied 9 percent, its best weekly performance since December 2011. Pharmaceutical stocks, which had underperformed broader markets during the campaign due to Hillary Clinton's support of price caps, soared. Gun stocks, robbed of their most effective sales pitch (the liberal President is coming to steal your weapons any day now - buy while you can!), plummeted. Healthcare services and hospital companies benefiting from Obamacare plummeted amid expectations the program would be repealed. Inflation impairs the value of future cash flows, so growth-oriented tech stocks were the big loser. With the S&P and Dow rallying to new highs Thursday, the Nasdaq fell nearly 2 percent. Amazon (-3.9 percent) and Netflix (-5.5 percent), two companies with high earnings multiples, were among the biggest losers. Markets had been relatively subdued during the six months prior to the election, but if last week's action is any indication, don't expect boring any longer - and that's good for alpha generation. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

16 ноября, 18:03

Трамп займется торговлей

После официального вступления в должность президента США миллиардер планирует рассмотреть вопросы по выходу Вашингтона из NAFTA, отказа от соглашения о ТТП и прекращения "несправедливого импорта"

16 ноября, 17:30

What Carl Icahn Just Taught the World About Investing

On election night, Carl Icahn left a Trump victory party early... so he could trade $1 billion in stocks. In the process, he taught the world a big lesson on contrarian investing.

16 ноября, 04:23

Трамп назвал имена кандидатов на должности министров финансов и торговли США

Новоизбраный президент планирует назначить на должности глав минфина и минторга экс-банкира и миллиардера.

15 ноября, 20:32

Billionaire investor Ross said to be Commerce pick

Billionaire investor Wilbur Ross is President-elect Donald Trump's leading candidate for Commerce Secretary, multiple sources told POLITICO.Ross, 78, is the founder of the private equity firm WL Ross & Co., known for restructuring failed companies and he's an economic adviser to Trump.Carl Icahn appeared to confirm the news that Ross is the leading candidate for Commerce on Tuesday, tweeting, "Spoke to @realDonaldTrump. Steve Mnuchin and Wilbur Ross are being considered for Treasury and Commerce. Both would be great choices."Dan DiMicco, the former CEO of steelmaker Nucor Corp and a Trump trade adviser, is seen as another top candidate for the Commerce Secretary job. But sources said he's also being eyed for U.S. Trade Representative. A spokesman for Trump's presidential transition team did not immediately respond to a request for comment.

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11 ноября, 22:12

Business Leaders Give Trump a Mixed Reception

CEOs and investors weigh in on what the new President-elect means for them, their employees, and the economy.

11 ноября, 10:44

Гадания на министра финансов: кого выберет Трамп?

Среди наиболее вероятных претендентов на этот пост называют одного из самых влиятельных людей с Уолл-стрит - главу банка JP Morgan Джеймса Даймонда, об этом сообщает CNBC. Правда, по словам источников телеканала, сам Даймон в этом назначении не заинтересован. Зато финансовый рынок воспринял эту кандидатуру с большим оптимизмом.

11 ноября, 08:27

Гадания на министра финансов: кого выберет Трамп?

В центре внимания международных деловых СМИ - кандидатура нового министра финансов, который войдет в команду Трампа.

11 ноября, 08:27

Гадания на министра финансов: кого выберет Трамп?

В центре внимания международных деловых СМИ - кандидатура нового министра финансов, который войдет в команду Трампа.

11 ноября, 01:02

Donald Trump's Proposed Cabinet Would Bring Some Fringe Figures In From The Cold

WASHINGTON ― Now that the election is over, the D.C. ritual of jockeying for top positions in the next administration has begun. Insiders give the press names of candidates who are real possibilities; long shots, just to see what reaction they get; friends and, sometimes, even themselves.  So far, the names being floated for a Donald Trump administration largely have one thing in common: They’re men. And for the most part, they’re white men. BuzzFeed obtained one list of 41 names under consideration for Cabinet and top White House positions. Of those, only six are women. In other news stories listing potential appointees, no women are named.  Many of them are also fringe figures ― people who have never been in government or who have been out of government for some time and are itching to get back in. Trump did not have the support of much of the Republican establishment, and many of the officials who would traditionally get into an administration now may be hesitant to do so for a leader they distrust. Trump may also block them since they didn’t support him. Meanwhile, some figures who have been lurking on the fringe may now have found a home with this unlikely president-elect.  Here are the people being discussed so far for some top positions:  Transition Chair: New Jersey Gov. Chris Christie (R) is currently leading Trump’s transition efforts, but if he no longer can ― he’s been tainted, for example, by the Bridgegate scandal ― tech billionaire Peter Thiel could replace him. Thiel secretly funded Hulk Hogan’s lawsuit that took down Gawker.com and once wrote that women getting the vote was bad for democracy. White House Chief of Staff: Republican National Committee Chair Reince Priebus is a possibility for this leading role, as is Steve Bannon, the chairman of the conservative Breitbart News who took a leave to be Trump’s campaign CEO. Bannon’s website has peddled some of the major alt-right conspiracy theories and spread the vitriolic rhetoric that fueled Trump’s rise. Attorney General: Former New York City Mayor Rudy Giuliani (R) is frequently talked about as a contender. Giuliani told CNN Thursday he would consider the job “if it really was just me and I couldn’t point to three others that would be just as good or better.” New Jersey Gov. Chris Christie (R) has also been talked about as a front-runner, as have Sen. Jeff Sessions (R-Ala.) and Florida Attorney General Pam Bondi (R). During the campaign, questions were raised about whether Trump improperly made campaign contributions to Bondi’s re-election effort to influence whether she investigated allegations against Trump University. The attorney general oversees the Justice Department and enforces areas like civil rights. Giuliani has boasted that he made New York “safe” by implementing “stop and frisk,” a policing method that disproportionately affects black people and Latinos. He has also said “anything’s legal” during war. Two of Christie’s former top aides were recently convicted of conspiracy and fraud in the Bridgegate scandal, and their testimony has implicated the governor in their schemes.  Secretary of State: Sen. Bob Corker (R-Tenn.), former U.N. Ambassador John Bolton and former House Speaker Newt Gingrich (R-Ga.) are reportedly under consideration for this top job.  Defense Secretary: Sen. Jeff Sessions (R-Ala.), one of Trump’s earliest supporters, has been mentioned as a possible defense secretary, as has retired Lt. Gen. Michael Flynn, who has also been floated as national security adviser. Other names are Stephen Hadley, who served as a top national security official to President George W. Bush; Rep. Duncan Hunter, Jr. (R-Calif.) and former Sen. Jim Talent (R-Mo.).  Homeland Security Secretary: New Jersey Gov. Chris Christie (R) and Milwaukee Sheriff David Clarke are on the list for this position. Clarke, who is African-American, has been a forceful critic of the Black Lives Matter movement and spoke at the Republican National Convention. He also called for Trump supporters to bring out “pitchforks and torches” to fight a rigged system. Sen. Jeff Sessions (R-Ala.) is also a possible pick. The department includes the Immigration and Customs Enforcement agency that the senator argues should ramp up its deportations. Interior Secretary: Forrest Lucas, a California oil executive, is considered a top contender. Venture capitalist Robert Grady and fracking mogul Harold Hamm are also being discussed, as are three women: Arizona Gov. Jan Brewer (R), Oklahoma Gov. Mary Fallin (R) and former Alaska Gov. Sarah Palin (R). Treasury Secretary: Steven Mnuchin, the former Goldman Sachs executive who was finance chair of Trump’s campaign, is reportedly on the short list. Trump received a significant amount of criticism when he unveiled his 13-member economic advisory team in August. There were six men named Steve on the list ― including Mnuchin ― but not a single woman. JP Morgan CEO Jamie Dimon is also under consideration, although he has said he would not be interested in the role. Other names are Wall Street veteran Carl Icahn and Rep. Jeb Hensarling (R-Texas), who is chair of the House Financial Services Committee. Education Secretary: Neurosurgeon and former GOP presidential candidate Ben Carson is being discussed for this post, as is Hoover Institution fellow William Evers, who also worked in the Education Department during George W. Bush’s administration.  Commerce Secretary: New Jersey Gov. Chris Christie (R) and former Sen. Jim Talent (R-Mo.) make this list as well, as do former Arkansas Gov. Mike Huckabee (R), former Texas Gov. Rick Perry (R) and Sen. David Perdue (R-Ga.). In the business world, financier Lew Eisenberg ― who also chaired a joint fundraising committee for Trump and the Republican National Committee ― is being discussed, along with the former CEO of steelmaker Nucor Dan DiMicco and billionaire investor Wilbur Ross.  Health and Human Services Secretary: Florida Gov. Rick Scott (R), retired neurosurgeon Ben Carson, former House Speaker Newt Gingrich (R-Ga.) and former New Jersey state Sen. Rich Bagger (R) are the names at the top of the list.  Agriculture Secretary: One of the names on this list is Texas Agricultural Commissioner Sid Miller, who called Hillary Clinton a “cunt” on Twitter. Other names include Kansas Gov. Sam Brownback (R), Nebraska Gov. Dave Heineman (R), former Georgia Gov. Sonny Perdue (R), former Texas Gov. Rick Perry (R), National Council of Farmer Cooperatives CEO Chuck Conner, agribusiness leader Charles Herbster, Indiana dairy executive Mike McCloskey, Iowa agribusiness mogul Bruce Rastetter and Indiana farmer and congressional candidate Kip Tom.  Energy Secretary: Fracking mogul Harold Hamm and venture capitalist Robert Grady are the two names most frequently mentioned. Labor Secretary: Victoria Lipnic, commissioner of the Equal Employment Opportunity Commission since 2010, is frequently mentioned for this position.  Veterans Affairs: House Veterans Affairs Committee Chairman Jeff Miller (R-Calif.), who is retiring from Congress, is the man most discussed for this job.  CORRECTION: A previous version of this article misidentified Jamie Dimon as the CEO of Goldman Sachs; he is the CEO of JP Morgan. Want more updates from Amanda? Sign up for her newsletter, Piping Hot Truth. Enter your email address: -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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11 ноября, 00:32

12 Billionaires Weigh In On What Trump's Victory Means For America

With the reality of a Trump presidency setting in, billionaires including Meg Whitman, David Greene, Jeff Bezos, Tom Steyer and Carl Icahn shared their reactions to Trump's victory.

10 ноября, 17:07

СМИ назвали кандидатов на ключевые посты в администрации Трампа

Список из 41 кандидата на 17 ключевых постов в 13 департаментах в администрации избранного президента США Дональда Трампа опубликовало издание BuzzFeed. Должность госсекретаря источники прочат Джону Болтону, который 8 лет проработал в Госдепартаменте и год представлял США в ООН. Однако этот пост могут занять глава комитета Сената по международным отношениям Боб Коркер или бывший спикер Палаты представителей Конгресса Ньют Гингрич. Министром обороны могут стать бывший глава военной разведки Майкл Флинн, бывший советник по национальной безопасности Стивен Хэдл, конгрессмен Данкан Хантер, сенатор Джефф Сешнс или бывший сенатор Джеймс Талент. Самого верного союзника Трампа, нейрохирурга Бена Карсона, могут назначить министром образования или министром здравоохранения и социального обеспечения. Он также был кандидатом в президенты США от Республиканской партии, но выбыл из гонки и сосредоточился на поддержке избранного президента во время предвыборной кампании. Сенатор Джефф Сешнс, помимо должности министра обороны, рассматривается как возможный генеральный прокурор. Как бывший судья он долгое время работал в Законодательном комитете Сената. Источник издания из штаба Трампа при этом утверждает, что некоторые кандидатуры рассматриваются сразу на несколько постов и список не является окончательным. Возможно, что в ближайшее время в нем появятся новые имена или исчезнут старые. Так, миллиардер Карл Айкан уже заявил, что не примет предложение занять пост министра финансов. Кроме него на эту должность рассматриваются кандидатуры главы комитета Палаты представителей по финансам Джеба Хенсарлинга, а также банкира и кинопродюсера Стивена Мнучина.

17 мая, 15:00

Карл Айкан делает ставку на обрушение рынка. Шорт 150% к капиталу.

Карл Айкан – это легенда американского фондового рынка, его состояние оценивается сейчас в 24,5 млрд долларов. В начале карьеры у молодого Айкана было совсем немного денег, он работал рядовым брокером на бирже. Дальше он основал свою фирму и начал зарабатывать деньги на банкротствах других компаний – безжалостно выдавливая из них все соки ради своих прибылей. Вначале безжалостный мистер Айкан пожирал относительно небольшие организации, потом, по мере роста капитала, перешёл на крупные корпорации. Похоже, что теперь этот признанный специалист по банкротствам готовится сделать хорошие деньги на банкротстве Соединённых Штатах. Пессимизм Карла Айкана не стал особым сюрпризом для тех, кто следит за новостями – вот уже несколько месяцев мистер Айкан выдаёт всё более и более мрачные прогнозы по финансовому сектору США. Карл Айкан поставил несколько миллиардов долларов на обрушение американских бирж. Он не только полностью избавился от всех акций Apple, но и поставил огромные деньги на понижение – чистая короткая позиция его фонда достигла уже уверенных 149%. Проще говоря, мистер Айкан настолько уверен в том, что рынок пойдёт вниз, что он поставил на это не только свои деньги, но и кредитные. Когда мы говорим о самом «медвежьем» хедж-фонде в мире, мы всегда вспоминаем Horseman Global, который не только был прибыльным последние 4 года, но и сделал это, имея чистую короткую позицию. По состоянию на 31 марта размер чистой короткой позиции к капиталу составил рекордные 98%. Как оказалось, это не идет ни в какое сравнение с короткой позицией Карла Айкана.По информации, только-что опубликованной формы Q-10 инвестиционной фирмы Айкана, Icahn Enterprises LP, в которой 80-ти летнему инвестору принадлежит 90%-ная доля капитала, мы выяснили, что по состоянию на 31 марта, Карл Айкан, который ранее избавился от акций Apple, ставит по-настоящему серьезные деньги на шорт. Еще в декабре 2015 года чистая короткая позиция компании Айкана составляла 25 % от суммы капитала, но с тех пор эта цифра стремительно взлетела до беспрецедентных для Айкана 149%. Такой результат стал возможен благодаря сложению длинной позиции, которая составляет 164% от капитала компании (156% — лонг акций, 8%-лонг долговых инструментов), и стремительно выросшей короткой позиции, которая в марте 2015 года составляла 150% к капиталу, а годом позднее – невероятные 313% (277%-шорт акций, 36%-шорт долговых инструментов). Чтобы понять суть этих цифр, скажем, что не только компания Icahn Enterprises никогда ранее не имела таких коротких позиций, но и то, что, жалуясь на перспективы рынка акций год назад, Карл Айкан имел чистую длинную позицию в 4%. Те времена прошли, и, начиная 3-4 квартала, Айкан начал увеличивать чистую короткую позицию, которая на тот момент составляла примерно 25% от капитала компании. С тех пор эта цифра увеличилась в 6 раз на конец прошлого квартала!Примечателен размер плеча, которое использует Айкан. Но ничто не может сравниться с 3-х кратным левереджем в его короткой позиции по акциям (заметьте, это не CDS). В качестве напоминания: Icahn Enterprises представляет собою хедж-фонд, ранее привлекавший деньги сторонних инвесторов. В 2011 году Айкан вернул деньги всем инвесторам, оставив в капитале только свои средства и средства компании IEP. По информации Barron, капитал фонда составляет около $5.8 млрд., в котором доля Карла Айкана равна $4 млрд. Все это говорит о том, что личная ставка Айкана очень солидна в долларовом выражении.Когда 5 мая на конференции, посвященной финансовым результатам компании, управляющего Icahn Enterprises Кейта Козза (Keith Cozza) попросили прокомментировать излишний медвежий настрой Айкана, который он озвучивал по ТВ, тот сказал, что Айкан немножко преувеличивал. Оказалось, что нет.«Мы считаем, что рынок скорее двинется вниз на 20%, чем на 20% вверх. Наша короткая позиция- это отражение наших взглядов», добавил Козза.Айкан лично не присутствовал на той конференции, однако после того, как его ставка на обвал рынка стала известна публике, мы уверены, что остались считанные дни или даже часы, когда Bloomberg и CNBC начнут восстановительные работы, направленные на избежание паники. Иначе инвесторы-любители начнут задаваться вопросом, что же такого знают самые проницательные инвесторы в мире, о чем они даже не догадываются. www.zerohedge.com/news/2016-05-09/historic-150-net-short-position-carl-icahn-betting-imminent-market-collapse