A Connecticut estate on roughly 187 acres—and home to a menagerie of animals including peacocks, pheasants and parrots—is going on the market for $13.75 million.
Known as Cobble Hill Farm, the property is about 100 miles outside New York City in West Cornwall, a small village that attracts affluent weekenders, according to Carolyn Klemm of Klemm Real Estate, who has the listing with colleague Roger Saucy. The property is one of the most expensive on the market in Litchfield County, she said…
A Connecticut Estate With Animal Menagerie Seeks $13.75 Million
As Warren Buffett’s Empire Expands, Many Jobs Disappear
By · CommentsIf the employees of Berkshire Hathaway Inc. and all its subsidiaries were packed into one city, the population would be about the same as Tampa, Florida.
The inhabitants of this fictional town—call it Buffettville, after the company’s longtime leader, Warren Buffett—would be its own economic microcosm. There’d be airplane pilots, train conductors, garment workers, welders, insurance adjusters, chemists and car salesmen, to name just a few professions. Every year, as the conglomerate buys companies in the real world, more factories and offices would pop up in Buffettville, adding to its population…
As Warren Buffett’s Empire Expands, Many Jobs Disappear
Investments called private placements are among the fastest growing in finance, outpacing the public stock market. They are frequently populated by brokers with red flags in their record
Ray Kay, who works as a financial adviser in Beverly Hills, Calif., advertised on the radio a purportedly low-risk, high-income investment.
There were a few points Mr. Kay omitted. He used to be called Raymond L. Kotrozo. Under that name, he was barred from the securities industry for allegedly running a fraud, according to public records, and later fined $5,000 for breaking that ban…
A Private-Market Deal Gone Bad: Sketchy Brokers, Bilked Seniors and a Cosmetologist
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Mandelblatt’s firm will oversee about $6 billion after shift
- Gaurav Kapadia, Soroban’s co-founder, leaves to run own money
Eric Mandelblatt, who co-founded Soroban Capital Partners eight years ago, is closing his oldest fund to focus on a more concentrated portfolio of stocks, cutting assets under management by almost half.
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Compass Point sees ‘untold repercussions’ from unwinding deal
- Withdrawal would test U.S.-Israel relations, Horizon says
President Donald Trump says he will announce his decision on Iran Tuesday at 2 p.m. Geopolitical jitters — along with the start of the summer driving season and positive jobs data — had helped push oil above $70 a barrel for the first time since November 2014. Stocks pared gains and oil futures dipped as investors weighed the forthcoming announcement. The U.K. and Israel are making their final pitches as Trump mulls an exit…
How Wary Wall Street Is Sizing Up Trump’s Plan for Iran Decision
COPENHAGEN — At first blush, Margrethe Vestager’s decision to investigate Apple’s planned acquisition of the music-identification app Shazam seems fairly minor, at least by her standards. As Europe’s competition commissioner, Ms. Vestager is known for aggressively pursuing big cases against Silicon Valley giants, and the Shazam deal is a smallish one, by most estimates valued at far less than $1 billion.
But what interests Ms. Vestager about the transaction is not the amount of money at stake, but the amount of data. In a rapidly expanding information economy, she believes the control of data is a new regulatory frontier…
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About 1,500 lots are expected to fetch more than $500 million
- Christie’s auction draws huge interest from Asian collectors
Get ready for the biggest tag sale in history.
More than 1,500 items from the estate of Peggy and David Rockefeller — Impressionist and American paintings, English furniture and silver, 19th century carriages, Persian rugs, Japanese porcelain, Moroccan lamps, a Napoleon’s dinner service, duck decoys, gilded Buddhist deities, African figurines — are coming up for auction, starting May 8 at Christie’s in New York. There is an online sale and six live auctions. Christie’s officially estimated the trove at more than $500 million, while privately whispering that it may be much higher…
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Proposal would cancel $7 billion from children’s insurance
- Cancellation won’t affect $1.3 trillion fiscal 2018 budget
President Donald Trump’s administration is asking Congress to cancel $15 billion in unspent government funds, including $7 billion from the Children’s Health Insurance Program, a senior administration official said Monday.
The proposal is a Republican effort to claim fiscal responsibility after a deficit-increasing tax cut and a massive fiscal 2018 spending bill…
Trump Seeking $15 Billion Cut in Unspent Federal Funds, Official Says
A funny thing happened on the way to impeaching Donald Trump. After two-years of investigations by a highly politicized FBI and a Special Counsel stacked with Clinton supporters, Robert Mueller’s probe has resulted in the resignation of National Security Advisor Michael Flynn, the arrests of Paul Manafort and Rick Gates, and the indictment of 13 Russian nationals on allegations of hacking the 2016 election – along with the raid of Trump’s personal attorney, Michael Cohen.
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Baijiu distillers trade at a discount to global liquor peers
- Distillers have higher free cash flow vs Chinese brewers
The grain liquor that is China’s national spirit is known for its potency. To investors, the companies that distill the alcohol known as baijiu also pack quite the punch.
E Fund Management Co.’s Xiao Nan, a top fund manager in China, describes the sector’s business model as “stand still and collect money.” His E Fund Consumption Industry Equity Fund has returned 52 percent over three years through May 4, the best performance among 161 A-share funds with at least three years of history and more than 1 billion yuan ($159 million) of assets, according to data compiled by Bloomberg. About a third of his portfolio are baijiu stocks like Kweichow Moutai Co. and Wuliangye Yibin Co., which have both been on bull runs over the last three years…
Existing Vinhomes investors plan to sell shares at 114,700 dong apiece in the offering, the people said, asking not to be identified because the information is private. The shares were marketed at 110,500 dong to 114,700 dong each, according to terms obtained earlier by Bloomberg…
Vinhomes Is Said Poised to Price $1.35 Billion Share Sale at Top
Boulder Group Brokers $13M Jewel-Osco Deal
By · CommentsThe Boulder Group has arranged a new net-leased retail property deal in the Chicago metro area. The 63,400-square-foot Jewel-Osco store is located at 17930 Wolf Road in Orland Park, Ill., and was sold to a West Coast 1031 investor for $12.7 million. The grocery store’s lease expires in 20 years.
“The market for standalone grocery properties remains active as investors are attracted to the superb locations,” said The Boulder Group President Randy Blankstein, in prepared remarks. Blankstein and Jimmy Goodman, a partner with the firm, brokered the deal on behalf of the seller, a private real estate investment company based in the southwest…
High Wages Versus High Savings in a Globalized World
By · CommentsDemocracies will increasingly have to choose between raising wages and redistributing income or maintaining free trade and capital flows. Because they are likely to choose the former, the world may face a long-term reversal of globalization.
Investment-driven growth can broadly occur in the form of one of two models, each with a different way of treating wages and household income. One model, which I will call the high-wage model, incorporates and encourages high wages as the engine behind growth and productivity gains. I will call the other model the high-savings model. In this model, growth seems to be driven mainly by growth in savings, which provides the cheap capital that drives investment, which in turn drives productivity gains…
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CEO Tsien says loan allowances may rise in later quarters
- Investors expected better interest margins, BI analyst says
Southeast Asia’s second-largest bank slid as much as 3.2 percent in Singapore on Monday morning after Chief Executive Officer Samuel Tsien signaled that last quarter’s decline in loan allowances may be as good as it gets this year. Analysts expressed concern that OCBC’s loan margins failed to widen from the previous quarter — unlike those at DBS Group Holdings Ltd. and United Overseas Bank Ltd. — even as benchmark interest rates rose…
Washington Prime Buys Montana Regional Mall
By · CommentsThe 447,952-square-foot Southgate Mall in Missoula, Mont., which was recently transformed from an enclosed regional mall to a hybrid open-air town center, has been sold by its longtime private owners to retail REIT Washington Prime Group Inc. for $58 million.
NKF Capital Markets Thomas Dobrowski, Katherine French and Ed Leinss handled the transaction. It is expected to be one of the largest 2018 mall sales in the Pacific Northwest, according to NKF…
The leaders of Xerox, who looked to be on their way out just two days ago, may not be going anywhere just yet.
The embattled office equipment company said late Thursday that a settlement it reached earlier this week with unhappy shareholders would not go into effect because a key deadline had been missed. That settlement had called for the replacement of Jeff Jacobson, the company’s chief executive, and a majority of its board of directors…
Xerox Executives Stay Put as Settlement With Carl Icahn Expires
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Relationship managers at private banks running larger pools
- Goldman Sachs topped Asian private banks in assets per manager
Relationship managers who cater to wealthy clients in the region are running larger pools of money, with average assets run by each surging to an all-time high of $341 million last year in Asia, according to Asian Private Banker. Goldman Sachs Group Inc. topped the charts, with each private banker handling almost three times that amount…
With the Iran Deal looking increasingly fragile, front-month WTI futures have just traded above $70 for the first time since Nov 2014.
$70 just happens to be the 50% retracement from the Aug 2013 highs to the Feb 2016 lows…
WTI Tops $70 For First Time Since Nov 2014 As Iran Deal Deadline Looms
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Fund’s quant analysis avoids over 8% rout in Jakarta index
- Rachmat sticks to cash during rout in bonds, equities
The former head of research at PT Mandiri Sekuritas, the brokerage arm of Indonesia’s second-largest lender by assets, teamed up with PT Pinnacle Persada Investama, the first quant-based asset manager in Indonesia, to start an “all-weather” mutual fund that will use quantitative strategies. The Pinnacle Granditas Dynamic Balanced Fund, which started April 11, has already escaped a more than 8 percent rout in the nation’s equities and a spike in bond yields after its models decided to stick to cash, Rachmat says…
YouTube Nerd Taunts Wall Street After Wild Tesla Call
By · Comments-
25-year-old has funded channel with $20,000 made from bitcoin
- Analysts should ‘step up’ with ‘better questions,’ he says
That’s how long he was in the spotlight during the bizarre Tesla Inc.earnings call last week, when a petulant Elon Musk cut off “boring” Wall Street analysts asking about the cash-burning company’s finances and declared: “We’re going to go to YouTube.”
Steve Cohen Giving Point72 That New SAC Smell
By · CommentsFour years ago, amidst the, um, unpleasantness, Steve Cohen had to make quite a show of not running a “vertible magnet for market cheaters”/linguistic innovator in the field of insider trading. So he went and hired a McKinsey guy to head things, a new human resources guy to sift the black edge out of the applicant pool and an advisory board for good measure.
Hedge Funds Having Another Pity Party
By · CommentsReports of the demise of the hedge fund may have been exaggerated. But so too were the hopes and dreams of an orange-tinted Golden Age for the industry under frenemy President Trump and his team of paper–pushers. You’d expect from all of the predictions of newfound glory in the wake of Nov. 8, 2016, that industry gatherings would be a non-stop party. Instead, they’ve all been depressing bits of nostalgia or collective therapy sessions if they’ve happened at all. This week’s Milken Global Conference has been no different. For in between some penny psychoanalyzing of Carl Icahn and David Solomon’s blow-out rave, the best the hedge funds can say for themselves is, “Not dead yet!”…
Hedge Funds Having Another Pity Party
Since the SEC lifted a ban on “general solicitation,” new platforms have started to offer investment firms a novel approach to property acquisition.
Real estate fund managers Michael Episcope and David Scherer had Georgia on their minds—specifically, Atlanta. The city, part of the third-largest-gaining metro area in the U.S. last year, according to Census Bureau data, was only getting hotter. So when the co-founders of real estate investment company Origin Investments spotted an opportunity last year to purchase a 125-unit apartment complex, they jumped on it. The property’s location, in Virginia-Highland, an affluent Atlanta neighborhood that’s home to organic shops, cocktail bars, and an indie film theater, was great. Yet Episcope and Scherer had a problem. They reckoned it would take about $19 million in equity to buy the building and an adjacent undeveloped lot, but they wanted to invest only $12 million. Their solution was somewhat novel: Instead of bringing in a partner, Origin brought in dozens of them…
If Elon Musk was trying to amuse himself at the expense of the analyst and investor community with his performance on Tesla’s Q1 call Wednesday evening, it’s mission accomplished to the extent he’s amused by befuddlement and frustration.
On the off chance you missed the call, you can read our full take here or you can just watch the following summary:
PSP, AIMCo Buying Canadian Real Estate?
By · CommentsThe Public Sector Pension Investment Board has entered an agreement to purchase the Downsview industrial property owned by Bombardier Inc. in Toronto.
“This investment is a perfect fit for PSP as it supports our long-term real estate investment strategy,” said Neil Cunningham, president and chief executive officer of PSP Investments.
“We have a stellar track-record in working with large, complex projects across our entire investment portfolio, and we are proud of our continued commitment to investing in Canada.”
Bombardier has owned and operated the site since the early 1990s, using it to manufacture and test its Global series and Q400 aircraft…
The nation’s largest bank is also an adorably lame wannabe early adopter dad who “just loves tech” so it came as something less than a surprise to learn that JPMorgan went and pulled ‘An Uber’ in a bold move to bolster it’s machine learning division…
The largest U.S. bank by assets said Thursday that Carnegie Mellon University’s head of machine learning will join JPMorgan in a new role, head of artificial-intelligence research.
In the position, Manuela Veloso, who is also a professor at Carnegie Mellon, will build on the bank’s existing work applying machine learning technology, according to an internal memo reviewed by The Wall Street Journal…
Berkshire Hathaway, often largely invisible, has an increasingly visible brand name as its real-estate business expands
Warren Buffett’s Berkshire Hathaway Inc. is a big name on Wall Street. Increasingly, it’s a fixture on Main Street too.
The Omaha conglomerate was the nation’s second-largest residential real-estate brokerage last year, making Berkshire Hathaway a presence on neighborhood yard signs from Los Angeles to New York. It has franchised the Berkshire Hathaway HomeServices name to 1,330 offices and more than 45,000 agents…
Warren Buffett’s Berkshire Is Now America’s Second Largest Real-Estate Broker
What Rudy Giuliani, the former mayor of New York City and Donald Trump’s latest legal fixer did last night was to effectively tell Trump’s mortal enemy, the Washington Post, that Trump paid his personal lawyer, Michael Cohen, a $420,000 slush fund last year to clean up dirt on the President. Cohen is the target of a criminal investigation by the U.S. Attorney’s office for the Southern District of New York. Cohen’s home, office, hotel room and safety deposit box were raided by the FBI on April 9…
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Ezra Chowaiki pleads guilty to fraud for cheating collectors
- Prosecutors said he duped clients out of millions of dollars
A Manhattan art dealer pleaded guilty to using paintings by Wassily Kandinsky and other renowned artists as bait to defraud collectors and investors out of millions of dollars.
Bain Capital bought a 50 percent stake in the hip shoemaker, hoping to build on its success. It didn’t go as planned.
When popular footwear seller Toms Shoes LLC scored a $313 million investment from private equity giant Bain Capital back in 2014, the retailer was poised to grow in a serious way. Valued at more than $600 million, Toms was seen by Wall Street as a rising star.
Then everything went sideways…
Even Wall Street Couldn’t Protect Toms Shoes From Retail’s Storm
Stocks took a big dip lower today, but managed to recover quite a bit of that this afternoon.
There may have been some relief from the lack of screaming headlines from the first day of the US-China trade talks.
Gold and silver gained a bit as the US Dollar gave up some of that short term overbought condition as Noted yesterday.
Tomorrow will be the Non-Farm Payrolls report. The economic calendar with the specific forecasts is included below.
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HDFC Bank to add up to 150 private bankers to 250-strong team
- Advises clients to steer clear of India’s stressed assets
India’s clampdown on unaccounted cash has sent a flood of money into the private banking industry, prompting a major lender to embark on a hiring binge for wealth managers.
Cristina Chen-Oster’s fight with Goldman Sachs began in 2005. It just got huge.
Cristina Chen-Oster was settling into her seat for a late-March Broadway matinee of Mean Girls when she remembered to check her voicemail. The day before, she’d ignored a call from an unrecognized number. Now she hit play and heard the voice of her lawyer, Kelly Dermody: “Huge congratulations!” it said. “Really, really, really, really happy for you.”
Eminence Capital Boosts Formula One Position
By · CommentsRicky Sandler‘s hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Formula One (FWONK). Per the filing, Eminence now owns 5.4% of the company with over 10.86 million shares.
This is up from the 8.58 million shares they owned at the end of 2017. The filing was made due to activity on March 19th…
Eminence Capital Boosts Formula One Position
The great recession of 2008-9 followed an extraordinary house price bubble. The sluggish was characterized by a very slow recovery of residential investment. Oddly, the extensive revision of macroeconomic models which implied a very low probability of great recessions has not involved a focus on housing. Instead it has focused on financial frictions – essentially it is assumed that the 2008-9 recession was extraordinary because a major financial crisis occurred. Dean Baker dissents (as he often does) arguing that the severity of the recession could have been predicted given the massive decline in housing prices and earlier estimates of the effect of home equity on consumption. This note attempts to being to assess that claim. It also asks if it is possible to forecast GDP growth over the medium term. Finally it is part of the Rip Van Keynes series, because I will use an empirical strategy which has been out of fashion for at least four decades – basically an ad hoc OLS regression (sometimes I even include an exponential trend)…
One Man May Be Propping Up Shares in H&M
By · CommentsHennes & Mauritz AB Chairman Stefan Persson may be single-handedly propping up shares in the Swedish fashion retailer.
Vikram Pandit Just Wanted To Say Goodbye
By · CommentsSince his unceremonious departure from Citigroup five-and-a-half years ago, Vikram Pandit has had a lot of free time on his hands. And he has filled it! “I can choose how I spend my time, but I still tend to spend it all,” Uncle Vik assures in a “where-are-they-now”-style profile in Financial News. He’s toyed around with a return to the hedge-fund world and getting into private equity, taken a flier on financial services in his native land, advised on how not to hire people like himself and how not to drive a company’s reputation into the ditchfrom experience, invented an acronymthat’s gone nowhere, and regretted ever taking that awful job at Citi in the first place. But all of that—well, except for the weird social-media-related acronym—is the past, and the future is plastics. No, wait, it’s fintech. Sorry…
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Backyard serves as site of cannabis industry matchmaking event
- Gathering tied to the Milken Institute Global Conference
At one of the many after-parties surrounding the Milken Institute Global Conference, Jim Belushi charmed a crowd of diners with jokes and harmonica playing. But the actor and comedian wasn’t there as the entertainment: He was on a mission to promote marijuana.
The BAD stage of inflation has officially hit.
As I have noted previous, inflation enters the financial system in stages. The first stage involves a jump in prices paid by producers. This means that those firms responsible for manufacturing goods and services, suddenly see a sharp spike in the cost of basic materials they use to build/ manufacture.
That process began in early 2016 and accelerated throughout 201 into this year…
The Financial System is Moving into an Inflationary Setup… Is Your Portfolio?
United States Treasury Secretary and famed non-economist Steven Mnuchin flew home to Los Angeles the other day in order to spend time around a different group of people who have no idea how he got successful, and also for an appearance at The Milken Industry Global Conference.
The Warlock of Washington clearly felt at home in a room of bold-name financial types, and appears to have gotten so relaxed that he ended up reinforcing the notion that he’s an adorably unqualified political shill having a real fun time running the Treasury Department. Sitting in Beverly Hills and staring out at a sea of people who know infinitely more about him than what’s happening in the macroeconomy and aren’t hemmed in by their willing emotional servitude to a mental autocrat who uses the DJIA to measure part of his self-worth, Mnuchin attempted to pooh-pooh market fears by just, like, saying “Me no worried.”…
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New rules are leading sellers of funds to streamline offerings
- Goldman Sachs won eight client mandates since January
Boutique managers, watch out.
How to Invest In an Everything Bubble
By · CommentsThe single biggest issue… the one that 99% of investors continue to ignore when it comes to investing or making forecasts… is the fact that Central Bank rigged the entire financial system post-2009.
They did this by cornering the sovereign bond market.
Because sovereign bonds are the bedrock of the current fiat, debt-based financial system (the risk-free rate of return against which all risk is valued), when Central Banks did this, they literally created a bubble in Everything…
How to Invest In an Everything Bubble
Seven Things Wall Street Wants to Know From Elon Musk
By · CommentsModel 3 production updates and cash burn are top of mind as Tesla reports earnings. But a lot of other questions are hanging.
Tesla Inc. reports first-quarter earnings Wednesday after the market closes. Between now and then, investors, customers, followers and doubters will be chattering about what Chief Executive Officer Elon Musk has in store come late afternoon. Given the tumult of recent weeks, the main focus will likely be on production of the Model 3, the key to Tesla’s plan to bring electric vehicles to the masses and eventually reach profitability. But there are a lot of other questions, too.
Duncan Foley On Socialist Alternatives to Capitalism
By · CommentsYes, it is May Day, time to think about workers and socialism, while Vladimir Putin gets himself inaugurated for another term as President of Russia, with military vehicles parading In Red Square like they used to for the glory of the workers, but today for the glory of President Putin.
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Brevan Howard’s AUM have dropped more than 75% from their peak
- Investors are pulling money from firms to bet on startups
The protege has overtaken the master.
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The asset manager is shifting about 1,050 jobs to Nashville
- It’s part of a trend as financial firms look to reduce costs
New York is losing more than a thousand financial-industry jobs — and Manhattan’s loss is Music City’s gain.
Richard Jenrette, who co-founded the investment bank Donaldson, Lufkin & Jenrette in 1959, spent four decades on Wall Street. When he died last week from complications of cancer at the age of 89, he left behind on his desk 24 rules to succeed — in finance, and in life. The list, titled “What I Learned,” was shared Sunday at an intimate memorial service for family and local friends in Charleston, South Carolina. Here’s what it said:
Legendary Investment Banker Richard Jenrette Left These 24 Rules for Success
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StanChart is among lenders competing in $292 billion business
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Banks are securing funding in anticipation of loan growth
Competition in Hong Kong’s $292 billion time-deposit business is intensifying as a surge in short-term borrowing costs forces banks to seek other avenues of funding…
Banks Scrambling for Hong Kong Deposits Push Rates as High as 3%
JPMorgan Says Unusual Market Could Mean ‘Buy in May’
By · Comments-
Sees potential $50 billion stock buying by trend followers
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It ‘is not correct’ that ‘there is no one to buy equities’
An “upside-down” market may bode well for U.S. stocks, according to JPMorgan Chase & Co…
JPMorgan Says Unusual Market Could Mean ‘Buy in May’
Thanks to some hard work from the folks over at the [previously] non-partisan Citizens for Responsibility and Ethics in Washington, the American public is now aware that Treasury Secretary Steve Mnuchin has spent $1 million of taxpayer money by refusing to fly commercial.
Based on what CREW has found by FOIA’ing and then suing to obtain Mnuchin’s travel records, it seems that Mnooks has pulled every possible bureaucratic lever available to him to avoid getting on anything other than a private government plane while traveling for business or pleasure in his 15 months running Treasury. Mnuchin’s travel has eviscerated modern norms of travel expenses for any federal employee who is not the president and reflects an almost pathological refusal to not get exactly what he wants…
LOS ANGELES — The Weinstein Company on Tuesday named a Dallas private equity firm as the winning bidder in its bankruptcy sale, spurning an offer by the Broadway producer Howard Kagan.
The victor — for now, at least, as a bankruptcy judge still has to sign off and the decision could be challenged by creditors — is Lantern Capital Partners. It entered the sale as the studio’s prearranged bidder, or “stalking horse,” which set a price floor. Lantern offered $310 million plus the assumption of about $115 million in debt…
Weinstein Company Declares a Winner in Its Bankruptcy Sale
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Ricky Sandler of Eminence laments being part of ‘dying breed’
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$3 trillion in hedge fund assets is too much, Balyasny says
The future of hedge fund management? Struggling to stay alive…
At Milken, Hedge Fund Managers Swap Ideas on Staying in Business
If you’re wondering what to make of Morgan Stanley’s quarter, why not just ask Goldman?
Morgan Stanley & Co. (MS): First Take: A very well rounded beat
…reads the title of Goldman’s post-mortem for their rival’s Q1 results, which included revenue that crossed the $11 billion threshold.
With JPMorgan, Citi, Goldman, and now Morgan results all in the books, it’s clear that when it comes to volatility, they’d all be fine with “more cowbell”. Equities trading was a boon for pretty much everyone in Q1 and unsurprisingly, given its dominance in the space, Morgan was no exception, posting sales & trading revenue of $2.6b – that was well ahead of consensus ($2.15b) and comprised 58% of trading revenue compared to ~31% for peers…
Anthony Scaramucci, the Wall Street investor whose short tenure as President Trump’s White House communications director elevated him to national prominence, is not going to sell his hedge fund company to a Chinese conglomerate after all, the two companies announced on Monday.
The conglomerate, HNA Group, is closely tied to the Chinese government. In a joint statement, HNA and Mr. Scaramucci’s firm, SkyBridge Capital, said the two sides had agreed not to pursue the deal, but would still work together to try to sell SkyBridge’s offerings to Chinese investors…
Chinese Firm Scraps Deal to Buy Anthony Scaramucci’s Hedge Fund
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More than 1,000 staff may go to Nashville, local report says
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It’s part of a trend as firms in New York look to lower costs
New York’s hold on finance and investing jobs keeps slipping.
The owners of Santa Fe’s “Opera House” bought it for $3.5 million, then put a further $18 million into restorations.
Robert Knutson, a founder and the retired chairman and chief executive officer of the Education Management Corp., took his company public in 1996. A decade later, it was acquired for $3.4 billion by a consortium of private equity firms led by Goldman Sachs Group Inc. In 2009, the company went public again, this time with a valuation of about $2 billion. (It’s since been reacquired. A 2010 Bloomberg article reported that Knutson had made $132.4 million in stock sales from his company.)…
There is a homelessness crisis in Los Angeles County. The homeless population has surged by 75% in the last six years all the while home prices are back to peak levels. Yet the home ownership rate still hovers near generational lows. California has seen massive growth in rental household formation. Surveys continue to find that Millennials prefer different living styles than their baby boomer parents. Forget about surveys, just look at the actual market. Record low inventory is being driven by baby boomers staying put and the lack of home building thanks to hardcore NIMBYism. So it is no surprise that we now have a homeless crisis in L.A. County. Recently, in Orange County a large group of homeless encamped in various areas where set to be moved into affluent areas of the county and people went ballistic. So where do we go from here?…
JPMorgan Chase & Co., which is constructing a new corporate headquarters in New York, purchased a building in central Washington, D.C., to serve as its base for that region…
JPMorgan Buys Building in Washington for Regional Headquarters
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Disposal will bring about 400 million yuan gain, filing says
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The Chinese conglomerate is selling assets to repay debt
HNA Group Co. plans to sell a real-estate unit for 2.9 billion yuan ($456 million), in the latest disposal for the embattled Chinese conglomerate as it unloads billions of dollars of assets to pare one of the highest debt loads in the country…
HNA to Sell Property Assets for $456 Million in Latest Disposal
New Office Space Created in Retail’s Tumult
By · CommentsNormandy Real Estate Partners found what it viewed as the perfect spot for a high-end Manhattan office development: the upper floors of the ABC Carpet & Home building, a retail industry landmark.
Last year, Normandy closed on a $133 million deal for the upper portion of ABC Carpet’s flagship store in the Union Square and Flatiron District neighborhoods, with plans for a $40 million conversion of several floors of retail space into office space…
New Office Space Created in Retail’s Tumult