29 Burst results for "Ackman"
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"1%. No trading in Tokyo today for a holiday. Part of the confidence here in markets is the regulators have come out in a jumped in to try to maintain confidence. And some traders seem to be betting that the recent banking turmoil may slow down the tightening of major central banks and we'll see that front and center this week with the U.S. Federal Reserve. Bill ackman of Pershing square said that the fed should not raise its benchmark rate this week, but we heard from Bill Dudley, the former New York fed president, who said he'd probably pause if he were voting, but he does think that the fed should maintain its quantitative tightening. First republic bank plunged on another credit downgrade, its stock sank 47% and is now down 91% in the last month of trading. South Korea's February produced prices rose 4.8% year on year, but it was only 0.1%, month on month. Some other quick numbers for you, the yield on the ten year treasury. Finished up in New York at 3.48%, the two year at three 97, WTI has advanced about two tenths of 1% 67 75. Bitcoin staying firm 27,936 and gold, if you look at gold futures, June, $1999 at tryouts. And that is a check of markets. Let's get to head Baxter in San Francisco for headline news. All right, thank you, Brianna EU is imposed new package of sanctions against Iran. This is its 6th in response to claim human rights violations. It adds 8 individuals and one entity to the already existing list. French president of ania Macron's government is now facing two motions of no confidence in the National Assembly regarding the change to the country's pension system. U.S. president Joe Biden has issued his first veto reject legislation that would thwart a rule allowing retirement portfolio managers to weigh climate change and other governance issues in their investment decisions. Trump fixer Michael Cohen preparing to be a witness for the prosecution of district attorney Alvin Bragg decides to go ahead with a case on Trump. U.S. Pentagon warning that a potential $100 billion budget could cripple recruiting, shipbuilding, and the overhaul of the nuclear triad, it says a devastating impact if that cut budget passes and Russian president Vladimir Putin has told China's president Xi Jinping is ready to look at China's peace initiative regarding Ukraine. Global news powered by more than 2700 journalists and analysts in over 120 countries in San Francisco, I'm Ed Baxter and this is Bloomberg and let
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"ackman" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"Don't hold. Now should the trendline fail to hold callio warns Bitcoin will likely witness a massive sell off event as he shares here. If they do happen to break, we'll see real capitulation. And until then, I see this as a good risk slash reward spot to long with clearly defined stops to the downside and huge upside potential and I like to stop right there because I agree. I think Bitcoin has massive upside potential. We have to keep in mind the all time high for the king crypto is 69,000 and we're still only trading at $20,000. So this is like a special opportunity to go back in time like traveling back in time to 2017, 6 years ago to pick up some cheap stats. You know what I mean? So how many of you have been taking advantage of that? Let me know and how many of you think that this trendline will not hold and will likely to revisit and test current lows considering the current low for this cycle is 15,000 700 ish. Let me know in the comments and at the end of the show I'll be reading those comments out loud. With that being shared, now let's discuss what's on everyone's mind and as the bank collapses, which are happening right now, billionaire Bill ackman has urged the U.S. government to guarantee all deposits held by Silicon Valley bank within the next 48 hours or at risk the destruction of many financial institutions and I don't think he is bluffing on March 11th, the tweet Bill ackman, the CEO of hedge fund management firm, Pershing square capital management said a giant sucking sound will be heard from the withdrawal of substantiate substantially all uninsured deposits from all banks, not just the systemically important banks. Should the government fail to guarantee all of SVB is deposits before the open on Monday, which is right around the corner. Now ackman suggested this would be the result of the world realizing what an uninsured deposit is an unsecured liquid claim on a failed bank. He warned that these withdrawals would drain liquidity from the community regional and other banks and begin the destruction of these crucial institutions if the United States government fails to protect all depositors, ackman said the only other way to prevent this was in the unlikely event that major financial institutions such as JPMorgan Chase, Citibank, or Bank of America acquire SVB before Monday, the clock is ticking. He argued that this could have been avoided if the U.S. government had stepped in on Friday to guarantee SVB is deposits, adding that the long-standing banks franchise value could have been safeguarded and transferred to a new owner in return for an equity injection, ackman suggested that SVB senior management made a basic mistake and should be fired, quitting him here. They invested short term deposits and longer term fixed rate assets. Therefore, short term rates went up and the bank run ensued senior management screwed up and they should lose their jobs. Let me know if you agree. I agree a 100% there. After conducting a back of the envelope review of SVB balance sheet, ackman believes that even in liquidation, the positives should eventually get back approximately, 98% of their deposits. However, he argued that eventually is too long when you have payroll to meet next week. He makes a good point. Ackman tweeted shortly after reiterating that the FDIC should guarantee all SVB banks, deposits by Sunday Night, along with a proposed plan. This comes after bob Elliott, the CEO of investment firm, unlimited, said that the Federal Reserve and the FDIC decisions regarding the future of SVB may affect regional banks across the United States, putting trillions of dollars at risk of a bank run Eliot stated that nearly a third of the positives in the U.S.
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"Trading. Let's get you up to date on the news you need to know what this shower, panic is spreading in the global markets about the financial health of Silicon Valley bank. The bank's top executive is urging calm after Peter Thiel's founders fund and other VCs advise portfolio businesses to withdraw money. It comes after SVB announced it was issuing billions of dollars of shares after a significant loss on its portfolio. Bloomberg's Danny Berger says part of the turmoil is a result of rising interest rates. SVB, which of course services a lot of VCs as a bank, they're allowed to have some of their balance sheet in what's called held to maturity. These are bonds. They were long duration bonds. That's usually fine, but of course, when the fed hikes, the value of those bonds falls significantly. The issue arises is all of a sudden clients at that bank want to withdraw money. Now we know this period has been difficult for VC funds. So you've had this slow bleed of folks trying to pull their money out and bloomberry sandy Berger says fears of a bank run our growing SVB shares plunged 60% yesterday and right now they are down 41% in early trading. And billionaire Bill ackman says the government ought to consider a highly dilutive bailout of SVB Karen. If a private capital solution can't be provided, ackman says a bailout would buy time for SVB to raise private capital. All the while Nathan investors are watching key eco data this morning economists are looking for a gain of 225,000 jobs in the February employment report. It's due out at 8 30 Wall Street times stick with the Bloomberg radio and television for full coverage of the February jobs report throughout the day. Then we're going to be covering the fight over spending and debt in Washington, probably for the next few months to come, Karen, President Biden just unveiled his $6.9 trillion budget request for the next fiscal year. President says he's ready to negotiate with Republicans. I'm ready to meet with the speaker anytime. Tomorrow if he has his budget, lay it down, tell me what you want to do. I'll show you what I want to do. See what we can agree on. We don't agree on. Let's see, we vote. President Biden says he's willing to sit down with House speaker Kevin McCarthy at any time. Meanwhile, overseas, Nathan aruku rota held his final meeting as bank of Japan governor after a decade of massive stimulus the BOJ maintained its easing stance. And in China, Xi Jinping secured another 5 year term as president in a mostly procedural vote national People's Congress lawmakers unanimously voted 2952 to zero for she to lead the ruling Communist Party. S&P futures lower this morning down a quarter percent or ten points down futures down a third of a percent or 122 points, and NASDAQ futures are little changed right now. Straight ahead, we have your latest local headlines plus a check of sports and this is Bloomberg. Thanks Karen. It's 5 31 on Wall Street. Let's bring in John Tucker now to get a look at what's going on in New York and around the world. John. And Nathan good morning, a New York man
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"I can't find my phone. I'm just gonna tell you. Okay, anyone out there. Did you bring it into the building today? You did okay, so it's here somewhere. I was reading. I don't know how you're doing this show right now. I'd be freaking out. A little hard palpitation. Yeah. We'll find it. We'll find it. Multi prayers, Carol, thoughts, and prayers. In the meantime, from everybody, I hope. In the meantime, when I was reading it on my phone on the train when I did have it, there were a lot of stories about Tesla, the markets, the fed coming up, earnings. It's Friday, guys. We get a lot to digest. Is it a good week to be a tech stock? Yes. I think so. Lean in big time. The NASDAQ 100 heading toward its best week since November, you know, talk about risk entry. It is back. Yeah, behind much of that rally, well, Tesla. We're gonna introduce you to someone who's really important at the company. Yes, we will. In fact, someone who seems to be a really, really big supporter of Elon Musk. And deals with all of his, he's behind the scenes people are very important. They always are, aren't they? Also, we're going to talk to you about why shares of AmEx they were on a tear. In fact, we're going to take a look at really kind of all of the credit card companies. Yeah, let's Bill ackman is weighing in on Hindenburg short of a Donnie group. That stock continues to tumble. Yeah, it's been a rough week for that one. How to be also 18 years old again for only $2 million a year I'm in. I'm no. I'm not in and you'll hear why later. I have lots of talk about later with Ashley van Jones. 18 was great, but that was then. We've also got Sal Khan, founder and CEO of Khan Academy and the CEO of you fit gyms, not at the same time we're talking education we're talking wellness. All that to come, we begin though with a check on the trading day, here's Charlie
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"Right, exactly, man is there's a lot of wiggle room in there. He did not say when that would be. And of course, if you want to review things and get everything together, who knows it could be months. But Maxine waters had asked for that December 13th date. It doesn't look like that will happen, but we will see. And Congress is now officially interested in what he's been doing, what this means for FTX. And of course, just thinking about second order implications, if he's testifying before Congress, what is Congress going to do beyond that in terms of the crypto industry? Will it mean more regulation? What will it mean for them? Yeah, one thing's for sure is he hasn't shied away from the camera. It's giving interview after interview. What about Bill ackman because he's come under a lot of criticism over the weekend to clarify comments that he made about SBA? Yeah, exactly. So he was saying he finds Sam bankman fried believable. But then he said, well, wait, that doesn't mean that I support him. I just think that he is believable in what he's saying and that might mean say that he is that he could be subject to civil rather than criminal liability. For instance. But yeah, ackman didn't really mince words. He said, you know, it's an egregious, large scale case of business negligence at a minimum. So he's definitely criticizing too. He's just finds Sam bankman fried believable. Do I know? Another day, another crypto event. Thank you for the overview, that's when Austin's are there. Let's get to the first word headlines from around the world and some old fox men as those from Doha. The U.S. defense secretary Lloyd Austin says America is building a more lethal force posture in the indo Pacific as part of efforts to make sure China doesn't dominate the region. Austin says China is the only country with both the will and the power to reshape the region. He also added that the U.S. would sharpen its warfighting advantages and bolster its force presence. Our key goes founder Bill Wang is asked a judge to toss out fraud charges against him. He alleges that prosecutors engaged in what he calls deceitful conduct in the early days of the investigation. Wang says he was duped into assisting investigators who gave him false hope that he wouldn't be charged. He is scheduled to go on trial in October 2023 over the collapse of our key goes. The Wall Street Journal is reporting that Saudi Arabia's crown prince is preparing to invest in Credit Suisse groups, investment bank. According to the report, prince Mohammed bin Salman may invest around $500 million in the lenders CS first Boston spin out. Other investors could include former broccoli's chief executive bob diamonds, Atlas
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"L making sense of the news. Visa and Mastercard and the website Pornhub. And also Bill ackman, so it's got a lot of elements to it this story so the FT has historian Visa and Mastercard stopping their work with the advertising our mind geek and they are the owner of Pornhub. Now this comes after a court ruling found that Visa could be held liable for illegal content on user generated pornography websites. Speaking to CNBC billionaire investor Bill ackman, said Visa should be forced to pay a very, very large amount in a case alleging the payments giant profited from child abuse images. After reviewing time, ties to the website Mastercard said it won't allow its cars to be used anymore on Pornhub. Now, the influential billionaire really put so much clout behind this ruling that happened and really he said it's because he had four daughters read an article and it made him swing into action to protect children. Yeah, I think this is absolutely amazing. You know, that this is a huge kind of move. It also has big implications for ESG and investing. Yeah, it's an absolutely fascinating story that the FT covers. Okay, something a bit lighter though now, away from the kind of real economic doom and gloom. Brits are heading abroad. It's holiday season, so what about the staycation then? I know that you're going abroad soon, Caroline, aren't you? We're going to miss Caroline here in the office next week. I won't tell you where she's going, but it is sunny. But you know, the daily telegraphs and the Stephen saying so, so The Daily Telegraph says staycations are plummeting as we all head abroad. So tourism bosses say holidays at home boom is definitely over. We've got staycation fatigue, and that's because so many people are wanting to visit other countries we haven't been able to go to for a couple of years and we've got pent up demand lots of people have savings so they traveling to foreign countries to get the nice sunny climates and a little bit of culture it may be. Perhaps if you can if you can fit it in okay, thanks very much. Bloomberg's the ongoing look through some of the stories making headlines in today's newspapers. This is Bloomberg. Markets, headlines and breaking news 24 hours a day. The Bloomberg business app. Quick take. This is a Bloomberg business flash. From pimps European headquarters here in London, I'm Caroline Hepburn with this Bloomberg radio business flash. So a bit more detail on Allianz's results, so we mentioned their second quarter operating profit was a beat at €3.5 billion so above the estimates of 3.33 billion, the insurer still sees a full year operating profit of between 12.4 and €14.4 billion and they say that second quarter third party net outflows of pimco were €28.7 billion. So that in terms of Allianz property and casualty was a beat, but their asset management and life and health operations were both amiss in terms of profit. Other stories though that we're watching closely, of course, the reaction to the Bank of England rate hike 50 basis points. Now there are 80% odds of another 50 basis point rate rise coming as the UK suffers from this, but now there are 80% odds of another 50 basis point rate rise coming as the UK suffers from this really difficult inflation outlook, the bank sees a peak of 13.3% in October. And you may be saying that the currency issue is not a crisis despite the 10% plunge in Sterling. Sterling on cable pulling back another two tenths of 1% this morning, the twos tens, gilt curve inverted yesterday. As for ten year treasury yields for the U.S. ahead of the U.S. non farm payrolls numbers, two 69 for ten year yields futures are in the green, two tenths of 1% half of the S&P 500 Euro stocks 50 futures up by two tenths, we largely hire in the Asian trading session and India's Central Bank the RBI has also raised benchmark rates just this morning by 50 basis points to 5.4%. That is your Bloomberg radio business flash. Now here's the
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"So all the attention in markets is of course on this bump of fed hike expected what will they signal for July though the bond route is easing this morning two year yields three 37 so down by 6 basis points are for US Treasury yields Aussie yields though have soared 22 basis points again on that two year note to three 35 and there's a lot of pressure on the bank of Japan of course blue bay the hedge funds shorting Japanese bonds effectively until the BOJ breaks according to them so BOJ the outlier globally in terms of U.S. stock futures though fairly steady to ten to 1% higher for Dow Jones even if features Euro stocks are 50 features also up by 7 tenths of 1% As for the Euro will it reach parity the Euro trades at one spot zero four 64 so surging half of 1% a big dollar spot index softer three tens of 1% still a big route for Bitcoin this morning now trading at $21,250 so down by 3.2% That's a look at the market Stephen Let's take a look at some of our top stories today The U.S. Federal Reserve looks set to deliver the biggest rate hike in 28 years as markets price in a 75 basis point rise in the base race Gradualism by the fed may be abandoned in order to stamp out inflation more forcefully with growing concerns that it will persist Pershing square founder Bill ackman says a 100 basis point rate hike would be better Bloomberg's Charlie palace has more Ackman says not just today but in July and thereafter instead of the 75 basis point hike that some economists are expecting He said the Central Bank has allowed inflation to quote get out of control and calls for aggressive action that would help restore market confidence Riding on Twitter ackman said quote the sooner the Federal Reserve can get to a terminal FF rate and thereafter can begin to ease the sooner the markets can recover In New York Charlie pellets Bloomberg daybreak Europe But with markets now factoring in bigger rate rises there's a growing expectation that a recession is on the horizon The CEO of avenue capital management Mark lassie told Bloomberg that he expects more pain for markets through to the end of the year and Caesar short contraction ahead for the U.S. Everybody knows we're either getting into a recession or it's going to be close to a recession So I don't think there's a lot more negative news that's going to come out You know the question really is going to be how long is the recession Is it three months is it 6 months Is it a year I think ultimately it's going to be pretty short My class is speaking to Bloomberg Well we'll get that fed decision 7 p.m..
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"Equity futures this morning edging a little bit higher Asian stocks are pretty much struggling though on this decision day from the Federal Reserve the topics is down 8 tenths of 1% cost below 1.9% CSI 300 up by 2.2% U.S. stock futures also gaining for the S&P 500 just a tenth of 1% But debt markets have been absolutely convulsed since Friday Looking at what could potentially be a larger rate rise by the fed So in terms of the global aggregate index that Bloomberg shows that has slumped now 19.7% from a record height so effectively you've wiped out almost $10 trillion value in global bonds this year We did though of course have better than expected activity data out of China so that has moved markets a bit Bloomberg dollar spot index is down by a tenth of 1% oil prices breakthrough trading at a $121 the barrel and Bitcoin at 21,206 lumping 3.4% Those are the markets now on to today's top stories the U.S. Federal Reserve looks set to deliver the biggest rate hike in 28 years as markets price in a 75 basis point hike in the base rate in the base race Gradualism by the fed may be abandoned in order to stamp out inflation more forcefully with growing concerns that it will persist Pershing square founder Bill ackman says that a hundred basis point fate fed rate hikes would be better Bloomberg's Charlie pallet has more Ackman says not just today but in July and thereafter instead of the 75 basis point hike that some economists are expecting He said the Central Bank has allowed inflation to quote get out of control and calls for aggressive action that would help restore market confidence riding on Twitter ackman said quote the sooner the Federal Reserve can get to a terminal FF rate and thereafter can begin to ease the sooner the markets can recover In New York Charlie pellet Bloomberg daybreak Europe Well with markets now factoring in bigger rate rises there's a growing expectation that a recession is on the horizon the CEO of avenue capital management Mark lasry told Bloomberg that he expects more pain for markets through to the end of the year and sees a short contraction ahead for the U.S. Everybody knows we're either getting into a recession or it's going to be close to a recession So I don't think there's a lot more negative news that's going to come out You know the question really is going to be how long is the recession Is it three months Is it 6 months Is it a year I think ultimately it's going to be pretty short Mark last week speaking to Bloomberg there we get the fed decision 7 p.m. London time fed chair Jerome Powell is then scheduled to hold a news conference at 7 30 p.m. The bear market for Bitcoin has entered.
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"Reconnect with lots of programs including the social dance series the mostly Mozart festival and even a public wedding celebration for hundreds of New Yorkers A curious bear is caught wandering the front office of a condo complex in Colorado The bear roamed in through a door that was left open at the complex in steamboat springs and cookies out in the lobby caught its attention Kayleigh Daria was working the front desk and said it did not act aggressively or leave much of a mess behind just a couple of crumbs I'm Brian shook And I'm Doug prisoner at Bloomberg world headquarters in New York Let's check this hour's top business stories and the markets Most equity markets in the apac region are trading at higher levels right now after a Volvo session in the U.S. at the end of the trading day stateside there was a recovery but it was primarily defensive in nature with utilities and consumer staple stocks rising On the other hand technology shares were hard hit especially those relying on digital advertising snap the chief culprit here the social media company cut its revenue and profit forecast those shares plunged 43% We also had weakness in home building stocks after a disappointing result on U.S. home sales Right now if you look at what's happening in the US Treasury market the ten year with a yield of 2.75% a two year treasury up by more than four basis points in yield to 2.51% We heard from the head of the Atlanta fed bank Rafael bostic one of the fed's more dovish members his urging his colleagues to proceed with care as they confront inflation Bostick said the fed expeditiously returned monetary policy to a more neutral stance to fight inflation and to get closer to its 2% inflation target Now bostick is planning to proceed with intention and without recklessness However Bill ackman the founder of Pershing square is doubling down on calls for aggressive fed rate hikes ackman is warning that investors lack confidence in the fed getting inflation under control and he is calling for the fed to act more aggressively and Tesla's production troubles in China prompted another analyst to cut his 12 month price target Tesla shares were down 7% in the regular session in the U.S. We check markets every 15 minutes here on Bloomberg right now in Tokyo the nikkei down a tenth of 1% hang seng higher by a half of 1% Shanghai composite better by 6 tenths of 1% the Cosby up 7 tenths of 1% and in Sydney the ASX 200 higher by 8 tenths of 1% Global news 24 hours a day on air and on Bloomberg quick take This is Bloomberg.
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"Could we look at the heights inflation since the early 90s when that print comes in tonight So it's pretty much going to be a route one for the fed from here She has her appointment has been welcomed By several analysts who describe her as something of a straight talker in a straight shooter And I think the early indications are that she brings two things to the table One obviously she'll have a focus on inflation But she also has a lot of international expertise that could help when it comes to the fed monitoring those spillover effects from tightening cycle Yeah and Goldman Sachs also chipped into the conversation over the last few hours saying that they're seeing a front loading of rate hikes that moderation is going to or rather inflation is going to moderate for the remainder of 2022 And thank you for that That's endocrine in Hong Kong I want to switch gears and step into the cryptocurrency space now The fed governor Michelle bauman says that the Central Bank is working on improving regulations for the digital assets We're working together with the other banking agencies The OCC and the FDIC to give the industry better and more useful regulatory feedback As you consider approaches to integrating crypto related activities Let's start bringing our cross asset editor Joyner also to kind of flesh this out a bit more Joanna we're hearing this from the fan and at the same time he's got Bill ackman He's calling on New York officials to remove crypto barrier Right So the U.S. officials are really making it a focus this year to figure out cryptocurrency regulations because they know it's such a big asset class at this point It really can't be ignored So from all sorts of agencies you've got people who are really looking and trying to make something happen So that is widely anticipated by the industry globally Should be quite interesting In terms of ackman that's actually he was talking about New York State He was responding to somebody who said he's a venture capitalist and he can't open an account with most U.S. based crypto exchanges because he's a New York State resident And ackman was saying this has got to be easier We want people to stay in New York State There have been a lot of people leaving and let's see if we can make it better New York did has had regulations since about 2015 It was really quite early But these are things that where they may want to look again and see if there are ways to change given the crypto itself is changed so much in the past 6 or 7 years So when it's been great catching up briefly thank you for that That's all across the asset editor to one Alison Now let's check in on the first word headlines from around the world starting off with New York State They're lifting a mask mandate for businesses and signing and they're signing high inoculation rates and low COVID transmission levels The governor says that local municipalities can continue to determine their own rules Face coverings will still be required in schools.
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"Rate hikes then anticipated Right now we're looking at a two year treasury yield of 1.17% that's up nearly three basis points in the Tokyo session after the two year jumped 13 basis points in New York trading After the bell in the state's Tesla reported earnings above estimates profit at a record revenue grew 65% however the company said supply chain troubles will limit production into 2022 Intel gave a disappointing profit forecast for the current quarter after the bell it shares fell Samsung electronics reported its final fourth quarter profit it missed estimates This is after the company distributed a special bonus to employees and at the same time increased spending for advanced production technology to manufacture computer chips and displays Hedge fund magnate Bill ackman has acquired more than 3 million shares in Netflix it's a vote of confidence in the streaming giant after the stock collapsed in recent days ackman's firm Pershing square capital management is now among Netflix's top 20 shareholders and we are told that Apple is planning a new service to allow small businesses to accept payments directly on their iPhones without any hardware We check markets every 15 minutes here on Bloomberg the nikkei is down 2.6% hang tsang weaker by 2% and sold the cost be down 2.8% in Sydney ASX 200 weaker by 1.4% and on the Chinese mainland the Shanghai composite off just 6 tenths of 1% Global news 24 hours a day on air and on Bloomberg quick take This is Bloomberg.
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"With a number of developing after our stories Constellation energy is going to be replacing gap in the S&P 500 Index Pershing squares Bill ackman says Pershing bought over 3.1 million at Netflix shares ackman says Pershing is now a top 20 holder in Netflix Madonna has begun testing an autocrat specific COVID-19 booster in healthy adults Stocks fizzled today Bonnie old spiked after fed chair Jay Powell signaled the Federal Reserve will steadily unwind its pandemic era stimulus as it fights elevated inflation S&P dropped 6 points initially moved higher after today's fed decision The S&P though lower by one tenth of 1% the down drop 129 down four tenths NASDAQ dowd 8 three point game today up by less than one tenth of 1% Tenure up down a 26 30 seconds ten year yield advancing to 1.86% Spock hold 1819 the ounce of West Texas intermediate crude up 2% 87 35 barrel I'm Charlie pellet that is a Bloomberg business flash This is Bloomberg's so long with Joe Matthew on Bloomberg radio So did The White House get a heads up And how is this not official yet As we turn to the retirement here of Supreme Court Justice Stephen breyer to news landed in our laps right at noontime I'll never forget that moment As we were just opening.
Bloomberg Radio New York
"ackman" Discussed on Bloomberg Radio New York
"Some really smart writing by our team at Bloomberg intelligence if you're preparing for the big results In the fed meeting here To Charlie's point we do love fed Wednesdays around here at Bloomberg Tomorrow's going to be a ride As I see the headline Federal Reserve to signal march hike but not 50 basis points and a Wong Our chief economist writing on the terminal where you can find a lot more Let's bring in Katherine judge Columbia law professor to talk a little bit more about what we expect here Does that sound like the way this goes tomorrow Catherine and how important are the words that will be chosen in this statement I suspect it's going to look quite different It does sound quite likely and again I think people are going to be really trying to parse the statement There is still the expectation they're going to want to complete the taper before they raise rates which would make them on track to do that In March and there is an overall sense that they're going to want to do that incrementally a quarter basis at each of their upcoming meetings in 2022 for three or four rate hikes But we also are seeing three months in a row of higher than has been anticipated inflation We're seeing a lot of public concern and we have heard tear Pavel say numerous times that they're going to respond to new data as it becomes available So that's where we have a little bit of uncertainty over whether they might accelerate So do you expect to hear specifics about the size of a hike in March as we mentioned they'll be kind of backing off from this 50 basis point view that some have been kind of hoping for to be honest but also emphasizing the uncertainty that we have here the downside risks to growth Exactly I think with the are going to want to do is to convey to the markets to convey more broadly to the American public that they are aware of the pain that they inflation we've seen is causing their responsive to it and that they are on top of it At the same time they want to retain some flexibility So there's going to be this very difficult path of trying to create a soft landing here And that does mean maintaining some flexibility to respond to new indicators will also provide enough clarity that they can calm rather than to panic Sure Those sort of paying attention to those words Now that's what you think they're going to do right As opposed to what you want them to do What do you make of the Bill ackman view the shock and awe come on in there and surprise everybody in March and spook this market to get a hold of inflation Of course well there's a lot of people out there Bill ackman among them probably among the most vocal taking that view And I think the key is to remember the fed is a number of ways of signaling that it understands the risks and that it's committed to tightening to the degree possible without necessarily doing a 50 basis point raise rate in March And that's where the communication strategy is going to be really important as well Again they want to make sure everybody knows they're taking inflation seriously But you don't want to induce a recession You don't want to introduce too much fear or deviate too much from what folks are currently expecting Let's rewind to the big confirmation hearing The re confirmation hearing to be exact of Jay Powell when he spoke to the effort to fight inflation will hear his words Here's J pal Our policy has been adapting to this for some months but if inflation is going to last longer than that would potentially imply more risk of its persistence and it ultimately becoming entrenched and our policy will respond accordingly So they're on this Catherine and I'm thinking back to the old days the Greenspan days in fact when was the last time I think I know by the way and it's making me feel pretty old When was the last time we had a surprise hike Where you see the headline cross the terminal Oh my God it's not a fed meeting A surprise hike between meetings wouldn't that do a number on inflation Yeah I was going to say no But as you well know the between meeting changes either way are incredibly rare And the hike is actually a good question The last time we saw the between meeting cut was of course in the lead up to the 2007 2008 financial crisis So 2007 when they were actually trying to do the opposite they were trying to protect kind of bank balance sheets from the unexpected dysfunction that we had seen in the market But the hike I'm actually trying to jump on the recollection Sorry there But wouldn't that be a mechanism Are we out of that business now The fed is just in a different place when it comes to telegraphing its moves I think it's in quite a different place I think they really see communication policy as an iterative process And part of what you heard in the clip that you just tell you from Powell was really an effort to engineer as I said a little bit of that flexibility to continue to respond to new information to show that they want to provide clear guidance at the same time they need flexibility because we don't have a road map for what this economic recovery is going to look like And that's the balance that they are trying to engineer right now But on the whole when we think back actually to vernacular the taper tantrum we see that there's far more concern far more attention to the fact that unexpected moves can also invite undesirable disruptions And so there's an effort.
Squawk Pod
Taking the SPAC out of Ackman
"Ackman spec the biggest in history dropping a deal to buy ten percent of a wendy's flagship universal music group pershing square tanti in holdings agreed to buy that stake last month. You remember for about four billion dollars but the spec announcing early this morning that the board had unanimously decided not to proceed with the purchase in a letter to shareholders. Bill ackman decision with driven by issues raised by the sec about several elements the proposed transaction in particular whether the structure would have qualified under nyse. Rules ackman said they would now pursue a conventional spec merger. Something else so they're going to now there's going to be a effectively a new deal over the next eighteen months. I've got to go buy something pershing's spac price has fallen eighteen percent since the g. purchase was announced on june fourth akron city underestimated shareholders reaction to the complexity of all of it. Remember that structure that we've talked about. Joe said we all serve struggling to to sort of make sense of how it would all work ackman said that pershing still intends to become a long term shareholder of you. Mg after its public listing in amsterdam in september
This Week in Startups
"ackman" Discussed on This Week in Startups
"That are doing huge amount of work. But they do it instantly. So that the consumer for for the zuma's like bush upon get a car payments Taking care of the negative is that you lose the context of why something surging and it's hard to explain because you make it so damn simple and soda fast and i think extending the definition of number An and making every single interaction. Whether you're taking the subway or taking the bus or taking a e scooter or you're taking over making it all delightful Is is is really going to be teams going forward taking out the pain travis's rallying cry. Like that's where he wouldn't participate in and i was. I thought tepid forever. And i couldn't even rug idaho. Well i mean. I understand his point which was it just adds another cognitive dissonance moment. You have to. Oh my god. is it included as it. Not and he had the idea of six or like a hidden star. You'd hold down the star and that it would be a six you could give tap is always tipping in cash but tipping tiptop worked out. Pretty well i think yeah. It's it's helped out driver earnings than anything that helps out. Your earnings is a good thing and and you know it creates an incentive for the driver to provide a better service and above and beyond Service to earn that tip And we think any kind of a product that drives kind of Quality it's goofing off final question. You mentioned that the workers in london were going to be more fulltime ish. Or i've got the term you used of art in london or in england their their workers which is essentially i see plus is e plus pension benefits and other benefits as well which is essentially the model that we want to go forward that makes sense so if that is the case. Does that mean you will be able to like say. Hey you have to wear it. Uber logo jacket or shirt. And you you have to. You should only work for us where we need your during these specific times in you dictate a little bit more of what you need as a company as with an independent contractor with may be able to honestly. That's not what we're looking to do. That's not what we're trying to accomplish. It is retained flexibility. Give some benefits. And i think it's a good good way forward ultimately. It's a better way this icy plus. I always felt like it. Be great if you could. I always said the worst case scenarios if we have to go full time with the drivers the benefit the person who wins it just cements uber's victory as the number one player because all the drivers go uber. Because we have the most rides and then you can have. Everybody wear an uber logo and you can put an uber logo on the side of the car. Which right now you can put like a little sticker. Maybe or they can put a sticker but we can put a full. Rubber are listen dr. This has been amazing beckham on the bod. And i'm still a very large shareholder and very delighted to see your incredible focus and your decisiveness on these issues and i hope the markets realized. How brilliantly gotten us to here and give you that ability to to keep investing. I like to see you have that ability to invest. Maybe get some cannabis on the road. Maybe get some drinks going not for the drivers liver and to the customers you know. I'm not saying that people are smoking cannabis a lot. I don't know how frequent it is. But i wouldn't say in california. It's infrequent seems to me. That's really good by jason. I think you have a future if you ever wanted in our team just let us know doing okay with podcast with the pod but this has been great really appreciate the time and continued success getting drivers on the road. If you're a driver this is the time. It's thirty forty bucks an hour. Get that extra cash. Now it's gonna be a yolo summer. It's going to go into the fall. Just grab all that money. Put a down payment on your house or pay down some bills or mortgage. Now is the time to be a driver. Go to uber. Dot com to sign up as a driver has person perfect thanks. We'll see you next time on this means by by..
This Week in Startups
"ackman" Discussed on This Week in Startups
"They put into the system and rate drivers in great careers and there are some not so great drivers and not so great careers who then designed to self select to do something else. So that's one of the cool things about an open system use sensually earn relative to your productivity as well but the flexibility is by far the most important factor. Yeah and it now if you look at it there was this whole concept that if uber drivers are lift driver's door drivers or any ridesharing drivers were going to be classified as employees. Well what about hairdressers and real estate brokers and freelance writers. I'm in the media business. A lot of The same publications that were giving ride sharing companies hard time. My friendship bank off runs. Vox had to cancel because had some of those rights had to cancel every freelancer in california. Because if the freelancer worked over x. Number of hours now triggered full-time and it cost chaos. So they just opted out of that market so where is the united states as a country and obviously uber endured ash. I think are kind of having to navigate this most of all. Where are we with this archaic system where either full time or you're a freelancer. But with this caveat. If you're a freelancer and unless you're you know got a really great lobby or you're an elite freelance like a real estate person. You're you can have freedom but the people may be who are. Starting their chris can have freedom. It seems incredibly un-american to me that people can make their choice but putting that aside is there a third way. That's better that's what we always talked about in the early days of uber was there has to be a third way here because you know that would seem more equitable. Maybe if somebody works over twenty or thirty hours. I know you've been reading on this pretty hard. And that's that's actually that's third way is what we're trying to shake now and to a large extent. That was what prop twenty two in california was all about. Which is how do you retain the best of both worlds right the the really cool thing about being your own boss. You're the ceo of yourself and you get to be totally flexible based on when where how you were based on productivity. They're good times to work right there. Good ways to work as well. But how do you combine that with some of the important elements of kuala traditional work which is a safety net protection healthcare coverage etc and. That's what we call an icy plus ashes the uk. There's a third designation. There's there's worker designation. And then there's fulltime employee and worker is is essentially an icy plus pension benefits some vacation benefits etc and in the uk we have designated drivers essentially workers. And now we are in the process of having discussions really on a state by state level is a needs. Every states needs are different. These are workers in the states to hopefully come up with us. Third model flexibility of an i see the freedom of an i see with protections whether it's minimum wage or a fun for healthcare or other benefits as well and i think it is the better way forward it takes time you know Government sometimes move slowly but by design. But i do think this is a better way forward and pretty optimistic independent contractor status with me if i hit a certain benchmark is there a certain benchmark. You're thinking because i think the average number of hours for full time employment is two thousand pretty easy if you wanna do this at home. Fifty two hours a week. Forty hours twenty eight years the number of hours per year. So if somebody did one thousand forty hours that would be halftime. Therefore they could get half the benefits as a full-time person doesn't seem so difficult for us to comprehend. We're actually not looking at it benchmark because to some extent but he picked twenty hours thirty hours forty hours. I think those are the kind of picking it out of your at indexing right. Which is if you work funny hours. And ninety percent of drivers for example work less than forty hours right like the vast majority of drivers the vast majority of couriers were far less than forty hours but basically index the benefits based on. How long you and the other. I think cool idea. Is you pull together the hours that you put into all the platforms. Hopefully it's an ideology benefits. Which i think is really cool right. Which is hey if you if it's just based on how long you worked for one company And how many hours you uber or door should cetera. That's one solution. It's and it's not a bad solution. I think that's some are gonna go in that direction. There's another concept which is portable benefits. That if you work hours over. Let's say ten hours on lift. You actually get benefits worth of twenty hours so that freedom to to work with multiple platforms. I think both ideas are good ideas. And hopefully you know depending on a state by state level which is the right idea. We'll go forward that way. Yeah and i think people are forgetting that you are one hundred percent dependent on drivers. There is no business without drivers. It's in your best interest. In fact i would think it's your obsession to make this a better to for them than other opportunities they might be presented is am i correct in thinking that your competition is people working at a starbucks or a target or walmart versus deciding to be an icy or an icy plus code totally and and drivers are our customers right. We have a driver app. We we run that app just like we run our rider app and it's in our interest to track the customer to give them a great experience for their earnings.
This Week in Startups
"ackman" Discussed on This Week in Startups
"Insights. Try user testing free today at user testing dot com slash twist. Okay but i the news. Softbank bats qattara shutting down And i think this is an important topic for two reasons one. I wanna talk to you about over funding of startups and the problems. That can cause. And then i wanna talk to you about a new concept i have been discussing internally something i call slingshot startups and these are startups. That got set back during the pandemic but like a slingshot they got pulled back and all that energy built up. Now that the reopening is happening they are moving again but with more velocity. Sometimes you have to step back to go forward. Let's start with qatar. If you don't know this is a vertically integrated construction starting. What does that mean it means. They tried to make construction work better faster and taller etc so the company was founded in two thousand fifteen. The ceo is michael marks. Iran flex electronics from ninety. Two to two thousand five before working in private equity and the concept was pretty basic offsite manufacturing with onsite assembly. So you make a bunch of parts and then you put the home together almost like a kit car if you think about it and maybe over time using software and accurate planning design the could reduce time and build cost and they focused on large scale buildings apartments commercial offices etc. They race two billion dollars. And if this all sounds familiar and it sounds like. Wasn't this the same problems we were at well. The largest investor was softbank vision fund. If you have a vision and you wanna go. Big masayoshi son has been doing. You have the risk of putting so much energy capital and jet fuel behind the rocket at the rocket blows up on the landing pad or just goes off in a crazy direction like we saw with we work and like we see now with qatari ca terrorists totally blown up. We work seems to gone off target But maybe they can course correct if they make it to escape velocity so the information did a great story and just outlined exactly how apparently the firm was. that's capterra. we're talking about here. Obviously we were also mismanaged going to get into why that happens after cova hit was hemorrhaging money. According to sources and This was because of delays increased material costs etc and to artificially boost revenue according to the story tara exaggerated updates on certain apartment renovation. Projects now exaggerated updates. This could be one of these. How you frame something so to speak and it might not be outright lying but exaggeration can be framed as ally. This is very important for founders. Were listening especially when you're selling securities you want to be as honest upfront. Give as much data as possible to investors employees shareholders and the broader stakeholders in a company. You never want to exaggerate or polish or massage the truth because massaging the truth for one person might be fraud or allies to an organization like the sec or investors right so And typically the outcome will determine that if you massage the truth and you have a big win. You're a hero. Nobody's doing you if you massage the truth and you lose your investors money. Now you're in court now. The sec gets a tip from one of your previous investors. Who feels bad. That you exaggerated Or some people might call it. Faking it till you make it and they. They claim employees. Use the fake updates to frontload revenue by millions of dollars in financial reports given to investors. So when i see this might take on this. As the information got this from investors who were very upset by what qatar was doing and they took the most negative lease charitable position on qatar behavior. That's what i'm reading into this. Because how else would the information get this when something blows up and you've got hundreds of people in the capital. It only takes one person to say you know what i feel wronged. I'm going to give this information to a journalist and that's How these things go down. Typically capterra firm to investigate this internally according to the story and the ceo and co founder. Michael marks down in may of twenty two. It's likely the board fired marks who knows No indication here that mark knew of the misleading financial reports. Most people would say you're supposed to know about that But you know. I can tell you. In a company with thousands of employees with hundreds of millions of dollars in investment or billions of dollars in this case a lot of times. The ceo gets abstracted from a reality. And you have people feeding you information and sometimes you get disconnected from the ground truth in your business. This is why. I always look at bank statements or ask people to tell me how much cash is in the bank account a look at the bank statements or credit card charges as they happen. Why wouldn't you do that right sometimes. You got get into the weeds as a founder and other times you have to delegate a little bit of both trust but verify is always in order so in december of two thousand twenty territory investors. It was running out of money. Softbank injected two hundred million in. What's called rescue financing This wiped out The stakes of other investors in other words it was a crackdown. Probably pay to play. Yeah i think that's the term. A lot of people will use. Which is we're going to make all the equity in the company worthless but you can buy new equity at this incredible price so you pay to play. If you don't pay your wiped out but everybody had the opportunity to put more money in so this is where you could have had a fracturing of the loyalty within the company the existing investors feel wronged. They feel like they were lied to. They put a bunch of money and now they're being told their equity is wiped out and the only way for them to get new equities to put money into a company. They feel has not been honest with them. Can you see how this is a bit of a prisoner's dilemma. They're gonna wipe out your equity as an investor in. Can you understand how this would make bad feelings inside baseball. But this is what really happens So you get all these bad feelings. The company goes from a four billion dollar valuation to than four hundred million according to a letter sent to qatar shareholders and in the information story certainly a lot of her feelings with other investors. So i'm guessing they leaked all this information and according to an anonymous source be careful with these obviously because anonymous sources are relied on far too much for stories by journalists and frequently. They're wrong or they have massive agendas but they say the. Sec is also investigating qataris. Fos front loading claims. Who knows if that's an active investigation. Where if they confirm they received information. I i think the sec doesn't actually tell you based on my experience they don't actually tell you what's going on. They'll do a document. Request is my understanding from attorneys. I know who work in the space. They'll just give me all the information that doesn't mean there's investigation it means. They want information because they just want to check things out. The shutdown announcement comes in qatar which had eighty five hundred employees before cutting it down to twenty four hundred after numerous rounds of layoffs sent an email to the remaining employees on june first tuesday following a thorough review. I'm quoting year of strategic business alternatives. Qatar has determined that it must wind down the majority of its. Us business operations effective immediately. Unfortunately most of our us employees would no longer be working for the new in the near future. That means you're fired by the way. Just say you're fired. An executive told employees video call. They didn't have money to pay severance or unused. Pto a person who attended the meeting again unnamed source. Who knows if that's true. Who knows if that's speculation. If they don't pay those things then. I believe the board members and the ceo and Folks like that could be on the hook. So there are specific laws in specific regions about factory shutdowns and the notice. You have to give employees and this is called the warren act of you a. r. and i believe and this requires employers to provide employees with at least sixty days written notice of plant closings and mass layoffs. The purpose of the events notice is to provide the employee swift transition time enabled find alternative employment or to enter a skills training program. Warren act mass layoff is a reduction of force within a single site of that resulted.
WMAL 630AM
"ackman" Discussed on WMAL 630AM
"Dot com. You know the good part of this game, stop conversation and Wall Street bets and all these people who are jumping into the market and going to war against the hedge funds. Is it starting to reveal something? It's a bit of an emperor has no clothes moment. That boy, A lot of this has been going on for years in the stock market is just not traditionally done by retail investors. Those people are typically exploited. So when you and I go on, like a little retail investment platform, and we're like trying to do our individual stock trades, what happens to us? Well, there's a lot of people were taking advantage of those trades really quickly through high frequency trading. There's they're intercepting you on the front end. They're figuring out ways to drive to make money off of normal. Retail investors, and they're also taking advantage of the emotions of retail investors right of just individual investors who are trying to, you know, make a couple bucks for their family. It happens all the time. And the value of companies doesn't always match what they're actually worth. One of the big examples of that right now is Tesla. It's Tessa really worth its valuation? Most people aren't even Wall Street was like, no, Not really. But it's at sky high levels to the point that you'll on musk is right now the richest man on the planet The richest man on the planet. It's all very fascinating, but it's exposing that there's a lot of fraudulence that runs through this system. And so I may just take you back to last year. There's all the all the whining that's going on right now, about Wall Street bets that that you just heard. Charles Payne talking about Remember last year as everything was starting to feel like, okay, Gosh, this Corona virus pandemic is worse than we thought like there's there's something going on here. Well, One of the people who helped accelerate the panic is a guy called Bill Ackman. Bill Ackman is a hedge fund manager and he went on CNBC, which is typically where these things happen. These guys, these guys will go on CNBC, and then they'll start placing emphasis on something that's about to happen in order to drive market performance in some direction. Bill Ackman goes on CNBC and he starts screaming that the sky is falling. And that quote Hell is coming. Listen to that hell is coming. This was a feeling like I've never had like there's a tsunami coming, right? Tsunamis coming and you feel it in the air, right? The tide starts to roll out OK and on the beach. People are playing and having fun like there's nothing going on. And that is the feeling I've had for the last two months, Okay? And my colleagues at work, Okay. Thought it was a lunatic. We need to shut it down now. America will end as we know it. Okay. I'm sorry to say so. Okay, unless we take this option. Okay. That was Bill Ackman. Okay, Okay. He says they're lot. That was Bill Ackman in mid march, right? Mm hmm. In less than a week when the market began actually plummeting, Encouraged by people like Ackman, who went on CNBC to tell them the sky was falling. He drives a $2 billion windfall from a bet that he had made against the market's performance. $2 billion he made off of the market crash. He subsequently took that $2 billion and then re invested it in now destroyed companies, which are mainstays in order to drive the ultimate profit that he was able to recoup through the growth over the course of last year. So Bill Ackman, a hedge fund guy goes on TV plays a role in manipulating the extent of the market's decline. Benefits from it. And that makes a ton of cash on the chief companies. And now what? We're right now. What we're getting is claims that well, the regulators really need to step in because this guy with $5000 he invested in game stopped at the wrong time. Yeah. Yeah, And they're very upset with with all these things that investors on a social media thread for you know, I guess regular investors, but also amateur investors who belong to this group who talk about you know what do you buying? What do you seeing, you know, give each other's tips and help each other with their online trading or however, they choose to do it. It sounds like a lot of online traders who do this. And they figured out how to make a better mousetrap. And now the mice are not super happy about that. It's supposed to be there game. They're the only ones who get the cheese, and these guys figured out how to get the cheese. And so they're not happy at all. Now, they wanted. As you said to your point they wanted regulated. They want these people stopped. And they're they're Subreddit Group actually was taken down for a little while. Yes, And then they reorganized. Now, the problem over it read it is that there's a Subreddit group. There's a new one. And so the original one now has been like it was always private. But now it's locked, and they're not accepting new members. And so so you've got this other sub group and apparel recon. We belong to the other one. If you have so much quote unquote karma. I don't even know what that is. And so it's. It's a big mess over there. So I'd be very careful if you head over to read because I did. I went over to read it to see if I could find this group and see what they're talking about, like everybody else. But apparently the one that you can see now is not the group. There's a lot changed. A lot changed overnight because the group as you noted, went private last night. Additionally, there discord server where they normally do real time communication about what they intend to do was shut down yesterday on the basis of dangerous speech or some some some other pretext. But what's happening now is like the forces. The powers that be are are descending really quickly to shut off the ability for this to occur. Charles Payne, who we just heard from a few minutes ago, he went on Tucker across the show last night to say Look, any time you want to stop Insurgent movement of any kind. Anyone anytime you want to knock out the ability for a movement to do anything? What do you do? Get rid of their communication. Exactly. You cut off their communication first, and that's what started happening last night. There is imagine. I mean, if you have if you're the type of place that can lose $10 billion In the course of 72 hours. You probably also the kind of place that has tremendous amount of power to reach out to your friends in these gigantic communications companies and say, Hey, look, you know it's a real problem. What's going on here you're doing this is illegal activity. You want to get to get my lawyers involved, Do you?.
Money For the Rest of Us
What Are SPACs and Should You Invest in Them?
"Now, why do spags exist? A primary reason is the reverse mergers that occur was back with a publicly traded company purchasing a private company is in some ways simpler and easier way for private companies to become publicly traded compared with doing their own initial public offering. One Reason, the appetite for IPO's varies. There are some times where markets are more receptive to IPO's, and that's when a lot of private companies startup companies want to go public. Other Times not so much with a back. It's already public. and. So it's a way for a private company to become public without having to go through the road shows and much of the paperwork and legal hassle of going public. Another reason is often when a startup goes public doesn't initial public offering they lock up period for existing shareholders. It's not necessarily great press for a newly public company to have its founders selling a lot of their shares. With us back, they have the cash already raised and it's easier for founders and other principles of the private company to be able to liquidate more of their shares in the company. The other thing with initial public offering is often times money is left on the table. The underwriters try to price the initial public offering at ten to fifteen percent discount to the fair value of the company. But what that price is very difficult to determine and oftentimes after the initial public offering in the first few hours the IPO jump significantly in price, which means the private company didn't get that money that was money that was trading in the secondary market. It wasn't money that flowed to that private company is part of that public offering. With specs, there's a negotiated price. So the private company knows what they're getting. They know what the valuation is and so they potentially can get more money. How then do specs work? Well specs also need to raise capital so they do an initial public offering. It's usually combined with one common share plus a warrant or a fraction of a warrant, and what a warrant is gives the holder the right to buy more stock at a fixed price at a later date. It's an incentive for SPAC holders to potentially get more shares of the company wants that target is identified. The initial public offering is help for the back and at least eighty, five percent of the proceeds needs to go into an escrow account for future acquisitions. In practice, it's closer to ninety seven percent of the proceeds with three percent held in reserve for underwriting fees for the initial public offering operating expenses for this back to cover due diligence cost legal accounting et CETERA. Most of the money goes into this escrow account, which is then invested in government bonds. So before the acquisition, it's fairly risk free investment. Most of the time, the specs are issued at A. Price of ten dollars per share. In theory, it should stay about ten dollars per share because it's just an escrow account invested in government bonds and shareholders of this they don't know what the potential acquisition target will be. In practice, we're seeing specs sell for more than the IPO price because holders believe the management team of back is going to identify a very attractive company that will be profitable to the SPAC shareholders. So sometimes, they can bid up the price of this back. For example, that back that pershing square bill ackman's company came out with July is trading about twenty percent above its IPO price. The specs sponsors have a specified period to identify a potential target. Typically it's about two years and if they're not able to identify an acquisition and close an acquisition, then the trust is liquidated and the money in escrow account is return his shareholders. If the back sponsors do identify potential target firm, then they make an announcement, it's called the announcement date. Then the back shareholders are notified that there is a potential acquisition target. At that point that's back sponsors perform additional due diligence negotiate a structure of the acquisition. The SEC has to review the terms of the acquisition because the private company will be made public. And then there's a proxy vote for the shareholders of this back and they are deciding to issues. Whether they approve the acquisition or disprove, they don't want to Spec to go forward with it. The. Second thing that they are voting on whether they wanted to liquidate their shares in this back they have an opportunity to get out at the net asset value of the trust, which is the value held in the escrow account divided by the number of shares. Outstanding. If more than fifty percent of the shareholders approved the acquisition and less than twenty percent of the shareholders vote for liquidation. Then the transaction is approved and the target firm is listed on Stock Exchange. If more than fifty percent, approve it but more than twenty percent want their money back. Then this back is also liquidated.
Parenting Roundabout
Roundabout Roundup: Project Runway, Comments by Celebs, and Tomato Timer
"That. We think you'll find is useful or enjoyable as we do. We call this our roundabout roundup and I will go first. My daughter and I have been watching project runway The most recent season that finished up. I believe sometime in March This is season eighteen. And it's on its back on Bravo so it wasn't bravo than it moved to lifetime now came back to Bravo and it has carly kloss in the Heidi Klum role and Christian Syria. No past winner in the Tim. Gunn role and people were concerned about this to use the word that Tim. Gunn like to use a lot But I'm here to tell you that Christian is great. He is fun and funny and he just he just goes around and says and he can convey quite a lot with his little man but he has really good feedback and advice and he yeah. He's good he's gone so yes she soon. I feel like maybe watching project runway so we just started and It's been something fun doing together. Nice so and it's the season's over so you can you know you can start from the beginning and get all the way through it without having to wait for anything so astle we are doing Nicole. What is on the instagram minute? It you actually gone this one for me Catherine type in quite enjoying of late. So thank you very much for doing the research for me this past week. But I'm going to shout out an instagram account called comments by celebs and it's basically screen shots of instagram posts on which a celebrity has commented and You often see Chrissy Teigen but Lots of good ones. That give you make you chuckle. A lot of them are like former CO stars or You know where they're commenting on one another's page or There is even you know sister. You know siblings and It's cool it's it's very random and in it's kind of fun to see that they're just like us in the same vein of A. Didn't we WANNA talk here about rob blow on Instagram? And how his son has his sons roast him on instagram. All the time and this is sort of similar yet in spirit like there's one here just looking at its huge ackman's a instagram account. Any posted a picture of him and his wife and he was commemorating the twenty four. The last twenty four years so is there. Twenty four th wedding anniversary. So is that a picture of him and his lovely wife twenty four years ago and so he's saying you know I love you devs with every fiber my soul happy anniversary Yada Yada Yada and then Ryan Reynolds comments hanging there. Deb So it was just destroyed. You need at this time. That's right exactly. It's a lips. Have a Lotta time on their hands right now. So probably will be comedy have to do that. So what do you have Terry this week? Well for those of us who are still actually working. I have a recommendation of a very simple APP. That was very helpful for me. This past week is were recording. I think I've talked about before about the pomodoro technique by which you work for twenty five minutes get five minutes off work for twenty five minutes five minutes off. I think I've probably suggested other tools for doing this that I have used for awhile and then discarded as is my way but The one that I am using just at the moment that was very helpful. Got Me through a really intense four days worth of work. is just called tomato timer. And it's on the APP store for iphone. At least I don't know about android but it's just it has a little circle and you poke the circle and it starts counting down to zero and then it puts another circle for your five minutes and it's just that visual as the time goes the filling on the inside of the circle goes down so you kind of have a visual reminder. Also casts shows the time as it takes down Not a lot of bells and whistles not a lot of stuff to type in and fill in and follow up and report and all that just counts down for you in a visual manner. You can have it on your iphone next to your computer as you're working on it will keep you focused. Theoretically it did it worked very well for me for that space of time. So
The 3:59
Is the new MacBook Air really worth it? (The 3:59, Ep. 486)
"Chang amount for dang Jan Ackerman. At Apple's MAC book air is going on sale today. And we've got Dan ackman onto talk about his review. Hello breakdown for us is the new macbook air worth it. It's very different from the old MAC book air, which both of you guys. Have that's designed it has not changed a lot in the last basically eight to ten years, and it was just really getting old. I mean, they're just not. So remember one of the cool, but the almost tech. I went to look up the original two thousand eight was when this was announced this when Steve Jobs, I think famously took it out of Manila, which by the way, he like faked that it was it couldn't actually fit in a little bit extra large gun extra. There's no way that original mat book Erica fit in anyways. So I went back did, oh, let's look at the original review from ten years ago. I was like I wonder I looked at the review it said, oh who wrote this turns out. It was me. I had no memory of this whatsoever. But if you wanna see me giant sideburns, you can see the video for that that we republished back in January for the actual tenth anniversary. So this is the first really really really substantial redesign in many years on this. And you know, what it looks and feels like the twelve inch macbook and teen inch macbook pro it's right in that family. Now, it is it's got the same butterfly keyboard, which is very shallow. Keyboard that giant touch the retina display with the much smaller Bethel's, you're still windows, laptops, with less benzel than this which is a little border between. We're this display ends and the ends. Mattock pretty good. Can we talk about the ports ports common? Oi. May there's only the two that's always it, isn't it. That's number one question. If it's a new MAC book, it's going to have USB ports. Thunderbolt three ports, but the really USB confusing to people stand technically the shape, right? And you can do power through this video data really anything just like on the current macbook pros. And frankly, a lot of high in windows, laptops, are USB only. Now, also, so it's not that crazy. The USB. See I'm not I don't have a huge issue because I know a lot of companies are moving to them. That's the features going. It's the fact that there's only two on one side they can do one on one. They couldn't figure on regular US food Jaffe lights, we should answer the question. That's the title of this podcast, though. Is it worth it? Is it worth the higher price tag everything about this air is new and improved for the most part much faster processor better track? Keyboard you could equivocate on screen much, much better lighter. So everything pretty much changed. Unfortunately, also changed is the price the air famously nine ninety nine for many many many years you could say going to save up for a couple months again, a MAC book air for college students a bit of a reach. But you could do it. Now. The starting price is eleven ninety nine which is frankly twenty percent Trump. That's big jump. And and it's it's no longer the automatic recommendation for let's say at college to or writer designers because it's that much more expensive and for one hundred dollars more, you could get either the twelve inch MAC book, which is less powerful, but more portable, and I actually like it a lot or the base model thirteen inch pro which is less portable. But power. What do you think is this worth? I think if you want a MAC book air, but you didn't want this old one. Yes, overall, it's a fantastic laptop. And if it was nine ninety nine I'd go out and buy one myself, right? This second ten ninety nine still pretty good once eight eleven ninety nine. Then it's then it's less of a of a blow out. All right. So let's talk about privacy effort. You've got a fascinating story on. How restaurants are clicking our data through these weightless apps. What's going on here? So if you've ever been a restaurant, and it's packed, and they say, you know, give us your phone number, and we'll send you a tax tables. Right. You can go go walk around the mall or something like that. While you're waiting for your table. If they're using an apt to automak automatically send you a taxed there's a good chance that there are some privacy. Implications come with that. So certain apps will keep your phone number for a certain amount of days at restaurants can take a look at other apps. They're able to share it with party marketers one. For example, open table is owned by kayak, which means that they're able to share it with all their different websites. So that's one example, yelp owns one called no way. And they say that they don't really do any marketing with your number. But they do keep it if you're using their app. Restaurants and malls. Or you're going to all the nicest ones all the fanciest ones. I live very. The best here, we do have malls here. They're rare. But there are malls in Brooklyn in Manhattan. You can call that Amalia herald square. Okay. The famous famously almost always empty Manhattan mall. Exactly. Yes. So. Is something that people should be worried about it depends. I mean, if you really don't care about, you know, your privacy, and you really just want the convenience of it. There's there doing this. So it's much more convenient for you. So that the next time you go to this restaurant. They'll know oh, this guy likes a seat by the window or something. I got it. Okay. A lot of it is done for the restaurant sake as well. So they know when their peak hours are how long people are waiting how long they should keep people waiting for without them wanting to leave or anything. So it is beneficial for restaurants. But you do also have to be mindful of your privacy. Right. Do you want to be a part of that experience? Just another example our slowly giveaway away all information, you need a restaurant at burner number could do that companion at that will give you a sixty minute phone number, and you can give them that. All right. So we're way over time for more on this chicken sound CNN. Roger Chan I'm outfitting, Dan Ackerman listening.
MarketFoolery
Ackman's Pershing Square unveils $900 million stake in Starbucks
"The funding runs Pershing square has invested nine hundred million dollars in Starbucks and ackman Noche ranking violet. He said that he expects shares of Starbucks to double in the next three years. I will just say, from my standpoint. This is the single biggest holding I have in my portfolio is Starbucks and I do not view this as welcome news. I just I saw this, it's the curse. It's not even. It's not even so much the curse, but I just sort of thought, you know what? I don't need that right now, and I'm not. I don't even work at Starbucks, but I just thought if your Starbucks management of your Starbucks board. You're looking at Bill ackman saying, well, I'm here. I've got some ideas. Let me share with you. The wisdom that I shared with the people at Cipolla took steak there and Burger King, and you know, I don't want to dump all over Afrin. Even though I just have many because the guy has had some success. But this this just seems like ultimately more of a distraction for Starbucks management than anything. Positive. I agree. I think Starbucks is a business. I'm not. I mean, I'm sure this is. I mean, he's he's in investing in less or a little over one percent of the shares. I gotta feel this got to be a passive investment. I mean, I don't know what value he thinks he can add. I mean, in my mind, Starbucks is a business that has a pretty clear trajectory. There's not really a lot wrong with the business. I know growth has been slower for this isn't a business where I think ackman's coming in saying, oh, here's a problem, or here's something that's undervalued that I think I can create value or add to. And again, I. I don't know why we have to keep talking about Bill ackman. He's definitely a newsmaker, but you start you start telling up the MRs here over the last decade starting with target herbalife and then value pharmaceutical, which was multi billion dollars. I mean, the JC Penney. Right. I mean, it just the list is building here, and so I share your discomfort as a Starbucks shoulder as well. I'm not sure what Bill ackman actually brings to the table anymore. I think he's just looking for an easy win. Frankly, I think given the stretch that he's had and you just listed off some of his Villier failures that will in all of them. I mean, he's had a really tough gov lately, and and I think frankly, he's just looking for an easy win and we were talking about this yesterday. I think it's easy enough to get out there and make fun of ackman for picking Starbucks. Oh, it's no big secret. Everybody knows what Starbucks is, but that's kind of the point to really. And I think we talked about this a lot that really at the end of the day, those great businesses, they're not secrets. They're out there right in front of us since. I mean, he, he in the reasoning behind this. I mean, he listed off a lot of qualities that really we like. The business end. So for me, I mean, I don't think he's going to go there and try to turn things around or shape their strategy whatsoever because he certainly has a history of seeming to think he knows more than he really does in Starbucks is obviously very big company. Obviously, with with management, they're already said on a strategy, I guarantee you, they know more about the business and its future markets than he ever will. So yet to me, I really just think he's looking for an easy win here in that can't blame him. Starbucks is is a is a good business. That's when we like a lot here, and I think that you can hang onto a free longer than three years. Then you'd be better off. You think a doubles, like totally route I would love. I would love to be sitting here three years doing this show talking about how wrong I was to doubt Bill ackman that Starbucks shares had doubled in a three year period. It's such a mature business at this point. As you said, Mattie, the trajectory for Starbucks is pretty clear. If I the bet I'm betting it's higher in three years, but dub. It's a seventy seven billion dollar company. Yeah, I think to me, Starbucks is more of a a total return story. You're looking at dividends looking to buy backs. You're looking at a little bit of growth on the top line. You're looking at what they can do in China. But yeah, double in three years again to for that to happen, there has to be the dreaded financial engineering or something like that. That kind of does that. And you know, acting kind of does bring that to the table. I hope that's not the case to me. Starbucks, steady, ten percent, return her business. Certainly not a double in three years. I'd love to see it, but I think it's also worth remembering too. I mean, Starbucks is probably a witness a little bit more on the expense line there as a pertains to employ ease because they continue to revamp the benefits that they offer. I mean, just a recent example here was was the childcare subsidy, and I think they're, they're expanding that they're expanding that offering to every employee in the company. So I mean as an investor, I think you have to applaud that as a as an employee. I'm sure you'll love that it does it. Perhaps tamp down potential returns in the short run. Yep. Is that the right. Thing to do? Yeah. I think longer term it gives the company more opportunity to succeed to grow in. So those are good things, but we'll definitely play into that returns projection over the course of the next three years. I mean, fifteen percent annualized over the next three years or well, no, you're seeing double over the. Twenty percent. Yeah. Fifteen would be five years that seemed like a really hot hurdle very hurdle. You mentioned financial engineering. I'll just say this. I've never sold a single share of Starbucks in all the years. I've owned it if Eddie Lampert joins the
Bloomberg Best
Bill Ackman, who flamed out on Herbalife, now targeting Starbucks
"Shares in Starbucks picked up two percent in the US session. That was after hedge fund manager Bill ackman announced on nine hundred million dollar stake in the company ackman believes Starbucks troubles are surmountable and the company has tremendous growth opportunities with its expansion plans in China ackman is betting.
Noon Report with Rick Van Cise
Ackman's Pershing Square unveils $900 million stake in Starbucks
"On the same day gave him subsidized backup care for kids and adults starbuck stock up more than two percent CNBC reports activist investor Bill ackman has revealed a nine hundred million dollar bet on Starbucks. His fund has fifteen little more fifteen million plus shares of Starbucks at about nine hundred million dollars worth company says by the way, going
Who? Weekly
Who is Neri Oxman?
"With the facts, and the thing about Neri Oxman is the more facts you learn the less you actually? No, because they approached her job way more seriously than the likes of us weekly and people and in doing so made her job even more confounding. It's completely ridiculous what they say about her in this in this piece. Yeah. Can I ask you question though? So they? So she says they say this past spring, Brad, Pitt also reached out in a visit to the media lab than inflame the internet. They are not dating Dr. Oxman said that emphatically her real world. Boyfriend is William ackman the contrarian, hedge funder. I didn't click that, but it is linked. What does that mean? What's it? Contrarian edge funder anyways, he lives in idea. He's rich. He's reading some rich guy. Bobby really got a kick out of this article because it doesn't make any sense. Let me read this. Yeah, a cab. Asian of some sort of, I don't know. It looks like. It looks like honeycomb. I don't know. It looks like a honeycomb. It's very organic material that's glowing, but I can't tell if it's, you know, emitting the light on its own accord or if there's a light in there, but the caption is material ecology, which is her specialty. I don't know what that means. Material ecology. Mary's technological advances of computational design synthetic biology and three d. printing to produce startling looking mouth. Multifunctional structures like these sheaves of childen. A Compostable material derived from shrimp shells in the foreground. Silkworms are spinning on tiny platforms.
Dennis Prager
President Trump, Mike Pompeo and President discussed on Dennis Prager
"Mike Pompeo says renewed sanctions are an important, pillar in US policy toward Iran says the sanctions will be rigorously enforced and remain in place. Until the, Iranian government radically changes course Pompeo says the Trump, administration is open to looking beyond sanctions but adds that. Would quote, require enormous change from Tehran he said Mr. Trump is intent on getting Iran, to quote behave. Like a normal country Jeremy house reporting LeBron James picking up support from one, of the world's biggest supporters of terrorism the former Iranian president Mark Murdock Medina jed who oversaw the killing of US servicemembers in Iraq and supports has belong and their attacks against Israeli civilians rushing to James is defense after the NBA star attack President Trump on, CNN and, the president fired back questioning James's intelligence, ackman dinner jet-set on Twitter that, everybody especially the president in his words.
BBC World Service
Jakarta, Indonesia and Brown discussed on BBC World Service
"The chance to make a new life or is it time to close the doors on an endless stream if humanity that's all after a summary of the news bbc news with justin green abbas says it might have to pull out a britain if the government fails to agree a brexit deal with the eu the company which makes the wings for its planes in britain said repeatedly tried to raise its concerns with the government but without success junk road yonker the president of the european commission says the block will do whatever's necessary to safeguard its trade interests he was speaking as the eu imposed additional tariffs on over three billion dollars worth of american products it's in retaliation for us levies on steel and aluminium foxconn giant manufacturer of electronic components as voiced alarm at trade tensions between the us and china it's taiwanese founder and chairman terry go described the threat of a trade war as the biggest challenge to the company foxconn makes products for brown's including apple and intendo in indonesia a cleric and supporter of socalled islamic state has been sentenced to death by fire firing squad for his role and a terror attack ackman abderrahmane was found guilty of masterminding a deadly assault on central jakarta two years ago which is said it perpetrated greece's finance minister you kid stock alattas has welcomed a major deal in which eurozone countries agreed on a repayment joe for the country's dead he said greece was turning a new page or what he called this historic moment north and south korean delegations discussing how to resume reunions of families separated by the korean war sixty years ago there haven't been any for three years but at that summit in april the two countries leaders vowed to try and revive the reunions many of those affected a now in their eighties and the american bike sharing service lime is launching an electric scooter scheme in paris today earlier in the us lime started a bicycle high company but it found demand was ten times higher once it launch scooters bbc news you're listening to the real story.
Bloomberg Markets
Square obtains NY State cryptocurrency license
"Yeah because it was earlier today just saying that mergers to make at and t and comcast the world's most indebted companies and they were just talking about you know these guys you've got atf chris moving ahead with its deal and have comcast gets us fox out assets it would be a lot of debt media companies also often have a lot of debt on their balance sheets but nonetheless this would add to the picture and so maybe that's also playing until a bit of the trade today and you're seeing other peers in the kind of do takeover speculation space cvs trading down with their upcoming merger as you said at and t dropped again today so there's a lot of concern over what's going to be next when these companies are executing these large deals issuing debt or having to find a way to do investors in the other company staying with companies that are trading to the downside valid invested you do realize if they don't investors who is like internet dating thing that you do convinced me it's not an economic business anyway go ahead inside the pharmaceutical since february us regulators rejected an application for its plaques rises lotion management saw it is the first of many drugs that the company was going to use to get approval and launched this year in the next four and a half years valley and trying to get back on its feet and you're looking at the chart this shares were up just over eighty one percent year to date prior today's session kind of reversing that rebound bill ackman obviously the former favorite of a manager but wells fargo saying major setback given plans for the company to launch seven products over the next four and a half years to make up one hundred one billion dollars in sales to kind of revamp the company's portfolio as we saw it shift more towards dermatology at after that distribution scandal correct all right let's talk a bit about square up almost two point seven percent dollar seventy two to sixty six dollars twenty cents a share a square climbing to their highest price after new york granted the company a virtual currency license letting customers in the state by until bitcoin you might recall the ceo of us jack dorsey saying earlier this year at the company would introduce bitcoin trading must all its users have square cash which allows people to transfer money to friends and family so anyway optimism on this has certainly been quite a kick to shares of square they're up ninety one percents so far this year driven by optimism for cryptocurrency trading and growth in ice cores main operations that provide payments and.
Bloomberg Markets
Ackman makes roughly $1 billion bet on Lowe's
"Industry altogether tying it all together for you and yet we continue to let them cheat and steal that's the trade issue as early as monday the president was touting the benefit for farmers of china buying more stuff this morning though he tweeted the deal might be too hard to get done shift of rhetoric from secretary of state mike pompeo when it comes to north korea till now he said no sanctions relief till the north completely denuclearize is now posture will not change until we see credible steps taken towards the complete verifiable and irreversible nico denuclearization of the korean peninsula pompeo isn't saying what credible steps would look like iran's supreme leader is speaking out for the first time since pompeo laid out demands for iran to halt its nuclear program in comments posted to his website i told ali khamenei says the us has tried various tactics to topple the regime and its forty year history and quoting here like the famous cat in tom and jerry it will fail again global news twenty four hours a day on air at tick tock on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries this is bloomberg thinks nathan now with our other top stories i'm happy little there's been a shakeup inside wells fargo's municipal bond unit the unit's new chief is dismissing senior bankers in new york chicago and la and bringing in colleagues from his almatar morgan stanley wells fargo is looking to bolster shrinking meany bond underwriting business it's fall into the eighth spot on the list of the biggest us municipal bond managers customers are coming back to tiffany sales at the luxury jewelry chain blew away estimates in the last quarter growth was led by gains in north america and asia tiffany also raised its profit forecast for the year and announced a billion dollar share buyback plan bill ackman shopping at home retailer lowe's bloomberg's pimm fox has details bill ackman's pershing square capital management has taken a stake worth about a billion dollars in the retailer and is supportive of the company's incoming chief executive marvin ellison ackman disclosed the steak at a mergers and acquisitions conference in new new york hosted by the law firm kirkland and ellis ackman joins de sean company as an investor in the home improvement retailer ackman's position would put him in.