23 Burst results for "Bill Ackman"
"bill ackman" Discussed on We Study Billionaires - The Investors Podcast
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So i think you just <Speech_Male> have to be in <Speech_Male> really open minded <Speech_Male> and <Speech_Male> try to <Speech_Male> really understand <Speech_Male> <Speech_Male> all of these different <Speech_Male> theories from all <Speech_Male> of these <SpeakerChange> different <Silence> <Advertisement> perspectives. <Speech_Male> Well <Speech_Male> colin in. <Speech_Male> Thank you <Speech_Male> as always <Silence> coming here on. The show <Speech_Male> would <Speech_Male> also like to give you <Speech_Male> the opportunity <Speech_Male> to tell the audience <Speech_Male> where they can learn more <Speech_Male> about you proud. <Speech_Male> Capitalism <SpeakerChange> <Silence> <Advertisement> and group <Speech_Male> yes <Speech_Male> oh pragmatic. <Speech_Male> Capitalism is my <Speech_Male> blog. It's kind of <Speech_Male> just where i have. <Speech_Male> You know over the course <Speech_Male> of the last <Speech_Male> ten fifteen <Speech_Male> years. I've just sort <Speech_Male> of you know vomited <Speech_Male> all of <Speech_Male> my <Speech_Male> knowledge. <Speech_Male> Stupid ideas <Speech_Male> onto <Speech_Male> the website. That's <Speech_Male> pract cap dot <Speech_Male> com p. r. <Speech_Male> a. g. c. <Speech_Male> a. p. dot com. <Speech_Music_Male> I've <Speech_Male> listed a lot <Speech_Male> of different <Speech_Male> pages over time <Speech_Male> again. There's <Speech_Male> an education tab. <Speech_Male> Their recommended <Speech_Male> reading understanding <Speech_Male> money. <Speech_Male> I have some research <Speech_Male> papers on their <Speech_Male> very <Speech_Male> top of the page. There's <Speech_Male> a you know <Speech_Male> a new here. <Speech_Male> A welcome mat <Speech_Male>
"bill ackman" Discussed on Adventures in Finance: A Real Vision Podcast
"Progressively more cash on. Finally there's a story out today. That bill ackman is talking about too much complacency in markets once again shorting investment grade credits which is very similar to the bat. He made last time. We made two point six billion dollars. I believe earlier in the year On the declines in economic activity from the cova crisis. And you've been thinking about this big picture for very long time. You've been talking about the potential for a double dip. Were you in terms of your framework right now. We spoke to that and there are so many ideas are going through my mind right now after the election because we obviously had that kkob related sell off because what happened in europe in terms of the lockdown. I think that was appropriate. Given the fact that you're such a large contributed to global gdp growth and that they were going and doing the most draconian thing locking down their their economies but the the secondary question is what happens in the us. and i'm definitely firmly of the belief onto two fronts. One that the backward-looking date in the us or good that is is that we're looking at numbers that suggest that the us looks good To be able to power forward it would be good if it weren't for the virus. The fact is that the virus is a big problem. I think that the things that you and i were talking about Maybe two weeks ago have been borne out by reality. That is the numbers in the us. I said are definitely going to rise. They're gonna rise a lot and it's going to be epidemic proportions in what we've seen since that. Time is an absolute know mushrooming in the case. Count the death count is up to fourteen hundred today The highest that we saw was in the two thousand range In the first wave. So i honestly think that we'll get to those levels. I was talking around the fifteen hundred level We're already near that level now. So things are looking really bad in. The question is for the. Us given the fact that we haven't had a locked down yet. Will there be a lockdown..
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.
"bill ackman" Discussed on Pro Rata
"Hi I'm Deborah. Mac and welcome to axios recap. Today's Wednesday July, twenty second profits are up at America's largest hospital chain China's Houston consulate has been told to shut down and we're focused on Wall Street's hottest trend. Earlier today Hedge Fund Titan Bill. ACKMAN raised four billion dollars in an IPO. On the New, York Stock Exchange. But. It wasn't for a company or even for the firm that controls his hedge funds. It was for something called a special purpose, acquisition company or back, and it was the largest back IPO of all time. have been around for a while. They used to be called blank. Check acquisition companies in short. They're empty shells, no underlying product or revenue. The idea that a money manager like ackman creates one raises money through an IPO and then uses that money to buy an actual company. Now, why would anyone want to be bought by a SPEC Napley, because it's defacto way to go public without all of the disclosure timing and Financial Hassles Traditional IPO. ACKMAN himself did this nine years ago, eventually purchasing Burger King but specs have mostly been small business until the past year when they've simply exploded on wall, street raising tens of billions of dollars and buying up such well known companies as draft Kings Virgin Galactic and multi plan. Plus Electric. Carmaker. Fisker, which we discussed on the pot a couple of weeks back. Why it matters, is that specs have very mixed track record, and there is some concern, not unfounded that their prevalence right now is a canary in the stock market bubble coal mine. Plus specific to? For, some larger more mature Silicon Valley companies, his back might look like an awfully appealing way to go public. I am pleased to be joined by Bill Ackman. So Bill! Let's start with this big picture. Why are there so many specs right now? The spat, itself is a good idea, the idea of creating a cash shell as a public vehicle at using it to enable a private company to bypass some of the risks of going public in fairly rapid fashion, so that idea is a good idea. The quality of the sponsors of specs improve the terms of improved somewhat. How much do you think the broader kind of boom and specs is partially if not being driven by maybe reflecting kind of overall public equity market froth, there is I would say a fair amount of that. Because number of stacks have done deals with fairly of companies space tourism electric's make your list. Stocks traded well. That's captured the imagination of people, and so I think that's made specs. specs in hot, but the structure itself still has a mixed record that I think quality sponsorship terms of improved somewhat actually getting transactions done. Some of them are interesting, good companies, but I think that is changing the landscape and just the nature of the IPO process, the risks inherent in risky risky world, the other point I would make is or the middle covid crisis. We have an. An election next hundred days, uncertainties the enemy of the IPO. You don't WanNa. Go all the way down the road. You're four five months into the whole process and you gotta pull the deal because stock market's down or trump tweeted something now so it's the instantaneous nature of it. I think it's very appealing to people wanNA focus running company as opposed to do it on Wall Street. You obviously have a lot of runway for this new in terms of when you have to actually get a deal together, but given the as you say a midst of Covid crisis election one hundred days. Could you see a scenario in which you guys actually do? Sign a term sheet with company before the election. Yes, if your expectation that you will, it's hard to have an. I would say I'd be surprised. We don't have a thousand company. We think there are one hundred and fifty ten billion dollar plus private companies on a conservative. If you're actually more than that, but ones that we've identified, maybe fifty of those will meet our quality threshold in terms of business, quality, growth, characteristics, economic characteristics and We're GONNA look at everyone. Everyone knows this thing exists. At this point. I, mean you know whatever number two story Bloomberg today being covered fairly widely in the media I'm happy to be on your show. Obviously, we want the word to get out so that the phone rings and you know the most interesting candidates. We're going to dig in very very quickly. We need one transaction and we think we can. Delivering five billion dollars to accompany can be transformational. You just said, and you also said that perspective. You're looking at ten billion dollar, plus in terms of overall enterprise value, not what has is there an upper limit either from a structural perspective or Call it practical perspective in terms of how big a company you could buy, interestingly, not really 'cause one if someone wants more than five billion, we have the ability at pershing to scale up investment for another couple billion, and then we've raised money from a very unusual group of masters. It's people actually want to deploy a lot more capital than you're able to allocate to them in the IPO. We had Asian sovereign wealth funds that have told us they'd like to write a two or three billion dollars ticket once we've identified a target big US asset managers are GonNa want to own a big percent of the company, so if we needed ten billion or twenty, the for the right business, the capital is there within that when you talk about that universe, kind of large privately held companies, a lot of those in that value range are Chinese tech companies Chinese tech UNICORNS. Are you considering those or geopolitics scaring you right now too much? Look at it, anything done, but I think a Chinese domiciled company. Today is more of a challenge. Are you concerned that almost certainly on the private market side? So are you concerned that almost no matter what you buy, you're buying something near the top. If not of a bubble. At least it's a very very highly valued thing. That maybe shouldn't be quite solid out. We're only GONNA buy company on terms that we find attractive on an absolute basis that were buying business at a discount to its intrinsic value. Again we're. We're only GONNA end up with a minority just in the business, and if the public markets give it to high value, that's okay, but our investors were going to get in at price. That makes sense to us. You know again. I'm not the one to tell you which companies overvalued. It depends on your expectations of the future, but we're going to buy business where we can be very confident about the future of the company. Give me a lot of things have to pass on the other. Many companies nominally have. have very large, valuations waymo people talk about it being worth thirty billion or something like that, but it's zero revenue self-driving Company. That's not for us. We're looking for business with real revenues, intrinsically cashflow generative businesses they may be investing one hundred percent or more of that cash in growth in getting market share, but we understand the underlying economic gymnastics, and it's just a matter of time before that business starts fitting off cash. That's our target. I don't WanNa. Get into the whole CNBC back and forth about your comments in. In March but I want to ask you kind of a different piece of it. which is this back in March? You said that the country was going to go to hell unless it was basically a thirty day. True national lockdown. We are now whatever it is five months later. Cases are surging all throughout the country. Schools aren't reopening etc. If you were President of the United States today are king of the United. States today at this point. Would you now institute that thirty? Day Lockdown to get things under control. No but I might do it in certain states or certain cities. I would do it on a very localised basis to address. The problem is best I could and I would mandate wearing nationwide in I would appeal to people's. What's in the best interest of the health of the country in the best interest of the economy of the country I? Wish we Jonathan hard shutdown. We'd be very different place, but we did instead was enrolling. Shut down, which is. Is better than nothing, and we have early opening in some places with more care than other places, and that's the problem with fifty independent states making up their own minds, but I do think I like the fact that the president is promoting mass wearing think that's the right thing to do. I wish you'd done it sooner. Bill Ackman of pershing square. As of this moment pershing square on Tina's well. Thank you very much offer joining. Thank you so much. Start Your mornings with the news that matters by listening to axios today, and join me your host Buddhu every weekday, talking team of award winning journalist, bringing you insights into the trends shaping our world. Visit US at axios, DOT COM, or wherever you get your favorite podcasts. Welcome back. We're watching today. Is the vaccine.
"bill ackman" Discussed on Invested: The Rule #1 Podcast
"Everybody this is Phil Town and Danielle town. Welcome to the invested podcast where we're talking for a long time about how to invest, which seems to be something. That is very simple and not easy. I think it's just a plethora of things to learn and details and squiggly bits that may have seemed here to for unknown, and that's what's fun is we're getting into all those little nooks and crannies these days? I think it's the snowboarding of money I think is. Because it was really cool for a while, and now it's not. Really snowboarding, no longer cool. No, I think snowboarding's very cool, but what happened as you well know is that skiing stole all the ideas of snowboarding, and in created way, fatter skis and way shorter skis and. What are those called like dual ended skis so now everybody's doing tricks on skis and doing all the snowboarding stuff on skis and frankly learn a lot of people on doing snowboarding as much anymore. Wow, I didn't know that because it's been a little while, but if I have to go to something really steep. I'm on a snowboard. So why is investing the snowboarding? Wait? What was it snowboarding? The snowboarding of money the snowboarding of money. It's rive, and that is because snowboarding, unlike skiing and many other sports has a really steep learning curve, but it's fast if you apply yourself. And it's a tad painful to start with unless you use protection. Right but pad knee pad risk pads. Wrist braces. And you need a good instructor. We tried snowboarding on our own and it was really scary. Painful. And then had we not gotten instruction I'm quite sure we would have quit. which is I think what happens with investing all the time? Instruction is extremely important and here's the coolest thing about it is that I have seen people including my stepson Daniel. You're you're brother-in-law abroad her stepbrother. Who never snowboarded and didn't hardly ski and he got on a snowboard in five days was doing black diamond deep powder. Believe it. It was just full application totally fearless for five straight days. So. You're saying if you like fully apply yourself to learning buffet investing. You can be an expert in five days. You can expert very quickly. Take, the metaphor to to literally. But I would say thank you, too can fall down a black. He didn't fall down a black diamond. Oh. Remember things a little bit differently. He may fall down some of the bike, but he went down the black diamond. This is something not everyone can do, and it's probably reasonably good metaphor for actually range of speed which people you know, learn this. But I think another part of it is that there is a right way to snowboard. There's definitely people have figured out like back. When I started in. You started then they sort of taught kind of. You know get certain kind of bored. Turned out. Leg would never use a kind of today and. and. The instruction is was pretty close, but it wasn't. As good as it became and. Good instruction takes a lot of the pain out of learning speeds up the whole process and get to be kind of told when you're ready to go on to the next level. But in any case I. Think it's an apt metaphor of you can get good very quickly and snowboarding relative to skiing. Are A lot of people get really good. In one season turn and can vary certainly do parts of the mountain. They couldn't have done on a ski. That's what this is about this is this is kind of investing warning. Charlie have boil it down so nicely to you know basically four principles, and then there's a lot of books written. That expand on those and kind of expound on including three by us. But also just lots of youtube videos by people like bill, Ackman and Monash Bri. There's tons of books out there like guys, spear and Has Written some great great book, and so you can, you can expound on at eight. You can stretch it out. You can learn about it in more detail, and that's fantastic and you should, but the basics are really simple. They are really simple. Just like snowboarding. The basics are dead simple. It's the application of them. That really takes practice and and. I guess discipline would be part of it is just the discipline digest? Keep doing it the right way. Don't try to take shortcut. Because soon as the hill get steeper, the shortcuts are going to absolutely fail. Completely fall apart. Yeah, that's the same thing here. The shortcuts off. There's all kinds of little shortcuts you could probably try from other kinds of investing, but. You don't take them here. You you and and the the worst one to take is to stop being patient. You know you WANNA. Take a shortcut to get going. And so you. You start to buy Stephanie Cracked Danielle. You absolutely did this and just went okay. I'm just GONNA. Buy Something now. Didn't. The true did practice shares. Oh, but that wasn't investing. As we very clearly discussed. Here's me. I called it the wrong thing, but you launched into it to just have the experience of buying stock, which is true. It wasn't investing and now, but that would be the kind of shortcut that could, obviously if you didn't realize Oh my God, it's not shortcut. Take I take umbrage. It's not a shortcut. It's a vital component of educate sounds like a Portuguese where. Know what it is! I think I. Practice shares is an absolutely essential component to learning investing for anybody who is freaked out about buying stock, absolutely fair enough fair enough so anyway, not not dwell on this too long. We have been unfolding this for lots of podcast and we're GONNA unfolded more today with a little more depth on the checklist last time because you are not available. Yes, so last time I missed our recording, because I was hosting a group of investors talking about how to evaluate boards of directors which was. Fascinating, and like wonderful and. And if you subscribe to my newsletter, you guys got to read about that. So if you're not subscribed, go subscribe. You can read about it on the US the short version here like not really not really. Nothing useful. I'm trying to think what a short version would be so it's a tidbit so okay I'll try. So I came to this idea because I've been really focused on understanding, executive teams, and CEO's and I started thinking. Why am I focusing on these people so much when they're just the hired guns, and really the people who hire them are the representatives of the shareholders are the boards of directors, and shouldn't I be looking at who these people are doing the hiring and the firing and making big strategic decisions about companies, or at least that's what we would hope. They're doing so I want to see if I could figure this stuff out about people who really have ultimate control and. And Power and who are very little discussed in the media in corporate documents. We really don't know a lot about the people who make up most boards of directors, so just really fascinated by that question and I wanted to see if I could even find out stuff, and obviously.
"bill ackman" Discussed on The Knowledge Project with Shane Parrish
"Any can't hurt any money. On on their roughing. Buffet is really making money on both sides. So that's were so much. Really spend a lot of their time with the company and then in the asset of the Insurance Company. Really the you know the equities that you read about apple and selling the rest of Berkshire is a collection of Surf. Wholly-owned or eighty percent on subsidiaries like the burlington northern railroad on precision cast cards of businesses that Buffett has collected over time for their durability and quality. And it's a mixed bag. The biggest one generally are the highest quality businesses offering a lot of stability if think the utility energy utility part of his operation. The railroad a very durable dig profitable businesses and businesses just collected and held onto over many many years. Some which have have been great in rain great businesses like sees Kennedy others. You know if you go back and read the Berkshire Hathaway Ford's. He was glowing about the World Book Encyclopedia and other such businesses that have disappeared near Dexter shoe. He was skipping into work. Thinking about Dexter Shoe Company with the worst investment probably ever made so even Mr Buffet. Next mistakes which is instructive in of itself. The good news is when you buy things as best short things. Your mistakes become smaller. It's really some art. Decent chunk of the businesses industrial companies in small pieces in retail and other smaller manufacturing and other diversified businesses and the large majority is kind of unique extremely profitable insurance business. And do you see this as a long-term holding or as a proxy for cash or.
"bill ackman" Discussed on Bloomberg Radio New York
"Bill ackman is urging United Technologies to call off its proposed takeover of Raytheon here with the story. Bloomberg's Charlie Pellett. Ackman is vowing to oppose a deal. He assailed as lacking, strategic sense, Pershing square's ackman says the trends. Action will crimp United Technologies aerospace business. I'm befuddled by a quote, highly dilutive share issuance at a time when the stock is already trading at a discount in an Email to United Technologies. CEO Greg Hayes, which was reviewed by Bloomberg ackman said, quote, if the company intends to go forward with such a transaction as we expect will the substantial majority of the companies shareholders, Charlie Pellett, Bloomberg daybreak. Currently, thank you. Shares of tesla up more than two percent in early trading after CEO Elon Musk dismissed concerns about demand for the company's cars. Dana hall has more from our Bloomberg nine sixty newsroom in San Francisco. Illinois address the issue of demand head on assuring shareholders that there was no demand problem that Tesla's selling every car that they can make this whole idea that demand has slowed or soften is not true. He's on a very optimistic about progress on the China gigafactory as well must tell shareholders at Tesla's annual meeting that sales this quarter could hit record levels with deliveries. Hi as one hundred thousand vehicles. In Germany shares of Axel Springer are up twelve percent KKR's seeking to buy out the company's minority shareholders in a deal that would value the publisher at about seven point seven billion dollars, straight ahead, the latest world and national news. This is Bloomberg. And it's six oh, seven on Wall Street. John Tucker has more on what's going on around the world? Good morning, John. Good morning..
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
"bill ackman" Discussed on Bloomberg Radio New York
"Did we expensive energy is back. Plus, former Greek finance minister Yannis theropod is discusses the situation in Italy. The establishments insistence some policies that don't work in it. Bringing green union closer and closer to this integration. All this and more coming up in the next hour of Bloomberg best. I'm Doug krizner at Bloomberg world headquarters in New York live from the Bloomberg interactive brokers studio, let's check this hour's top business stories and the markets. Amazon web services has signed new deals with customers, including SAP and semantic. Together. These deals are worth a billion dollars. All of this suggests growing momentum in the market for internet based computer, power and storage 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. Starbucks shares can more than double over the next three years. A major investor in tesla has taken a stake in Tesla's aspiring Chinese rival Neo. Bali Gifford's disclosed ownership of an eleven point four percent stake in Neo now as of yet. Yesterday's closing price. That holding was worth about five hundred fifteen million dollars today in the US session Neo shares were up more than twenty two percent. Softbank group is reportedly in talks to take a majority stake in we work. The Wall Street Journal says SoftBank is considering an investment of between fifteen billion to twenty billion dollars in the co working startup. We check markets every fifteen minutes here on Bloomberg. Slight pullback in the end vis-a-vis the dollar here at one thirteen zero seven the Nikkei is essentially flat. In Hong Kong. The hang sang picking up nearly one point two percent on the mainland. Shanghai composite is ahead six tenths of one percent. After a holiday in the previous session, the kospi is down one half of one percents. And in Sydney, the ASX two hundred is better by two tenths of one percent. Global news twenty four hours a day on air and a tick tock on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. This is Bloomberg. Today in Indonesia, the International Monetary Fund announced a cut to its global growth forecast for the first time in more than two years blaming trade tensions and emerging market risks as the reason for the cut for more on the decision. Bloomberg's vonnie Quinn in guy. Johnson spoke with Meredith Sumpter head of research strategy at the Eurasia group where does it feels like we're bracing for the big one that all of this trade tokens leading up to China US coming to some kind of a trade agreements. How long does it take for all of that to play out? Well, at the last couple of weeks or any indication Bonnie, we're going to have to wait for a good time further certainly we've seen China take a several administrative measures in the past couple of weeks to ease against the pressures on its economy from the confrontation with the US, but still there is no sign that Washington and Beijing are anywhere closer to having the kind of meaningful negotiations necessary that would put a deal in place. So our view is that we're not likely to see any sort of meaningful movement toward a deal through the first half of next year. Is there a long played by Washington DC? Do we have to get an agreement with Europe, and perhaps with Japan first? And then everybody collectively gangs up on China. Well, you're beginning to see an evolution of thought in Washington, actually. Whereas where the White House is looking for signs that China's going to respond to the growing lifts a list of products that are being tariffs. And of course, we're going to see those products that are being tariff the tariff rates rise by the end of this year. There's also a very good chance. We put a forty five percent probability that President Trump will move on tariff in at least some portion of not all other remaining two hundred sixty seven billion of Chinese exports to wash to the United States. But even so there are no signs that Beijing is anywhere near willing to have the kind of negotiations that Washington needs for a deal to take place, and as such here beginning to hear more of a renewed emphasis on talks with partners in Europe talks with Japan and other other countries that share the same kind of industrial policy concerns. And former practice concerns and might be willing to collectively with Washington. Find some way to send the same message to Beijing. Meredith so much going on in the world and curious as to what's your greatest concern for the global economy and indeed markets is between now and the end of the year, and I'm including the midterms here in the US and. So I would say watch closely for the bite of tariffs, retain, the US and China to begin to have an impact on the US economy, perhaps not before the end of the year. But certainly those pressures will be growing in including into twenty nineteen we need to also watch carefully for how China is able to withstand the increasing market pressure on its economy, and it's slowing growth. So far all indications are that Beijing has a necessary tools, and we'll be able to use them and a calibrated manner. To to mitigate those tensions and the risks to China's economy, but we're in a protracted standoff now, we're both sides are confident that their own economy is the more resilient and both sides are waiting for the other economy to cave. Were you surprised that we saw Mike Pompeo come back empty-handed, and how should the market's price the risk of the North Korean situation. Escalating at this stage at the moment, we seem to reject three towards talks, but if the trajectory was towards conflicts, how significant a step with the ball kits have to take. So no surprise that secretary pump hill came back empty-handed following vice president Pence his speech late last week, which Beijing interpreted as very hard line, and as evidence that the US has not interested in any deal, but rather looking to contain China's continued economic development and rise. Although I should note that vice president Pence a speech was probably more. So. Intended for a domestic audience. So the fact that Mike Pompeo came back into handed no surprise there. In terms of North Korea following Pompeo's trip to North Korea and the announcements following that North Korea would allow international inspectors into at least one of its nuclear test sites. Those are all market positive for the short term, and we expect that that the negotiations and the diplomatic engagement between. The US administration and Pyongyang will likely last through the end of at least Trump's first term in office. But over the long term, we do not expect that North Korea will ultimately give up its nuclear weapons and missile programs, and therefore you can expect that while we have a cushion for markets in the near term, and certainly over the next six months if not longer you should expect at at some point there's going to be coming to ahead of tensions between those two countries. That was Meredith Sumpter head of research strategy at the Eurasia group speaking with Bloomberg's spotting Quin and guy Johnson coming.
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.
"bill ackman" Discussed on Bloomberg Radio New York
"Allen get I'm Doug krizner at Bloomberg world headquarters in New York. I'm live in the Bloomberg interactive brokers studio at the top of the hour soul. We'll be back after a holiday yesterday Sydney right now is up and running again, they're in the ASX two hundred by about two tenths of one percent and Tokyo will be coming back after a selloff yesterday. That saw the Nikkei down one point three percent. Taiwan is out for holiday and in about two hours time, the action will begin on the mainland and in Hong Kong more on markets in a moment right now. This hour's top business stories President Trump saying today. China really wants trade talks the tone from Beijing, though is pretty strident. Komo's minister Zhong Shan, telling the telling us, the US shouldn't believe high tariffs can make trying to capitulate Jong says, quote, there is a view in the US that's along as the US keeps increasing tariffs China will back down, and he goes on to say that the US should not underestimate China's resolve and will here in the US. We shares in super micro plunging by more than fifteen percent the business week article from last week he enters into the story, it's reporting. Now, the China business week is the China continues to sabotage critical tech components bound for the US this time. A major telecom company has discovered manipulated hardware from super micro in its network. It was removed in August BusinessWeek goes on to say that last week. China's intelligence services ordered subcontractors to plant militias chips in super micro server motherboards did that as of a few years ago. Well, it is interesting in spite of all this UBS China tension that we are seeing investors willing to make some big bets on China or partly at least will stop with Starbucks. It is counting heavily on China expansion for growth activist investor. Bill ackman has now taken a nine hundred million dollar stake in the coffee chain ackman's says he believes starbuck shares can more than double over the next three years. Well, speaking of optimism about China Geely holding is said to be in talks with the dime. Lert to set up a ride hailing and car sharing service. That's a car sharing service in China. Bloomberg's Yvonne man has more. Chinese billionaire Li Shufu maybe creating an entirely new business from selling cars. His Geely holding is said to be in talks with dialer on a fifty fifty venture. The venture would take on ride hailing giant DD juche. It's an area that so far has been dominated by tech companies. Like, DeeDee an Uber. Let's take a step back earlier this year jelly took an almost ten percent stake in Daimler in the past eight years. Julie has snapped up stakes and Volvo Lotus London black cabs and dialer advisory firm autumn ability says, the dialer tie up does have clear strategic rationale and industry logic. In Hong Kong. I'm Yvonne, man. Bloomberg daybreak Asia. We have would today the tasteless largest and vista after Elon Musk is taking an eleven percent stake in Tesla's Chinese rival Neo more on that from Bloomberg's Denise Pellegrini. Scotland-based daily Gifford has picked up more than eighty-five million Neo shares worth about five hundred fifteen. Million dollars at today's price. Neal is a Shanghai based electric carmaker. It's US headquarters is in San Jose. The company raised two billion dollars in its US IPO last month and kneels currently ramping up production of the ES, eight sport, utility vehicle. That's its first commercial product. Denise Pellegrini, Bloomberg daybreak Asia. And not to be forgotten luxury goods maker LVMH his wing in on China is well the company says demand for high end products like Louis Vuitton handbags and do your makeup do remain strong. We've got some developments in take as well. Amazon said to have landed one billion dollars in deals with SAP and semantic, rainy and Asensio has those details Amazon's cloud computing division. Amazon web services signed two new deals with those customers each worth five hundred million dollars over five years. That's according to an internal Email both partnerships are expansions of existing ones and underscore Amazon's growing push into the market for internet based computing power. And storage. Amazon had also beat up Microsoft, the number two cloud services provider, which also vied for Symantec in the global war for cloud supremacy. Amazon leads winning seventeen and a half billion dollars in sales last year Ramian and Asensio Bloomberg daybreak Asia. We're coming up on thirty five past the hour. Bryan Curtis is here. He's actually in Hong Kong in the Bloomberg interactive brokers studio, are you seeing the hothead now on SoftBank? Did you see just looking for it here as you speak? Softbank is in talks to take a majority stake in we were at that. From the Wall Street Journal, that's something that we can take a closer look at in the in the meteorology you coming up shortly. You guys did such a nice job there, wrapping up the top stories of the day. And it's it it may actually inspire a little bit of confidence in China. The number of deals on the number of of deals that show some confidence on China getting past the trade spat with the United States. Well, we don't know exactly what will happen. Because he had those comments from the commerce secretary which sounded pretty aggressive in the president responded as well. But we do have a Hong Kong and China futures a little bit higher this morning and Nikkei futures are up to so Hang Seng index futures up two tenths of one percent. The footsie China eight fifty contract in Singapore. It's not active at the moment. But it's higher and again taking look at Nikkei futures twenty three thousand five seventy so that would put it about one hundred points or so above the cash close on the Nikkei yesterday. It was a rough day in Japanese trade yesterday. We lost one point three percent. In the Nikkei now. Uber is sounding out investors on a one and a half billion dollar bond sale. And it's only seven months after it tap the leveraged loan market. In a self led financing. The ride hailing company is is looking at offering five hundred million of five-year notes in a billion worth of eight year bonds, according to people familiar with the deal the oil price seventy four seventy four a barrel. The yield on the ten year down to three point two zero percent. Dollar yen won twelve ninety eight. So some surprising strength in the end this morning, Paul over to you. All right. Thanks, brian. Donna Powell of Goldman Sachs is on the shortlist to succeed. Nikki Haley at the UN would that and other global news. His Mark mills Bloomberg newsroom. Thank you. President Trump told reporters aboard Air Force One while heading to Iowa that he's narrowed down a short list of five people to replace US ambassador. Nikki Haley at the United Nations Trump said he is considering Dina Powell of Goldman Sachs, a former Trump foreign policy aide to replace his departing ambassador to the United Nations. Nikki Haley earlier at the White House. Haley said the US has improved its standing in the world. Now, the United States is.
"bill ackman" Discussed on MAD MONEY W/ JIM CRAMER
"And Adidas by rolling a fabulous new products and selling them Personalizing him even directly to the consumer DC businesses proving I like Nike's last quarter, but the stock has pulled back five percent since then, of course, because of the overall market, turmoil and dip is worth buying, oh, and one more thing. It doesn't show up in the power rankings at all. But today we found out that Bill ackman the hedge fund managers taking a big position. Starbucks. I think it'd be a mistake to chase it appear after the announcement. But Starbucks is a well run company with huge bar back, and I think we'll have a good fourth quarter, but that means you. You have to look through what I think could be a very uneven. Third quarter, the bottom line. If you went exposure to the consumer discretionary space, going to the end of the urine, this is if you're very Boston economy, I'm starting to temper my views. You know, my favorites are Amazon, which works Weller in the slowdown. TJ x. also good to slow down, Kohl's discount or good bef. That's special situation and then Nike in that order. Let's go to Brandon in Pennsylvania, Brandon. From Philadelphia, Jim, good to see it, man. I'm going to be down there again. We just keep going Philadelphia and I love that. How can I help? So Jim, I wanted to diversified portfolio and I noticed that had lack any real substantial holding in consumer discretionary. Okay. As a as a twenty two year old college student, many of my friends are starting to go to casinos veil, and I figured instead of blowing my money at a casino roulette craps that I could invest in casinos instead. So I wanted your opinion on red rock resort ticker are, and whether you thought it was by given it has experienced April pullback in the last few days and it's seemingly insulated from Detroit were issues. They're going ordering. I can't talk out of that one in stocks down a lot I do and have been recommending pinnacle entertainment. Remember I share with you the antithesis toward owning a casino stock that as a major position in Macau, yours doesn't. But I think red rock is not as good as pen. Nicole entertainment, civil p. and k. knowledge people is power. If you're looking for the best of breed and consumer discretionary group, which is under a lot of pressure, I want you to look no further. The nays picks for the long term. All right, much money out of the thirty. Two consumer Staples names on the roughly two-thirds are negative her toward your date, but are they still winners in this basis or something with owning by power Reich's continue. Plus everyone's worried about what's next for interesting until housing. You protect your portfolio because ranks are what's on the line right now. And that's why we're going to chart and peeping me JD this pin an ugly picture when it comes to third quarter, I'm breaking down the company's top forecast and I'm not happy stick with Kramer..
"bill ackman" Discussed on Bloomberg Radio New York
"I want to thank you for taking. Haley spoke about the reasons for her decision. A lot of people are going to want to say there's a lot of rates and from leaving the truth is I want to make sure that that this administration. The president has the strongest person to fight. Sometimes it's good to rotate and other people who can put that same energy and power into it. Haley said she has no immediate plans, but will not be running for the White House in twenty twenty saying she will campaign for President Trump later, President Trump said Dina Powell of Goldman Sachs is among those being considered to succeed. President Trump's daughter Ivanka said, she will not take place at the United Nations. Trump holds a campaign rally Tuesday evening in council bluffs, Iowa secretary of state, Mike Pompeo is back in the US from his trip to Asia at the White House on Tuesday. He said real progress was made during his visit to North Korea. While the a long way to go and much work to do. We can now see a path that where will achieve a ultimate goal. What's the fall of final verified denuclearization north? Korea Pompilio said in short order he'll be able to talk about when President Trump will meet with Kim Jong on for a second summit hurricane. Michael is intensifying as racist toward Florida with winds forecast to exceed one hundred ten miles an hour and a life threatening ocean surge expected to cause as much as fifteen billion dollars in damage. Global news twenty four hours a day on air and a tick tock on Twitter powered by more than twenty seven hundred journalists and analysts more than one hundred twenty countries. I'm Mark mills. This is Bloomberg. Right, mark. Thank you very much eight and a half minutes here past the hour. What a day we've got Scott Brown with a senior vice president chief economist, Raymond James financial, Scott nice to have you with us. I'm saying what a day not because you're here, although most appreciative, but a lot of really interesting stories and a trio of big bets on China. But could just recap briefly. It's Bill Bill ackman making a big bet on Starbucks in China the top tesla shareholder outside of Elon Musk Bailey. What is it Baillie Gifford buying into Neo? And dialer Angeli doing a tie up to take on DVD choosing. So those are big bets on China. Takes a lot of guts. Is it the right move. Do you think? Well, it's certainly time will tell but we all know that that China is still going to be growing pretty sharply over the next couple of decades. It will be the dominant economy in the world will overtake the US. It's just a matter of numbers. They've got so many people and for most of the last few decades, China has been geared more towards export growth infrastructure. And now they're making that that critical transition to more domestic demand more consumer spending growth. So a lot of this trade dispute that we're seeing now, you know, it's a bit unfortunate because we do risk having the US out a lot of that that market in the future. You know, we we can export a lot. And we do expert a lot of services to China. Does this in any way, undermine Ben what the IMF was saying in the world, a global growth forecast that in fact trade is going to hurt growth in the next year or so? Well, I think that's been the case. It has been been a detriment. You know, if you look at sort of the. Certain sectors of the economy. Obviously, it's had an impact if you're importing steel you're going to be paying more. If you're buying a washing machine, you're going to be paying more off your farm. Normally exports to China that retaliation that we've seen is going to it'd be negative. But in the aggregate, you look at GDP numbers, you look at the overall inflation numbers, you really aren't going to see much at all. That may change, obviously. Because we've got this latest two hundred billion tariff on two hundred billion Chinese goods of ten percent. But that goes up to twenty five percent at the start of the year. And you know, China's said they would retaliate and we're going to retaliate against the retaliation. So if we start putting tariffs on everything that's coming from China. Then you're starting to really push up consumer prices and remember tariffs are an attack on the foreign country. Tariffs are attack on US tax on US, consumers and businesses. I mean, we're going to be paying more righteous briefly. We had the commerce minister saying look, you can put on the tariffs, but we're not going to back down. That's not a positive sign. Yes. Certainly, you know, a lot of people look at sort of this re revamped NAFTA agreement as a blueprint of what what's going to happen with.
"bill ackman" Discussed on Bloomberg Radio New York
"Today's Wall Street action from Bloomberg intelligence, Bloomberg opinion and influential newsmaker still roads is the author of banker to the world wars McCarthy joins us right now with Pimm FOX and Lisa Abramowicz. Listen today on Bloomberg com. The Bloomberg business Atmore subscribe on apple podcasts. From the Bloomberg newsroom in New York. Good day to you. I'm Bob moon with the latest headlines hurricane Michael is intensifying as it racist toward Florida with winds forecast to exceed one hundred ten miles an hour already. There are estimates that a life threatening ocean surge has high as twelve feet could cause as much as fifteen billion dollars in damage people in Michael's path have been vise to evacuate by tonight before it makes landfall tomorrow near Panama City, Nikki Haley says he'll step down as you an ambassador at year's end. She wants some time off and insists she won't run for the White House in two thousand twenty Justice spread Kavanagh's first day at work on the supreme court provided a few moments of comic relief after his bitter confirmation fight a couple of our long arguments included, some joking displays of courtesy and a stream of questions from the new Justice. Global news twenty four hours a day powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Bob moon. Ballot. Check of markets and business headlines. From Bloomberg world headquarters. I'm Charlie Pellett. President Trump says the Federal Reserve is moving too fast with interest rate increases intended to keep the US economy from overheating and dismissed concerns about inflation Bill ackman is said to have taken a position and Starbucks. Starbucks. Shares up today by two point one percent, prom filmmaker and words with friends maker Zinger said to be drawing interest from rivals. Zinger shares rallying today by twelve point three percent and four chairs took a pounding today as the automaker adopts. A peaceful approach to outlining cost cuts are part of a years long and costly restructuring four falling below nine dollars for the first time in more than six years. Stocks mixed SNP down for a little change down. One tenth of one percent. The Dow down fifty six down two tenths. Nasdaq little changed up two points. I'm Charlie Pellett. Bloomberg business flash. Bloomberg best with June Grosso continues. From the Bloomberg interactive brokers studio, this is Bloomberg best. It's forty eight minutes past the hour. Now, it's time for Bloomberg opinion. Here's David Shipley. Edits best economics poses a simple question. What makes people better off? And how can we have more of it? This year, the Nobel committee has rightly honored to academics. William Nordhausen, Paul Romer who've demonstrated a rare dedication to finding answers and making the case for action Nord has brought economics to climate change. He built models that quantified the cost of action and inaction making an irresistible case for carbon taxes and other effective policy. Rumors work helped define the crucial role that innovation place in economic growth and explained why governments should encourage it in recognizing Nordhausen Romer, the Nobel committee has rewarded economics as it should be done studied, they evidence. Bill testable theories of how the world works then use them to. Inform actual policy. It's an approach that the profession as a whole would do well to emulate this editorial was written by the Bloomberg view editorial board. I'm David Shipley. For more Bloomberg opinion. Please go to Bloomberg dot com slash opinion or OPN go on the Bloomberg terminal. Thank you, David. And now, let's check in with the Bloomberg affiliates to find out what's happening on the nation's most influential radio stations..
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
"bill ackman" Discussed on Bloomberg Radio New York
"Tech shares holding onto a small in Greece treasury. Hills retreating from a seven-year peak amid rising trade tensions and a sketchy outlook for global growth. Kathy. Fisher is head of wealth and investment strategy 'alliance Bernstein Darren Powell talked about the fact that rates are still not anywhere near neutral. The market realized that rates are going up. We've been waiting for this for quite some time. We've been talking about the fact that if rates rise because the economy is strong, it should not significantly impair equity markets. Sources tell Bloomberg Zingo. The firm that created farmville in words with friends has attracted takeover interest from other game developers amid a jumping dealmaking in the in the streets. The San Francisco based company has received preliminary approaches, according to the people though, no formal talks are taking place at the moment. Zinger shares pushing higher by thirteen point five percents. Starbucks high right now Bill ackman says he has taken a new position in Starbucks word coming at a conference here in New York. According to a source who was there. Starbuck shares up. Two point four percent. Stocks mixed asks impede down a point. Now little change there. The Dow down twelve down one tenth NASDAQ up tenure up six thirty seconds yield three point two one percent and gold up one tenth of one percent eleven eighty nine the outside Charlie Pellett. And that is a Bloomberg business flash. Thank you so much Charlie Pellett. I'm Jason Kelley in London. Carol Massar back in New York. We are Bloomberg BusinessWeek on Bloomberg radio..
"bill ackman" Discussed on KSFO-AM
"This is the program that takes the mystery out of your financial life and sometimes we are compelled by characters at least on this show we love a good character and we have two good characters that are portrayed in our guest's book our guest this hour is cnbc host scott wapner he has written this really interesting book called when the wolves bite about this crazy crazy fight between carl icahn and bill ackman it's about herbal life and and that company has certainly come under some fire both of these huge billionaires had widely different opinions about the company itself it's viability it was fascinating to learn some of the pieces behind the story and not the least of which is that these two guys kinda hated each other from weight well i shouldn't say looks like icon i think icon hated ackman i'm not sure ackman hated icon before this all started the great story so here's more of our interview with scott wapner twenty twelve ackman gives this big speech and and then we start hearing about that icon is establishing a position supporting herbalife going lawn and carl icahn is known out of out of the eighties like i was growing up on wall street and carl icahn was one of the corporate raiders and sort of konak and tough tough ass dude from the boroughs i one of the toughest reputation among the toughest ever and that's why the chapter about him i i do call the icon i c o n because he truly is on wall street you're talking about a guy who's been on wall street for the better part of fifty sixty years okay so he has this beef with ackman which he ends up losing in the core basically both of them are like you screwed me no you screwed me that's really like billionaires saying you screwed me so none of us regular people really necessarily care about that but icahn really feels wronged in that judgment correct at the end of the day this is a story about power money greed and revenge and that brings us to to your question it's not only that carl felt wronged by the decision it was also the fact that bill gloated about it after the fact in the paper so at least in icons mind from that day forward he said look if there ever comes chance to get this guy back this is him speaking to his his coworkers guys you were worked closely with lemme know there's ever a chance if something comes around that you find give me a heads up now herbal life happens and carl's people are watching bill on the stage taking herbalife out to the woodshed and they come to him and the stock had been knocked down in half just about and they said okay here's a great opportunity to make some money but the cherry on top of the sunday is bill ackman's behind so they did it now if it was just bill ackman there and the stock had not been hammered and they didn't see an opportunity to make a lot of money i don't think carl would have done it he's not that kind of investor and that's what i think is important to to recognize that at the end of the day carl icahn is about making money making a good investment not just getting revenge on on somebody but if he can do it at the same time and he said it throughout the last handful of years that it is the cherry on top of the sunday okay so let's get to the fun part when scott wapner becomes part of the story book ackman i booked ackman.
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.
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.
"bill ackman" Discussed on The Tiny Meat Gang Podcast
"Acton who's like a m multibillionaire hedge fund guy and like like initially he made like a lot of money betting against like a mortgage company and he wanted to do the same thing with herbalife so he like went on this campaign where he was like anti herbalife and china like basically smash their stock price and then he liked public company yeah they're publicly traded company it's insane yeah and this is a big pyramid scheme pretty much yeah and and so in the documentary they do the math there like bro at a point herbalife would have to recruit two times the world's population to like continue so inevitably the company is going to crater and like really hard yeah really yeah and like the mechanism for making money i mean it's the same old shit they're like oh you need x amount of dollars to receive commission from the company so you give you give whoever brought you in three grand and then you get three grand worth of product that's overpriced shit and no one's gonna wanna buy it and so you're like all right i'm just gonna fuck somebody else get my money back and then i'm i'm out that's what that's what everyone tries to do so they kind of go through the different products in ways they fuck people over whatever it doesn't matter this dude bill ackman would give he's long presentations on wall street about a sheet of the company was and i was dying laughing at his second presentation because there's some random guy this guy could have shitload of money but it just didn't seem like it so he likes sitting in the like a q and a and he's like okay.
"bill ackman" Discussed on Marketplace All-in-One
"You know prevent the next kodak from disappearing worth tens of thousands of jobs are lost by waking up a complacent company to the competitive threats it faces and the inefficiency that has crept into their business because of a complacency and you know it's activism in the in the public shareholder ram is not dissimilar to political activism where a someone with a relatively small number of votes gathers the votes of other constituents to put forth a plan to address some kind of problem or an equity and we with this is what we are doing in the public stock market round there were doing it with a financial goal on because the only way we're able to raise the capital more investors to pursue the strategies is that we're it will can't guarantee them returns this is a strategy that can be very very rewarding for investors so i like a investments were interests are in line with the country and we are our economic interest allows for you know if we can we can make adp a more successful and more efficient company the stock price going to go up that's going to benefit the employees uh the better your adp is ranked by its own employees on a website called glass door companies and people can independetly regular companies their number ten at a ten on all but one measure of compared to their nine direct competitors and that the other measures ceo with their second to last on everything from culture would you recommend the stir friend what circumference level in the future the business.
"bill ackman" Discussed on Marketplace All-in-One
"And only one of them in thirteen years is actually bought a share of stock in the company and then they they become extremely risk averse unwilling to make its what are important changes to respond to competitive threats to a business and you think about a businesslike kodak which like adp totally dominated its industry and didn't take seriously when uh competitors and new technologies emerge that threaten the company kodak ended up firing all of its employees when the company liquidated uh and the same thing as it is a wrist really for every major great business think about ibm and the heat market position of ibm thirty years ago and where it is today uh as the world has passed a many aspects of ibm's business by and they're still trying to kind of recovery gain their positions what we're trying to do here is help restore adp to the greatness and position it had many years ago and has a very important impact on all the employees and the customers the company serves you'll understand if i point out her that your portraying herself very much as the white knight yeah i i think we we are you know we're not looking to take over the company uh you know with the ideas we've had you know i would say of a very you know kind of a groundswell of support from shareholders who are very open to the idea of this company running itself more efficiently and very concerned about the fact that adp has lost a huge amount of market share in their socalled enterprise business that went the big customers you know the big companies that they used to serve are now being taken away by companies like workday an ultimate software company called sriyan be worse tiny compared adp bill tiny uh not so tiny so uh you know workday is a company that was founded in an launch maybe eight or nine years ago when public six or seven years ago and today has a two billion dollar mark a cap uh that's a little less than half of adp in six years that was business that adp used to own so they took.
"bill ackman" Discussed on Marketplace All-in-One
"Uh but what's happened in the last decade is the businesses really more from a payroll business to with today people call human capital management this is the management of your employees if you know companies focusing on everything from recruiting employees to uh managing their benefit programmes of 401 k pro employs who exit the company that processes become more automated in more automated with software and systems and that business is kind of a natural progression from the payroll business but adp was kind of slow as the industry got ahead of 8 of adp and so we view this as an opportunity to take in what is one of the great companies of our country and restore it to greatness one restore its competitive position and then the other thing that's happened over the last many probably more than him a couple of decades with companies become a bit lethargic bureaucratic too many layers of management inefficient and is a big opportunity to improve the company's profitability by reducing costs and operating more effectively efficiently you have found yourself now uh in what i can only politely call a spitting contest with a closer to guess the ceo of edp um if you win on on uh the seven said and get these three boards future looking for how do you expect that to go i think we'll go well i mean it you unfortunately we ended up in a proxy contest here it was not our plan were intent and usually when proxy contests happen it's more for emotional reasons on the part of the company than really economically rational a reasons you what's interesting about proxy contests is your shareholders get a envelope in the mail each year for each company they own the rest of vote for ten executives are ten directors these are typically retired ceos at sit on boards of companies and there's they run out of post it's the most undemocratic process in the most capitalist country.