Tag Archive | "rest"

Michael Steinhardt Wants To Know How Long Before People Like CNBC ‘Wake Up’ To Warren Buffett’s ‘Reality’

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Earlier this morning, legendary hedge fund manager Michael Steinhardt popped by the CNBC studios for a little chat with the Squawk Box crew. Things started off friendly enough, with some conversation about the petting-zoo Steinhardt keeps at his house in Westchester (which includes zebras, camels, albino wallabies and a llama named Angel Mike has been known to french kiss), his rare-plant collection that inspires envy in Martha Stewart, the economy and the Fed. Steinhardt noted that, compared to the rest of what’s going on in the world, “we live in an inland sea of calm waters while surrounding us are turbulent, horrible places,” to which everyone nodded soberly in agreement, unaware of what was coming next. “America seems almost as insular as it has in times past. Look at the rest of the world compared to America, look what’s happening all over and then here the biggest thing we have to worry about is how long it will take Buffett to come down to earth…how long until people like you begin to realize his reality and get off some…cloud.”

Oh, he went there.

“What is Buffett’s reality,” Carl asked with just the slightest bit of defensiveness in his voice.

“His reality is that he is the greatest PR person of recent times and he has managed to achieve a snow job that has conned virtually everyone in the press to my knowledge…and is remarkable that he continues to do it.”

The gloves were off.

“Really,” Carl said this time with a little more get up and go, “so outperforming the S&P, I don’t know how many hundred times, over the course of his portfolio…doesn’t matter?”

[The good stuff starts at 7:30]



Article courtesy of Dealbreaker

Get To Know L.A.’s Party Superheroes: The Mantastic Four

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Meet The Mantastic Four, a team that’s part of an elite group of individuals who comprise L.A.’s party superheroes. See how they keep the local parties going with their mustaches of varying thickness and length and novelty accessories, and meet the rest of L.A.’s party superheroes. More»

Article courtesy of %source%

Get To Know L.A.’s Party Superheroes: The Mantastic Four

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Meet The Mantastic Four, a team that’s part of an elite group of individuals who comprise L.A.’s party superheroes. See how they keep the local parties going with their mustaches of varying thickness and length and novelty accessories, and meet the rest of L.A.’s party superheroes. More»

Article courtesy of %source%

UBS Equities Moving To NYC

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No word if they’re using Metro North to move all their stuff, but it’s certainly possible.

“Equity sales and trading has been notified they’re moving out of Stamford, down to NYC. When they announced that they said the rest of the trading floor is staying in CT.”



Article courtesy of Dealbreaker

Conexant Jumps: SMSC Bids 19% Premium

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Shares of chip maker Conexant Systems (CNXT) are up 30 cents, or 16%, at $2.19 after the company this morning said it agreed to be acquired by SMSC (SMSC) for $2.25, consisting of $1.125 per share in cash and the rest in SMSC stock, for a total value of $284 [...]

Article courtesy of BARRONS.com: Tech Trader Daily

NY Times: iPad Ads Sold Out, Paid Digital Subs Healthy

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In case you were not at the UBS Securities media conference this morning, he management of The New York Times (NYT) appeared today, and had some interesting things to say about their future in digital media, Apple’s (AAPL) iPad, and the rest.
Note: The company also issued a press release saying [...]

Article courtesy of BARRONS.com: Tech Trader Daily

Write-Offs: 11.17.10

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$$$ Cornell Senior: “…each fall and spring Goldman recruiters are afforded space on East Hill. The bank, along with the rest of corporate America, pursues Cornell’s best and brightest — tabling at career fairs, holding information sessions and setting up shop in the narrow corridors of Barnes Hall. It vets and interrogates, tests and examines, and eventually it leaves campus with a wish list of eager undergrads. A few months later, those same undergrads are paying for a few rounds of drinks at a celebratory Long Island iced tea night. And come summer, these undergrads have transformed into full-fledged Goldmanites — squeezing every drip of profit out of the rag that is America with conscious abandon — under the tragically correct assumption that the rest of us are, above all else, jealous of them.

This must end. A corporation with Goldman’s track record of bubble-building and profiteering has no place on this campus.” [Cornell Sun via BI]

$$$ Citigroup M&A rank droops as bailout stigma bites [Reuters]

$$$ General Motors Stock Is Priced at $33 in IPO [WSJ]

$$$ HSBC Joins Salary Push Amid Crackdown [WSJ]

$$$ Goldman Appoints 16 Women Partners [FINS]

$$$ Obama to Honor Buffett, George H.W. Bush With Freedom Award [Bloomberg]



Article courtesy of Dealbreaker

Goldman Sachs Traders Brought Shame Upon Firm Two Days Last Quarter

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For the third quarter this year, Goldman Sachs’s trading desks made more than $100 million on seven days, some sort of profit on 64 out of the 66, and lost on a mere two. At Morgan Stanley, which only had one single $100 million day and lost money on ten days, these results would be considered excellent and the sort that James Gorman would knock off a hobo to report. There would be piñatas and cake and they’d let everyone take the rest of the year off for a job amazingly well done. But this is not Morgan Stanley, this is Goldman Sachs, which means the responsible parties are going to pay.

For the traders who brought shame on God’s house, who’ve been made persona non grata since the filing with the Securities and Exchange Commission this morning, who will receive cold shoulders from colleagues and not so much as a ‘ha’ in response to a funny link sent over IM this afternoon, there must be some recognition of what they’ve done. Something worse than being fired or having their bonuses shrunk or their nipples zapped for every inch in the red. An aversion shock therapy of sorts. Something that will make them never want to lose money again.

Not to give away too many details but as a warning to the rest of you at GS– if you hear cries coming from the basement of 200 West today, don’t go down there to investigate unless you want to see things you can’t unsee. Your friends, strapped down and being read passages of a new book by the author himself. Wearing the bandana. As Lloyd and Gary watch through one way glass from above. Wondering if they’ve gone too far, but knowing this is the only way anyone will learn.

The same mistakes won’t be made again.



Article courtesy of Dealbreaker

Optical Networking Shares Blasted By Infinera’s Bearish Views

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Infinera (INFN) shares are getting clobbered this morning on the optical networking equipment provider’s bearish view on the outlook for the fourth quarter – and the company’s comments are dragging the rest of the sector down with it.
As I noted in my post on the company’s results yesterday, Infinera CFO [...]

Article courtesy of BARRONS.com: Tech Trader Daily

Comscore Buys Nedstat

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Comscore (SCOR) this morning said it has acquired Nedstat, an Amsterdam-based web analytics company, for $36.7 million.
The company said the deal will contribute about $4 million in revenue for the rest of 2010. Comscore expects the deal to be dilutive to 2010 GAAP and non-GAAP net income, but accretive in [...]

Article courtesy of BARRONS.com: Tech Trader Daily