Adquisición 获得: Google descent into robotics

Google is investing in robotics companies by purchasing Boston dynamics.

In December, Google bought Boston Dynamics, which developed a number of robots said to be inspired by animals, for an undisclosed sum. The news broke shortly after Amazon made headlines over the Thanksgiving holiday weekend with its own robotic moonshot project, Prime Air drone delivery.

But Google is not the only one thought to have been interested in Titan. Reports swirled as recently as a few weeks ago that Facebook was interested in the private company, founded in 2012, as well.

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Cima de la montaña: High performing investors of 2013

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George Soros

2013 Earnings: $4 billion
The legend continues. In 2013, George Soros had a pretty good year, with Soros Fund Management delivering returns north of 22%. That was not good enough to beat the U.S. stock market, but it still made Soros a lot of money. Soros is not involved in the day-to-day operations of Soros Fund Management, the $29 billion family office that manages Soros’ fortune and money he has given away to his foundations. The firm is overseen by Scott Bessent, Soros Fund Management’s chief investment officer, but Soros remains involved and the firm’s big short bet on the yen at the start of 2013 was vintage Soros. He continues to be a market moving force and his short of the yen after Japanese policy makers accelerated monetary easing was widely watched. The famous philanthropist was also involved in major hedge fund battleground stocks last year. Betting against fellow hedge fund billionaire Bill Ackman’s “pyramid scheme” hypothesis, Soros sided with Carl Icahn in going long the nutritional supplements company Herbalife, becoming one of the company’s largest shareholders. He trimmed the position near the end of the year. Born in Budapest, Soros survived the Nazi occupation of Hungary and went on to study at the London School of Economics before launching his hedge fund in 1969.

https://www.youtube.com/watch?v=HseUNLP6q24#t=23

Steve Cohen

2013 Earnings: $2.3 billion
In 2013, Cohen’s SAC Capital Advisors hedge fund firm pleaded guilty to criminal insider trading charges and agreed to pay $1.8 billion in fines and penalties to the federal government. Federal prosecutors in Manhattan worked on what turned out to be two more successful prosecutions of former SAC Capital employees and Cohen is transforming his Stamford, Ct., hedge fund firm into a family office, returning billions of dollars to outside investors. But through it all, Cohen, 58, continued to do what he does best—make profitable trades and earn lots of money. SAC Capital knocked out net returns of about 19% in 2013. That was not as good as what the U.S. stock market returned, but it beat most other hedge fund managers.

John Paulson

2013 Earnings: $1.9 billion
The biggest comeback ever? After three very tough years, Paulson, 58, came roaring back in 2013. His $2.7 billion Recovery Fund posted net returns of 63%, his Paulson Enhanced funds returned 33% and the Advantage funds generated net returns north of 26%. About 80% of the $20 billion in assets that Paulson’s Paulson & Co., hedge fund firm oversees are now above their high watermark, meaning the firm is charging rich performance fees again. The only trouble spot in 2013 was gold. The 28% plunge of the yellow metal in 2013 not only hurt the returns of his relatively small Gold Fund, in which he has a large stake, it also dented the returns of the gold-denominated holdings he personally keeps in his other hedge funds.

Carl Icahn

2013 Earnings: $1.7 billion
Carl Icahn was everywhere in 2013. He battled with Michael Dell, helped push Aubrey McClendon out of Chesapeake Energy, made a killer trade on Netflix, fought with William Ackman over Herbalife, and loudly lobbied for Apple to repurchase more of its stock. In the end, Icahn’s investment fund returned 31% in 2013, which is pretty impressive given that its portfolio was largely hedged.

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source:forbes

देवताओं और गोल्ड: Metacapital Mortgage Opportunities

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                                            Manager: Deepak Narula

Management Firm: Metacapital Management

Location: U.S.

Strategy: Mortgage-backed arbitrage

Assets, in billions: $1.5

YTD total return: 37.8%

2011 return: 23.6%

(Reuters) – Deepak Narula, one of the hedge fund industry’s best known mortgage bond traders, said he sees a much tougher year ahead for investors but sees opportunities in certain mortgage trades.

Next year will “be a more challenging year” than 2013 because of “much greater uncertainty around how the Fed will behave,” and because of lofty bond and equity valuations, Narula, the founder of $1.45 billion hedge fund Metacapital Management, said on Wednesday.

This year Narula’s main fund has struggled to produce gains, though an investor recently told Reuters the portfolio has been able to reduce losses in the last few months. However, the firm’s $240 million Rising Rates fund, launched in May, has climbed about 14 percent year-to-date.

Last year, Metacapital’s flagship fund soared more than 40 percent, as structured credit funds rose about 19 percent on averaged. “Absent some large shock to the system” that causes initial cheapening of assets “those returns are history,” Narula said.

Those funds have only risen about 8 percent on average this year.

Managers who invested in residential mortgage-backed securities throughout 2012 and the beginning of 2013 benefited mightily from the Federal Reserve’s efforts to keep interest rates low, which pushed up the prices of mortgage bonds.

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Deepak Narula has given us some sound advice – you want to be careful going against the mission of the Federal Reserve.

And, his hedge fund earned a 38 percent return last year, the number one hedge fund performer according to Bloomberg News.

“To revive the housing market, the Fed has thrown a lot of firepower at agency mortgage-backed securities. Policy makers have worked hard to let homeowners refinance. They’ve been clear that that’s their mission-and you want to be careful going against that mission.”

George Soros, who bet against the British pound in the 1990s and made millions of dollars, I’m sure, would agree.

In addition, three of the top five funds in the Bloomberg Markets list of top performing hedge funds also were investors in mortgage securities.

“Betting on mortgage securities outpaced every other strategy, with an average return of 20.2 percent against an industry average of just 1.3 percent,” states the Bloomberg report.

But, hedge funds are not the only ones that benefited from the Federal Reserve action. Check out these two posts: “Is it too late to get into the housing rebound?” and “Is it too late to get into the housing rebound? Part Two“.

Three cheers for saving the middle class!

Nothing seems to work better as a way to make money than to work with a government policy or program. Ask the people who started up Solyndra!

The major problem with betting against a government policy or program … don’t be too early.

Narula has not always been successful in playing the mortgage market. He started his fund Metacapital in 2002. He saw the danger in the market for subprime mortgages as early as 2005 and start shorting them. Subprime mortgages did tank, but not until three years later.

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In 2006 his fund had to return money to investors and in 2007 he had to close the fund. He was “right,” but then again, he was “wrong.”

As he states, “If you are too early, you are wrong.”

But, betting “with” government policy works on the upside as well.

Over the past fifty years or so, the federal government, supported by the Federal Reserve, created credit by the millions of dollars in order to keep unemployment at low levels and to foster home ownership for the middle class and below. We had a sustained period of “credit inflation.”

Three things happen in a period of credit inflation: people take on more and more risk; people build up more and more financial leverage; and people engage in financial innovation. The last fifty years is known for all three of these things happening.

And, during this period, more and more people went to work in the financial and more and more companies added financial subsidiaries. By the early2000s, a substantially greater percentage of Americans worked in the financial sector than ever before. And, many manufacturing companies, likeGeneral Electric (GE) and General Motors (GM), earned more than fifty percent of their profits from their financial subsidiaries.

The “mission” of the federal government and the Federal Reserve System was to provide the economy with high levels of employment and greater degrees of home ownership.

The mental attitude of the leaders of American finance and industry? Well, as summarized by Charles (Chuck) Prince, the CEO of Citigroup, “”As long as the music is playing, you’ve got to get up and dance.”

Those that left the dance floor “too soon” were “right” that things were getting too risky and might fall apart. But, as Narula said, “If you are too early, you are wrong.”

Your government creates opportunities to make money … and to make lots of it. The big money to earn will, however, not go to those that will help to reduce the imbalance in the income/wealth curve. As we have seen, the past fifty years of credit inflation have done more to create the imbalances that now exist than reduce them.

And, government “missions” will continue to do so in the future.

So, one way to make money is to determine what is the federal government or the Federal Reserve “mission” and bet “with” the mission. That is, find out what these people are trying to do and develop an investment strategy that “uses” this mission. We know that the federal government and the Federal Reserve, in their well-meaning way, will continue on with their policies for a long time.

The Federal Reserve says that short-term interest rates will remain low until 2015. Really?

George Soros can tell you that when a government positions itself in this way, opportunities exist.

But, remember what Narula said – to be too early is to be wrong. Also, if you try and get into the game too late or stick around the game for too long, you will be wrong.

Timing is important.

Three cheers for Deepak Narula!

Location Type Single Location
State of Incorporation New York
Annual Revenue Estimate 120000
Employees 2
SIC Code 6722, Management Investment Offices, Open-End
NAICS Code 525910, Open-End Investment Funds
Business Categories

黄金の太陽: The power of the solar technology etf TAN

EvergladesSunriseJune

Guggenheim Solar (TAN)

46.70 Down 0.56(1.18%) 4:00PM EST|After Hours : 46.10 Down 0.60 (1.28%) 7:11PM EST

Prev Close: 47.26
Open: 47.51
Bid: 46.00 x 200
Ask: 47.35 x 100
NAV¹: 46.95
Net Assets²: 383.58M
YTD Return(Mkt)²: 11.80%
Day’s Range: 45.88 – 47.78
52wk Range: 15.00 – 47.78
Volume: 1,036,528
Avg Vol (3m): 561,480
P/E (ttm)²: 17
Yield (ttm)²: 1.14

¹As of Feb 27, 2014

²As of Jan 31, 2014

The Guggenheim/MAC Global Solar Energy Index ETF seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the MAC Global Solar Energy Index. The Fund will normally invest at least 90% of its total assets in common stock, American depositary receipts and global depositary receipts that comprise the Index. Guggenheim Advisors, LLC seeks a correlation over time of 0.95 or better between the Fund’s performance and the performance of the Index.

The Index is designed to track companies within the following business segments of the solar energy industry: companies that produce solar power equipment and products for end-users, companies that produce fabrication products (such as the equipment used by solar cell and module producers to manufacture solar power equipment) or services (such as companies specializing in the solar cell manufacturing or the provision of consulting services to solar cell and module producers) for solar power equipment producers, companies that supply raw materials or components to solar power equipment producers or integrators; companies that derive a significant portion of their business (measured in the manner set forth below under “Index Methodology” section) from solar power system sales, distribution, installation, integration or financing; and companies that specialize in selling electricity derived from solar power.

Source:

Yahoo

Seeking Alpha

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投资于机器人: The future is here investing in robotics

One of the most popular businesses – Bedford’s iRobot – created the floor-cleaning disc Roomba. Another company, Boston Dynamics, built a product called LittleDog that scientists are using to “probe fundamental relationships among motor learning, dynamic control, perception of the environment and rough terrain locomotion,” according to its YouTube page. – See more at: http://www.kahnlitwin.com/blogs/daily-news-blog/robotics-companies-prime-investing-opportunities-for-venture-capital-firms-#sthash.oSd8Mjbt.dpufgineering company that specializes in building dynamic robots and software for human simulation.

These and other companies may be in need of technology consulting services. For example, Liquid Robotics of California recently completed a $22 million round of financing that included minor investments from an oilfield services company and Stanford University, the Wall Street Journal reports. The company is currently valued at $70 million.
– See more at: http://www.kahnlitwin.com/blogs/daily-news-blog/robotics-companies-prime-investing-opportunities-for-venture-capital-firms-#sthash.oSd8Mjbt.dpuf

Google is joining the growing list of companies investing in military technology. On Friday, the Internet giant bought Boston Dynamics, a company known for developing animal-like robots that can outrun even the world’s fastest man.

谷歌加盟公司投资于军事技术的越来越多。上周五,互联网巨头买下波士顿动力公司,该公司称开发动物般的机器人,可以逃脱即使是世界上跑得最快的人。

Source;

Seeking Alpha

 

IRBT-A provider of mobile robots for the consumer market, including the iRobot-LE home robot,
Prev Close: 44.48
Open: 44.30
Bid: 41.06 x 500
Ask: 41.10 x 200
1y Target Est: 41.00
Beta: 1.82
Next Earnings Date: 22-Apr-14IRBT Earnings announcement
Day’s Range: 40.41 – 44.89
52wk Range: 21.13 – 46.99
Volume: 1,106,384
Avg Vol (3m): 993,657
Market Cap: 1.18B
P/E (ttm): 43.72
EPS (ttm): 0.94
Div & Yield: N/A (N/A

Boston Dynamics is an enVenture capital firms in Boston may want to pay attention to the increased number of robotics firms in the state, according to the Boston Business Journal. There are at least 60 known robotics companies in Massachusetts, as reported by the Massachusetts Technology Leadership Council.

The company began as a spin-off from the Massachusetts Institute of Technology, where National Academy of Engineering member Marc Raibert and his colleagues first developed robots that ran and maneuvered like animals. They founded the company in 1992, and their ground-breaking work continues to inspire several of the company’s activities.

Today the company creates a variety of innovative robots, including BigDog, a quadruped robot for travel on rough-terrain, PETMAN, an anthropomorphic robot for testing equipment, RISE, a robot that climbs vertical surfaces, SquishBot, a shape-changing chemical robot that moves through tight space, and many others.

Co Founder

未来的国王:Top little known Hedge Funds

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Bridgewater manages approximately $150 billion in global investments for a wide array of institutional clients, including foreign governments and central banks, corporate and public pension funds, university endowments and charitable foundations. Approximately 1,400 people work at Bridgewater, which is based in Westport, Connecticut.

Founded in 1975 out of a two-bedroom apartment, Bridgewater remains an independent, employee-run organization. Throughout its 39-year history, Bridgewater has been recognized as a top-performing manager and an industry innovator, winning over 40 industry awards in the past five years alone. In both 2010 and 2011, Bridgewater ranked as the largest and best-performing hedge fund manager in the world and in both 2012 and 2013 Bridgewater was recognized for having earned its clients more than any other hedge fund in the history of the industry. Its clients and employees routinely give Bridgewater top satisfaction ratings in annual surveys.

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Management Firm, Location: Blue Harbour Group, U.S.

Strategy: Activist

Assets (in billions): $1.3

YTD Total Return: +19.8%

2012 Return: +16.2%

Read more: http://www.businessinsider.com/30-most-successful-hedge-funds-of-2013-2014-1?op=1#ixzz2uaE3WWpw

Blue Harbour Group, L.P., a Registered Investment Advisor, is an investment manager focused on investing in undervalued U.S. public companies. Our mandate is to serve as a trusted lead investor, working in a collaborative and supportive manner with companies to identify initiatives to unlock and create shareholder value. We are long term investors with a multi-year investment horizon.

 

Clifton S. Robbins is the Chief Executive Officer and Portfolio Manager of Blue Harbour Group, L.P. and has been an investor for over twenty-five years. Prior to founding Blue Harbour Group in 2004, Mr. Robbins had been a Managing Member of General Atlantic Partners, LLC. Prior to joining General Atlantic Partners in 2000, Mr. Robbins had been a General Partner of Kohlberg Kravis Roberts & Co. which he joined in 1987. Mr. Robbins began his career in Mergers & Acquisitions at Morgan Stanley & Co. in 1980.

 

Mr. Robbins is complemented by a team of senior professionals responsible for generating investment ideas, developing relationships with management teams, performing research and due diligence on prospective investments, and monitoring portfolio investments. The team consists of professionals with experience ranging from six to fifteen years in the areas of corporate finance, private and public market investing.

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INVESTMENT STRATEGY

Blue Harbour’s approach to investing in the public markets is similar in many respects to private equity investors. In this regard, Blue Harbour’s investment approach seeks to add value by working collaboratively with company management to design and to implement strategic initiatives that unlock and create shareholder value. We focus on U.S. public companies that could create significant value by implementing strategic or financial change. Much like private equity investors, a critical component of our strategy is to support superior management teams who are committed to creating value for shareholders. Importantly, unlike private equity investors, Blue Harbour’s mandate to invest in publicly traded securities affords us the advantages of not paying control premiums nor are we subject to the illiquidity and leverage of private equity models.

  • We source investment opportunities primarily through publicly traded markets but can also buy equity stakes directly from the issuer if appropriate
  • We acquire a significant minority stake and become a lead shareholder
  • We acquire our positions at the public market price instead of by auctions
  • We collaborate with company management on critical strategic and financial issues

 HT Capital Management – Hong Kong

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AP Images

Founded: 1997

AUM: $673.2 million

Manager: Ophelia Tong

  • Tong co-founded HT Capital with her husband Karl Hurst.

Strategies: Long Equity

  • HT’s two funds combined to return 6.08% last year.

 

Source:

http://www.htcapital.hk/

http://www.bwater.com/

El oro y la creencia más allá del petróleo dioses muertos ‘: John D. Rockefeller

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This is a rare example of how principle,business and investing can work. It is the secret behind Warren Buffet and some of the top Hedge Fund Managers. It is not about the money Warren Buffett quoted in speech to his company before others could speak his words. John D. Rockefeller was one of the best examples of this:

John Davison Rockefeller (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist. He was a co-founder of theStandard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry, and along with other key contemporary industrialists such as Andrew Carnegie, defined the structure of modern philanthropy. In 1870, he co-founded Standard Oil Company and aggressively ran it until he officially retired in 1897.

In spite of his father’s absences and frequent family moves, young John was a well-behaved, serious, and studious boy. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. He was an excellent debater and expressed himself precisely. He also had a deep love of music and dreamed of it as a possible career.Early on, he displayed an excellent mind for numbers and detailed accounting.

His father, William Avery Rockefeller, was a “pitch man” — a “doctor” who claimed he could cure cancers and charged up to $25 a treatment. He was gone for months at a time traveling around the West from town to town and would return to wherever the family was living with substantial sums of cash. His mother, Eliza Davison Rockefeller, was very religious and very disciplined. She taught John to work, to save, and to give to charities.

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By the age of 12, he had saved over $50 from working for neighbors and raising some turkeys for his mother. At the urging of his mother, he loaned a local farmer $50 at 7% interest payable in one year. When the farmer paid him back with interest the next year Rockefeller was impressed and said of it in 1904: “The impression was gaining ground with me that it was a good thing to let the money be my servant and not make myself a slave to the money…”

From 1852 Rockefeller attended Owego Academy in Owego, New York, where the family had moved in 1851. Rockefeller excelled at mental arithmetic and was able to solve difficult arithmetic problems in his head — a talent that would be very useful to him throughout his business career. In other subjects Rockefeller was an average student but the quality of the education was very high.

In 1853, the Rockefellers moved to Cleveland, Ohio, and John attended high school from 1853 to 1855. He was very good at math and was on the debating team. The school encouraged public speaking and even though Rockefeller was only average, it was a skill that would prove to useful to him.

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It was the logic of this competitive structure that determined Rockefeller and Flagler’s course of action.

  1. They built high-quality, larger, better-planned refineries. They built permanent facilities using the best materials available.
  2. They owned their own cooperage (barrel making) plant, their own white-oak timber and drying facilities, and bought their own hoop iron. Consequently, they cut the cost of a barrel from about $3.00 to less than $1.50.
  3. They manufactured their own sulfuric acid (which was used in the purification process) and devised technology to recover it for re-use.
  4. They owned their own drayage service, consisting of at least 20 wagons in 1868.
  5. They owned their own warehouses in New York City and their own boats on the Hudson and East Rivers to transport their oil.
  6. They were the first to ship oil via tank cars (albeit big wooden tubs mounted in pairs on flat cars — later to evolve into the modern form of a tank car). And they owned their own fleet of tank cars.
  7. They built huge holding tanks near their refineries for storing crude and refined oil, with the equipment for drawing off the oil from the tank cars into the holding tanks.
  8. Their huge size made it economical to build the necessary physical plant to handle all the “waste” products from the refining of kerosene. They began manufacturing high quality lubricating oil that quickly replaced lard oil as a lubricant for machinery. Gasoline, which many refiners surreptitiously dumped into the Cuyahoga River at night (the river often caught fire), Rockefeller and Flagler used as fuel. They manufactured benzene (used as a cleaning fluid; a solvent for fat, gums, and resin; and to make varnish), paraffin (insoluble in water, used for making candles, waterproofing paper, preservative coatings, etc.), and petrolatum (used as a basis for ointments and as a protective dressing; as a local application in inflammation of mucous membrane; as an intestinal lubricant, etc. — white petrolatum later marketed under the brand name Vaseline). They shipped naphtha (volatile inflammable liquid used as a solvent in dry cleaning and in wax preparations, varnish and paint making, burning fluid for illumination, and as a fuel for motors) to gas plants and other users.

 

 

Tierras baldías de titanes muertos: Top stock picks part 2

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Steven Pollack 
John Hancock Disciplined Value Mid Cap

Ticker: (EXPE)
Category: Travel

Steven Pollack has three criteria when selecting a stock. The valuation should be enticing; it should be a quality business with attractive free cash flow and return on capital; and there should be a reason to buy the stock now, such as positive momentum or a catalyst to push the stock price higher. Expedia, the online travel firm, “fits all three,” says Pollack, whoseJohn Hancock Disciplined Value Mid Cap Fund (JVMAX) has a 28.8% average annual return over five years, vs. 27.3% for the S&P’s Midcap 400 index. Expedia trades at 16 times projected 2014 earnings, well below archrival Priceline’s P/E ratio of 22. Expedia reported $740 million in free cash flow during the first nine months of 2013, and revenues are growing at a 15% annual clip. Beyond that, Pollack likes the fact that Expedia andPriceline (PCLNFortune 500) are becoming an oligopoly, which will discourage new competition. Pollack also sees potential catalysts. Expedia holds controlling stakes in Trivago and eLong, popular travel sites in Europe and China, respectively. “Both Trivago and eLong have significant growth opportunities,” Pollack says, “and both could potentially be spun out.” –J.B.

Sarah Ketterer 
Causeway International Value

Ticker: (TKPPY)
Category: France

Sarah Ketterer, manager of the $4.5 billion Causeway International Value Fund(CIVVX), is a fan of energy stocks these days, in part because they’ve lagged. Ketterer, whose fund has averaged 21.2% annual returns over the past five years, vs. 16.3% for its category, blames exaggerated concerns about China for the anemic stock performance: “China is slowing down, but its demand for energy is still very high.” Her favorite stock today is Technip, which lays deepwater oil and gas pipelines. The stock trades at a mere 13 times expected 2014 earnings, which analysts project to gush 27%; Technip also offers a 2.1% dividend yield. The stock has slumped 15% since October, and Ketterer blames guilt by association, as two Technip rivals suffered big earnings disappointments. Deepwater pipe-laying is Technip’s core business, but Ketterer thinks another specialty will provide long-term windfalls. Given the shale gas boom in the U.S., she expects the country will eventually ship liquefied natural gas to Europe. Technip builds plants that convert natural gas to LNG and LNG back to gas. “They’re the best at it in the world,” says Ketterer. –J.B.

Edwin Lugo 
Franklin International Small Cap Growth

Category: Ireland

Green REIT, Ireland’s first-ever real estate investment trust, is a good story. It’s also a brand-new stock with no history, so it helps that the storyteller is a premier manager: Edwin Lugo, whose $1.5 billion Franklin International Small Cap Growth Fund (FINAX)has returned 25.7% a year over the past five years (see chart above), putting it in the top 2% of its foreign stock-fund category. Green REIT is essentially a vulture fund for Irish real estate. Commercial property prices fell 65% during the financial crisis. As a result, the Irish government and various banks ended up holding €76 billion in foreclosed properties and loans. To speed the recovery, Ireland passed a law permitting REITs; in July, Green became the first to launch there. “Banks are not in the business of managing property,” says Lugo, so they’re willing to sell “at a huge discount.” The timing looks excellent. Irish commercial property prices rose in October for the first time since 2007, just as Green made its first purchases at big discounts to U.S. properties. “It’s rare you get a chance to buy real estate at the bottom,” says Lugo, who notes that “the Irish economy is already turning around.” –J.B.

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Jim Moffett 
Scout International

Ticker: (VLKAF)
Category: Germany

Jim Moffett gravitates to out-of-favor stocks, an approach that has delivered an annualized 9.3% for a decade (UMBWX), outperforming the foreign stock index by 1.6 percentage points a year. Lately Moffett’s thinking has driven him to the auto industry. He’s especially optimistic about Volkswagen because the German automaker has been “lagging the pack” while laying the groundwork for a resurgence. The automaker’s recent stall, he says, is partly a reflection of Europe’s woeful economy and partly a result of being “out of sync” with the industry. In particular, he says, VW has lacked broadly appealing high-end offerings in the U.S. Now, though, the European economy is showing hints of improvement, and VW plans to roll out new products next year. Meanwhile, he says, the company is reducing costs with its modularized manufacturing strategy, which he expects to show results in the next year. The upshot, Moffett says: The market will eventually perceive the improvement, and VW’s stock, currently trading at nine times 2013 expected earnings, will catch up to BMW and Daimler, which have P/Es of 10.5 and 11.5, respectively. –S.M.

Brian McMahon 
Thornburg Investment Income Builder

Ticker: (CHL)
Category: China

Long viewed as frumpy, dividend stocks enjoyed a vogue in recent years. The category has waxed and waned, but one thing has remained constant: Brian McMahon’s outperformance. His $16 billion fund (TIBAX) has turned in annualized 10% returns for 10 years, more than two percentage points above results for the S&P 500 and his “world allocation” peers. China Mobile, the world’s largest telecom, follows his template. The stock’s dividend yields 4.3%, and it has grown at 6% annually for the past five years. But there’s more upside. McMahon says investors have punished the stock (which trades as an ADR in the U.S.) because the Chinese government has forced the company to adopt — and invest heavily in — the country’s homegrown 4G technology before it was widely used by the telecom industry. The good news, he says: The technology looks promising and is about to launch. “Soon they’ll have the most spectrum, the most base stations, and the first shot at this great new technology.” The result? He expects the stock, trading at 3.5 times Ebitda, to leap to 4.5 by 2015. That could propel the share price by 40% or more. –S.M.

David Herro 
Oakmark International

Ticker: (CS)
Category: Switzerland

Even as investors fled Europe during its sovereign debt crisis, David Herro placed one of the most audacious contrarian bets in recent history, going all-in on beleaguered French, Spanish, and Italian financials. The result: nearly 40% returns over the past 12 months. (The fund’s (OAKIX) extended record is also superb: 11.3% annualized returns over the past 15 years, vs. 5.0% for MSCI’s EAFE index.) With Europe seemingly off the ledge, Herro now reserves his strongest conviction for Swiss banking giant Credit Suisse, which, he says, is at an “inflection point.” Low interest rates and a strong Swiss currency have pushed it to the bottom of its earnings cycle, and the bank has been building reserves to comply with higher post-crisis capital requirements. But those impediments, Herro says, have run their course. The result will be double-digit earnings increases, he says: “Over the coming years it should be able to generate $8 billion in annual operating profits” — four times the current level. To Herro, that makes the company’s forward P/E of 8.8 and price-to-book ratio of 1 look unjustly low. –S.M.

Una habilidad para cortar diamantes: Top stock picks part 1

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Kimberly Scott 
Waddell & Reed New Concepts

Ticker: (HAIN)
Category: Health & nutrition

Burgeoning trends at a reasonable price. That’s Kimberly Scott’s philosophy. Her Waddell & Reed New Concepts Fund (UNECX) has averaged 11.5% returns over the past decade, better than 95% of its peers, and these days she favors Hain Celestial. The case starts with the exploding appeal of the kind of natural and organic foods the company sells. It ain’t just Whole Foods (WFMFortune 500) either, she notes; traditional grocers are devoting more shelf space to the category. Plus, Scott says, Hain has been smart about adding innovative brands like the British baby-food maker Ella’s Kitchen, acquired in May, to its existing lineup. (Wal-Mart (WMTFortune 500) began stocking Ella’s squeezable pouches at its 4,000 U.S. stores last month.) Hain’s earnings have been mounting at close to 40% for the past three years, and analysts project another three to five years of 15% EPS increases. What’s more, Scott says, Hain Celestial is the “rare” growth company with a focus on squeezing productivity and profits from its manufacturing operations and supply chain. The upshot: Her “conservative” projections have the stock, currently trading around $85, reaching $135 in the next four years. –S.M.

Don Yacktman 
Yacktman/Yacktman Focused

Ticker: (PEPFortune 500)
Category: Consumer

Slow and steady has always been the recipe for Don Yacktman’s world-beating results. (His $13.5 billion namesake (YACKX) and $11.7 billion Focused Fund (YAFFX)have both returned about 11% a year for a decade, crushing the S&P (SPX) by 3.2 percentage points a year.) His strategy: Buy great companies when they’re out of favor and hold them, more or less forever. With the market regularly hitting new highs, Yacktman and son and co-manager Stephen are craving comfort food. “We’re focused on defense more than offense,” Stephen says, and PepsiCo promises just about the best “risk-adjusted” returns out there. Between dividends and stock buybacks, the company is paying shareholders 4.5% to 5% in cash. Add in anticipated growth from price increases and 2% to 3% unit volume increases and you can expect to earn 9% to 10%, Stephen argues. Given Pepsi’s stranglehold on the snack-food aisle and its forward thinking about healthy alternatives, that return won’t be nibbled away over time. “Think of it like buying an undervalued triple-A bond,” says Don. “It’s not very exciting, but that’s the point: You sleep at night when the wind blows.” –S.M.

source:

money.cnn.com

El emperador de Oro: Carlos Slim King of Mexico

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Carlos Slim

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Carlos Slim Helú  is a Mexican business magnate, investor, and philanthropist. From 2010 to 2013, Slim was ranked as the richest person in the world, but that position has been regained by Bill Gates. His extensive holdings in a considerable number of Mexican companies through his conglomerateGrupo Carso, SA de CV, have amassed interests in the fields of communications, technology, retailing, and finance. Presently, Slim is the chairman and chief executive of telecommunications companies Telmexand América Móvil.

Carlos Slim Helú studied Civil Engineering at the National Autonomous University of Mexico (known by its Spanish acronym UNAM) School of Engineering, where he also taught Algebra and Linear Programming while studying for his degree, meaning that he was both a student and professor.

In 1965, when he was only 25 years old, he began to build the foundations of Grupo Carso. Inmobiliaria Carso was incorporated in January 1966, three months before marrying Soumaya Domit Gemayel, hence the name Carso, which is a combination of the first three letters of Carlos and the first two letters of Soumaya.

Since the 1980s he has been a noted businessman in various industrial, real estate and commercial fields. In 1982, which was a critical time in the history of Mexico with the debt crisis, nationalization of the banking system and the country’s finances nearly paralyzed, Carlos Slim and his Grupo Carso decided to invest heavily and actively. They made diverse investments and acquisitions during this period, one of which was Cigatam, which turned out to be the first and most important because of its cash flow, providing the Group with sufficient liquidity to capitalize on available opportunities and thereby increase itsacquisitions of big companies, including: Hulera el Centenario, Bimex, Hoteles Calinda (today, OSTAR Grupo Hotelero) and Reynolds Aluminio. Some time later the purchase of Seguros de México was closed, and Grupo Financiero Inbursa was formed by integrating Casa de Bolsa Inversora Bursátil, Seguros de México and Fianzas La Guardiana. By 1985, Grupo Carso acquired control of Artes Gráficas Unidas, Fábricas de Papel Loreto y Peña Pobre, and also a majority stake in Sanborns and its affiliate Dennys. In 1986 Minera FRISCO and Empresas Nacobre were acquired, as well as their affiliates, and control of the Euzkadi tire company, the market leader at the time, was also acquired, as was a majority stake in General Tire some years later.

carlos-slim-acirceurordquo-the-worlds-richest-man

1. He’s the first ‘World’s Richest’ man from a developing nation
2009 was good to the super-rich in poorer nations: Brazil and Russia each doubled their billionaire counts; and China’s new total (64 billionaires) ranks second only to the America. Slim, as an owner of more than 220 companies in telecommunications, banking, railways, and restaurants (to name a few), saw his fortune swell by $18.5 billion last year.

2. In Mexico, Slim is “Mr. Monopoly”
The Wall Street Journal once quipped that “it’s hard to spend a day in Mexico and not put money in [Slim’s] pocket.” You can barely make a call without doing so: Slim’s phone company Telmex — snapped up on the cheap in 1990 — controls 80 percent of the landlines; its subsidiary América Móbil handles 70 percent of the cell service.

3. He bailed out The New York Times
In addition to owning 6.9 percent of The New York Times Company, Slim loaned the struggling publisher $250 million last year, essentially saving it from financial ruin. Recently, rumors that Slim might buy a controlling stock in the company caused its shares to jump. Slim, however, denies the stories.

4. He loves baseball
While soccer remains Mexico’s most popular sport, Slim has an avid affinity for baseball — especially the New York Yankees. In 1998, he penned an article for a Mexico City magazine about obscure historical baseball figures. And he once agreed to a USA Today interview under the condition that the journalist pass along Slim’s suggestion for “improving” the newspaper’s box scores to his editor.

5. In the U.S., he’d be a “trillionaire”
Carlos Slim’s net worth is equivalent to about 7 percent of Mexico’s GDP.  For Bill Gates to have the same grip on the U.S. economy, says Brian Winter in Foreign Policy, he would have to be worth “909 billion” and own “Alcoa, Phillip Morris, Sears, Best Buy, TGIFriday’s, Dunkin’ Donuts, Marriott, Citibank, and JetBlue.”

6. He’s from a Lebanese family
Julian Slim Haddad, Carlos’s father, immigrated to Mexico from Lebanon in 1902 to escape military conscription. He eventually created highly successful import and real estate businesses worth millions. The family of Carlos’ mother, also from Lebanon, settled in Mexico City at the end of the 19th century.

7. He’s famously frugal 
From a young age, Slim has practiced legedary financial restraint. He still lives in the same modest 6-bedroom home where he’s resided for the past three decades. His cramped bedroom is “the size of a Manhattan hotel room.” And, despite the prevalence of kidnappings in Mexico, Carlos Slim still drives himself to work.

Sources:

Forbes

theweek.com