Oro en la cima del mundo: World’s Top Banks.

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                                     World Ranking:

1 Industrial & Commercial Bank of China Limited, China
2 Deutsche Bank AG, Germany
3 BNP Paribas SA, France
4 Crédit Agricole SA, France
5 Barclays Bank PLC, UK
6 China Construction Bank Corporation, China
7 Agricultural Bank of China Limited, China
8 JAPAN POST BANK Co Ltd., Japan
9 The Royal Bank of Scotland plc, UK
10 Bank of China Limited, China
11 The Bank of Tokyo-Mitsubishi UFJ Ltd, Japan
12 JPMorgan Chase Bank National Association, USA
13 Banco Santander SA, Spain
14 Sumitomo Mitsui Banking Corporation, Japan
15 Société Générale, France
16 Lloyds TSB Bank plc, UK
17 BPCE, France
18 Bank of America NA, USA
19 UBS AG, Switzerland
22 Wells Fargo Bank NA, USA
21 Citibank NA, USA
22  HSBC Bank plc, UK
23 UniCredit SpA, Italy
24 China Development Bank Corporation, China
25 Crédit Agricole Corporate and Investment Bank, France
26 ING Bank NV, Netherlands
27 Rabobank Nederland, Netherlands
28 Credit Suisse AG, Switzerland
29 Bank of Scotland plc, UK
30 Nordea Bank AB (publ), Sweden
31 Intesa Sanpaolo SpA, Italy
32 Mizuho Bank Ltd , Japan

Industrial-and-Commercial-Bank-of-China1

 

In 2012, the Bank continued to advance the transformation of corporate banking, kept optimizing the business structure and effectively adapted itself to the interest rate marketization, to realize sustainable development of corporate banking. The Bank introduced all-product marketing and comprehensive financial services and promoted interaction between commercial banking and investment banking, so as to satisfy customers’ diversified financial needs. It also enhanced business innovation and boosted the development of financial assets services such as asset management, entrusted management, agency trade, underwriting and consultancy, agency sales, etc. Relying on the global service network and the integrated technological platform of domestic and overseas operations, the Bank accelerated the development of global cash management and cross-border RMB business, and enhanced its global service capability and its brand’s international infl uence. Through innovation of the marketing system, the Bank provided differentiated services for customers at different tiers, enhanced the marketing and service quality for key customers, and expanded the customer base by winning over more small and medium enterprise (SME) customers.

The Bank was awarded the “Best Corporate Bank in China” by Global Finance. At the end of 2012, the Bank had 4.38 million corporate customers, representing an increase of 270 thousand customers from the end of the previous year; among them, 143 thousand corporate customers had loan balances with the Bank, representing an increase of 16 thousand customers. According to statistics from PBC, at the end of 2012, the Bank ranked first in the banking industry in terms of corporate loans and corporate deposits, with a market share of 11.8% and 12.6%, respectively.

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En 2012 , el Banco continuó avanzando la transformación de la banca corporativa , mantuvo la optimización de la estructura de negocios y efectivamente se adaptó a la mercantilización de tasa de interés , para hacer realidad el desarrollo sostenible de la banca corporativa . El Banco introdujo la comercialización de todos los productos y servicios financieros integrales y promovió la interacción entre la banca comercial y la banca de inversión , con el fin de satisfacer las necesidades financieras diversificadas de los clientes. También ha mejorado la innovación empresarial e impulsó el desarrollo de servicios de activos financieros , como la gestión de activos, gestión encomendada , el comercio de agencia, aseguramiento y consultoría , las ventas de las agencias , etc que utilizan la red de servicio global y la plataforma tecnológica integrada de las operaciones nacionales y extranjeros , el Banco aceleró el desarrollo de la gestión de tesorería global y negocios en RMB transfronteriza, y ha mejorado su capacidad de servicio global y infl uencia internacional de su marca. A través de la innovación del sistema de comercialización , el Banco proporcionó servicios diferenciados para los clientes en los diferentes niveles , mejora la comercialización y el servicio de calidad a los clientes clave , y se amplió la base de clientes , al ganar más de (PYME ) de los clientes de pequeñas y medianas empresas más .

El Banco fue galardonado con el ” Mejor Banco Corporativo en China” por Global Finance . A finales de 2012 , el Banco tenía 4,38 millones de clientes corporativos , lo que representa un aumento de 270 mil clientes de la final del año anterior , entre ellas , 143.000 clientes corporativos tenían saldos de préstamos con el Banco , lo que representa un aumento de 16 mil clientes . Según las estadísticas del PBC , a finales de 2012 , el Banco ocupó el primer lugar en la industria de la banca en cuanto a créditos corporativos y los depósitos corporativos , con una cuota de mercado del 11,8 % y 12,6 % , respectivamente.

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Los toros y los osos: The best stocks of 2014

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Coca-Cola

52-week high: $43.43

52-week low: $35.58

Annual revenues: $47.3 billion

Projected 2014 earnings growth: 6.7 percent

Coca-Cola (KO) has trailed the market significantly for the past two years, under fire from competitors as well as from policymakers who want citizens to slim down.

But columnist Andrew Feinberg calls it a classic “faith-based” stock — a great company that, by means that can’t be predicted, always seems to bounce back. And the 2.8 percent yield will quench your thirst while you wait for the price to rise.

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Bank of America

52-week high: $15.79

52-week low: $9.38

Annual revenues: $80.7 billion

Projected 2014 earnings growth: 50.6 percent

Many investors have shunned Bank of America (BAC) because of problems related to Countrywide, which it bought in 2008. But those troubles now seem to be winding down. BofA’s deposits are growing, and the quality of its loans is improving. Columnist Andrew Feinberg says the stock could easily rise 50 percent over the coming year.

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Honeywell International

52-week high: $89.52

52-week low: $59.85

Annual revenues: $38.3 billion

Projected 2014 earnings growth: 12.3 percent

In 2010, when Honeywell International (HON) announced an ambitious five-year growth plan, analysts were skeptical. They acknowledged that the firm, which makes everything from thermostats to jet engines, was well run, but they thought it couldn’t wring enough efficiencies from its operations to overcome a struggling economy. But Honeywell hit all of its goals and has turned skeptics into believers, says Stifel Nicolaus analyst Jeff Osborne. Now, Honeywell is set to put out a new five-year plan that he thinks will be even more ambitious—and will help boost the stock.

 

Coca-Cola
52 semanas: $ 43.43

52 semanas: $ 35.58

Ingresos anuales: 47,3 mil millones dólares

Crecimiento proyectado de ganancias 2014: 6,7 por ciento

Coca-Cola (KO) ha arrastrado al mercado de manera significativa durante los últimos dos años, bajo el fuego de los competidores, así como de los responsables políticos que quieren los ciudadanos para bajar de peso.

Pero el columnista Andrew Feinberg llama un clásico de valores “basada en la fe” – una gran empresa que, por medios que no se pueden predecir, siempre parece recuperarse. Y el rendimiento de un 2,8 por ciento va a saciar su sed mientras espera a que el precio suba.

 

Bank of America
52 semanas: $ 15.79

52 semanas: $ 9.38

Ingresos anuales: $ 80.7 mil millones

Crecimiento proyectado de ganancias 2014: 50,6 por ciento

Muchos inversores han evitado Bank of America (BAC) a causa de problemas relacionados con Countrywide, que compró en 2008. Pero esos problemas ahora parecen estar terminando. Depósitos de BofA están creciendo, y la calidad de sus préstamos está mejorando. El columnista Andrew Feinberg dice que la acción podría subir fácilmente un 50 por ciento durante el próximo año.

52 semanas: $ 89.52

52 semanas: $ 59.85

Ingresos anuales: $ 38,3 mil millones

Crecimiento proyectado de ganancias 2014: 12,3 por ciento

En 2010, cuando Honeywell International (HON) ha anunciado un ambicioso plan de crecimiento a cinco años, los analistas se mostraron escépticos. Reconocieron que la empresa, que fabrica desde termostatos para motores a reacción, estaba bien dirigido, pero pensaron que no podía exprimir suficientes eficiencia de sus operaciones para superar la difícil situación económica. Pero Honeywell alcanzó todos sus objetivos y ha vuelto escépticos en creyentes, dice el analista de Stifel Nicolaus Jeff Osborne. Ahora, Honeywell está configurado para apagar un nuevo plan de cinco años que él piensa que va a ser aún más ambicioso-y ayudará a impulsar la acción.

Los nuevos reyes del Antiguo: David Tepper

2013 Earnings: $3.5 billion
Tepper has set a new standard for hedge fund managers. His track record has long been phenomenal, but since the financial crisis his returns have reached a whole new level. In 2013, the 56-year-old founder of Appaloosa Management outperformed the U.S. stock market and the vast majority of hedge fund managers, with his biggest fund posting net returns of more than 42%. Over the last five years, Tepper’s main hedge fund has generated annualized net returns of nearly 40%—and gross returns of some 50%. In what has almost become an annual tradition, Tepper gave back some cash to his investors at the end of the year. In 2013, Tepper’s Appaloosa celebrated its 20th anniversary by pledging $20 million to various charities. Tepper also gave $67 million to Carnegie Mellon University last year—adding to the $55 million he previously gave the university—and continued to support other causes like basic needs and education.

Appaloosa Management is an American hedge fund founded in 1993 by David Tepper and Jack Walton specializing in distressed debt.Appaloosa Management invests in public equity and fixed income markets around the world.

In 1993 David Tepper and Jack Walton founded Appaloosa Management, an employee owned hedge fund, in Chatham, New Jersey.[4][5] The firm through the 1990s was known as a junk bond investment boutique and through the 2000s a hedge fund.

2002 Conseco & Marconi Corp.

In the fourth quarter of 2002 Appaloosa Management returns were heavily a result of junk-bond and distressed debt bets in Conseco and Marconi Corp. that the market was bottoming out.

2007 Delphi

Assets under management in 2007 were $5.3 billion. The Financial Times reports the company has “attracted interest for its large ownership position in Delphi, the bankrupt car parts supplier, and its clashes on whether management has the shareholders best interests in mind or those of GM and the UAW.”

2008 financial crisis through 2011

Appaloosa survived the financial crisis of 2008 with relatively few investor redemption orders.

From 2009 to 2010 Appaloosa Management’s assets under management grew from $5 billion to $12 billion.

In November 2010 the New York Times reported total assets under management of $14 billion.

In 2010 it was reported that since 1993 Appaloosa Management had returned $12.4 billion to clients—ranking it sixth on a ranking of total returns to clients by managers since inception.

In 2011 the company was awarded the Institutional Hedge Fund Firm of the Year award.

In Sep 2011, a Delaware bankruptcy court found that Appaloosa Management is one of four hedge funds that had played a role in Washington Mutual’s restructuring which might have received confidential information that could have been used to trade improperly in the bank’s debt.

Investment Strategy

Appaloosa Management’s investments focus on undiversified concentrated investment positions.Appaloosa invests in the global public equity and fixed income markets with a focus on “equities and debt of distressed companies, bonds, exchange warrants, optionsfutures, notes, and junk bonds.” According to BusinessWeek, the firm’s client base consists of high net worth individuals, pension and profit sharing plans, corporations, foreign governments, foundations, universities, and other organizations.” Investors commit to a locked period of three years during which their withdrawals are limited to 25 percent of their total investment.

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Palomino Fund

The Palomino Fund from its inception in 1995 to 1998 had a 25 percent return. After Russia defaulted, the fund lost 49 percent of its value between February to September 1998. The fund returned –26.7% percent in 2008 and 117.3 percent in 2009. The company was ranked by Bloomberg Markets as the top performing fund of any hedge fund manager managing over one billion dollars

source:businessweek

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

El puente de espacio y más allá: Google’s Mission to the moon

The X PRIZE Foundation is an educational 501(c)3 nonprofit organization whose mission is to bring about radical breakthroughs for the benefit of humanity, thereby inspiring the formation of new industries and the revitalization of markets that are currently stuck due to existing failures or a commonly held belief that a solution is not possible. The foundation addresses the world’s Grand Challenges by creating and managing large-scale, high-profile, incentivized prize competitions that stimulate investment in research and development worth far more than the prize itself. It motivates and inspires brilliant innovators from all disciplines to leverage their intellectual and financial capital.

The Google Lunar X Prize offers a total of US$30 million in prizes to the first privately funded teams to land a robot on the Moon that successfully travels more than 500 meters (1,640 ft) and transmits back high definition images and video. The first team to do so will claim the US$20 million Grand Prize; while the second team to accomplish the same tasks will earn a US$5 million Second Place Prize. Teams can also earn additional money by completing additional tasks beyond the baseline requirements required to win the Grand or Second Place Prize, such as traveling ten times the baseline requirements (greater than 5,000 meters (3 mi)), capturing images of the remains of Apollo program hardware or other man-made objects on the Moon, verifying from the lunar surface the recent detection of water ice on the Moon, or surviving a lunar night. Additionally, a US$1 million Diversity Award may be given to teams that make significant strides in promoting ethnic diversity in STEM fields. Finally, Space Florida, one of the “Preferred Partners” for the competition has offered an additional US$2 million bonus to teams who launch their mission from the state of Florida.

Terminamos 2013 con otro gran cuarto de impulso y crecimiento. Ingresos independiente de Google subió un 22% año tras año, a 15,7 mil millones dólares “, dijo Larry Page, CEO de Google.” Hemos hecho un gran progreso en una amplia gama de mejoras en el producto y los objetivos de negocio. También estoy muy entusiasmado con la mejora de vida de las personas aún más con el trabajo continuo duro en nuestras experiencias de usuario.

Dow Jones 16,303.34 0.19%
Nasdaq 4,300.86 -0.42%
Technology -0.41%
GOOG 1,212.69 -0.53%
1,212.69

-6.52 (-0.53%)
Real-time:   3:37PM EST

NASDAQ real-time data – Disclaimer

Currency in USD
Range 1,206.22 – 1,224.19
52 week 761.26 – 1,228.88
Open 1,220.34
Vol / Avg. 1.59M/2.46M
Mkt cap 407.72B
P/E 34.22
Div/yield     –
EPS 35.45
Shares 336.05M
Beta 0.98
Inst. own 72%

Source:

Google

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

bridgewater-associates

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.

blue_harbor

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/

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.

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.

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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

Alten Könige: The old kings of Investing

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Philip Fisher

 

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Philip Fisher is the father of investing in growth stocks. He started his own investment firm, Fisher & Company, in 1931, and managed it until his retirement in 1999 at the age of 91. Fisher achieved excellent returns for himself and his clients during his 70 year career.

Fisher focused on investing for the long term. He famously bought Motorola stock in 1955, and held it until his death in 2004. He created a fifteen point list of characteristics to look for in a common stock and were focused on two categories: management’s characteristics and the characteristics of the business. Important qualities for management included integrity, conservative accounting, accessibility and good long-term outlook, openness to change, excellent financial controls, and good personnel policies. Important business characteristics would include a growth orientation, high profit margins, high return on capital, a commitment to research and development, superior sales organization, leading industry position and proprietary products or services.

Benjamin Graham

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Benjamin Graham is most widely know for being a teacher and mentor to Warren Buffett. It is important to note, however, that he attained this role because of his work “father of value investing”. He made a lot of money for himself and his clients without taking huge risks in the stock market. He was able to do this because he solely used financial analysis to successfully invest in stocks. He was also instrumental in many elements of the Securities Act of 1933, which required public companies to disclose independently audited financial statements. Graham also stressed having a margin of safety in one’s investments – which meant buying well below a conservative valuation of a business.

George Soros

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George Soros is most commonly known as the man who “broke the Bank of England”. In September 1992, he risked $10 billion on a single trade when he shorted the British Pound. He was right, and in a single day made over $1 billion. It is estimated that the total trade netted almost $2 billion. He is also famous for running his Quantum Fund, which generated an average annual return of more than 30% while he was the lead manager.

Soros focuses on identifying broad macro-economic trends into highly leveraged plays in bonds and commodities. Soros is the odd-man out in the Top 10 Greatest Investors, has he doesn’t have a clearly defined strategy, more of a speculative strategy that came from his gut.