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"The Big Short" starred Michael Burry and others who bet the mid-2000s housing bubble would burst. Author Michael Lewis phoned Combs to talk about his housing wager while researching "The Big Short." AdvertisementAdvertisementMichael Burry and the other stars of "The Big Short" weren't the only investors to uncover the toxic assets underpinning the mid-2000s housing bubble, and place bets on its spectacular collapse. Lewis said he was working on a book about the whole situation that would become "The Big Short." AdvertisementAdvertisementCombs finished the story by saying he enjoys being "one small little piece" of the fascinating backstory behind "The Big Short."
Persons: Michael Burry, Todd Combs, Warren Buffett's, Michael Lewis, Combs, , Warren, Ted Weschler, Baupost Group's Seth Klarman, Klarman, Bear Stearns, Lewis, Steve Eisman, Danny Moses, Greg Lippmann, Buffett, it's Organizations: Service, Berkshire Hathaway's, Countrywide, Washington, Long, Mortgage, Street, Securities and Exchange Commission Locations: Berkshire, Bear Stearns
On day two, I parked the car in Waveny Park in New Canaan and when I returned, it was gone. The local police told me they had impounded the rental because Avis had reported it stolen to the New York Police Department. I asked Avis not to charge me for the rental, but they did, $653, and when I disputed the charge with Capital One, Avis fought me. I can’t believe Avis is renting out cars they have reported stolen, and then charging its clients. In it, Ms. Gibson said Avis apologized to you and has now refunded the rental cost, and implied that the company had not known the rental was reported stolen.
Persons: Avis, Lorraine, , renter, Edelman, Beth Gibson, Gibson, , Lorraine “ Organizations: Kennedy International, New York Police Department, Capital Locations: California, New York, Avis, Connecticut, Waveny, New Canaan, El Dorado Hills, Calif
Leon Neal/AFP/Getty Images2008: iPhone 3G, meet the App StoreWith the second version of the iPhone, Apple introduces the App Store and 3G connectivity. Stephen Lam/Reuters2016: iPhone SE, a budget optionTaking a step back, the iPhone SE is a cheaper, smaller device than the 6S, giving customers a chance to enjoy Apple’s phones at a much lower cost. People handle the new Apple iPhone XS and iPhone XS Max during a media tour at an Apple office in Shanghai, China, on September 21, 2018. Brendon Thorne/Bloomberg/Getty Images2020: iPhone 12 Mini, small but mightyThe iPhone 12 mini is smaller than the usual iPhone but packs a powerful punch. Mike Segar/Reuters2021: iPhone 13 Series, same price for more spaceThe iPhone 13 stays at the same price as the iPhone 12 with double the storage space, as well as featuring a much smaller top notch.
Persons: Steve Jobs, John Green, ” Jobs, Leon Neal, Justin Sullivan, Siri, FaceTime, , , Jobs, Michael Nagle, Apple, Seth K, Hughes, Akio Kon, David Gray, Tim Cook, Josh Edelson, Stephen Lam, David Paul Morris, Phil Schiller, Aly Song, Max, Jason Lee, Pro Max, Phil Barker, Brendon Thorne, Mike Segar, Gabby Jones, Andrew Kelly Organizations: New, New York CNN, Apple, Macworld, Bay Area, Getty, Lightning, Bloomberg, Apple Inc, Worldwide, Steve Jobs, Steve, Pro, Future Publishing Locations: New York, San Francisco, London, AFP, San Francisco , California, New York City, Cupertino , California, Ginza, Tokyo, Japan, Sydney, Shanghai, China, Beijing, Australia, Manhattan , New York
BOSTON (AP) — A wealthy Russian businessman with ties to the Kremlin was sentenced Thursday to nine years in prison for his role in a nearly $100 million stock market cheating scheme that relied on secret earnings information stolen through the hacking of U.S. computer networks. Prosecutors had sought 14 years in prison, saying a stiff punishment was crucial to send a message to overseas cybercriminals. They then broke into the vendors’ computer systems to get filings before they became public, prosecutors said. Klyushin owned a Moscow-based information technology company that purported to provide services to detect vulnerabilities in computer systems. It counted among its clients the administration of Russian President Vladimir Putin and the Ministry of Defense, according to prosecutors.
Persons: , Vladislav Klyushin, Tesla, he's, Klyushin, who’s, , Prosecutors, Seth Kosto, ” Kosto, Maksim Nemtsev, Vladimir Putin, Klyushin's, Ivan Ermakov, Hilary Clinton’s, John Podesta, Ermakov Organizations: BOSTON, Kremlin, Authorities, Microsoft, U.S, Prosecutors, Securities and Exchange Commission, Ministry of Defense, Democratic Party, Democratic National Committee, Democratic Congressional Locations: Russian, Moscow, Boston, U.S, Switzerland, Russia
I had purchased the RoundTrip Choice plan from Seven Corners Travel Insurance, so I called, expecting they would help coordinate my medical care with Italian-speaking doctors. But they told me to seek help on my own, save the receipts and file a claim when I got home. Seven Corners finally paid $5,772 for my bills and missed trip, but refused to reimburse me for most of my business-class fare. I have registered complaints with the Better Business Bureau and the state insurance agencies of Florida and Indiana (where Seven Corners is based), but I’ve gotten nowhere. Seven Corners says it will, according to its website, boasting of “a 24/7 multilingual team available to help with travel emergencies,” including help finding medical care and second opinions as well as “interpreter referrals” and medical evacuations.
Persons: I’ve, Makenzie, Greg Jung, Ilaria Organizations: Seven Corners Travel Insurance, Google, Better Business Bureau, Seven Locations: Sicily, Palermo, Munich, New York, Jacksonville, Florida, Indiana, St, Augustine, Fla, French, Belgian, California
Investors on the hunt for the new stock ideas may want to take a look at these name that garnered increased interest from hedge funds during the second quarter, according to Morgan Stanley. Here are some of the companies that made the list: Liberty Media experienced the largest uptick in ownership during the period, up 22.5%, according to Morgan Stanley's analysis. LSXMA YTD mountain Liberty Media shares year to date During the second quarter, Liberty Media remained among Baupost's top positions , with the Seth Klarman-led fund retaining a $486 million stake in the company. The company agreed to merge with UFC during the second quarter to create a new publicly traded company controlled by Endeavor . Shares have risen more than 63% this year, and ownership ticked up nearly 9% during the second quarter.
Persons: Morgan Stanley, Morgan, John Malone, Seth Klarman, Macy's, — CNBC's Michael Bloom, Yun Li Organizations: Liberty Media, Sirius XM Holdings, Entertainment, Pfizer, Wrestling Entertainment, UFC, Endeavor Locations: Seagen
The extraordinary activist-investor interest in Salesforce (CRM) eased further in the second quarter, according to the latest regulatory filings from influential Wall Street pros. His firm still owned about 2 million Salesforce shares as of June 30. Tepper also bought 2.3 million shares of Advanced Micro Devices (AMD) and 480,000 shares of Apple (AAPL) during the second quarter. As a result, Appaloosa's holdings as of mid-August may differ significantly from the conclusion of the second quarter. GOOGL YTD mountain Alphabet YTD performance Bets on Google's parent company, Alphabet (GOOGL), varied in the second quarter.
Persons: Dan Loeb's, Jeff Smith's, Salesforce, Jeffrey, Starboard's Jeff Smith, Smith, he's, 13Fs, it's, Marc Benioff, Mason Morfit, Paul Singer's Elliott, Elliott, Elliott —, Nelson Peltz's, Bob Iger, Peltz, David Tepper, Tepper, Bill Ackman's, Seth Klarman, Loeb, Klarman, Stanley Druckenmiller, Druckenmiller, Eli Lilly, That's, Jim Cramer's, Jim Cramer, Jim, Kim Kulish Organizations: Inclusive Capital, CNBC, Paul Singer's Elliott Management, Constellation, Club, Constellation Brands, Corona, Modelo, DIS, Disney, Management, Walt Disney Co, Peltz, Nvidia, Appaloosa Management, Microsoft, Micro Devices, Apple, AMD, Bill Ackman's Pershing, Capital Management, Oracle, Duquesne Family Office, Jim Cramer's Charitable, Corbis, Getty Locations: Salesforce, Tuesday's
Hedge funds beefed up A.I. bets in the second quarter
  + stars: | 2023-08-15 | by ( Samantha Subin | ) www.cnbc.com   time to read: +5 min
2023 has been the year for artificial intelligence stocks, and hedge funds in the second quarter beefed up their bets on the growth sector despite its sharp run up this year. Doubling down on Big Tech Despite the uptick in tech shares by the end of the first half, many hedge funds amped up their bets on Alphabet during the second quarter. David Tepper's Appaloosa bet big on AI winners , growing positions in Alphabet, Amazon , Meta Platforms and Microsoft during the period. Betting on chip stocks Nvidia shares have popped 200% as the company triumphs as AI chipmaker to beat this year. Beyond these pure-play AI bets, Coleman added to semiconductor Lam Research .
Persons: Bill Ackman's, Dan Loeb's, David Tepper's, Baupost's Seth Klarman, Philippe Laffont's Coatue, Tiger Global's Chase Coleman, Mark Zuckerberg's, Dan Sundheim's, Ole Andreas Halvorsen, Loeb, Coleman, Sundheim, Baupost, Keith Meister's, Laffont, Yun Li, Sarah Min, Brian Evans Organizations: Big Tech, Microsoft, Tiger Cub, Management, Apple, Amazon, Facebook, Meta, Nvidia, Devices, Viking, Taiwan Semiconductor, Micron Technology, AMD, Intel, Qualcomm, Broadcom, Marvell Technology, Materials, Global, Lam Research, Netflix, Viking Global, NXP Semiconductors, Semiconductor Locations: Apple, Amazon
Baupost Group's Seth Klarman picked up a few stocks last quarter during the market rally, including tech giant Amazon and discount retailer Dollar General . The billionaire hedge fund manager bought $125 million worth of Amazon shares in the second quarter when the e-commerce juggernaut rallied more than 26%. Klarman has traded in and out of Amazon in the past year. He also bought $41 million worth of Dollar General , as well as $36 million of Union Pacific shares last quarter. Shares of the retailer fell nearly 20% in the second quarter as it slashed its full year outlook after missing Wall Street's estimates for quarterly earnings.
Persons: Baupost, Seth Klarman, Klarman, Warren Buffett, Benjamin Graham's, Klarman hasn't Organizations: Union Pacific, Oracle, Boston, Liberty Global, ViaSat, Liberty Media, CNBC Locations: Union, Baupost
But when our refunds from JetBlue came through, they totaled $261 for nine of us, only 18 percent of the original cost. A customer service representative later explained to me by phone that we had been reimbursed for only the New York to Savannah leg. I thought you were going to ask me how to feed six growing Boy Scouts on $12 meal vouchers at an airport food court. You had every right to receive a full flight refund from JetBlue Airways. Derek Dombrowski, a spokesman for the airline, admitted that JetBlue erred here, and told me that someone would reach out to you.
Persons: , Dear Spencer, Phew, Derek Dombrowski, apologetically, Dombrowski, Organizations: Colorado Rockies, Boy Scouts, Troop, Kennedy Airport, JetBlue Airways, JetBlue, Transportation Department Locations: Savannah, Ga, Denver, Atlanta , Charleston, S.C, Jacksonville, Fla, New York, Spencer
Titles from a handful of trusted brands appeared near the top of the page: Rick Steves, Fodor’s, Lonely Planet. Also among the top search results was the highly rated “France Travel Guide,” by Mike Steves, who, according to an Amazon author page, is a renowned travel writer. “I was immediately drawn by all the amazing reviews,” said Ms. Kolsky, 53, referring to what she saw at that time: universal raves and more than 100 five-star ratings. Its price tag — $16.99, compared with $25.49 for Rick Steves’s book on France — also caught Ms. Kolsky’s attention. When it arrived, Ms. Kolsky was disappointed by its vague descriptions, repetitive text and lack of itineraries.
Persons: Amy Kolsky, Rick Steves, Mike Steves, , , Kolsky, Rick Steves’s, France —, Amazon’s Locations: France, Bucks County, Pa
Baupost Group's Seth Klarman, nicknamed "the Oracle of Boston," is revered in value investing circles for his disciplined investment philosophy, maybe because his style has stood the test of time. The billionaire hedge fund manager has been an almost religious follower of Benjamin Graham's investing style, buying out-of-favor and undervalued assets to ensure a margin of safety. Klarman has drawn comparisons to Warren Buffett — Buffett being a student of Graham's at Columbia University — for his patient, disciplined investment style. The 66-year-old Harvard and Cornell grad published his investment book, "Margin of Safety," in 1991. The hedge fund manager posted a mid-single digit decline last year, beating the S & P 500 which fell nearly 20%, the Financial Times reported.
Persons: Baupost, Seth Klarman, Benjamin Graham's, Klarman, Warren Buffett — Buffett, Columbia University —, Benjamin Graham, David Dodd, Klarman hasn't Organizations: Oracle, Boston, Columbia University, Harvard, Cornell grad, CNBC, Financial Times Locations: Baupost
Dear Tripped Up,In 2021, my husband, my sister and I signed up for a five-day Tremendous Tawas Lake Huron tour run by Pardson, the Ohio company that publishes Bird Watcher’s Digest magazine. Shortly before the rescheduled trip was to leave in May 2022, the company emailed to tell us it was going out of business, and someone would contact us about a refund. No one did, but through my own efforts I got in touch with Jack Harris, the receiver responsible for the dissolution of Pardson. Paige, AtlantaDear Paige,My inbox is full of messages from people who, like you, gave no thought to whether the company they booked a trip with would remain solvent until their departure date. What this avian cutie has against the shade of more mature trees is beyond the scope of this column.
Persons: Jack Harris, Paige, Atlanta Dear Paige Organizations: Pardson, Express Locations: Huron, Ohio, Atlanta, Michigan, Wisconsin
It may seem counterintuitive, but the pandemic was like a brief visit to Shangri-La for Wall Street. For the first time in years, Wall Street has to sing for its supper. A return to the office also means a return to more-classic Wall Street social norms. Wall Street, for all its highfalutin personalities and big paydays, is an apprenticeship system. For Wall Street, the heart of the pandemic was a moment to consider what life would be like at a slower, more-nurturing pace.
Persons: You've, Crypto, Dealmaking, Goldman Sachs, me, Seth Klarman, Klarman, Lee Felty, Harrison, Felty, Jim Chanos, Chanos, Jamie Dimon, David Solomon wouldn't, Fenty, Goldman, Solomon, Wall, Young, It's, Al Mare, Topping Rose, Jean, Georges, Maison, Wall Streeter, Linette Lopez Organizations: Wall, JPMorgan, Hamptons, CNBC, Compass, Chanos, East Hampton, Citigroup, Bloomberg, SoHo Locations: New York, East, Manhattan, Long, Stocks, Bridgehampton, It's
We didn’t hear from them for weeks, eventually filing a dispute with our credit card issuer. That seemed to jolt them, because then Jetline got back to us: They would give us a two-year credit. We ended up booking a trip to Portugal for April 2022, but were concerned when Jetline didn’t send us confirmation details. We complained, waited weeks for a response and eventually were told we owed $800 dollars because of a fare increase. I reached out to Jetline, which also goes by the more British name Jetline Holidays.
Persons: Jetline, Jetline didn’t, Meghan, Jay, Richard Levy, Locations: Iceland, Portugal, Clifton, Va ., London
ICYMI: This is the last week of 10 Things on Wall Street. Insider's Rebecca Ungarino has more details on how long the beef between Overdeck and Siegel has been brewing behind the scenes. What stands out to me about the drama at Two Sigma is how it all seems to be so petty. The Two Sigma cofounder was included only as an example of the type of managers Haider had eclipsed. The asset manager tapped two internal executives to serve as co-CEOs of the firm, succeeding CEO Jay Wintrob, The Wall Street Journal reports.
Persons: Dan DeFrancesco, I'm, Billy Joel's, , we've, Goldman, Cofounders David Siegel, John Overdeck, David Siegel, cofounders, Insider's Rebecca Ungarino, Siegel, Rebecca, Haidar Capital's Said Haidar, Haider, Penny, Warren Buffett, Charlie Munger, Scott Olson, Ruobing Su, Michael Broadbery, Goldman Sachs, Maza, Andreessen Horowitz, Seth Klarman, Jay Wintrob, Robert O'Leary, Armen Panossian, Everybody's, they're, Joey Hadden, Jeffrey Cane, Hallam Bullock Organizations: Sigma, Baupost, Oaktree Capital, Street, Wall, LinkedIn Locations: Omaha, New York, London
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Recession warningThe U.S. will slip into recession in the fourth quarter this year, and will continue languishing in it for 2024, according to HSBC Asset Management. With the new marketplace, users can choose software from other companies to generate AI graphics, text, voice and so on. [PRO] Seth Klarman on marketsLegendary investor Seth Klarman of Baupost Group spoke with CNBC Tuesday in an exclusive interview.
Persons: fintech, Wise, Christine Lagarde, Lagarde, Unity's, Seth Klarman, Klarman Organizations: CNBC, HSBC Asset Management, HSBC, Reserve, European Central Bank, Unity, Baupost Locations: U.S
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Australia's S&P/ASX 200 added around 1% after May's inflation reading was lower than expected. The fourth industrial revolutionGenerative artificial intelligence isn't hype — it's the "fourth industrial revolution playing out," said Dan Ives, managing director of Wedbush Securities. [PRO] Seth Klarman on marketsLegendary investor Seth Klarman of Baupost Group spoke with CNBC Tuesday in an exclusive interview.
Persons: Australia's, Christine Lagarde, Lagarde, Dan Ives, Ives, Seth Klarman, Klarman Organizations: CNBC, China's Shanghai, HSBC Asset Management, HSBC, Reserve, European Central Bank, Wedbush Securities, Unity, Baupost Locations: U.S, Asia, Pacific
Seth Klarman has some words of advice for regular investors who are following the guidance of Warren Buffett, and others, and are putting their money into stock index funds. In other words, when using index funds, you have to stay in the markets to capture the upside when it comes. The notable value investor also gave one other word of caution on index funds. Many financial advisors recommend steady buying over time when investing in index funds. Klarman is the editor of the recently released seventh edition of Benjamin Graham and David Dodd's investing classic "Security Analysis."
Persons: Seth Klarman, Warren Buffett, Benjamin Graham, David Dodd's Organizations: Baupost, Bank of, Klarman
Baupost Group's Seth Klarman called real estate a "hunting ground" for investors searching for opportunities. "There are hunting grounds that one would want to look," the press-shy Klarman told CNBC's "Squawk Box" in an exclusive interview Tuesday morning. "We think real estate is an area that is full of so many fundamental challenges. The S & P 500 sector is down nearly 1%, even as the broader index is 12% higher. Last year, the billionaire investor posted a mid-single-digit decline, outperforming the S & P 500's double-digit retreat, according to a Financial Times report .
Persons: Baupost, Seth Klarman, Klarman, CNBC's, Warren Buffett Organizations: Investors, Harvard, Cornell, Financial
Watch CNBC's full interview with legendary investor Seth Klarman
  + stars: | 2023-06-27 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with legendary investor Seth KlarmanLegendary investor Seth Klarman, The Baupost Group CEO, joins 'Squawk Box' to discuss the changing market landscape, where to find value in today's market, cryptocurrency, and more.
Persons: Seth Klarman Organizations: Baupost
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLegendary investor Seth Klarman on investing challenges: We've been in an 'everything bubble'Legendary investor Seth Klarman, The Baupost Group CEO, joins 'Squawk Box' to discuss the changing market landscape, the challenges facing investors, value investing in today's market, and more.
Persons: Seth Klarman, We've Organizations: Baupost
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLegendary investor Seth Klarman on investing: Look for the most inefficient pockets in the worldLegendary investor Seth Klarman, The Baupost Group CEO, joins 'Squawk Box' to discuss the changing market landscape, where to find value in today's market, cryptocurrency, and more.
Persons: Seth Klarman Organizations: Baupost
When billionaire hedge fund manager Seth Klarman looks at the investing world today, he sees asset bubbles pretty much everywhere. Historically low interest rates, even zero rates, have precipitated that bubble." With the investing world now ruled by trendy bubble-like investments such as Bitcoin and meme stocks, Klarman said the need for a sound, practical approach to investing is vital. In a letter to clients at the end of 2022, he accused the U.S. central bank of constructing a "financial fantasyland" of artificially low interest rates and liquidity pumping. In the current environment, investors face challenges relating to economic uncertainty and a central bank holding interest rates high to battle inflation.
Persons: Seth Klarman, we've, Klarman, Benjamin Graham, David Dodd, You've, Warren Buffett — Buffett, Columbia University —, Graham, Dodd Organizations: CNBC, Cornell, Columbia University, Buffett, Liberty, Federal Reserve Locations: Boston, U.S
Veteran hedge fund manager Seth Klarman said Tuesday that his firm's investment in a key player in the crypto industry was a bet on cash, not the future of digital currency. Klarman's Baupost Group reported a $29 million stake in Coinbase at the end of the first quarter , but Klarman said on " Squawk Box " that it was a convertible debt investment and should not be seen as a bullish bet on Coinbase or crypto more broadly. "Our team is focused in the sector because there's been so much trouble in the sector, so we actually are invested in convertible bonds of Coinbase. Coinbase reported $5 billion in cash and cash equivalents at the end of the first quarter , compared with $3.4 billion of long-term debt. Klarman said he struggles to see the long-term case for crypto and has decided to stay on the sidelines, other than the debt investment.
Persons: Seth Klarman, Klarman, there's, Coinbase, I've, I'm Organizations: Klarman's Baupost, U.S . Securities, Exchange Locations: Coinbase
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