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☆ Inside the secretive operation helping manage billionaire Steve Schwarzman's vast fortune
▼ + stars: | 2024-11-15 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +14 min

Schwarzman has called Blackstone his family office, but he has another family office, BI has learned. Inside Schwarzman's secretive family office with a name that harkens back to his childhood. The concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Every family office, however, is just as unique as the wealthy family that's spawned it, he said. Advertisement"The term family office," Sharpe said, "is possibly the most misused, overused, and poorly used term in finance today."

Persons: Steve Schwarzman, Schwarzman, Blackstone, —, Averell Harriman, Harriman, Brown, Harry Truman, Donald Trump, Christine Hearst Schwarzman, Gwen Stefani, Theo Wargo, Pennypack, Steve Schwarzman's, Blackstone Schwarzman, Pete Peterson, Marc Sharpe, Michael Dell, Sharpe, they're, Stephen A, John Magliano, Magliano, Paul A ., LLCs, tony Easton, Hearst, Alexi Rosenfeld, Trump's, Stephen Schwarzman, Jabin, Tim Sheehy, Montana, Sheehy, Morgan Organizations: Service, Bloomberg, Ford Motor Co, White, New York Public Library, Metropolitan, Bank of America Securities Financial Services, Blackstone, Vanguard, Family Office Association, Dell Computer, BI, Getty, Schwarzman, LinkedIn, Hearst Schwarzman, Art, Federal Communications Commission, MIT, Humanities, Oxford, New York Public, Schwarzman Education Foundation, Tsinghua University, Policy, Washington, Getty Images Locations: New York, Vietnam, Manhattan, Philadelphia, Blackstone, Schwarzman, Pennypack, Delaware, Nantucket , Massachusetts, Nantucket, Schwarzman's, Newport , Rhode Island, Miramar, Wiltshire, England, Newport ., Beijing, China, North America

☆ Asset manager says China's 'extreme valuations' look ideal for stock picking
▼ + stars: | 2024-11-15 | by ( Shafi Musaddique | ) www.cnbc.com time to read: +1 min

That's the view of Caroline Cai, CEO of U.S.-based Pzena Investment Management. "This is really for the first time in the last seven, eight years where we think you're getting paid to expose yourself to China," Cai told "CNBC Squawk Box Asia" this week. The investment firm has ramped up its exposure to Chinese equities in the last two years. "It's not because we have a particularly positive view on longer term Chinese macro, we kind of think things are pretty challenging. "Our view is, if the risk is obvious to everyone, at least you're getting paid to take some exposure," she added.

Persons: Caroline Cai, Cai, we're, Adam Coons, CNBC's Organizations: Pzena Investment Management, CNBC, Winthrop Capital Management, People's Bank of China Locations: China

☆ Warren Buffett's Berkshire Hathaway reveals new bets on Domino's Pizza and Pool Corp.
▼ + stars: | 2024-11-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's Berkshire Hathaway purchased stakes in Domino's Pizza and Pool Corp. last quarter. AdvertisementWarren Buffett's Berkshire Hathaway took a bite of the pizza business and jumped into the swimming pool industry last quarter. The famed investor's conglomerate bought a slice of Domino's Pizza worth $549 million at the end of September, a portfolio update revealed Thursday. Buffett and his team also purchased just over 1% of Pool Corp. — a wholesale distributor of swimming pool supplies and related products. Buffett owning a piece of Domino's Pizza seems fitting given his insatiable appetite for fast food and the companies that produce it such as Berkshire-owned Dairy Queen.

Persons: Warren, Berkshire Hathaway, —, Buffett, Kraft Heinz, Todd Combs, Ted Weschler Organizations: Berkshire, Corp, Apple, Bank of America, Service, Pool Corp, Nu Holdings, Charter Communications, American Express, Kraft Locations: Berkshire

☆ Why Home Depot made an $18.25 billion bet on the pro business
▼ + stars: | 2024-11-15 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

In both of the past two quarters, Home Depot's revenue would have fallen year over year if SRS' sales were excluded. Melissa Repko | CNBCA jolt to the businessFor Home Depot, the expansion into the pro business comes at a challenging time. With housing turnover near its lowest in decades, the pro business has also felt pressure. Grom said Home Depot's growing pro business is what helps to attract investors and set it apart from its main competitor, Lowe's . The SRS deal and the focus on pro does not mean Home Depot is abandoning efforts to jolt the rest of its business.

Persons: Melissa Repko, Ted Decker, Decker, Dan Tinker, Joe Feldman, Chuck Grom, Gordon Haskett, Group's Feldman, it's, Grom, Tinker Organizations: Texas Pool Supply, CNBC, Depot, Home Depot, Telsey Advisory, Home, Federal Reserve, Lowe's Locations: Texas, CNBC PLANO , Texas, Dallas, Atlanta, Los Angeles, U.S

☆ How Democrats can still flex power in Trump's Washington: From the Politics Desk
▼ + stars: | 2024-11-14 | by ( The Politics Desk | ) www.nbcnews.com time to read: +11 min

In today’s edition, senior national political reporter Sahil Kapur examines the way Democrats can still exert some power in Donald Trump's Washington. How Democrats can still flex power in Trump’s WashingtonBy Sahil KapurRepublicans have won full control of Washington, but Democrats will retain two key levers of power to shape legislative outcomes in Donald Trump’s second term. That margin is slimming further as Trump plucks House members for administration jobs. The last two years showed how chaotic and dysfunctional this GOP-controlled House can be, even when the stakes are low. The Ethics Committee has jurisdiction over only sitting House members.

Persons: Sahil Kapur, Donald, Donald Trump's Washington, Matt Gaetz's, Robert F, Kennedy Jr, Donald Trump’s, Robert Garcia, “, Sen, John Thune, ”, Chris Van Hollen, Van Hollen, Patty Murray, Richard Hudson, Trump, Donald Trump, it’s, it’ll, Tony Gonzales, Matt Gaetz, Ryan Nobles, Julie Tsirkin, Frank Thorp V, Kate Santaliz, Gaetz, Justice Department —, they’ll, Joni Ernst, John Curtis, → Trump, Berkeley Lovelace Jr, Dasha Burns Trump, Kennedy, Bill Cassidy, Tulsi Gabbard, Pete Hegseth, Elon Musk, Vivek Ramaswamy’s, 🗞️, Tim, lea Organizations: NBC, White House, Capitol, Republicans, Health, Human Services Department, Sahil Kapur Republicans, Trump plucks, ”, Republican, Senate, GOP, House Republican, Justice Department, NBC News, Committee, Punchbowl News, RFK, Human Services, Department of Health, Food and Drug Administration, Education, Labor, Pensions, “ RFK, Trump, Elon, of Government, Cabinet Locations: Donald Trump's, Trump’s Washington, Washington, “, Texas, Florida, Congress, Iowa, Utah, Elon, usk

The attorneys who've been defending Rudy Giuliani in a case seeking to force him to turn over his assets to two former election worker he defamed are asking a judge permission to drop him as a client. “Mayor Giuliani has not been informed by Mr. Caruso of this action. Surely Mr. Caruso would talk to the mayor, or at the very least inform him of such a decision,” Goodman said. In court last week, Giuliani said he was unsure where his valuables were, a claim the judge called "farcical." Nathan told the judge he'd discovered that numerous items had been moved from Giuliani's apartment in recent weeks, despite the turnover order.

Persons: who've, Rudy Giuliani, Giuliani, Donald Trump, Ken Caruso, David Labkowski, Ted Goodman, Ruby Freeman, Shaye Moss, “ Mayor Giuliani, Caruso, ” Goodman, he'd, District Judge Lewis Liman, Aaron Nathan, Freeman, Moss, Liman, Joe DiMaggio, Lauren Bacall, Nathan Organizations: “, U.S, District, New, CTS Locations: Georgia, Giuliani's, New York

Thousands of police officers were deployed across Paris, seeking to avoid a repeat of last week's violence in Amsterdam involving locals and Israeli fans. Outside Stade de France, soccer fans filed into the stadium amid a heavy police presence. Theo Petit, 23, who came out to support France, said he was invited to the game by a friend. “We are a little stressed about coming here but it’s a game, a football game,” said Petit, who is studying to become a dietician. The ramped-up security presence comes after the violence surrounding the soccer match between Israel’s Maccabi Tel Aviv and Ajax of Amsterdam put authorities across Europe on high alert.

Persons: Theo Petit, “, ”, Petit, Ian Langsdon, Denis, Laurent Nunez, David, Irene Karalis, there's, ” Karalis, I'm, instrumentalization, Franck Fife, Nunez, Emmanuel Macron, Francois Hollande, Nicolas Sarkozy, Urgence, Israel, Bezalel Smotrich, ” Smotrich, Dimitar Dilkoff, Omar, Lazare Organizations: Stade de France, Gaza, Getty Images Paris, NBC, RTL, Reuters, Ligue des, Human Rights League, NBC News, Zionist, Guard, Police, National Gendarmerie, Nations League, Urgence Palestine, Israel’s Maccabi Tel, Ajax, Israel, Getty, Paris ’ Saint Locations: PARIS, Israel, France, Paris, Europe, Lebanon, Amsterdam, Aubervilliers, AFP, Saint, “, Betar, Beirut, Gaza, Palestine, Israel’s Maccabi Tel Aviv, Netherlands

The Onion, the satirical news company that repeatedly spoofed conspiracy theorist Alex Jones, has won the bankruptcy auction for control over his media empire — most notably Infowars, the far-right, conspiracy-minded website that served as Jones’ primary online platform. The Onion plans to shutter Jones’ Infowars and rebuild the website featuring well-known internet humor writers and content creators, according to a person with knowledge of the sale. About an hour and a half after the announcement of the sale, Infowars' website was shut down. Details of Wednesday’s auction, including how much was offered for Free Speech Systems, the parent company of Infowars, and related assets, were not immediately known. “All you leftists celebrating the end of Alex Jones and Infowars, you’re fools,” he said.

Persons: Alex Jones, Jones, “, ” Jones, Infowars, Sandy, Sandy Hook, Chris Mattei, divesting Jones, John Feinblatt, Ben Collins, Collins, Christopher Murray, ”, Jeff Lawson, InfoWars Organizations: U.S, First United American Companies, Free Speech Systems, Sandy Hook Elementary, Gun Safety, NBC News, Onion News, ThreeSixty, Bankruptcy, Southern, Southern District of, Global, Onion staff, O Media, Speech Systems Locations: Connecticut, Texas, Winnebago, Austin , Texas, Southern District, Southern District of Texas, Sandy Hook, Newtown , Connecticut, “

If Kamala Harris' campaign was known for anything, it was its blockbuster fundraising. The overarching challenge at this point for what is left of Harris' campaign is that the financial picture is shrouded in mystery — even for those within the organization. What is even more unusual are the explosive clashes taking place in and around the Harris campaign universe. The requests have all been shut down and two Harris campaign officials told NBC News that the email list is not for sale. “We had some emails pre-scripted for a long fight,” a senior campaign official close to the strategy said.

Persons: Kamala Harris, it’s, aren’t, It’s Kamala, Harris, that’s, Donald Trump, Trump, “, Chris Korge, ”, Beyonce, Jennifer Lopez, Cardi, Bruce Springsteen, Mumford, Oprah Winfrey, Winfrey, Harris ’ Organizations: Democratic National Committee, NBC News, NBC, Trump, Harpo Studios, America, YouTube, Facebook Locations: Houston, Las Vegas, Milwaukee, Philadelphia, Madison

Owens, Mayor Chokwe Antar Lumumba and City Council member Aaron Banks were indicted last month on conspiracy and bribery charges. Barbara Gauntt / Clarion Ledger / USA Today via ImagnA City Council member, Angelique Lee, resigned in August and pleaded guilty to conspiracy to commit bribery. “People are tired; they just want some good stuff done,” said Vernon Hartley, a City Council member for one of the city’s poorest wards. Aaron Banks is the second Jackson City Council member to be charged in the federal bribery case. Angelique Lee, a former City Council member, resigned and pleaded guilty to conspiracy to commit bribery.

Persons: JACKSON, —, Virgi Lindsay, ” Lindsay, Jody Owens, Lauren Witte, “, ”, Owens, Chokwe Antar Lumumba, Aaron Banks, Mayor Chokwe Antar Lumumba, Barbara Gauntt, Angelique Lee, Sherik Marve Smith, Smith, Jackson, Vernon Hartley, ” Owens, Banks, Lumumba, They’re, Lee, Rogelio V . Solis, The United States ”, Hartley, Lindsay, Ashby Foote, Hannah Mattix, Foote, ” Foote, ” Hartley Organizations: Miss, Council, Clarion Ledger, FBI, Southern District of, City Council, City, “, Department of Housing, Urban Development, U.S, Southern, Southern District of Mississippi Owens, Jackson City Council, ”, Attorney’s Office, The United, NBC News, Republican, Capital Club, USA, Solutions Locations: Jackson, Hinds, Hinds County, Southern District, Southern District of Mississippi, Imagn, Nashville, Florida, Owens, Africa, The United States, generalities, City

☆ Bitcoin could hit $100,000 by Inauguration Day, says crypto expert—what a Trump Presidency could mean for digital assets
▼ + stars: | 2024-11-14 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

"A Kamala presidency would have meant the same exact things for crypto and digital assets in four years' time as a Trump presidency," Brokate says. Part of crypto's upward price momentum stems from investor optimism in what a Republican-controlled government could mean for digital assets, Brokate says. But forward-looking investors say that the current market for crypto is barely scratching the surface of potential investor demand. That is, crypto advocates say, if the U.S. government provides a clearer regulatory framework for financial institutions to market and sell crypto and other digital assets to customers. Ideally, crypto enthusiasts say, the U.S. would eventually establish regulatory frameworks similar to the one that exists in Europe known as MiCA — Markets in Crypto Assets.

Persons: Kamala, Trump, Brokate, Federico Brokate, bitcoin, Geoff Kendrick, Andy Baehr, hasn't, Baehr Organizations: Republican, Trump, Crypto, CNBC Locations: U.S, Europe

☆ These mutual funds are about to drop a tax surprise in investors’ portfolios. How to prepare
▼ + stars: | 2024-11-14 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Hefty capital gains tax bills could be around the corner for investors in certain mutual funds. Fund families are notifying shareholders of estimated capital gains distributions for 2024, which they will issue to investors in December. This year has been a strong one for stocks, with the S & P 500 up more than 25%, and double-digit distributions from some mutual funds are on deck. See below for a few funds that are expected to spin out double-digit capital gains distributions this year, per Morningstar. If your losses exceed your capital gains, you can also apply up to $3,000 of them toward ordinary income on your federal return.

Persons: Morgan, Stephen Welch, Welch Organizations: Institutional Fund

☆ Apple's future product lineup is starting to come into focus
▼ + stars: | 2024-11-14 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Apple is exploring new headsets and smart-home devices to expand its lineup. Its plans don't always work out; it scrapped a car project and faces weak demand for the Vision Pro. The company in February scrapped plans for a car, and its $3,500 Vision Pro has gotten mixed reviews in the months since its release. Bloomberg on Tuesday reported on a wall-mounted smart-home tablet in Apple's production lineup that could operate home appliances, use Apple Intelligence, and access Apple apps. AdvertisementThe report said the project, code-named J490, could come as early as March, a month before new Apple Intelligence features are expected to roll out.

Persons: —, Mark Gurman, Ming, Chi Kuo, Apple's, Gurman, Apple, EMARKETER, Kuo, Meta, William Kerwin, Tim Cook, who's Organizations: Apple, Vision, Service, Bloomberg, Apple Intelligence, Big Tech, Asset Management, Business Locations: Taiwan, Morningstar

☆ It's 'liquidity, stupid': VCs say tech investing is tough amid IPO lull and 'nuts' AI hype
▼ + stars: | 2024-11-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Edith Yeung, general partner at Race Capital, and Larry Aschebrook, founder and managing partner of G Squared, speak during a CNBC-moderated panel at Web Summit 2024 in Lisbon, Portugal. LISBON, Portugal — It's a tough time for the venture capital industry right now as a dearth of blockbuster initial public offerings and M&A activity has sucked liquidity from the market, while buzzy artificial intelligence startups dominate attention. And in the VC world, it's really all about liquidity stupid," Edith Yeung, general partner at Race Capital, an early-stage VC firm based in Silicon Valley, said in a CNBC-moderated panel earlier this week. When a VC makes an equity investment and the value of their stake increases, it's only a gain on paper. Yeung said the lack of IPOs over the last couple of years had created a "really tough" environment for venture capital.

Persons: Edith Yeung, Larry Aschebrook, G, Portugal —, Groq —, Yeung, there's, Big Techs Organizations: Race Capital, CNBC, Summit, Microsoft Locations: Lisbon, Portugal, LISBON, U.S, Silicon Valley

☆ Hollywood Is Leaving Los Angeles: Remote Work Comes to TV, Movies
▼ + stars: | 2024-11-14 | by ( Lucia Moses | ) www.businessinsider.com time to read: +14 min

AdvertisementLately, creative workers are increasingly chasing their Hollywood dreams in production hubs far from Hollywood. FilmLA, which issues permits for production in the region, found that Greater Los Angeles' share of US-produced TV and film projects declined from 23% in 2021 to 18% last year. Brin said Lexington had attracted 30 film and TV projects so far this year, representing more than $2 million in local spending. Actually being on a set is only one part of entertainment production. While the power of Los Angeles is dispersing, no single "new Hollywood" is coming to take its place.

Persons: Joe Gallegos Jr, he'd, Bailee Madison, Lukasiak, Pat Boone, Gallegos, JJ Abrams, HBO Max —, he's, It's, Patrick Adler, Taner Osman, couldn't, Tiffany FitzHenry, Lisa Brin, Brin, Noah Hawley, Maddy Bilder, Yorgos, Guy, Ryan Gosling, Emily Blunt, Tyler Mitchell, I've, Bilder, Adler, Otis, FitzHenry, hasn't, Keisha Perry, Cedric, I'm, She's, Lucia Moses Organizations: Netflix, HBO, of Labor Statistics, Westwood Economics, Planning Associates, Dallas, Miami, Hollywood, Bureau of Labor Statistics, Marvel, Otis, Creative, Lex Studios, Austin, Austin Film Society, Southwest, Sony, Universal Pictures, Ampere, Technology, ScreenIt, LA, Westwood, Gallegos, Business Insider's Media Locations: New Mexico, Los Angeles, Albuquerque, La La, Hollywood ., America, California, Atlanta, Hollywood, LA, Georgia, Kentucky, Lexington, New York, Ireland, Budapest, South Africa, Hungary, Australia, North America, Saudi Arabia, Miami

☆ Capri and Tapestry abandon plans to merge, citing regulatory hurdles
▼ + stars: | 2024-11-14 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Capri and Tapestry called off their merger on Thursday after the Federal Trade Commission successfully sued to block the megadeal. "With the termination of the merger agreement, we are now focusing on the future of Capri and our three iconic luxury houses," Capri CEO John Idol said in a statement. In April, the FTC sued to block the deal, saying the tie-up would disadvantage consumers and reduce benefits for the companies' employees. Tapestry plans to fund the stock repurchase through a combination of cash on hand and debt. Tapestry said it will reimburse Capri around $45 million.

Persons: John Idol, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, Tapestry, Joanne Crevoiserat Organizations: Federal Trade Commission, FTC, Capri Locations: U.S

☆ The Onion has won the bid for Infowars’ assets
▼ + stars: | 2024-11-14 | by ( Hadas Gold | ) edition.cnn.com time to read: +5 min

CNN —Satirical news site The Onion won the auction to acquire conspiracy theorist Alex Jones’ Infowars, which was sold off as part of a defamation settlement after he falsely called the Sandy Hook Elementary School massacre a hoax. The Onion’s bid was backed by the families of eight victims of school shooting and one first responder. Jones was previously ordered to pay $1.5 billion to families of the Sandy Hook shooting victims. Jones had used Infowars to spread some of the most disturbing and disgusting lies and conspiracy theories into the public discourse. Though Collins declined to detail the bid amount, he said it was the highest and that the funding came from The Onion itself.

Persons: Alex Jones ’, Jones, Sandy Hook, he’s, motorhome, ”, Ben Collins, ” Alex Jones, David J, Phillip, Collins, “ We’re, Chris Mattei, Alex Jones, Robbie Parker, Emilie, Infowars, Jones ’, Oliver Darcy Organizations: CNN, Elementary, Gun Safety Locations: Sandy, Houston, harm’s

☆ A smart way to follow value investor David Einhorn into his latest play that generates income to boot
▼ + stars: | 2024-11-14 | by ( Michael Khouw | ) www.cnbc.com time to read: +6 min

Value investors believe these companies are undervalued due to temporary issues, market overreactions, or broader economic conditions. The approach is long-term, as value investors wait for the market to recognize the company's actual value, which may take time. On a podcast earlier this year, well-known hedge fund manager David Einhorn of Greenlight Capital lamented that modern-day passive investors pay no attention to "value" of the companies they buy. Outcome Scenarios : If the stock price stays above the strike price, the option expires worthless, allowing the investor to keep the premium as profit. If the stock price falls below the strike price, the option buyer will likely exercise it, obligating the seller to buy the stock at the strike price.

Persons: Benjamin Graham, Warren Buffett, David Einhorn, CNH Organizations: Greenlight, Deere & Co, Agco Corp, Farmers, CNBC, NBC UNIVERSAL

☆ Here's why investors are so excited about Disney's quarterly results
▼ + stars: | 2024-11-14 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Revenue in the fiscal fourth quarter totaled $22.57 billion, topping the $22.45 billion expected by analysts, according to estimates compiled by LSEG. And the good run should continue, with management forecasting earnings growth acceleration over the next couple of years. Roughly $15 billion in cash flow from operations vs. $14.8 billion expected, and about $8 billion in capital expenditures vs. $6.54 billion expected. That implies free cash flow of about $7 billion vs. $8.1 billion expected. In entertainment, the team forecasts double digit percentage growth in operating income, with 10% operating margin in its streaming businesses.

Persons: Robert Iger's, Iger, hasn't, Jim Cramer's, Jim Cramer, Jim, Mickey Mouse, Mouse, Gary Hershorn Organizations: Disney, Revenue, LSEG, Management, ESPN DTC, ESPN, DIS, Comcast, Netflix, Warner Bros Discovery, Paramount Global, Sports, CNBC, Magic, Walt Disney World, Corbis, Getty Locations: Florida, India, Orlando , Florida

☆ Disney doesn't plan to change its TV networks portfolio anytime soon
▼ + stars: | 2024-11-14 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Disney has done the math on separating its TV networks business, and it appears too messy to be done — at least for now. The company's chief financial officer, Hugh Johnston, said Thursday on CNBC's "Squawk Box" that the "cost is probably more than the benefit" when it comes to separating its TV networks business, given the "operational complexity." The future of the traditional TV network business has been top of mind in the media industry. In late October, Comcast executives said they were exploring a separation of the cable networks business. Disney reported Thursday that revenue for its traditional TV networks was down 6% for its most recent quarter to $2.46 billion, while profit in the division sank 38% to $498 million.

Persons: Hugh Johnston Organizations: Disney, Comcast

European markets closed higher on Thursday as traders digested a slew of earnings and assessed fresh inflation data for a signal on the possible trajectory of interest rate cuts. The pan-European Stoxx 600 provisionally ended the day 1.08% higher, with all sectors and major bourses trading in the green. Shares of Burberry jumped more than 22%, after the British luxury house announced a sweeping overhaul strategy to stem declining sales. Investors are assessing the likelihood of another interest rate cut by the U.S. Federal Reserve in December after the latest U.S. inflation data. U.S. stocks were little changed Thursday, while Asia-Pacific markets traded in mixed territory overnight.

Persons: Donald Trump's Organizations: Burberry, Siemens, Bilfinger, Merck, Fincantieri, Metro Bank, Aviva, Deutsche Telekom, U.S . Federal Reserve, Federal Locations: Veon, Asia, Pacific

☆ Greenlight's David Einhorn says the markets are broken and getting worse
▼ + stars: | 2024-11-14 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

As he has done several times before, Einhorn pointed a finger at passive, index investors: "The passive people, they don't care what the value is." "I view the markets as fundamentally broken," Einhorn said back in February on Barry Ritholtz's "Masters in Business" podcast. "You have these companies, and all they do is they manage these expectations, right?," Einhorn told Picker. This is causing great pain to value investors like Einhorn, many of whom have seen cash flee their funds. Another reason for long-term underperformance by active managers: They are competing against other active managers who have very little competitive edge against each other.

Persons: David Einhorn, Greenlight Capital's David Einhorn, Leslie Picker, Einhorn, It's, Picker, Barry Ritholtz's, Rob Arnott, Arnott, there's, doesn't, RAFI, you'd, I'm Organizations: Greenlight Capital, CNBC Delivering Alpha Investor, Alpha, CNH, Interactive, Cornell grad, Research Affiliates, P Global Locations: New York City, U.S

☆ Markets are ripping past all-time highs after Donald Trump's electoral victory. Doomsday investors aren't convinced.
▼ + stars: | 2024-11-14 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +4 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. "The backdrop is already a more volatile FX market," Webb said, comparing markets now to when Trump was inaugurated in January 2017. But market volatility is at its lowest level since July, based on the VIX Index, Wall Street's favorite measure of uneasiness. Universa has demand for its strategy, Yarckin said, but it's coming from "a small subset of people." "I wonder if this is being underestimated" by the markets, Webb said.

Persons: Warren Buffett, —, Donald Trump, Jonathan Webb, Webb, Trump, Wall, Brandon Yarckin, Universa, Warren, Berkshire Hathaway, Yarckin, Simon Aninat, haven't, Mark Spitznagel, Aninant, Mattias Eriksson, Eriksson, Elon Musk, It's Organizations: Universa Investments, Service, Twitter, C8 Technologies, Jefferies, Business, Oracle Locations: Omaha

Diamond Sports moved closer to exiting bankruptcy on Thursday after a bankruptcy judge approved its reorganization plan, which slashes the hefty debt load that toppled the company. The green light is a significant milestone for the owner of regional sports networks, which has been under bankruptcy protection since March 2023. It presented its reorganization plan to the court with a standing objection from the U.S. The reorganization plan that received court approval on Thursday will see Diamond's debt load cut from nearly $9 billion to $200 million. Diamond is now unencumbered by legacy debt, financially stable and enthusiastically supported by new ownership," Diamond CEO David Preschlack said in a release Thursday.

Persons: Jose Siri, Dansby Swanson, Travis d'Arnaud, Diamond, David Preschlack Organizations: Major League Baseball's Houston Astros, Atlanta Braves, Diamond Sports, Amazon, Major League Baseball, U.S ., Diamond Locations: Truist, Atlanta

Bidders interested in acquiring the media company founded by conspiracy theorist Alex Jones will battle it out at a bankruptcy auction Wednesday, potentially silencing his Infowars broadcasting platform for good. "All you leftists celebrating the end of Alex Jones and Infowars, you're fools," he said. Jay Westbrook, a University of Texas bankruptcy law professor, said the ultimate goal would be to earn a "maximum return for the victims." Jones, 50, founded Infowars, which operates under Free Speech Systems, in 1999. "Despite the judgment, Alex Jones still has a First Amendment right to speak his mind and continue to speak about anything he wants," he said.

Persons: Alex Jones, Jones, Sandy, Infowars, Roger Stone, Donald Trump, Elon Musk, Christopher Murray, Sandy Hook, Jay Westbrook, Callie Kalny, Roy Gutterman Organizations: Free Speech Systems, Elementary, ThreeSixty, Associated Press, University of Texas, Center of Media Psychology, Northwestern University, Musk, U.S, Bankruptcy, Southern, Southern District of, Sandy Hook Elementary, Speech Systems, Syracuse University, Center, Free Locations: Winnebago, Austin , Texas, Infowars, Southern District, Southern District of Texas, Newtown , Connecticut, Connecticut, Texas

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