Yesterday afternoon, hedge fund manager Bill Ackman made a bold statement. A presentation delivered live in midtown Tuesday morning was to be “the most important” one of his career and at the end of it, we would “learn why Herbalife is going to collapse.” On CNBC, he acknowledged that he was “raising expectations,” but assured the public it would not be disappointed. How’d he do? That all depends on what you were hoping for. If it was a PowerPoint that convinced the market that Herbalife, Ackman’s sworn enemy, was going down for the dirt nap, then technically, the hedge fund manager probably disappointed you a little.
Herbalife Ltd.’s shares jumped as much as 14 percent after hedge-fund manager Bill Ackman struggled to convince investors that the seller of weight-loss shakes is guilty of fraud.
On the other hand, if you were hoping for a presentation filled with passion, courage, feeling, and above all, patriotism, your expectations were met and then some. Read more »
He’s not saying he plans a huge Bulldog Investors billboard on the Mass. Pike, big enough for Bill Galvin to see if from his front stoop in Brighton every morning. But if Uncle Phil were into that kind of thing, now he could. Read more »
Confidence is like a secret sauce. It is hard to measure…so here’s what I would say to the American people in total. When you go to sleep at night think about the following before you get depressed and you see the market down 500 points: This nation is still the greatest nation on the planet. It was the first democracy on the planet. We have the best military. God bless all our veterans all around the world. Those who have served and those who are serving today. We have the best universities, best military, best rule of law, most innovation, the hardest working ethic of all. Those thing will be here for decades. They aren’t going away. The strength in the system will blow your socks off when it gets out of this malaise we’re in. [CNBC]
Feisty earnings call from JPMorgan after strong earnings, with surprisingly good performance in fixed income trading and underwriting businesses and a lot of confidence from Jamie Dimon and Doug Braunstein around the appropriateness of mortgage/litigation reserves (especially now that they’ve had a chance to go through R. Kelly’s house and are getting their heads around the awesome parties they can throw there). But some mixed messages on Dimon’s campaign for Treasury Secretary:
Get your hands off his bank
Ed Najarian of ISI asks if they would consider going back to the Fed to request approval for additional capital return. Dimon:
The board is responsible for this company, not just the regulators. It’s still America. Capitalism is still alive. If regulators start making all capital decisions then they should be the board.
It’s not just doctors and scientists that need STEM education. America’s shifting economy is demanding more trained workers in many different sectors. See how Travis Brooks got the hands-on education he needed to become a technician at the Chevron Pascagoula Refinery. Visit The Atlantic to learn more.