endorsements

“If Alibaba wanted to defraud investors, it absolutely could,” Mr. Block, the founder of Muddy Waters Research, told an audience of accounting students and aspiring investors at Baruch College in Manhattan on Wednesday. Mr. Block, 38, belongs to a small group of short-sellers who cut their teeth digging up corporate misdeeds on Chinese companies listed in the United States. “China is to stock fraud as Silicon Valley is to technology,” Mr. Block said, adding that this reality should weigh on Alibaba’s stock price when it lists in New York next week, in what could be the largest stock debut ever in the United States. Mr. Block didn’t offer any evidence of fraud at Alibaba, but was using the company to illustrate a broader point. [Dealbook]

The White House on Friday expressed confidence in President Barack Obama’s choice to lead the Federal Reserve, Janet Yellen, and called on the Senate not to hold up her confirmation. “We’re very confident that Janet Yellen is absolutely the right candidate for the job,” White House spokesman Jay Carney said at a briefing. [Reuters]

He thought the same thing! Read more »

  • 31 Jul 2013 at 6:26 PM

SAC Capital Better Than Okay In Gary Cohn’s Book

Goldman Sachs President Gary Cohn said his firm continues to do business with SAC Capital Advisors LP, the hedge fund that was indicted on charges of insider trading last week. “They’re an important client to us, they have been an important client to us,” Cohn, 52, said today in an interview on CNBC. “We continue to trade with them, and they’re a great counterparty.” [Bloomberg]

“You don’t get much better than Stevie Cohen,” said Ed Butowsky, founder of Chapwood Investments, a private wealth management firm based in Dallas with client money invested in SAC. If Butowsky had his druthers, he would steer more investment assets to Cohen’s hedge fund, which he said has delivered three times the return as the “Oracle of Omaha” Warren Buffett with a third of the risk since 1994. “The very thought that people want to trash Stevie Cohen, who is one of the great legends in portfolio management, because of some allegations, shame on them,” Butowsky said. “If it was me and I had to live through this stuff the last three years, I would tell everybody to go jump off a boat.” [Greenwich Time, earlier]

  • 23 Feb 2012 at 12:57 PM

Warren Buffett Is A Huge Fan Of The Buffett Rule

The Oracle of Omaha has given the eponymous piece of legislation two thumbs up. Read more »

  • 19 Dec 2011 at 4:53 PM

That’s Your Big Pump Up Speech?

Bank of America Corp., the second- biggest U.S. lender, fell below $5 in New York trading for the first time since March 2009 amid concern that Europe’s debt crisis will be a drag on the world’s financial system…With most companies that have dropped to those levels, “it is usually some fundamental problem with the business model and it may go to zero, but I think Bank of America is very different from your typical small failing company,” Angel said. [Bloomberg]

This is according to one of his best buds. Read more »