When one becomes a multi-billionaire, there are a few questions he or she has to ask him or herself. The first is, will I still eat my food with my own two hands or will I have someone cut it and feed it to me? Will I put my pants on myself each morning, or would it be nice to be have someone dress me, French aristocracy-style? Will I walk around like I did before becoming a man or woman of immense wealth, or will I be carried, leaving my legs to be simply ornamental? The most important question, though, is this: in the hypothetical event that I sleep with a woman on and off for five years, promise her a “dream apartment” and subsequently inform her, moments after accidentally sleeping with her one last time, that I gave it to another woman, setting off a chain of events in which names are called, lamps are thrown, and all out wars are waged, will I at some point relent and give her what she wants or will I never, and I mean ever, back down, not even after she beats the shit out of me and my staff during a deposition more than two years after this debacle began? For George Soros, the answer to that question was apparently, “BRING IT, BITCH.” Read more »
Just in time for Valentine’s Day comes the romantic story that the the 83 year-old hedge fund manager made a ton of money in 2013, and about 80%* it before his September 21st nuptials and can therefore keep to himself,** should this marriage should end in a similar manner to his first two. Read more »
Andrew Ross Sorkin: Your short position on Herbalife — you’re betting against the company — has caused some friends like George Soros and Daniel Loeb to turn on you. Bill Ackman: Neither of the people you mentioned is, or has ever been, a close friend of mine. I certainly know the people you mentioned — but, look, you need a thick skin to be in this business. In a short sale, the whole world is going to be on the other side of the investment until they realize you’re right. [NYT, earlier]
There are puzzling reports that Bill Ackman has been complaining to the SEC about George Soros’s investment in Herbalife, claiming that “Soros’ firm broke insider-trading rules by tipping hedge funds about its purchases” at “idea meetings.” You might remember Bill Ackman as the man who called a big press conference to tell everyone that he was short Herbalife and they should join him. There was PowerPoint! It was like eight hours long. I suppose some people traded on it though I also suppose they regret it.
So what’s his problem? I do not understand this at all. The allegation of insider trading is particularly weird; as far as I know no one has any obligation to keep their share ownership – or plans to buy more shares – secret. A cynic might say that the business of fundamental equity fund management consists mostly of telling people about your positions, which is why CNBC exists. It’s also why Ackman’s Herbalife drama exists; one irony is that if he had not called that press conference he probably would never have baited Carl Icahn into becoming Herbalife’s biggest proponent. Should have kept it to an idea meeting! Read more »
George Soros And His Bride-To-Be Don’t Need You To Buy Them A KitchenAid® Artisan® Series 5-Quart Tilt-Head Stand Mixer With The Pasta Roller AttachmentBy Bess Levin
Confidential To J.C. Penney: Lock Up Your Light, Cheap, Practically Disposable, And Most Importantly Throw-able Lamps!By Bess Levin
Financier George Soros has bought a 7.91% stake in J.C. Penney Co., a vote of confidence in the beleaguered retailer as it tries to reverse a deep decline in sales. Soros Fund Management LLC disclosed in a regulatory filing Thursday that it had acquired 17.4 million Penney shares. [WSJ, related]