An Unofficial Tracking Blog of World Famous Financial Gurus.
This blog tracks famous financial gurus' market commentary, investment ideas, video interviews and media appearances.
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00:59
(CBS News) Billionaire George Soros has donated $1 million to Priorities USA Action, a "super PAC" backing President Obama, a spokesperson for the group has confirmed to CBS News.
This is Soros' first donation to Priorities USA Action, though he announced$2 million in donations to two Democratic groups in May. He will also give another $500,000 to super PACs backing Democrats in Congress. Super PACs can raise and spend unlimited funds to influence elections, though they cannot legally coordinate with campaigns.
The New York Times, which first reported Soros' latest donations, reports that they were announced at a Thursday luncheon hosted by the Democracy Alliance, a liberal donor group, and headlined by former President Bill Clinton. The Times reported that others at the luncheon were expected to commit at least $10 million to Democratic super PACs.
Source :http://www.cbsnews.com/news/george-soros-gives-1-million-to-support-obama/
00:07
"Somewhere the OPEC will gather and say we have got to do something, because all of OPEC have not had great oil prices for a few years now. They have not cut back their spending and they are all spending a lot of money, so they need to keep the price up." - Money Control
10:16
Q: The policy initiatives may look near perfect on paper, but no doubt the most challenging part will be implementation. What do you see as the biggest risk in implementation?
Jim Rogers : In the past few years, the momentum (for reform) in China has slowed because of vested interests and their fear of losing power. The new leadership now says let's move on and just do it. But it won't happen with a snap of the finger. - in Chinamoneypodcast
11:17
Soros Fund Management LLC, the family office of billionaire George Soros, increased its holdings in Teva Pharmaceutical Industries Ltd. (TEVA) to the most since 2010.
The firm, based in New York, raised its stake in Teva, the worst-performing pharmaceutical company in the U.S. in the past year, to 1.8 percent of its $7.75 billion U.S. stock portfolio in the third quarter, according to a filing with the U.S. Securities and Exchange Commission on Nov. 14. This would make it the largest allocation since the fourth quarter of 2010, according to data compiled by Bloomberg.
Teva fell to a two-year low on Nov. 4 after a rift over the company’s future with Chairman Phillip Frost led to the Oct. 30 resignation of Jeremy Levin, who was brought on board as chief executive officer less than 18 months before. Concern its best-selling product, the multiple-sclerosis injection Copaxone, will lose traction as it faces stronger competition is also weighing on the shares.
Source : http://www.bloomberg.com/news/2013-11-22/soros-increases-holding-in-teva-to-most-in-three-years.html
15:51
[VIDEO] CLICK READ MORE TO VIEW IT. [VIDEO] .
11:37
Do you think most parents do a good job teaching their kids about money?
Most parents know how important it is to teach kids about money and managing it properly. There was a study many years ago questioning how to predict business success later in life. The answer to the study was the age you started your first business impacted how successful you were later in life. Teaching kids sound financial habits at an early age gives all kids the opportunity to be successful when they are an adult.
What do you think is the biggest mistake parents make when teaching their kids about money?
I think parents need to start teaching kids about the importance of managing money at an early age. Sometimes parents wait until their kids are in their teens before they start talking about managing money when they could be starting when their kids are in preschool.
What made you want to launch the Secret Millionaires Club? What do you hope kids get out of it?
Source: SMCkids.com
There are a number of educational programs out there, but there are not many programs that teach about Financial Literacy at an early age. Secret Millionaires Club can help kids develop the right habits that will serve them well for the rest of their life. If this program can have some effect on youngsters and help them develop better habits on money, it can have a major impact on their life when they are older.
Where did you learn about money?
My dad was my greatest inspiration. He was my hero when I was 6 and he is still my hero now. He is an inspiration to me in every way. What I learned at an early age from him was to have the right habits early. Savings was an important lesson he taught. I had all kinds of small businesses when I was growing up. When I was 6, I started my first business. I bought a six-pack of Coke for 25 cents and sold the cans for a nickel apiece. I also sold magazines and gum door to door.
What is the best lesson you've taught your own kids about money?
I taught all of my kids the lessons taught in Secret Millionaires Club. They are simple lessons that are meant for business and for life.
11:28
But unfortunately they never have, and probably never will. Mr. Bernanke is certainly not going to stop it, because he doesn’t want to go down in history as causing the collapse. Mrs. Yellen, when she comes in, she’s not going to stop it, first of all she doesn’t believe in stopping it, she thinks printing money is good. And she knows – I hope she’s smart enough to know – that if she stops, oh my gosh, it’s going to collapse. So she’s not going to stop. Nobody wants to go down as causing the collapse of the world. So I’m afraid this is going to go on until the market eventually says to them, “Okay, enough is enough,” we have a big collapse and then they’re all thrown out and we can start over.
16:37
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13:06
“I see a bubble in everything that relates to the financial sector,”Marc Faber the author of the Boom Gloom & Doom report told CNBC on Tuesday. He puts bonds, low-quality bonds and equities on the top of that list. “If you look at the financial sector as a percentage of the global economy, it’s very large. We have a huge debt bubble, and it’s only getting bigger. It’s not getting any smaller.”
12:54
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12:41
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12:11
OneWest Bank FSB, the lender formerly known as IndyMac Bancorp Inc., plans to pay a $1 billion dividend to backers including George Soros and John Paulson ahead of an initial public offering next year, two people with knowledge of the matter said.
The payout, which regulators still have to approve, would return most of the money a group invested in OneWest as it acquired IndyMac from the Federal Deposit Insurance Corp. in 2009, said the people, who asked not to be identified because the plans are private. The dividend could also improve the Pasadena, California-based return on equity by trimming excess capital, the people said.
OneWest Chief Executive Officer Steve Mnuchin raised $1.55 billion to acquire IndyMac after the FDIC seized the subprime-mortgage lender in July 2008. OneWest returned at least $500 million to the investor group in a dividend paid in the fourth quarter, according to a letter that Paulson sent in January to investors in his firm, Paulson & Co. Dell Inc. founder Michael Dell and private-equity fund manager J. Christopher Flowers also own stakes in OneWest.
Source :http://www.bloomberg.com/news/2013-11-18/soros-backed-onewest-said-to-plan-1-billion-dividend-before-ipo.html
11:04
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19:46
As H.L. Mencken opined, 'The most dangerous man to any government is the man who is able to think things out for himself, without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, and intolerable.'
It is no wonder that, according to a Gallup Poll conducted in early October, a record-low 14% of Americans thought that the country was headed in the right direction, down from 30% in September. That's the biggest single-month drop in the poll since the shutdown of 1990. Some 78% think the country is on the wrong track.
Some readers will, of course, ask what this expose about the political future has to do with investments. It has nothing to do with what the stock market will do tomorrow, the day after tomorrow, or in the next three months. But it has a lot to do with the future of the US (and other Western democracies where socio-political conditions are hardly any better).
I have written about the consequences of a dysfunctional political system elsewhere. In May 2011 I explained how expansionary monetary policies had favoured what Joseph Stiglitz called 'the elite' at the expense of ordinary people by increasing the wealth and income of the 'one percent' far more than that of the majority of the American people.
19:39
The 19th century may have belonged to England and the 20 century to the United States, but the 21st century belongs to China, says American investor Jim Rogers.
Rogers, the billionaire co-founder of the privately owned hedge fund Quantum, made the comments on Nov. 16 at an economic forum in Nanjing, the capital of east China's Jiangsu province, according to a report from the state-owned China News Service.
During his speech, Rogers said he has strong confidence in China's future development based on his personal experiences over the years. The 71-year-old said he has toured the world twice, the first time in 1990 when he visited more than 50 countries in nearly two years, and again in 1999 when he visited 116 countries over three years. He said he was certain that the 21st century would belong to Asia — and in particular, China — the first time he visited Nanjing in 1984, when China was undergoing reforms and opening up.
Source: http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20131118000021&cid=1202
13:30
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13:24
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13:20
After nearly four decades and achieving unprecedented returns for a 26-year stretch through his Quantum Fund, George Soroshas moved on to devote the majority of his time to philanthropic efforts. Though he closed his then-$25.5 billion Soros Fund Management LLC to outside investors in 2011 to avoid registering with the SEC, he still has a hand in its management of his and his family's wealth.
In the third quarter, Soros' fund purchased 91 new stocks and at quarter end held a total of 232 stocks which have an aggregate fair value of $9.14 billion. The amount of turnover from the previous quarter was 24%.
The recent performance of Soros' stock selections:
Read more at :http://www.nasdaq.com/article/george-soros-top-10-new-stock-buys-cm301724#ixzz2ko6QVsxz
