Sections SEARCH Skip to content Skip to site index Politics Subscribe Log In Log In Today’s Paper Politics | Corporate Chiefs Look Past Economic Risks and Pin Hopes on Trump for Trade Deal Supported by ByEmily Flitter and Jim Tankersley Jan. 23, 2019 America’s corporate leaders are shrugging off a monthslong trade war, a protracted government shutdown and other looming economic threats, projecting that revenue growth in 2019 will be strong largely on the assumption that President Trump will reach a deal with China. They seem to be increasingly isolated in that view. In earnings calls and interviews, executives at some of the largest companies in the United States have played down what many economists and analysts see as possible obstacles to economic expansion both at home and abroad. In addition to the shutdown and the trade war, the challenges include recent signs of weakness in manufacturing data … [Read more...] about Corporate Chiefs Look Past Economic Risks and Pin Hopes on Trump for Trade Deal
Seth a klarman
Traders work Tuesday on the floor of the New York Stock Exchange. The S&P slid into correction territory Tuesday. U.S. stocks slipped Tuesday as global growth worries were resurrected on news out of China and the World Economic Forum in Davos, Switzerland. The Dow sank 462 points, or almost 2 percent, at its low -- dragged down by DowDuPont, 3M, Boeing and Caterpillar, companies with significant exposure to the Chinese economy. The index rallied late in the day as presidential economic adviser Lawrence Kudlow appeared on CNBC and denied news reports that talks between President Donald Trump's administration and Chinese trade officials had been canceled. In fact, he said, no meeting was ever scheduled. "There's no cancellations," Kudlow said. "None. Zero. Let me just try to put that to rest." The Dow immediately snapped back but closed the day down 301 points, or 1.2 percent, at 24,404. The S&P 500 index lost 37.81 points, or 1.4 percent, to 2,632.90. The Nasdaq composite … [Read more...] about Slowdown fears send stocks down
Sections SEARCH Skip to content Skip to site index Subscribe Log In Log In Today’s Paper DealBook | DealBook Briefing: World Economic Forum Begins With a Warning DealBook Supported by Jan. 22, 2019 Good Tuesday morning. (Was this email forwarded to you? Sign up here .) A bleak message reverberates in Davos An influential financier warned investors in a letter to pay heed to growing risks and social tensions — and the message is already resonating at the annual meeting of the World Economic Forum in Davos, Switzerland, Andrew writes in his column. In his annual letter, Seth A. Klarman, the billionaire investor who runs the Baupost Group hedge fund, warns that social and political division risks economic calamity: “It can’t be business as usual amid constant protests, riots, shutdowns and escalating social tensions.” His message is likely to encourage hand-wringing of a sort usually … [Read more...] about DealBook Briefing: World Economic Forum Begins With a Warning
Sections SEARCH Skip to content Skip to site index Log In Subscribe Log In Today’s Paper DealBook | Chilling Davos: A Bleak Warning on Global Division and Debt DealBook Supported by DealBook ByAndrew Ross Sorkin Jan. 22, 2019 DAVOS, Switzerland — As business and political leaders arrive in the Swiss Alps for the annual meeting of the World Economic Forum, a surprisingly alarming letter from an influential investor who studiously eschews attention has already emerged as a talking point. The letter, written by Seth A. Klarman, a billionaire investor known for his sober and meticulous analysis of the investing world, is a huge red flag about global social tensions, rising debt levels and receding American leadership. Mr. Klarman, a 61-year-old value investor, runs Baupost Group, which manages about $27 billion. He doesn’t make the annual pilgrimage to Davos, but his words are often invoked by … [Read more...] about Chilling Davos: A Bleak Warning on Global Division and Debt
By Juliet Chung WSJ Nicole Friedman WSJ Mon., Jan. 14, 2019 Utilities have long been considered ultrasafe bets. Some of Wall Street’s biggest investors are now learning that isn’t always true. The Baupost Group LLC, Viking Global Investors LP and BlueMountain Capital Management LLC were among the hedge funds that snapped up shares of PG&E Corp. during the third quarter of 2018, just before the deadliest fire in California history triggered an existential crisis for the state’s largest utility. That crisis entered a new phase Monday when PG&E said that it intends to seek bankruptcy protection in about two weeks, sending its shares down nearly 50%. Shares had already fallen by more than 60%, with bonds down roughly 19%, since Nov. 8 due to concerns PG&E would be found liable for the blaze. The price of PG&E bonds due in 2034 fell about 6% Monday, according to MarketAxess. The insolvency of PG&E poses new peril to equity … [Read more...] about PG&E Was a Hedge-Fund Darling. That Bet Flopped.