Thursday, January 26, 2017

The Dutch government accidentally published a list of George Soros's short bets

The Dutch government accidentally published a list of George Soros's short bets

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RTR3CZ0ZBillionaire investor George Soros of Soros Fund Management attends the annual meeting of the World Economic Forum (WEF) in Davos January 26, 2013. REUTERS/Pascal Lauener
Holland's markets regulator "inadvertently" posted details on its website of short positions held by hedge funds in the Netherlands, including those of billionaire George Soros,according to a report in the Financial Times. 
Hedge funds take short positions when they expect the price of a particular asset to fall. So, in other words, it is what hedge funds are betting against.
The details were briefly posted on Tuesday, showing Soros to have bet against Dutch bank ING, taking a short position of 0.3% in the lender in June 2016, the FT reported. The short bet was one of hundreds listed on the site, going back to 2012, according to the FT.
The AFM also revealed that the secretive Medallion Fund, run by Renaissance Technologies for its employees, shorted a number of small cap Dutch stocks.
The Medallion Fund is one of the most successful quantitative trading funds ever, making an annualised return of over 70% in the 20 years from 1994 to 2014.
"On the afternoon of Tuesday 24 January, after the close of the market, the AFM inadvertently published a list on its website that included net short positions of less than 0.5% instead of publishing the daily list of net short positions of 0.5% and higher," the AFM said in a statement on its website.
"The AFM corrected this mistake and posted the correct list of net short positions of 0.5% and higher on the morning of Wednesday, 25 January. We regret this error."
A successful short trade often involves borrowing the stock of a company from an investor, selling it and then buying it back at a later date for a lower price, pocketing the difference. 
European Union rules in force since 2012 require hedge funds to disclose to the public short positions of over 0.5% in a particular company's stock. Positions of over 0.2% only have to be made known to the domestic markets regulator, updated for each additional 0.1% – it is these non-public trades that the AFM briefly revealed.
Soros, who made a $1 billion betting against the pound in 1992, is famed for his short trading. A day after the UK's June 23 referendum to leave the European Union, he took out a $108 million short position in Deutsche Bank.

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Wednesday, January 25, 2017

The Dow closed above 20,000 for the first time ever — here are some other big landmarks

The Dow closed above 20,000 for the first time ever — here are some other big landmarks

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After weeks of anticipation, the Dow Jones Industrial Average finally closed above 20,000 for the first time in the index's long history.
To commemorate the occasion (even though the moment could be somewhat overrated) we took a look at the history of when the index hit some other big round number landmarks, using historical data on the Dow's closing values from MeasuringWorth.com.
The Dow first closed above 100 on January 12, 1906. The bull market of the 1980s and the tech bubble of the 1990s saw several milestones in quick succession. Wednesday's close over 20,000 came nearly 18 years after the index first broke into five digits on March 29, 1999.
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The biggest companies in the world are excited about one of Trump's key economic plans

The biggest companies in the world are excited about one of Trump's key economic plans 

S&P 500 companies are pumped for President Donald Trump to cut their taxes.

Trump has proposed lowering the statutory tax rate on US corporations to 15% from the current 39%. While few companies actually pay the full 39% (the average effective tax rate for S&P 500 companies is around 29%), the possibility that the rate could drop even further has executives pretty jazzed up.

According to FactSet's John Butters, of the 42 S&P 500 companies that reported earnings through January 18, 11 of them have brought up Trump's tax proposal. It is also the most cited policy of Trump's by these firms.

Firms from across many sectors have all said the drop in the tax rate would be good for business.

"I think when you say indirect and direct, you mean direct, obviously, we've been a relatively high taxpayer. And so to the extent to which tax rates come down, we're a beneficiary," said Goldman Sachs Co-COO Harvey Schwartz. "But obviously, changes in tax policy can be a huge catalyst for how all of our clients think about deploying their capital, strategic decisions."

Delta Airlines also touted the benefits of a tax cut on their business.

"And then the other item that I mentioned is the tax reform that's being discussed," said executives on Delta's earnings call. "I see Delta certainly being a beneficiary of that, though it's hard to speculate as to the form it will take, given its very early."

Following taxes, regulation was the second most mentioned policy with eight companies mentioning the possibility of reforms, followed by trade policy (6), fiscal stimulus or infrastructure spending (4), and healthcare (4).

Trump touted the possibility of a tax cut in a meeting with top business executives on Monday, saying that he wants a rate of "15% to 20%."
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Monday, January 23, 2017

The meteoric rise of Google CEO Sundar Pichai, in photos

The meteoric rise of Google CEO Sundar Pichai, in photos

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Sundar Pichai GoogleGoogle CEO Sundar Pichai.Getty Images
More than a year ago, Sundar Pichai took the helm at Google.
While Larry Page is still CEO of Google's parent company, Alphabet, Pichai has the incredibly important job of making sure that the company's core businesses and cash cow stay strong.
So who is Pichai and how did he scale the ranks to get one of the most important jobs at one of the most important companies in the world?
Here's his story.
Jillian D'Onfro contributed to an earlier version of this article.

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Pichai, whose full name is actually Pichai Sundararajan, grew up in Chennai, India. His father was as an electrical engineer and his mother a stenographer before having him and his younger brother. The family wasn't wealthy, and the boys slept together in the living room of their two-room apartment.

Pichai, whose full name is actually Pichai Sundararajan, grew up in Chennai, India. His father was as an electrical engineer and his mother a stenographer before having him and his younger brother. The family wasn't wealthy, and the boys slept together in the living room of their two-room apartment.
Flickr / Ryan
Source: Bloomberg, Inc.

Early on, Pichai had a talent for remembering numbers, which his family realized when he could recall every phone number he had ever dialed on their rotary phone. He will still sometimes show off his memorization skills at meetings, to colleagues' awe.

Early on, Pichai had a talent for remembering numbers, which his family realized when he could recall every phone number he had ever dialed on their rotary phone. He will still sometimes show off his memorization skills at meetings, to colleagues' awe.
Flickr / Billy Brown
Source: Bloomberg

After becoming interested in computers — the first software program he wrote was a chess game — Pichai studied metallurgical engineering at the Indian Institute of Technology Kharagpur. His success there won him a scholarship to Stanford.

After becoming interested in computers — the first software program he wrote was a chess game — Pichai studied metallurgical engineering at the Indian Institute of Technology Kharagpur. His success there won him a scholarship to Stanford.
Enoch Lau
Source: YouTube

Moving to California was a huge leap. "I always loved technology and while growing up I had dreams of Silicon Valley," Pichai said in a recent interview. "I used to read about it, hear stories from my uncle."

Moving to California was a huge leap. "I always loved technology and while growing up I had dreams of Silicon Valley," Pichai said in a recent interview. "I used to read about it, hear stories from my uncle."
PROKazuhisa OTSUBO/flickr

When he got to America, he couldn't believe how expensive everything was — a backpack for $60! He also missed his girlfriend, Anjali. The two eventually got married and have a son and daughter.

When he got to America, he couldn't believe how expensive everything was — a backpack for $60! He also missed his girlfriend, Anjali. The two eventually got married and have a son and daughter.
Steve Jennings

Pichai earned his MS from Stanford, and then attended the University of Pennsylvania's Wharton School for his MBA. Before Google, he had stints at Applied Materials and consulting firm McKinsey & Co.

Pichai earned his MS from Stanford, and then attended the University of Pennsylvania's Wharton School for his MBA. Before Google, he had stints at Applied Materials and consulting firm McKinsey & Co.
Screenshot / YouTube

Pichai interviewed at the Googleplex on April Fools' Day in 2004 — the same day the company launched Gmail. Everyone, Pichai included, initially thought that the free email service was one of Google's infamous pranks. He started working on Google's search toolbar.

Pichai interviewed at the Googleplex on April Fools' Day in 2004 — the same day the company launched Gmail. Everyone, Pichai included, initially thought that the free email service was one of Google's infamous pranks. He started working on Google's search toolbar.
Getty Images
Source: Bloomberg

That product ended up being important in 2006, when Microsoft created a "Doomsday" scenario for Google by making Bing the new default search engine on Internet Explorer. Pichai helped convince computer manufacturers to preinstall the Toolbar on their hardware to mitigate the effect of this change.

That product ended up being important in 2006, when Microsoft created a "Doomsday" scenario for Google by making Bing the new default search engine on Internet Explorer. Pichai helped convince computer manufacturers to preinstall the Toolbar on their hardware to mitigate the effect of this change.
The Toolbar site when Pichai started in 2004.The Way Back Machine
Source: Quora

That Internet Explorer debacle led to another big early achievement for Pichai: convincing cofounders Larry Page and Sergey Brin to make Google build its own browser. The result, Chrome, is now the most-used option out there.

That Internet Explorer debacle led to another big early achievement for Pichai: convincing cofounders Larry Page and Sergey Brin to make Google build its own browser. The result, Chrome, is now the most-used option out there.
REUTERS/Stephen Lam
Source: Bloomberg

As a leader, Pichai was always well-liked and more focused on results instead of standing out. That "substance over overt style" attitude attracted attention, though, and he started getting more responsibility...

As a leader, Pichai was always well-liked and more focused on results instead of standing out. That "substance over overt style" attitude attracted attention, though, and he started getting more responsibility...
Google

...Like Android. Pichai took over the division in 2013.

...Like Android. Pichai took over the division in 2013.
Reuters/Elijah Nouvelage

One of the major efforts he spearheaded was Android One, Google's push to make low-cost smartphones for "the next 5 billion" people coming online.

One of the major efforts he spearheaded was Android One, Google's push to make low-cost smartphones for "the next 5 billion" people coming online.
Google/Android One

Pichai was also incredibly instrumental in making sure Android was better integrated with Google proper. Before he took over, it was run basically as a completely separate business.

Pichai was also incredibly instrumental in making sure Android was better integrated with Google proper. Before he took over, it was run basically as a completely separate business.
Justin Sullivan/Getty Images
Source: Buzzfeed

Another landmark in Pichai's rise: He was reportedly instrumental in helping put together Google's $3.2 billion acquisition of Nest in 2014.

Another landmark in Pichai's rise: He was reportedly instrumental in helping put together Google's $3.2 billion acquisition of Nest in 2014.
Google
Sundar
Source: Bloomberg

Pichai was also behind Chrome OS, the operating system that powers Google's inexpensive Chromebook laptops.

Pichai was also behind Chrome OS, the operating system that powers Google's inexpensive Chromebook laptops.
Google

Pichai has remained a loyal Googler despite being approached by Twitter for high-ranking roles a couple of times.

Pichai has remained a loyal Googler despite being approached by Twitter for high-ranking roles a couple of times.
Adnan Abidi/Reuters

We've been told that he would often act as Larry Page's "interpreter" — understanding Page's vision and then helping to communicate it to other teams.

We've been told that he would often act as Larry Page's "interpreter" — understanding Page's vision and then helping to communicate it to other teams.
Thomson Reuters

That knack and his success with Chrome, Apps, and Android led to his next important promotion in late 2014, when Page put him in charge of almost all of the company's product areas, including search, maps, Google+, commerce and ads, and infrastructure. He essentially became Page's second in command.

That knack and his success with Chrome, Apps, and Android led to his next important promotion in late 2014, when Page put him in charge of almost all of the company's product areas, including search, maps, Google+, commerce and ads, and infrastructure. He essentially became Page's second in command.
Getty / Steve Jennings

Page respects Pichai. "Sundar has a tremendous ability to see what's ahead and mobilize teams around the super important stuff," he wrote in a memo announcing Pichai's promotion. "We very much see eye-to-eye when it comes to product, which makes him the perfect fit for this role."

Page respects Pichai. "Sundar has a tremendous ability to see what's ahead and mobilize teams around the super important stuff," he wrote in a memo announcing Pichai's promotion. "We very much see eye-to-eye when it comes to product, which makes him the perfect fit for this role."
Justin Sullivan/Getty

When the company blew up its corporate structure almost a year later, it was no surprise that Pichai got tapped to lead Google, since he was responsible for its core products.

When the company blew up its corporate structure almost a year later, it was no surprise that Pichai got tapped to lead Google, since he was responsible for its core products.
AP

Although he's private, Pichai is willing to speak out about certain causes that he believes in. Following some of Donald Trump's comments about immigration, he wrote a public post expressing his views: "Let's not let fear defeat our values. We must support Muslim and other minority communities in the US and around the world."

Although he's private, Pichai is willing to speak out about certain causes that he believes in. Following some of Donald Trump's comments about immigration, he wrote a public post expressing his views: "Let's not let fear defeat our values. We must support Muslim and other minority communities in the US and around the world."
Flickr/Maurizio Pesce
Source: Medium

And although Pichai doesn't use Instagram and rarely tweets, he has been a pretty active Google+ poster over the years, which gives us a little more insight into his personality.

And although Pichai doesn't use Instagram and rarely tweets, he has been a pretty active Google+ poster over the years, which gives us a little more insight into his personality.
Google+

His posts mostly highlight various Chrome rollouts, but they also reveal that he admires people like Nelson Mandela, Anthony Shadid, Dennis Ritchie, Wangari Maathai, John McCarthy, and Aaron Swartz.

His posts mostly highlight various Chrome rollouts, but they also reveal that he admires people like Nelson Mandela, Anthony Shadid, Dennis Ritchie, Wangari Maathai, John McCarthy, and Aaron Swartz.
Mike Hutching / Reuters

We also know that he loves cricket...

We also know that he loves cricket...
Google

...and the game "Flappy Bird." Here he is meeting with creator Dong Nguyen.

...and the game "Flappy Bird." Here he is meeting with creator Dong Nguyen.
Google

Pichai has always been well-liked as a leader at Google more focused on results than on ego/getting credit. As a CEO, his popularity has soared. One Googler on Quora wrote, "He is literally worshipped inside Google. Engineers love him. Product Managers love him. Business people love him."

Pichai has always been well-liked as a leader at Google more focused on results than on ego/getting credit. As a CEO, his popularity has soared. One Googler on Quora wrote, "He is literally worshipped inside Google. Engineers love him. Product Managers love him. Business people love him."
Reuters/Beck Diefenbach

He's well-compensated for his work, too. In February 2016, Pichai received roughly $183 million in company stock, which will vest over the next four years. According to Bloomberg, this is the highest pay package that Google has ever given to an executive whose equity grants have been reported in filings.

He's well-compensated for his work, too. In February 2016, Pichai received roughly $183 million in company stock, which will vest over the next four years. According to Bloomberg, this is the highest pay package that Google has ever given to an executive whose equity grants have been reported in filings.
Google

In his home country, Pichai is seen as something of a hero. "You've done what everyone has dreamed of doing," interviewer Harsha Bhogle said while Pichai did a Q&A session with students at a Delhi University.

In his home country, Pichai is seen as something of a hero. "You've done what everyone has dreamed of doing," interviewer Harsha Bhogle said while Pichai did a Q&A session with students at a Delhi University.
Google
Source: YouTube

Here he is meeting with Indian Prime Minister Narendra Modi.

Here he is meeting with Indian Prime Minister Narendra Modi.
Google

Throughout his meteoric rise, he's remained incredibly humble: "It is always good to work with people who make you feel insecure about yourself. That way, you will constantly keep pushing your limits."

Throughout his meteoric rise, he's remained incredibly humble: "It is always good to work with people who make you feel insecure about yourself. That way, you will constantly keep pushing your limits."
Justin Sullivan
Source: The Hindu
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