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Wednesday, February 27, 2019

George Soros Sold Facebook, Netflix, and Goldman Stock Just Before They Tumbled






Billionaire investor and liberal activist George Soros has been known for investing moves that have succeeded wildly—and also for ones gone horribly wrong.

Chalk up three recent moves in his win column. 

Soros Fund Management, which Soros founded and chairs, exited social-network giant Facebook (FB) completely in the third quarter, while also slashing positions in Netflix stock (NFLX) and Goldman Sachs Groupstock (GS). Those three stocks have tumbled in the fourth quarter so far, with Facebook and Goldman setting new lows Tuesday. They are down almost 20% and 15%, respectively, so far this quarter. Highflying streaming-content giant Netflix has tumbled almost 29% since the end of September.

Soros saved a chunk of cash by selling: Barron’s estimates that, had he maintained positions in those stocks, he would have unrealized losses of about $17.7 million so far in the fourth quarter.


Soros Fund Management revealed the investment changes in a filing to the Securities and Exchange Commission last week. The firm declined to comment on its trades. The fact that Soros Fund Management sold its entire Facebook position doesn’t necessarily mean Soros isn’t still invested in the company through personal holdings or other means, or that his fund hasn’t bought any Facebook stock since the start of the fourth quarter. 

While selling Facebook, Netflix, and Goldman stock, Soros Fund Management initiated positions in Alibaba Group Holding (BABA) andMicron Technology (MU), according to the filing.



Soros Fund Management, which handles the Soros family’s money, owned 159,200 shares of Facebook at the end of the second quarter (a new purchase that quarter, as it didn’t own any Facebook stock at the end of the first), and sold them all by the end of the third quarter, which closed at the end of September. 

Facebook stock tumbled to an intraday low of $126.85 on Tuesday, a level the shares last traded at in January 2017.


Public criticism of Facebook has only increased since then, particularly following a Nov. 14 report by the New York Times that top executives Mark Zuckerberg and Sheryl Sandberg denied the impact of Russian election meddling on the site and sought to deflect criticism to the company’s rivals. The Times reported that those efforts included hiring a Republican opposition research firm to draw connections between Facebook critics and Soros, who is often a target of conservative ire—and of anti-Semitic smear campaigns. 

Faceook has pushed back against the Times report as inaccurate, taking particular exception to the characterization of its work with Definers, the opposition research firm.


“We’ve acknowledged publicly on many occasions—including before Congress—that we were too slow to spot Russian interference on Facebook, as well as other misuse,” the company said last week. “But in the two years since the 2016 Presidential election, we’ve invested heavily in more people and better technology to improve safety and security on our services.” 

Read more: Soros: Beware IT Monopolies Facebook, Google

Zuckerberg said in an interview with CNN on Tuesday. “A lot of the criticism around the biggest issues has been fair, but I do think that if we are going to be real, there is this bigger picture as well, which is that we have a different world view than some of the folks who are covering us,” he said.

Soros Fund Management sold all its Facebook stock before the end of the third quarter, prior to publication of the New York Times report. Following the report, the head of Soros’ Open Society Foundations criticized what it called “Facebook’s smear campaign” against Soros.

Soros Fund Management also sold 106,400 shares of Netflix in the third quarter, chopping its stake by 89%. Only 13,800 Netflix shares were left in Soros Fund Management’s hands at the end of September. Netflix stock began to slip in October on investor skepticism about future profitability.

Goldman Sachs stock has plunged since the Justice Department earlier this month revealed charges against two of the bank’s former employeesfor their roles in issuing bonds from 1Malaysia Development Bhd, or 1MDB, while still working for Goldman. The bank itself hasn’t been charged, but has warned investors that the investigation could result “in the imposition of significant fines, penalties, and other sanctions.” 

Soros Fund Management was already more than half out of its Goldman position before the 1MDB news broke. Soros Fund Management’s stake had shrunk to 28,206 Goldman shares at the end of September, from 64,814 shares at the end of June. 

American depositary receipts of Chinese web giant Alibaba slid 11.2% in the third quarter, pressured by the continuing trade dispute between the U.S. and China. At some point during that period, Soros Fund Management bought 91,200 of them. With still no end to the trade war in sight, Alibaba stock has slipped another 11% so far in the fourth quarter.

Soros Fund Management also bought 490,100 shares of chip maker Micron in the third quarter. Like Alibaba, Micron stock ended the third quarter in the red, and has continued to fall. Micron stock slid nearly 14% in the third quarter, and is down nearly 20% so far in the fourth quarter, as the demand outlook has worsened.

If Soros Fund Management still maintains those stakes in Alibaba and Micron, they are sporting a combined $6.2 million paper loss so far in the last quarter of 2018.

Ref:https://www.barrons.com/articles/george-soros-sold-facebook-stock-just-before-it-tumbled-1542801600

Warren Buffett says Berkshire overpaid for Kraft Heinz!





REUTERS: Warren Buffett said on Monday his Berkshire Hathaway Inc overpaid in the 2015 merger that created Kraft Heinz Co, but he had no plans to flee the struggling packaged foods company.


Buffett spoke four days after Kraft Heinz took a US$15.4 billion writedown for its Kraft and Oscar Mayer brands and other assets, slashed its dividend, and said the U.S. Securities and Exchange Commission was probing its accounting.


Kraft Heinz's share price sank 27.5 percent on Friday, wiping out more than US$16 billion of market value, and causing Berkshire to lose US$4.3 billion on its stake. Berkshire owns 26.7 percent of Kraft Heinz.


"I was wrong in a couple of ways on Kraft Heinz," Buffett said on CNBC television. "We overpaid for Kraft."

Buffett did not say by how much Berkshire overpaid, but said the market reacted "probably quite properly" to the news.

He also said he has "absolutely no intention" of adding to or subtracting from Berkshire's stake in Kraft Heinz, saying the company had "very, very strong" brands and that he would be happy to own it a decade from now.


The comments were a rare admission of error by the 88-year-old billionaire on a major investment at his Omaha, Nebraska-based conglomerate.

Berkshire and Brazilian private equity firm 3G Capital combined the former Kraft Foods with H.J. Heinz, which they bought in 2013, and own about half of the merged company.


Buffett said he may have learned about the SEC probe seven to 10 days before it was announced.

Greg Abel, a Berkshire vice chairman widely considered a candidate to succeed Buffett as Berkshire's chief executive officer, is a Kraft Heinz director.


Read more at https://www.channelnewsasia.com/news/business/warren-buffett-says-berkshire-overpaid-for-kraft-heinz-11287984

Buffett also said he would continue to do business with 3G and its co-founder Jorge Paulo Lemann, calling him "an absolutely outstanding human being."

'TOE TO TOE'

Kraft Heinz's disclosure raised questions about 3G's financial strategy for the company, whose brands include Jell-O, Kool-Aid and Philadelphia cream cheese, and whether it is out of step with consumers seeking healthier, fresher alternatives to processed food.

Buffett acknowledged the changes, but said greater pressure is coming from retailers such as Amazon.com Inc, Walmart Inc and Costco Wholesale Corp, saying the latter's Kirkland brand outsells all Kraft Heinz products.

Stronger brands can "go toe to toe with Walmart or Costco" but weaker brands "tend to lose out," Buffett said. "The ability to price has changed, and that's huge."

Still, Buffett added: "If I had to bet one way or another, I think people will eat more of our products this year than last year."

Berkshire's own US$3 billion writedown related to Kraft Heinz contributed to a US$25.39 billion fourth-quarter net loss for Berkshire.

"He monumentally overpaid for Kraft," said Doug Kass, founder of the hedge fund Seabreeze Partners Management Inc. "Increasingly, the moats he initially saw in his investments have been damaged."

The bad news also called into question 3G's signature business model of zero-based budgeting, which requires managers to justify their expenses annually from scratch, rather than use last year as a guide or pursue cost savings on an ongoing basis.

Kraft Heinz's belt-tightening resulted in more than US$1.7 billion in annual savings, including the loss of thousands of jobs, mirroring 3G's similar efforts at such companies as Anheuser-Busch InBev and Tim Hortons.

The strategy has resulted in leaner companies, but could backfire if the companies lacked products that people wanted, or failed to spend enough to develop and market those products.

Buffett said he did not believe 3G underinvested in Kraft Heinz, but it was hard for him to tell. Berkshire is not involved in day-to-day operations.

(Reporting by Jonathan Stempel and Jennifer Ablan in New York; Editing by Jeffrey Benkoe and Tom Brown)


Read more at https://www.channelnewsasia.com/news/business/warren-buffett-says-berkshire-overpaid-for-kraft-heinz-11287984

Tuesday, February 26, 2019

Best Flea Markets In Singapore

If you’re a vintage-lover, indie cool cat or just a shameless cheapskate, you’ll love the good deals you can snag at a flea market. Here’s our list of flea markets in Singapore you should definitely check out.

1. Flea @ *Scape

2 Orchard Link Singapore 237978, Every Saturday and Sunday, from 2pm – 8pm

Come the weekend, many flock to the first and fourth floor of *Scape to get their hands on some good buys. From pre-loved bags and apparel to Victoria’s Secret perfumes, you’ll find all sorts of great options to revamp your wardrobe (without burning a hole in your wallet).

Handy tip: The best time to visit the flea market is around closing time, when stall owners are more willing to lower their prices as they’re eager to get home. Prices can go as low as S$1 around that time, so it just might be worth the wait.

flea-at-scape

(Source: theurbanwire.com)

2. Thieves’ Market @ Sungei Road

Along Jalan Besar near Sungei Road, from 11am – 7pm everyday

The oldest flea market in Singapore, you can expect to find almost anything here. From cassette players (from way back when iPods were non-existent) to vintage books and souvenirs, the Thieves’ Market at Sungei Road is a treasure chest for those looking for a piece of the past. Despite the mess and dust (and not to mention the sweltering heat – it’s outdoors!), you’ll probably find something nifty if you look hard enough (someone from CNN found a Holga!).

Handy tip: Save this outdoor flea for the late afternoon, when it’s cooler and you’re less likely to pass out from the heat. Also, this isn’t the best place to find clothes and accessories –  you’re more likely to find a pizza holder than anything decent to wear.

thieves-market-sungei-road

(Source: rediscover.sg)

3. Flea and Easy @ Zouk

Once every 3 months, on a Sunday from 2pm-7pm. Visit the Zouk website for more details.

A quarterly event that attracts the best of designers, celebrities and fashionistas, the Zouk Flea and Easy is easily the most anticipated flea market of the year. Feel free to browse the racks of pre-loved goodies and fashionable threads (which, if you’re lucky, may have belonged to a celeb).

Handy tip: Although it’s called a flea market, the prices of items on sale are definitely not as dirt cheap as you would think. Bring a wad of cash.

Zouk Flea

(Source: expatliving.sg)

4. MAAD Market @ Red Dot Museum

From 5pm to 12 midnight  on 13 July, 3 August, 7 September, 12 October, 9 November and 7 December. Visit their website for more details.

Only the most unique items (think handmade bears, jewellery and original paintings) can be found at the Market of Artists and Designers (MAAD). A platform for creative people to showcase and sell their works of art, this flea market is a must-see if you’re a fan of local artists and designers.

Handy tip: This is more than just a flea market with art pieces for sale. Talk to the designers and artists, who are usually more than willing to share their stories and background.

Red Dot

Ref:http://scene.sg/lifestyle/singapore-best-flea-markets/


BEST FLEA MARKET IN SINGAPORE 


1-SUNDAY FLEA MARKET



2-FLEA PARTY@LUCKLY PLAZA


3-PASARBELLA



4-ADMIRALTY WET MARKET

5-CHINATOWN MARKET


6-TEKKA CENTRE


7-ODDS ‘N’ COLLECTABLE 


8-FLEAMONSTER SINGAPORE 


9-LOEWEN GARDENS FARMERS MARKET

10-THE EDITOR’S MARKET WESTGATE


11-CHINA SQUARE CENTRAL



12-FLEA WHERE



13-SUNGEI ROAD FLEA MARKET

Monday, February 25, 2019

Huawei's new foldable phone will top both Apple and Samsung in price, costing around $2600



  • Huawei unveiled the Mate X foldable 5G smartphone on Sunday at Mobile World Congress.
  • Huawei's phone heats up the competition with Samsung, which unveiled the Galaxy Fold last week.
  • The price of the Mate X will start at 2299 euros, roughly $2600.
Huawei's Mate X
Benjamin Hall | CNBC
Huawei's Mate X

..............

Huawei launched a foldable smartphone on Sunday, striking back at Samsung just days after it launched the first consumer-ready foldable device.

Huawei launched the Mate X at an event at Mobile World Congress in Barcelona. The Chinese tech giant said the phone will start at a whopping price of 2299 euros (approximately $2600), and will be available in the middle of 2019. That price tops the high end of Samsung's Galaxy Fold, which will sell for an eye-popping $1980, as well as Apple's premium iPhones.

American officials have warned against using Huawei devices out of fear they will enable Chinese spying, charges the company denies. Meanwhile, Huawei has found itself stuck in the middle of tensions between the U.S. and China in the race to roll out 5G networks.

Huawei's Mate X
Huawei
Huawei's Mate X

The Huawei Mate X is a 5G device that can fold into a slim 6.6-inch smartphone and unfold into an 8-inch tablet. Huawei's launch sets up a battle with Samsung, which unveiled its Galaxy Fold last week, as the world's biggest smartphone makers try to pump innovation into a stalling smartphone market.

Unlike Samsung's device, Huawei's Mate X features slightly curved screens that fold backward so that, when closed, there are screens on both sides of the phone. The design makes Huawei's device slimmer than Samsung's when it's folded.

Huawei's Mate X
Huawei
Huawei's Mate X

Other key features of the Mate X include:

  • Flexible OLED screens
  • Curved grip for one-handed use
  • New Leica camera system
  • Dual-SIM capability

The phone will run on Huawei's Kirin 980 processor and Balong 5000 chipset, which supports 5G. The company said the super-fast chipset will allow users to download a 1 gigabyte movie in just 3 seconds.

The Mate X is Huawei's first 5G-enabled smartphone. Huawei said it has an advantage over other companies launching 5G devices because it provides the full-range of equipment needed to get wireless networks up and running. The Chinese firm is the world's biggest provider of telecommunications equipment.

Huawei did not specify the markets where the Mate X will be available, and it's unclear if the phone will reach the U.S.

Increased scrutiny from the U.S. and other countries hasn't dented sales in Huawei's consumer business so far. The unit reported a record $52 billion in sales in 2018, up 50 percent from the year before, citing strong demand for its premium smartphones.

Huawei overtook Apple as the world's second largest smartphone maker last year, behind Samsung. The company has proven resilient to a broader slowdown in smartphone sales in China, with smartphone shipments soaring 23 percent in the country in the fourth quarter of last year, according to market research firm IDC. Apple's Chinese iPhone shipments, meanwhile, plunged 20 percent in the same quarter.

"Huawei has acquired a clear edge over the competition for extensive applications including photography, gaming and business usage by building solid technology prowess and innovations and collaborating closely with suppliers," the IDC report said.

Still some analysts are worried about the high price tags of the foldable devices from Huawei and Samsung. Research showsconsumers have already been holding onto their phones longer, finding it hard to justify spending $1000 or more on a new handset. Notably, Apple has not said whether it plans to develop a foldable device.

Huawei's upgraded laptop

Huawei also released an upgraded version of its premium laptop at the launch event on Sunday. The new MateBook X Pro has a touchscreen display that enables users to take a screenshot using their fingers.

The notebook also has a new feature called "OneHop" that speeds up sharing photos, videos and documents between Huawei devices. Unlike Apple's Airdrop which uses Bluetooth, the Huawei feature works when a smartphone is tapped on a small button on the laptop.


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