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US stock market daily report (December 11, 2013, Wednesday)
While hedge fund performance for 2013 is headed for the worst annual performance relative to U.S. stocks since nearly 2005, the number of former high worth individuals who have fallen from grace continues to rise.
Ackman, William A.
William A. Ackman, hedge-fund titan, founder and CEO of hedge fund Pershing Square Capital Management LP, liquidated his entire stake in JC Penney Company, Inc. (JCP-NYSE) in August after a futile 18-month struggle to turn the firm around and took a $700 million loss for investors. Ackman also took a $500 million loss, so far, on Herbalife Ltd. (HLF-NYSE). He said he will go “to the end of the Earth” to destroy Herbalife.
Eike Batista built an empire of Brazilian commodity companies that pushed his wealth to $30 billion. Batista founded Logistics firm LLX Logistica SA, now called Prumo Logistica Global and controlled by U.S.-based EIG Group. EIG is a Washington-based institutional investor in the global energy industry, with $12.8 billion under management as of June 30. Batista's oil company OGX, went bankrupt in early 2013, triggered the collapse of this entire portfolio. His plans to become the world's wealthiest person were shattered by his loss of credibility and the world financial crises.
Beck, Glenn Lee
Glenn Lee Beck, politically conservative American television and radio host, political commentator, author, television network producer, media personality and entrepreneur and may be the world’s most prominent advocate for gold. As the global economy recovered in 2013, gold on the other hand, has lost its glitter. Becks' reputation as a "financial advisor" has suffered substantially. Beck still pitches the precious metal, saying, “I believe in it strongly. I want something I can hold in my hands.”
Cohen, Steven A.
Steven A. Cohen, founder of SAC Capital Advisors and position #41 for billionaires in the USA, laid out a record $1.8 billion to regulators in a settlement for a series of securities fraud charges that arose from a probe by the SEC into insider trading among the hedge fund elite. Cohen will now only be investing his own money and perhaps money of a few friends who stuck by him but, he will not be controlling nearly as much of the market’s daily trading activity as he once did.
Deen, Paula Ann Hiers
Paula Ann Hiers Deen, former American celebrity chef and cooking show television host of the Food Network show, saw the show and the endorsements disappear after a lawsuit surfaced that she had made racial slurs on the job. Book sales plummeted for Dean and although she publically begged for forgiveness on TV, her celebrity moment appears to be over.
Lampert, Edward S.
Edward S. Lampert, chief executive of SHLD as well as founder and chairman of ESL Investments fund and position #144 for billionaires in the USA, is trying to meet demands for redemption to his investors by reducing his stake in Sears Holdings Corporation (SHLD-NASDAQ). ESL now owns only 48.4% of Sear's shares, down from 55% in early October.
Rodriguez, Alexander Emmanuel
Alexander Emmanuel Rodriguez, nicknamed "A-Rod," American baseball third baseman for the New York Yankees of Major League Baseball will know early in 2014 if an arbitrator will uphold a 211-game suspension imposed on the Yankees’ highest-paid player for the alleged use of performance-enhancing drugs. A-Rod will forfeit $34 million in pay and sit out the 2014 season, if the suspension sticks. A-Rods' endorsement deals have dwindled and a controversial end to his storied career will no doubt impair his post-baseball earning potential.
Martha Stewart, founder of Martha Stewart Living Omnimedia, American business magnate, writer and television personality, saw her pay cut by $500,00, to $3.5 million. After Macy’s filed a legal challenge, Martha Stewart Living Omnimedia Inc. (MSO-NYSE) ended its licensing deal with JC Penney Company, Inc. (JCP-NYSE). JC Penney also withdrew a great deal of advertising from Martha Stewart's magazine and TV properties. Shares of Martha Stewart Living is off 92% from all time high.
Prem Watsa, founder, chairman and chief executive of Toronto, Canada based Fairfax Financial Holdings Limited (FRFHF-OTC), has been called the "Canadian Warren Buffett" by some during successful periods of investing. By the end of 2012, Watsa accumulated nearly 10% of dying smartphone company BlackBerry Limited (BBRY-NASDAQ). At the current share price for BlackBerry, Watsa's firm faced a loss of nearly $500 million. He recently sank another $250 million into BlackBerry as part of a $1 billion round of fresh financing meant to help spearhead yet another turnaround.
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