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Ken Griffin quietly buys condo for A REALLY LOUD $200 MILLION
<p>Life has not been kind to Ken Griffin lately. He’s in the middle of a divorce, he’s been reduced to eating McDonald’s, and some guy won’t let him combine his Palm Beach plots to create a mini beachfront village for himself.</p> <p>Thank God for small victories though:<br /> “Despite reports that a Qatari mogul was closing in on a record $250 million spread at the under-construction tower to make a single penthouse in the sky, multiple sources tell Page Six the buyer is actually Griffin.”<br /> That’s right, Page Six reports that while he and his wife battle over ownership of their multiple homes in New York, Chicago, Hawaii, etc., our man Ken calmly dropped somewhere around $200  million for a bunch of apartments in the Robert A.M. Stern-designed 220 Central Park South – the so-called “Billionaire’s Bunker.”</p> <p>The pad boasts nothing yet since its still in construction, but Curbed has some pretty epic renderings of the penthouse – just once slice of the Citadel chief’s portfolio in the 950-foot tower – here. Check it out.<br /> Photo: several seconds</p>
Wall Streeters hit the fashion runway
<p>Move over Tyra, bankers are hitting the runway.</p> <p>Gwen Greene, v.p. at JPMorgan Securities, and Melanie Schnoll Begun, managing director and head of Morgan Stanley wealth management's philanthropy management group, modeled Carrie Hammer's designs for New York Fashion Week Thursday, reports The Wall Street Journal. Hammer opts to use "role models" instead of runway models to show off her fall work-wear collection. Other Hammer models have included CEO, activists, Olympic athletes, and a United Nations advisor.</p> <p>“I’m in the show because Carrie Hammer is a rock star and is showing the fashion scene that women can ‘model’ their power, influence, leadership and brains,” Ms. Schnoll Begun said in a statement before the show.</p> <p>More than 100 people filed into the Mercedes Benz showroom on 11th Avenue in Manhattan to watch the women.</p> <p>Hammer launched her brand in 2012.<br /> Photo: Art Comments</p>
Character traits of the great investor Sir John Templeton
<p>Recognized as one of the greatest mutual fund managers of the last hundred years, I first discovered his wisdom shortly after I entered the business of investment advice. His name surfaced during my self-directed research into the wisdom of Benjamin Graham and value investing. Sir John was a student of Graham. Although his investment approach differed from Graham’s, he shared the universal belief of all value investors that market prices vary from business value. While Sir John provided insight into security selection, it was how he lived his life and shared his beliefs with others that I believe made him a great individual and a great investor.</p> <p>In The Templeton Touch, William Proctor shared fourteen character traits that he believed were John Templeton’s reasons for success as an investment manager:</p> <p> Self-reliance<br /> Reasonable risk-taking<br /> A sense of stewardship<br /> A drive toward diversity<br /> A bargain-hunting mentality<br /> A broad social and political awareness<br /> Flexibility<br /> A willingness to devote large quantities of time to studying potential investments and developing sound moneymaking strategies<br /> An ability to “retreat” periodically from daily pressures<br /> An ability to develop an extensive friendship network<br /> Patience<br /> Thought control<br /> Positive thinking<br /> Simplicity</p> <p>I want to share my own thoughts on two of these traits. First, stewardship, as there is an attempt by the Department of Labor to somehow legally enforce it upon the investment industry, and second, a bargain-hunting mentality.</p> <p>Stewardship The Department of Labor (DOL) has recently proposed a change in the way brokers, insurance agents, and investment advisors serve their clients. The DOL, along with the current administration, is under the belief that the financial service industry’s sales practices, products, and costs are harming individual investors. Although I am in agreement with many of their claims, I do not think that imposing a series of new rules and regulations will result in achieving a better retirement for the citizens of this country. It will take more than a forced fiduciary rule to accomplish that. Even with rules, there will always be individuals who lack any sense of stewardship towards their clients. For those few, the only reason to be in the business of advice will be to create personal wealth for themselves. Individuals will always need to keep their guard up when it comes to investment advice.</p> <p>We believe it is a great privilege to have been entrusted with the management of your savings. We have a great respect for what those savings represent, and we hope that our work rewards you with preservation of capital and, more importantly, preservation of wealth. Although we work towards that goal, there is no assurance that it will happen. Years ago one of our clients decided his investment returns would be substantially better with another advisor. I am not sure if his results were what he expected, but some years later he decided to re-employ us. He told us this was because we always did what we said we would do and, in his words, “always told the truth, good or bad.” I can pledge to you that this will continue in the future, with or without a new series of rules placed on us by the powers that be.</p> <p>Bargain-hunting Over the past year we have mentioned more than once that we believe prices for common stocks have not been cheap. They were not overly expensive, but still not cheap enough for us to fully invest your accounts. Because of our belief in buying great companies at low prices, we have held far more cash in our portfolios than we have at any other time in the past ten years. This current decline in pr</p>
Robert De Niro becoming Ponzi scheme king
<p>Just seven years after his arrest, Bernie Madoff is being immortalized in film.</p> <p>Robert De Niro and Michelle Pfeiffer will star in HBO's TV movie "The Wizard of Lies," reports Vanity Fair. De Niro will play Madoff, as portrayed by Diana Henriques' book, as well as Laurie Sandell's "Truth and Consequences." Pfeiffer plays Madoff's wife Ruth, Hank Azaria is Madoff's partner Frank Dipascali, and Alessandro Nivola is Madoff's son Mark.</p> <p>ABC is also producing a miniseries about the infamous Madoff, with Richard Dreyfuss and Blythe Danner staring as Madoff and his wife.</p> <p>The shows can't be flattering for the Madoff family, but Ruth at least will rest knowing she's been portrayed by two attractive leading ladies.<br /> Photo:_Untitled-1<br /> &nbsp;</p>
The secret to looking engaged during meetings
<p>Put your phone away and pull out a pencil. No, not the new iPad Pro pencil.</p> <p>Phil Libin, co-founder and former CEO of Evernote, says that old-fashioned writing in a notebook is the best way to appear interested during meetings, writes Business Insider. Taking notes on a phone makes you look like you're texting, or worse checking out your dating apps. Clicking away on a laptop creates a literal and figurative barrier between you and the speaker. Paper and a pen on the other hand says, "'Man, this person really cares about me.' It totally flips the odometer the other way. You are signaling deep caring and interest," says Libin.</p> <p>Libin, who also founded CoreStreet and Engine 5, says the beauty of the notebook is that you don't even have to really be paying attention. "Even if you're just drawing houses and clouds and unicorns," people see someone alert and more interested in what they're saying than the guy on his phone, says Libin. That says a lot coming from a guy who designed a company around digitally taking and storing notes.</p> <p>The University of California, Los Angeles can back Libin up with some hard data. Hand writing forces the brain to reflect, understand, and encode more than typing does, researchers say. Laptop note takers don't process and reword comments like analog note takers do. They're too busy taking everything down verbatim.</p> <p>Libin says he likes to write down specific words and phrases in his notebook to jog his memory later. In between his unicorn doodles of course.<br /> Photo: Doodle Databáze</p>
Will tech ever be able to disrupt the business card?
<p>In an age of social media, the business card is a surprisingly resilient piece of paper. While we are yet to see the killer app that has sent this humble format the way of the newspaper, plenty have tried to build it.</p> <p>The latest effort is Knock Knock, the Washington Post reports. The premise is that you knock twice on your phone’s screen, and you can quickly share your contact information and social media accounts with those nearby - provided they’ve also installed the app. </p> <p>Knock Knock is not alone, other efforts have included startups like Bump, Hashable and CardFlick. No one has quite cracked it yet. Perhaps in the West it is only a matter of time before there is a solution that finally kills off the card, but it might be a bigger challenge in Asia where the custom of exchanging cards has existed for 400 years.  </p> <p>That said, in Japan - the cultural heartland of the business card - entrepreneur Chika Terada has started Sansan, a cloud-based CRM platform that lets user scan and upload their cards.  The startup offers two services: Sansan and Eight. Sansan is for businesses, while Eight is for individuals. </p> <p>The idea has at least gained traction among venture capitalists. TechInAsia reports that Sansan has already raised a $14 million Series B round in June. </p> <p>At least the business card will stick around for some time. After all, the most successful technology is often the most convenient. What could be more convenient than putting a piece of paper in someone’s hand?<br /> Photo: Geoffrey Franklin<br /> &nbsp;</p> <p>&nbsp;</p>
Buffett is voting Hillary, but 'admires' Bernie
<p>Bernie Sanders may be reaching out to the middle and lower classes, but he has at least one fan in the 1%.</p> <p>Billionaire Warren Buffet told CNBC that he admires the Sanders campaign, reports Business Insider. "I think Bernie Sanders has been a terrific campaigner. He campaigns exactly as I would campaign if I were a candidate," Buffett says.</p> <p>Buffett has openly supported higher taxation for the rich, but Sanders' tax-reform proposals would increase even beyond what Buffett has suggested. Buffett says he respects Sanders' refusal to attack opponent Hillary Clinton, as well as his advocacy for regulations on political spending by businesses and unions.</p> <p>Alas, Buffett is still backing Clinton. He says Clinton has been too glib about her email controversy, but he supports her policies.</p> <p>Sorry, Bernie. "He's not going to get elected," says Buffett, "but I admire him."<br /> Photo: Marc Nozell </p>
When secret agents go off-road: The Bentley SUV
<p>The car closely associated with British spy James Bond has had a US-style makeover - introducing Bentley's SUV, the Bentayga.</p> <p>According to Forbes magazine, the Bentayga starts at $229,100 before tax and is a more "svelte and handsome" version its ugly concept forbear. </p> <p>The car will be shown to the public for the first time at the Frankfurt Car Show this month. Sales will start in Europe, the Middle East, followed by China and US, late in the second quarter.</p> <p>For motor-heads: the sporty automobile has a  6.0 liter, 12-cylinder twin-turbo engine -  a version of which is set to appear in the Audi A8 limousine and Volkswagen Phaeton II - which takes you to 60 mph in just four seconds.</p> <p>Perfect for out-running Russian spies in an Alpine car chase.<br /> Photo: Bentley</p>
Nerves of steel: City bosses abseil Lloyd’s building for charity
<p>&nbsp;</p> <p>Lord Mayor Alderman Alan Yarrow led a group of 85 abseilers down the 289ft tall building façade of one of the City’s most iconic buildings to support the annual Lord Mayor’s Appeal, Finbuzz reports.</p> <p>The aim was to raise a total of £100k for a number of charities including Mencap and Scope. Charity events will continue to be held in 2015, so check out the Lord Mayor’s Appeal event calendar.</p> <p>For most participants, including Lawson Muncaster, founder and managing director of City A.M., it was their first time ever abseiling.</p> <p>. @CityAM sends founder over the edge (of the Lloyd's Building - for charity)<br /> — City A.M. (@CityAM) September 4, 2015<br /> No special preparation or shoes were needed, however a team of professional climbers was ready to help on the roof. Still many abseilers stalled for several minutes before stepping over the edge. Some humorously confessed that they should not have watched abseiling YouTube videos the day before.</p> <p>Despite the nerves, the Master Carman of the year Lieutenant Colonel Paul Holder RLC, who donned a Superman costume, said he never felt so confident and relaxed.</p> <p>“It is quite a lot of adrenaline, I really enjoyed it, and for a good cause,” commented Ben Fuller, Head of the Investment Trust Team at Winterflood Securities.</p> <p> The Master C</p>
[Book Review] Misbehaving: The Making of Behavioral Economics
<p>Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans?predictable, error-prone individuals. Misbehaving: The Making of Behavioral Economics is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth?and change the way we think about economics, ourselves, and our world.</p> <p>Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments.</p> <p>Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber.</p> <p>Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving: The Making of Behavioral Economics is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining.</p> <p>This article was published by ValueWalk. </p> <p>&nbsp;</p>