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Billionaire spends more than 10% of net worth on painting
Lifestyle
<p>Eccentric Chinese billionaire Liu Yiqian spent more than 10% of his net worth on a Modigliani painting Monday.</p> <p>Liu purchased Modigliani's Nu Couche, or Reclining Nude, at a Christie's auction for $170.4 million, the second highest price ever paid for art in an auction, reports BBC.</p> <p>Liu is a self-made man and former taxi driver now worth about $1.4 billion. After making his fortune trading stocks in the 1980s and 1990s, Liu became an ambitious art collector. He and his wife have opened two art galleries in Shanghai, one of which will display Nu Couche for its fifth anniversary, reports the New York Times.</p> <p>In the past, Liu has spent his money flippantly. Last year he drank from an ancient ceremonial cup he purchased for $36 million. Liu reportedly purchased both the cup and his new painting with an American Express credit card, earning himself millions of rewards points. Whatever he spends those points on will certainly be another attention grabber for Liu.<br /> Photo: Rodney<br /> &nbsp;</p>
Movie producer gets inside Buffett's 'Beautiful Mind'
Lifestyle
<p>Warren Buffett says his greatest triumph is tomorrow.</p> <p>The Oracle of Omaha had plenty of witty quips for movie producer Brian Grazer during an interview Friday, reports the New York Post. Grazer, the producer behind "A Beautiful Mind," conducts weekly "curiosity conversations" with successful strangers. For Buffett, Grazer did the interview in front of 1,500 NetJets shareholders, one of Berkshire Hathaway's companies.</p> <p>Buffett also told Grazer that he's "a book with legs" when it comes to reading. And for investing, "I know in 15 seconds if I can add value to a company...Then I have to see passion and love," Buffett said.</p> <p>&nbsp;<br /> Photo: David Shankbone</p>
Danny Yong donates S$5 million to the National Gallery Singapore
Lifestyle
<p>Looks like American hedgies aren’t the only ones eager to be patrons of the art world. According to the Straits Times, Singapore's Danny Yong has been doing his share for the arts as well:<br /> “The National Gallery Singapore has received a $5 million donation from hedge fund manager Danny Yong, its largest individual cash donation to date.</p> <p>The gallery announced this yesterday, ahead of its opening on Nov 24. The amount will help to fund the art acquisitions for the national collection.”<br /> The 43-year old Yong is chief investment officer of Dymon Asia, one of Asia’s largest – and most successful – global macro funds, and interestingly, he isn’t that big on art collecting:<br /> “He said he is ‘not big into collecting art’ but has enjoyed viewing art in a museum since he was a young boy. He added: ‘I’m constantly amazed at how artists can translate their imagination into visual form so magically. I think art is great for stimulating our creativity.’”<br /> Either way, the National Gallery was “deeply grateful” for his donation and has dedicated Forest Fire, a painting by Indonesian artist Raden Saleh, to the Yong Hon Kong Foundation in recognition of his gift.<br /> Photo: GokuPhoto</p>
Juwan Lee connects finance professionals globally with new app NexChange
Lifestyle
<p>Juwan Lee, a former hedge fund manager turned entrepreneur is taking the finance world by storm and has created NexChange, a social network exclusively for financial service professionals globally, writes Finbuzz.</p> <p>Lee is Korean-American and studied and worked in the US, and now lives in Hong Kong. He is no stranger to the world, living in seven different countries and working in financial markets for nearly thirty years. Lee was Head of Long-Short Equity on the Global Proprietary Trading desk in Asia Pacific at JP Morgan before moving within the bank to the asset management division. Before that, he was CIO at Continuity Capital and Osprey Capital Management. He’s managed portfolios for SAC Capital Advisors and was a Senior Portfolio Manager at Rothschild Asset Management during the Asian currency crisis in 1997.</p> <p>He explains that as a money manager, he took for granted the ease in connecting as people were compelled to reach out to him. It wasn’t until he left that he realized he took it for granted, that it’s not normally so easy to talk to others in the financial world. Lee saw a gap and created NexChange, which is 50 percent for business and 50 percent social.</p> <p>“Currently there are many niche networks in insurance, real estate, and such but they are too small and can never be large social networks. The overall finance market, banking, asset management, private equity, makes for a massive market globally. The addressable market range is 50-75 million people if you include people in corporations and all types of financial services,” Lee estimated.</p> <p>When asked if he found the transition from banking to creating a start up easy, Lee said no.</p> <p>“With a start up the pace is much quicker – rather than theorize you must go out and make changes much faster in terms of execution and feedback. The pros and cons of running your own business are that you have to wear so many hats. This makes the dynamics more inspiring but also more challenging. You have to put in more hours and have very little work-life balance. The window of opportunity is small to take the lead so there is no way to avoid the urgency and time imbalance. In the infrequent moments that I get down time, I like to go to the beach with my family. It could be anywhere as long as the beach is beautiful. But the rest of the time I am flying a lot, working a lot and drinking a whole lot of green tea,” Lee laughed.</p> <p>When Lee is asked if he looks up to any recent entrepreneurs in technology, Lee says he’s more inspired by the icons from the time when Silicon Valley was first being created. Lee was one of the first investors in Yahoo, Google, and Netscape during the mid-nineties tech boom. He says the changes in technology were greater back then than now. Lee is currently reading a book by Ben Horowitz, an American businessman who wrote, “The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers ”</p> <p>Lee also admires Andy Grove, the co-founder of Intel, famous his mantra, “Only the paranoid survive.” Lee finds it admirable how Grove propelled Intel to where it is today.</p> <p>“Trading has changed a lot and it’s more difficult than it used to be. My advice to investors is to do a lot of fundamental work on stock and get to know it in the short term. Focus on risk management and have very strict guidelines on your exit positions. Everyone can access information so you need to be thorough in your research information,” Lee said.</p> <p>Lee is excited with what is next for NexChange.</p> <p>“We plan expansion into China in 2016, further expansion into other major US cities like Chicago, San Francisco, and other markets like Germany. Basically, we want to be in all the major cities around the world. We are currently looking for additional financing. We have already raised $2.5 million since inception and are potentially doing another financing round early to mid next year. We are not finished with this round yet which will finish in the next couple of months,” Lee explained.</p> <p>NexChange has thirty em
Hated ex-hedgie still trying to get in with Bernie
Lifestyle
<p>Turing Pharmaceuticals CEO Martin Shkrelli has been pursing presidential candidate Bernie Sanders like a love sick school girl. Shkrelli, who is hated across the U.S. for upping the cost of the drug Daraprim from $13.50 to $750, tried to donate $2,700 to Sanders in October. Sanders turned around and gave a $2,700 donation to a health clinic in response. Shkreli said he hoped his donation would get him face time with Sanders to discuss pharmaceutical policy. While it didn't work, Shkrelli has a new plan.</p> <p>[email protected] You must complete all sections of the application in order to be considered for the position. https://t.co/1RTeYHXSPD -Staff<br /> — Bernie Sanders (@SenSanders) November 9, 2015<br /> &nbsp;<br /> Photo: NEPA scene</p>
Video: Ray Dalio talks meditating with Martin Scorsese
Lifestyle
<p>This was published by ValueWalk. </p>
World’s most important financiers according to Forbes
Lifestyle
<p>Last week Forbes published its annual rating of the ‘World’s Most Powerful People’, based on an internal editorial vote. Russian President Vladimir Putin topped the list for the third year in a row, ahead of Germany’s Chancellor Angela Merkel in second place and US President Barack Obama in third, writes FinBuzz. </p> <p>Besides leading politicians, the list of 73 individuals includes bankers and finance professionals, who are making a great impact in the modern world. In this sub-category, the winner is a woman, US Federal Reserve Chair Janet Yellen.</p> <p>Forbes considers hundreds of candidates from various spheres and bases its decision on four criteria.</p> <p>In compiling their list, Forbes considers hundreds of candidates from various spheres and bases its decision on 4 main criteria: how much influence the person wields over the global population, how successful he/she executes their influence, the financial status of the candidate, and the number of spheres the individual has power over,</p> <p>So without further ado, here are the world’s most powerful and influential figures in banking and finance:</p> <p>#1 (#7 overall)<br /> Janet Yellen, Chair, Federal Reserve, USA</p> <p>The first female head of the Fed in history, Yellen is so influential that even when she coughed during a recent speech at University of Massachusetts, it led to a short-term selloff in the S&amp;P 500, as investors speculated on the banker’s health. She is also the proud wife of George Akerlof, a Nobel Laureate in economics.</p> <p>2 (#11 overall)<br /> Mario Draghi, President, European Central Bank</p> <p>Nicknamed “Super Mario” for his list of achievements in Italian politics, the banker has become known worldwide after launching QE measures in 2015 to fight deflation, an offshoot from the European credit crisis.</p> <p>#3 (#13 overall)<br /> Warren Buffett, CEO, Berkshire Hathaway</p> <p>The 83-year-old Berkshire Hathaway Inc. chairman has been the world’s richest man (now second richest) for the better half of the last decade, thanks to major takeovers by his holding company, the fourth largest in the US. Buffett’s investments have resulted in a more than $60 billion personal fortune.</p> <p>#4 (#20 overall)<br /> Jamie Dimon, CEO of JP Morgan Chase</p> <p>Obama’s “favorite banker” and a recent throat cancer survivor, Jamie Dimon, has been skillfully navigating his bank since taking over in 2005. He is one of the few bank CEOs that survived the 2008-2009 and remains at the helm of his bank.</p> <p>4 (#23 overall)<br /> Christine Lagarde, Managing Director, International Monetary Fund</p> <p>A successful lawyer and an ex-Minister of Finance of France, Lagarde is the first woman to govern the IMF and is considered by many admirers as one of the most efficient antic-crisis managers of our time. She has been uncompromising in her approach towards struggling Greece since taking over the reigns at the lending institution in July 2011.</p> <p>#6 (#26 overall)<br /> Lloyd Blankfein, CEO, Goldman Sachs Group</p> <p>A fabulous example of a self-made man, Blankfein grew up in the projects in the Bronx and managed to get a degree from Harvard University. His overall wealth for now has reached $1.1 billion since his bank’s IPO, and equities have increased fourfold.</p> <p>#7 (#34 overall)<br /> Larry Fink, CEO and Co-Founder, BlackRock</p> <p>Having led the world’s largest asset-management firm since 1988, Laurence (Larry) Fink transformed the boutique fixed income shop into a global asset manager that oversees more nearly $5 trillion in assets.</p> <p>#8 (#44 overall)<br /> Michael Bloomberg, CEO, Bloomberg</p> <p>One of the richest men in the world, Bloomberg served as the mayor of New York three times, and the city thrived under his governance. A descendant of Belorussian immigrants, he started his career at Salamon Brothers where he was responsible for informational systems. In 1981, he founded Bloomberg LP where innovative IT technologies were united with economy analysis. Today Bloomberg’s empire is the leading financial news provider in
A vehicle fit for a villain
Lifestyle
<p>An Aston Martin may be your ride of choice if you are looking to play the hero but we all know nice guys finish last, especially if you are racing against this orange Jaguar C-X75. The car recently starred as the villain's ride in the newest Bond film "Spectre".</p> <p>The Jaguar, Business Insider reports, is driven by henchman "Mr. Hinx" during a high-speed chase with Bond's bespoke Aston in Rome.</p> <p>The hybrid-electric, two-seat concept car originally debuted at the 2010 Paris Motor Show. Sadly -- despite its appearance in Spectre -- the C-X75 remains a concept car, so don't expect to see it in your local showroom anytime soon. Jaguar Land Rover Special Vehicle Operations chief John Edwards recently told the UK's Autocar there are no plans for production:<br /> “The film was an opportunity to showcase C-X75, but it doesn’t mean a change in strategy. The decision has been made and we can hold our heads up high on that,”<br /> At least you can you still get a glimpse on the big screen.</p> <p>Photo: Jaguar Land Rover</p>
What we're reading: The China enigma and the true meaning of happiness
Lifestyle
<p>This week we get to grips with two of the greatest complexities in the world today: Chinese politics and Syrian alliances. Elsewhere, Alibaba’s founder gets all zen about the meaning of happiness and privacy gets passe.</p> <p>Why China is a black box. “A riddle, wrapped in a mystery, inside an enigma” is a term that was first used by Winston Churchill to describe Russia, but perhaps China also fits the description. Business Insider. </p> <p>The absurdly complex web of allies and enemies in Syria. Ever been confused as to who is exactly backing whom in Syria? You are not alone. This amazing interactive infographic illustrates just how complex things are out there, but it probably won’t make you any less confounded.  Quartz </p> <p>Money didn’t bring me happiness, says Alibaba’s Jack Ma. China’s most successful internet entrepreneur says his happiest days were when he was a dirt poor teacher. Tech In Asia</p> <p>Is the U.S, going soft on China? The recent excursion to the South China Sea by the U.S. Navy was intended to be a show of force, but it may not have had the desired effect. Financial Times (paywall) </p> <p>Privacy is sooo last century. For most of human history, people lived with little or no expectation of a private life. So the new normal, where everyone knows your business, is perhaps not so new. Guardian<br /> Photo: Gabriela Pinto</p>
Warhol head piece goes up on e-auction. Minimum opening bid: $750,000
Lifestyle
<p>Paying over a million bucks for a hat made of ten-dollar bills may not look like you have a head for money. But in the case of this 1972 Andy Warhol, it could be a savvy investment.</p> <p>Warhol made the unconventional headwear using a wide-brimmed, black, straw Halston hat. He wove $10 bills to the hit, and presented it as a gift for his doctor friend Robert Giller in the 1970s. It is being put under the hammer by NYE&amp;Co through LiveAuctioneers.com on November 11. Minimum bid: $750,000. The online auction group expects the piece to go for $800,000 to $1.2 million.</p> <p>The hat features in a photo, worn by Giller, in the 1979 book Andy Warhol’s Experiences. An edition of the book given to Giller by Warhol, and signed "to the doc, Love, Andy" with a doodle, is also included in the auction. Both were kept by Giller’s widow after he died in car wreck in 1996.</p> <p>Photo: LiveAuctioneers.com</p> <p>&nbsp;</p> <p>&nbsp;</p>