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Forbes' richest Americans
<p>The annual Forbes 400 list is out, ranking the richest Americans from Bill Gates to Richard Yuengling, Jr. or $76 billion to $1.7 billion. David Rockefeller, Sr. is holding strong to the title of oldest American billionaire, with $3 billion at age 100. At age 96, Henry Hillman holds $2.5 billion. Evan Spiegel of Snapchat tips the other end of the scale, racking up a net worth of $2.1 billion at the young age of 25. Close by is his Snapchat partner, 27-year-old Bobby Murphy with $1.8 billion.</p> <p>Here are the top 10 richest Americans today:</p> <p> Bill Gates, Microsoft- $76 billion<br /> Warren Buffett, Berkshire Hathaway- $62 billion<br /> Larry Ellison, Oracle- $47.5 billion<br /> Jeff Bezos, Amazon.com- $47 billion<br /> Charles Koch- $41 billion<br /> David Koch- $41 billion<br /> Mark Zuckerberg, Facebook- $40.3 billion<br /> Michael Bloomberg, Bloomberg LP- $38.6 billion<br /> Jim Walton, Wal-Mart- $33.7 billion<br /> Larry Page, Google- $33.3 billion</p> <p>Photo: Stock photo © EdStock</p>
Sotheby's to auction Jack Ma's first oil painting
<p>Alibaba founder Jack Ma isn't satisfied just being a business man. Ma is also an artist.</p> <p>Ma's first oil painting will be sold by Sotheby's in a Hong Kong sale this fall, reports Yibada. The painting, called "Tao Hua Yuan," has been tagged between $194,000 and $323,000. Ma previously sold his own "Ma-style painting" for $312,000 in a charity auction in 2013.</p> <p>Ma didn't work alone on this most recent oil painting. Artist Zeng Fanzhi collaborated with the entrepreneur in applying and scraping layers of paint to create the three-dimensional piece.<br /> Photo: Melies the Bunny<br /> &nbsp;</p>
Alejandro Agag, the man who swapped consulting for racecar driving
<p>Alejandro Agag, walks into the room with the confidence that only a man of many talents can do. He is a seasoned politician, former chairman of Addax Capital, and is now the CEO of Formula E, writes FinBuzz. </p> <p>Unlike the better-known Formula One auto racing series, in Formula E, officially called FIA Formula E Championships, only 100% electric-powered cars zoom around the track. The first series was held in Beijing in September last year.</p> <p>Before the turn of the century, Agag was better known as a politician, but now, most people associate him with sports car racing.</p> <p>After a lengthy political career in Spain, Agag moved to London 2002 and opened a consulting firm, later called, along with Ignacio Munoz Alonso, former CEO of Rothschild Bank in Spain. In 2008, he was named the Spanish businessman of the year.</p> <p>He was the first person to expand Formula One across Spanish media, and since has been involved in several high-level sponsorships and race industry deals, one of which is a sponsorship with Julius Baer, a Swiss private banking group.</p> <p>“My banking and finance background was essential for being able to put together sponsors. Formula E has an exclusive sponsorship package with Julius Baer now which is going to last several years. A number of other banks have approached us to invest but I let them know while they can’t invest right now in Formula E they can partner with the car teams and sponsor that way,” Agag explained.</p> <p>He sees his work at Formula E as a mix of work and pleasure.</p> <p>“I was already a part of Formula One, being a driver myself and finding drivers for them. Because of my background in finance and my involvement on the track, FIA had the idea for me to put together investors for Formula E,” he said.</p> <p>Formula E seeks to be the first carbon neutral automobile sport, and is committed to sustainable and innovative technology in the motor industry.</p> <p>“Formula E is my passion. It is the testing place of new technology and the gateway to the future of the automotive industry. At Formula E we care for the environment and hope for a world where (one day electric) cars will be the only ones allowed in city areas. Cutting back on pollution is essential as we become more aware of the damage we are doing to the world we live in,” he said, running his hands through his hair.</p> <p>I asked him what other technologies could replace electric for the Formula E car.</p> <p>“Hydrogen could be part of our technology in time but currently hydrogen still relies on a battery and you need a source of it.”</p> <p>Agag went on to say that whatever happens to the advancement in technology Formula E is here to stay.</p> <p>“Currently Formula One is more prestigious that Formula E but that’s because it has a history. One day, maybe fifty years from now, Formula E will be just as prestigious if not more so.”</p> <p>Formula E is hitting the road with a race in Shanghai next month and  one in Paris in April. It is in talks about holding the event in several  other cities in Asia and America.</p> <p>Agag no longer races but runs a test drive around the track before races and sometimes gives private tours to sponsors.  His choice of car is the BMW M18 and he also drives a Renault Zoe.</p> <p>Although originally from Spain, after fifteen years of living in the City, Agag considers London as his home. In 2002 he married the form</p>
Billionaire buys two Manhattan condos
<p>&nbsp;</p> <p>Billionaire restaurateur Peter Morton has bought two condos in the West Village.</p> <p>Morton, who founded the Hard Rock Cafe and Morton's Steakhouse chains, spent $25.5 million on the two units on the 12th and 14th floors of 150 Charles St., reports the New York Daily News. Morton has been looking for a new pad since his $10 million Hamptons home burned down in March.</p> <p>Morton's new neighbors will include Jon Bon Jovi. The building sports a lap pool and hot tub, a gym, massage room, and  40,000-square-foot landscaped common area and private terraces.<br /> Photo: Michael Dorausch</p>
Chicago business school alumni host Booth Night
<p>Alumni snap photos at #BoothNight15</p> <p>Business school graduates from Lima to Abu Dhabi gathered on September 17 in over 97 cities worldwide. Donning silly props and flashing #ChicagoBooth night placards, alumni flooded social media with photos from different geographical gatherings.</p> <p>More than 3000 alumni participated in the virtual get together known as Worldwide Booth Night. The tradition dates back to 2001, and has grown in numbers each year with the support of local Booth alumni chapters around the world.</p> <p>In London, alumni gathered TwoRuba Bar at the Hilton Hotel Tower Bridge. Members from the UK Booth Alumni chapter, which has over 1,000 members, attended the event. In the US, events were held in New York, Chicago, LA, and in more than 30 other cities.</p> <p>Another major cluster of graduates gathered in Dubai’s GQ Bar, hosted by alumni Rezwan Mirza ’99 and John van Zuylen ’10.</p> <p>It’s an opportunity for not only networking and talking finance, but also a pleasant atmosphere to kick back with old schoolmates and meet new alumni in your city.</p> <p>After Harvard, Booth School of Business is the oldest business school in the United States, and the first ever to offer an Executive MBA program. Famous alumni include James McKinsey, Founder of McKinsey &amp; Company, Jon Corzine, former CEO of Goldman Sachs and the former governor of New Jersey, Brady Dougan CEO of Credit Suisse, and Peter Peterson, Founder and Chairman of the Blackstone Group and former CEO of Lehman Brothers.</p> <p>It is one of the top-ranked schools in the United States, and as the photos show, graduates take their Booth experience to all corners of the world.</p> <p>&nbsp;</p> <p>Sailing with Boothies &amp; Booth alums on Venetian Night in Chicago! #BoothNight15 #ChicagoBooth<br /> A photo posted by Grace Ding (@gracie_ding) on Sep 12, 2015 at 5:50pm PDT</p> <p>A glimpse of the people and places that make up our worldwide community! #BoothNight15 #ChicagoBooth pic.twitter.com/RF9pDVFi9A — Chicago Booth (@BoothFullTime) September 21, 2015</p>
Communication lessons from Donald Trump
<p>In a previous article, I discussed the lessons that advisors could learn from the non-verbal behavior of Donald Trump. Today, I will examine his communication skills and ways advisors can benefit from emulating them. To be clear, I’m nottalking about the substance of Trump’s message, as a presidential candidate or otherwise, but the manner in which he presents it.</p> <p>It’s not surprising that Trump is an excellent communicator. He honed these skills as host of the popular Apprentice television shows over an 11-year period. Here’s a summary of why he is so effective.</p> <p>He doesn’t use a teleprompter</p> <p>Trump is unscripted. He speaks with no notes and takes pride in the fact that he does not use a teleprompter. He has derided “traditional politicians” who use this tool and give the same speech every day.</p> <p>His demeanor is informal. His tone is conversational. Regardless of the size of the crowd, he intersperses his remarks with rhetorical questions and waits for an audience reaction.</p> <p>His style is in sharp contrast to many politicians. They tend to be carefully scripted, with “talking points” that are polished by highly paid consultants. They strive to demonstrate an encyclopedic knowledge of their subject matter, often with mind-numbing results.</p> <p>Instead of conversing with their audience, they lecture them.</p> <p>My experience</p> <p>When I started making television appearances, I was terrified. I prepared for hours and tried to anticipate every question. I rehearsed my responses. I recall vividly an experience I had on a Fox morning news program. The anchors were bantering with each other as I entered the set. One of them turned to me and asked this question on air: “Hey Dan. What do you have?”</p> <p>I was like a deer caught in the headlights. I bumbled my way through an answer to a question I never could have anticipated. The interview went downhill from there.</p> <p>I learned a valuable lesson that day. I noted how comfortable the anchors were in front of the camera and how stressed I was by comparison. So I came up with a simple solution. I decided that, in every interview, I would emulate the demeanor of the interviewer. I would be as conversational, relatable and comfortable as they were.</p> <p>It proved to be easier than I thought, because that is how people relate to each other in their everyday lives. It also markedly reduced my anxiety. Instead of trying to live up to my image of how one should act on television, I just had to be myself.</p> <p>He dumbs-down complex subjects</p> <p>Immigration policy and the proposed nuclear agreement with Iran are very complex subjects. They are also hot-button issues for voters.</p> <p>Whatever you may think of it, Trump’s solution to illegal immigration is remarkably simple:</p> <p> He would build a wall.<br /> He would get Mexico to pay for the wall.<br /> He would deport illegal aliens.<br /> He would end birthright citizenship.</p> <p>However, his plan is replete with flawed assumptions, glosses over daunting practical obstacles and rests on a dubious legal premise.</p> <p>The Iran agreement is similarly intricate. Trump has another “easy </p>
Traits of a successful investor
<p>During my stay within Yellowstone National Park, I was reflecting and pending down my thoughts on what makes a successful investor. I know that I have written a post similar to this in the past, however, I felt that it was time to write a new one – partly because there are new traits that I feel that are important, shaped through my experiences and interactions.<br /> Traits of a Successful Investor Insatiable Curiosity<br /> I find that the route to becoming a successful value investor is not just solely being curious about researching on companies or investing strategies. That will make us a better investor compared to those who do not put in the effort to learn more about the different strategies and all, however, I do not believe that is sufficient. Many a times I find that the materials that make me a better investor are materials solely unrelated to value investing. Take for instance, I was reading an article titled, “Doing Business in Japan“. It was a really interesting article from the point of view of a foreigner who migrated to Japan and his experiences of working and starting a business in Japan. However, from such an article it gave me insights and understanding of the business culture and corporate governance within Japan. Hence, don't just narrow down your curiosity to one aspect but broaden your interests. While value investing may be an investment strategy, it too is a way of thinking about various issues.<br /> Traits of a Successful Investor Networking<br /> Built up a great network of investors to talk to, be it seasoned or new investors. I have always found myself fortunate to have my friend/partner to start my value investing with and over the years it is this mutual help that has deepened our understanding towards value investing. Furthermore, over the years, we have constantly been meeting other like-minded individuals and this has definitely been rewarding. I once believed that the road of a value investor is often lonely due to our contrarian nature, however, this belief has changed over the years. It is all a matter of whether one is willing to look and put in the effort to make that connection. Hence, to all value investors out there be it seasoned investors or those starting their journey out, we are always willing to meet up for a chat to share our insights and hear about yours.<br /> Traits of a Successful Investor Humility<br /> I have once said that as value investors, we require that necessary arrogance to allow us to have the conviction in our investments when we are going against the herd. To achieve greatness, I believe a balance of the two is required. One needs to know what you can do and what you can't, and be grounded in reality. The greatest dangers some face are when they have been through a period of successful investments, such as since post Global Financial Crisis. A rising tide lifts all boats, during this period every stock has benefitted from an extremely long period of cheap interest rates. To immediately attribute one's success over this period to successful stock picking resulting in a conviction that one can never be wrong again is very dangerous. We have to constantly keep our self belief in check and know when to listen to others.<br /> Traits of a Successful Investor Attention to detail<br /> I have seen many formulas being taught out there and many investors have started applying it. While the formulas are not wrong, however, value investing is not just some mathematical problem where formulas are sufficient in solving it. Hence, this is why it is both a form of science and art. It is not a</p>
Goldman, Barclays, RBS execs named London’s top 1000 financiers
<p>They are the royalty of London’s financial world, the individuals involved in the biggest deals and setting the economic policy agenda, reports FinBuzz. They are the most influential people in the City, according to the Evening Standard.</p> <p>The list, compiled by the Evening Standard and broken down into several subcategories, includes CEOs of major global banks, hedge fund managers, Bank of England economists, and professionals across varied financial spheres.</p> <p>Many are not native Brits, but have made London their home, either by choice or the lure of business.</p> <p>Xavier Rolet <br /> Chief executive, London Stock Exchange</p> <p>The 56-year-old French man has been at the held of the London Stock Exchange since 2009. Before he held senior roles at Goldman Sachs and Lehman Brothers in London.</p> <p>John McFarlane<br /> Chairman, Barclays</p> <p>The Scottish-born banker was named Barclay’s chairman in 2014, just months before the abrupt departure of chief executive Antony Jenkins. Before he was the director of RBS, Citibank, and ANZ.</p> <p>Sir Howard Davies<br /> Chairman, Royal Bank of Scotland</p> <p>Sir Howard became the chairman of the bank’s board just a few weeks ago. He will have to navigate the bank, which received a £45 billion bailout in 2012, through the major restructuring. Before he worked at the UK Airports Commission as well as Deputy Governor of the Bank of England.</p> <p>Michael Sherwood and Richard Gnodde<br /> Co-chief executives, Goldman Sachs International</p> <p>Michael Sherwood, a native Londoner, has been the Co-Chief Executive Officer at Goldman since 2005 after joining the company in 1986 and becoming a partner in 1994. Richard Gnodde, born in South Africa, joined Goldman just one year after Sherwood, and became co-chief in 2006.</p> <p>Colm Kelleher<br /> Chief executive, Morgan Stanley international division</p> <p>The 58-year old Irish banker, though he keeps a low profile, is one of the City’s highest paid executives. Bloomberg estimates that Kelleher, who has been the president of institutional securities since 2013, has a total yearly compensation of more than $20 million including options.</p> <p>Stephanie Flanders<br /> Managing director, UK and Europe, JP Morgan Asset Management</p> <p>Flanders worked for the BBC as an economics editor for 11 years before jumping ship to JP Morgan. She is still very active on Twitter where she has over 115,000 followers.</p> <p>James Bardrick<br /> UK chief county officer, Citi</p> <p>The 52-year old banker from Exxex never actually intended to be a banker, but an engineer. As the UK country officer, a role he has held since February 2014, he is responsible for 10,000 Britain-based staff. Before Citi, he worked at Schroders, which was acquired by Citi in 2000.</p> <p>Inga Beale<br /> Chief executive, Lloyd’s of London</p> <p>Besides being Llyod’s of London’s first female boss in the company’s 325-year history, the 51-year old is also a former rugby player, and nearly went pro. Before, she worked at Canopius, Zurich Insurance Group, and GE Insurance Solutions in the US, London, France, Europe, Germany, the Middle East, and Africa.</p> <p>António Horta-Osório<br /> Chief executive, Lloyds Banking Group</p> <p>The Portuguese native has played a large role in restructuring the one-f</p>
Artcurial gears up for its inaugural HK auction
<p>Paris-based auction house Artcurial is gearing up for its first ever sale in Hong Kong, and apparently, they’re doing it with a bang.</p> <p>Among the items to auctioned off in the From Paris to Hong Kong sale are Picasso’s Buste de femme (HK$20-30 million), Pierre Auguste Renoir’s a portrait of Edmond Renoir Junior (HK$8-12 million), a golden cup from the collection of Count Nicolas Demidov (HK$700,000 to 1,000,000), and a fantastically maintained 1961 300SL Roadster (HK$10-15 million).</p> <p>For the ladies, a selection of “exceptional” exotic-skinned Hermès bags are also set to be auctioned, including “a black porosus crocodile” bag that boasts “red goatskin lining” (HK$250,000-300,000).</p> <p>The sale not only represents the French firm’s incredible growth, but also Hong Kong’s (and Asia’s) ascendancy as an important hub for the art market.</p> <p>Speaking to the SCMP, Artcurial director Isabelle Bresset had this to say:<br /> “The number of Asian clients has been doubling each year since we started Asian art sales in 2011. We need to get used to this new client base and we have to be there to understand our Asian clients better.”<br /> The sale starts on October 5 and previews will be held from the 2nd to the 5th at Spink, Hong Kong.<br /> Photo: German Medeot</p>
Your back-to-school reading list from Goldman Sachs
<p>Summer's over. It's time for back to school reading.</p> <p>Over the next two weeks, Goldman Sachs is assigning reading from their global leaders. Here's the first round of books to bury yourself in this fall:</p> <p> "Man's Search for Meaning" by Viktor E. Frankly, recommended by Bunty Bohra, CEO of Goldman Sachs India, Bengaluru<br /> "My Beloved World" by Sonia Sotomayor, recommended by Edith Cooper, human capital management in New York<br /> "Why Information Grows: The Evolution of Order, from Atoms to Economies" by Cesar Hidalgo, recommended by R. Martin Chavez, Chief Information Officer in New York<br /> "Wolf Hall" by Hilary Mantel, recommended by Pablo Salame, Securities in New York<br /> "How to Stop Worrying and Start Living" by Dale Carnegie and Dorothy Carnegie, recommended by Masanori Mochida, President and Representative Director of Goldman Sachs Japan<br /> "Alexander Hamilton" by Ron Chernow, recommended by Stephen Scherr, finance division in New York<br /> "Revival" by Stephen King, recommended by Susie Scher, investment banking division in New York<br /> "Dead Wake" by Erik Larson, recommended by Gregg Lemkau, investment banking division in New York<br /> "Moonrise" by Ben Bova, recommended by Joanne Hannaford, technology division in London<br /> "Against the Gods: The Remarkable Story of Risk" by Peter L. Bernstein, recommended by David Lang, head of Salt Lake City Office<br /> "Zero to One: Notes on Startups, or How to Build the Future" by Peter Thiel, recommended by Darren Cohen, securities division in New York<br /> "The Wright Brothers" by David McCullough, recommended by Sheila Patel, investment management division in Singapore</p> <p>Photo:  Ginny<br /> &nbsp;</p>