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Monthly Archives: January 2012

Billionaires Occupying Davos as Richest 0.01% Bemoan Inequality of Incomes

By Matthew G. Miller – Jan 25, 2012 2:18 AM ET

Ukrainian billionaire Victor Pinchuk wants to talk about income inequality. So does Irish billionaire Denis O’Brien and Indian billionaire Vikas Oberoi.

The three are among a contingent of at least 70 billionaires who are joining more than 2,500 business and political leaders at the World Economic Forum’s annual meeting in Davos, Switzerland, this week, according to a list of attendees and promotional materials obtained by Bloomberg News. A half-dozen of the richest participants, interviewed in advance of the conference, say economic disparity needs to be addressed.

“Many who will be in Davos are the people being blamed for economic inequalities,” Oberoi, 42, chairman of Oberoi Realty Ltd. (OBER), India’s second-biggest real estate developer by market value, said in an interview earlier this month by mobile phone from his car in Mumbai. “I hope it’s not just about glamour and people having a big party.”

Oberoi, who’s attending Davos for the first time, and like- minded billionaires may have trouble finding the subject of income inequality on the agenda. While the forum’s Global Risks 2012 report, published this month, describes “severe income disparity” as the world’s top risk over the next 10 years, tied with fiscal imbalances and ahead of greenhouse-gas emissions, the word “inequality” appears only once in the event’s 130- page program, and that’s in the title of a panel about art.

Read the rest here.

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The End of Mutual Funds is Coming

Pimco is launching an ETF to track the biggest mutual fund, its Total Return Fund. Will this portend the end for mutual funds? We looked into the future to find out, and this 2022 story tells it all.

By Joshua Morgan Brown, contributor

March 1, 2022

FORTUNE — Ten years ago, in March of 2012, the world’s largest mutual fund cloned itself as an ETF. It occasioned a small amount of business media attention at the time, but in hindsight, it was the event that changed everything.

Read the rest here.

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Gold & Silver Miners Love Low-Rate Outlook

Silver and gold miners just got some great news today after having lost so much luster in recent months.  The FOMC has now telegraphed that it expects that interest rates will remain exceptionally low through at least the end of 2014. Full Story.

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Foxconn Employee Says 4-Inch iPhone 5 Will Be Released This Summer

Apple is preparing to produce its next iPhone model for release this summer, according to unnamed source at the China-based supplier Foxconn. While a number of varying sample devices are floating around, the next iPhone could include a 4-inch screen with a form factor unlike the current iPhone 4S.

Full Story.


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$POT Increases Dividend

Potash announces its Board has approved an increase of the co’s quarterly cash dividend from $0.07 per share to $0.14 per share, and declared a quarterly cash dividend of $0.14 per common share payable May 3, 2012 to shareholders of record on April 12, 2012. (POT) 45.23 +0.80

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Today’s Double Digit Winners

No. Ticker % Change
1 CTC 55.00
2 ILMN 46.19
3 ENMD 32.39
4 GENE 31.82
5 SYSW 30.30
6 XFN 29.27
7 TSON 25.66
8 NYNY 19.66
9 GNOM 19.20
10 NUVA 18.61
11 OPTT 18.00
12 LCC 17.32
13 FUEL 17.00
14 PACB 15.95
15 NFLX 14.98
16 TXT 14.62
17 FBN 14.57
18 GSS 13.37
19 NBG 13.17
20 CBPO 12.76
21 GBG 12.62
22 IDI 12.45
23 UXG 12.26
24 COOL 12.09
25 VALU 12.08
26 THM 11.83
27 TAYC 11.83
28 SQNS 11.30
29 USCR 11.29
30 CLR 11.11
31 MRTN 11.09
32 LGF 10.97
33 HOV 10.92
34 RGEN 10.83
35 AVL 10.73
36 GDP 10.69
37 ECA 10.61
38 EVC 10.49
39 SYUT 10.15
40 MDR 10.13
41 ICA 10.12

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US Natural Gas ETF

UNG sets record daily trading vol. @ +52.8M as the ETF gains +7% on the day (UNG) 5.93 +0.39 :

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The Clam Crushes the Bears; Markets Will Never Go Down Again

The markets were weak again this morning. Greek debt talks continue to drag on. The ECB does not want to take a haircut on their Greek Bond holdings. That caused the Euro to be weak and the dollar to be strong into the open.

Then the bearded clam comes out

and says were turning Japanese with low interest rates until at least late 2014.

The dollar goes negative, the Euro goes positive, and equities respond in kind with not just the paring of losses, but a rally to dance on the graves of the bears.

Bot some TZA, ($21.04,)  for a trade into the am…even though the markets will never go down ever again. It’s illegal as per the clam and every central bank on the planet.

DOW up 81

NASDAQ up 31

S&P up 11


[youtube://http://www.youtube.com/watch?v=gEmJ-VWPDM4 450 300]

now for some real music….

[youtube://http://www.youtube.com/watch?v=j5AUm_xaE9A 450 300]

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3PM Update

Only an hour remains in today’s trade, so many market participants are preparing for the next round of earnings results. Following the close, E*TRADE (ETFC 9.35, -0.19), Netflix (NFLX 94.47, +1.80), and SanDisk (SNDK 51.80, +0.61) are expected to report. Tomorrow morning brings 3M (MMM 86.31, +0.38), AT&T (T 30.15, +0.06), Bristol-Meyers Squibb (BMY 32.66, +0.41), Caterpillar (CAT 108.65, +2.56), and Colgate-Palmolive (CL 89.19, +0.94).DJ30 +55.17 NASDAQ +25.06 SP500 +7.85 NASDAQ Adv/Vol/Dec 1500/1.38 bln/978 NYSE Adv/Vol/Dec 2050/503 mln/905

Via Yahoo

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Greenlight’s Einhorn Fined $11 Million in the U.K. for Trading on Inside Information

David Einhorn and Greenlight Capital Inc. were fined 7.2 million pounds ($11.2 million) by the U.K.’s financial regulator for trading on inside information in Punch Taverns Plc (PUB) in 2009.

Einhorn, Greenlight’s 43-year-old chairman, was told of Punch Taverns’s plan to sell equity by a broker representing the company, theFinancial Services Authority said in an e-mailed statement today. He then sold more than 11 million Punch Tavern shares over the following four days, avoiding losses of about 5.8 million pounds for the fund, the regulator said.

“The big name and the big number” are what the FSA wants, Louise Hodges, a financial-crime defense lawyer at Kingsley Napley LLP in London, said in a telephone interview today. “It looks like it’s more a case of he should have known, rather than he did know,” his actions were illegal.”

Full article

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Market Update

Stocks have drifted off of session highs. Gains remain solid, though.

Fed Chairman Bernanke is currently engaged in a question-and-answer session. He stated that although the economy has showed some positive signs, there have been mixed results in such areas as retail sales. He also added that if inflation remains below target and employment remains slow there is a case for further policy action.

Before Bernanke took the podium, the Fed released a downwardly revised economic outlook for 2012. The Fed now expects GDP to grow in a range of 2.2% to 2.7% this year, down from a range of 2.5% to 2.9%

Market Update

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(via TMZ)

I Don’t Trust My Baby Mamawith My Money!

NFL superstar Ray Lewis admits he fathered an 11-year-old boy in Florida … and he’s totally willing to provide support — with one caveat … he doesn’t want the baby mama to get her hands on the money.

According to court documents filed in Florida, Lewis has an ongoing paternity case over his son with a woman named Sharnika Kelly. In court papers, Lewis acknowledges being the father, but the issue of support is slightly more contentious …

According to the docs, Lewis is hesitant to fork over money to Kelly because he says she has an outstanding judgment against her in a civil case … totaling over $1,000,000.

In the docs, Lewis says he has “grave concerns about the Mother’s character” and feels she’ll siphon off money meant for his son … either to pay off her debt or support her other child … not Ray’s.

Lewis is asking the court to establish a guardianship for his son to manage any support Lewis eventually pays.

The couple had a hearing scheduled for last month, but Lewis had to reschedule because he had a game in San Diego. The judge has yet to rule on his request.

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