People

Big College is ripe for the full Bill Ackman

8 Dec 2023

Harvard, Penn and MIT presidents were hauled before Congress over campus antisemitism, after the hedge fund boss helped bring attention to the cause. The lack of accountability displayed suggests Ivory Towers would benefit from being stormed the same way as corporate boardrooms.

James Gorman makes a good sketch for a Disney CEO

30 Nov 2023

The outgoing Morgan Stanley boss is joining the Magic Kingdom’s board. He’s also not a bad blueprint of what Disney needs in a replacement for boss Bob Iger. The next CEO should be a specialist in solid shareholder returns, strategic pivots and bloodless succession planning.

Everybody could use a Charlie Munger

28 Nov 2023

Warren Buffett’s deputy and self-dubbed cheerful pessimist has died a month shy of his 100th birthday. He was witty, smart and a fixture at Omaha gatherings. But his chief asset, as a sounding board to the one who got fame and fortune, was also his boss’s best value investment.

Silicon Valley saw OpenAI with eyes wide shut

19 Nov 2023

The Microsoft-backed artificial intelligence darling’s board ousted boss Sam Altman on Friday. He may yet return. Weekend antics aside, unproven technology, governance risks and regulatory uncertainty remain, as does an $86 bln valuation that always seemed hard to justify.

Weak Biden-Xi handshake would send strong message

10 Nov 2023

The US and Chinese presidents may meet next week in San Francisco as tit-for-tat retaliations pressure trade. Beijing remains combative towards Taiwan while Americans coalesce on anti-China issues. De-escalating tensions can benefit both sides but is not politically expedient.

Bezos makes third losing bet on real estate

3 Nov 2023

The founder of $1.4 trln Amazon is relocating to Miami from Seattle, in part to be closer to his space venture. His new neighborhood could be underwater before he turns 90. Like hampered plans for a HQ in Virginia and conquering the cosmos, this latest move is a dud.

Piyush Gupta: Asia’s most disrupted digital banker

2 Nov 2023

The CEO of Singapore’s DBS is often feted as the region’s top financier and a candidate to lead rivals. Yet following repeated tech fails, the regulator has banned the bank from activities including M&A. It puts dividends at risk and will attract the eye of watchdogs overseas.

Capital Calls: McDonald’s resilience

30 Oct 2023

Concise views on global finance: The Golden Arches’ global same-store sales rose 9% thanks to both selective menu-price increases and smaller meals in different markets. It demonstrates the company’s ability to keep pace with disparate economies’ stretched consumers.

Li Keqiang death dilutes China reform promise

27 Oct 2023

The premier’s 10-year tenure began with hopes for a market-friendly revamp. Efforts to make state firms more efficient through private capital had all but reversed course as he left office. His sudden passing will further weaken the case against Beijing’s sprawling interference.

Morgan Stanley CEO shift pleases all, thrills none

26 Oct 2023

Ted Pick is an easy choice: steeped in markets, long-serving and unlikely to upset James Gorman’s strategic direction. Promotions for two CEO also-rans may keep the handover civil. It’s an utterly underwhelming transition which – given Wall Street’s record – is a good thing.

Kotak’s new boss will have his work cut out

24 Oct 2023

Former Barclays and Citi executive Ashok Vaswani is taking the helm at the $41 bln Indian bank. He’s short on domestic experience, key lieutenants were in the running for the job, and his predecessor is the lender’s top investor and a board member. Vaswani has a hard path ahead.

Wall Street cues a lesson in Ivory Tower finance

20 Oct 2023

Billionaires Marc Rowan and Bill Ackman are angry about Middle East positions taken by their alma maters, UPenn and Harvard. The backlash inadvertently spotlights the power big donors wield on campus. It’s a chance to revisit the business model and make college a freer market.

Elon Musk could use X to settle old PayPal spat

18 Oct 2023

The site formerly known as Twitter is testing a $1 fee for users. Its billionaire owner says it’s to fight spam, but customer credit card information also could help turn it into a super-app. Adding payments would challenge a company that unceremoniously dismissed him long ago.

Rainmakers find political hedge in Chris Christie

16 Oct 2023

Stanley Druckenmiller, David Tepper and Paul Tudor Jones have backed the former New Jersey governor for US president. Entrepreneur Vivek Ramaswamy raised cash from the Winklevii. Donald Trump is still Republican front-runner. But at this stage, it makes sense to spread cash.

US grand strategy can prop up the global order

16 Oct 2023

The horror in Israel and Gaza is a new blow to a fragile world. But the United States can prevent the rules-based order from collapsing by continuing to steer a steady course with regards to Russia and China. The biggest risk would be the return of Donald Trump as president.

Elections will test Indonesia’s economic progress

16 Oct 2023

President Joko Widodo’s second and final term ends next year. His administration has brought stability and fostered investment in everything from EV metals to infrastructure. A domestic and global slowdown and a potential China backlash could taint matters for his successor.

Capital Calls: BlackRock, Dollar General

13 Oct 2023

Concise views on global finance: Boss Larry Fink squares off with Uncle Sam; Dollar General bets on its ex-boss’s old magic.

Staley-Epstein probe goes too easy on Barclays

12 Oct 2023

A UK watchdog fined the bank’s old boss $2 mln for ‘misleading statements’ over his ties to the late sex offender. Barclays escapes blame despite naïvely taking Jes Staley’s account on faith. The troubling message is that boards needn’t challenge scandal-hit CEOs too hard.

Capital Calls: Birkenstock flop

11 Oct 2023

Concise views on global finance: The sandal maker took a tumble, as its shares opened more than 10% below the IPO price, leaving questions about its venue and valuation.

Sports teams’ trophy status boosts private equity

10 Oct 2023

A stake sale could value the NBA’s Golden State Warriors at $7 bln, making it one of the world’s most valuable teams. Billionaires’ scramble for trophy assets is pumping up price tags. That makes sports one of the safest bets around for buyout shops taking a piece of the action.