Category Archives: Money

Soros cuts J.C. Penney, trims Herbalife, others follow

Soros cuts J.C. Penney, trims Herbalife, others follow

NEW YORK — Soros Fund Management, one of the hedge fund industry’s most closely watched investors, trimmed its stakes in J.C. Penney and Herbalife late last year, marking a notable shift in course only months after buying into the companies.

The New York-based firm, which ranked as J.C. Penney’s second biggest investor, sold 6.15 million shares during the last three months of 2013, according to a regulatory filing on Friday. Read more »

UBS Wealth Americas hits billion-dollar profit goal

UBS Wealth Americas hits billion-dollar profit goal

NEW YORK — For Robert McCann, who took control of UBS AG’s loss-ridden U.S. brokerage business four years ago, 2013 proved to be a very good year.

UBS Wealth Management Americas made $1 billion in annual pretax operating profit, hitting the «ambitious» target McCann outlined in early 2010, Switzerland’s largest bank said in a statement accompanying its earnings report on Tuesday.

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Citi profit disappoints as bond trading revenue drops

Citi profit disappoints as bond trading revenue drops


Citigroup Inc posted weaker-than-expected quarterly results on Thursday, as lackluster bond-trading results weighed on overall revenue.

The third-largest U.S. bank said its fixed-income revenue fell 15 percent to $2.33 billion in the fourth quarter from the same quarter last year, in what it called a «challenging trading environment.» The bond trading results lagged rivals’ including Bank of America Corp and JPMorgan Chase & Co.

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Dont bet the farm; keep investments simple, diversified: Buffett

Dont bet the farm; keep investments simple, diversified: Buffett

NEW YORK — Berkshire Hathaway chairman Warren Buffett, known for his folksy straightforward communication style, turned to farming to recommend his winning strategy for investors to follow.

In an excerpt of his annual letter to shareholders published online by Fortune on Monday, Buffett used a 1986 purchase of a farm located 50 miles north of Omaha to support his case about simple, diversified and low-cost investing.

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