Create hes taking a lot of heat. This is an unquestioned big victory. This was a 2. 6 billion score. Take a look at this name. They first got into it in september of 2011. They built the stake over a course of a month or so with prices ranging at about 63 with the average price 55. After putting new direct orreor the board and being involved with that, they began selling stock 6 million shares in late 2013 at about 142 a share so theyre up about 90. Two more sales in the years that followed at a higher price range and then the 9. 8 million share yesterday. They made most of their profits, roughly 2 billion on the stocks performance but they also benefitted from a currency hedge. They will use the proceeds of the sale to make one or more new investments in the main Fund Although not necessarily through a special vehicle. The timing couldnt be better. The fund is down about 19 through july thanks in large part to the awful performance of val ent pharmaceuticals and then theres herbalife.
The markets. Jp morgan did not use brexit ate my homework as an excuse to imply lower numbers. Jp a lot of people were nervous, they did not take that bite. A great relief. Financials up right across the board. Earnings trends, only a few of them have been beat. And i want to show you whats going on here. Since these companies started reporting, this has been their stock prices. Alcoa, delta, jp morgan, every single one of them. Lets take a look at the banks. It is very traditional for banks to go up a little bit. Thats jp morgan and sell off after it. And banks are leading, up about 5 . So far just this week. The head of the Worlds Largest asset manager getting a little worried. Heres larry fink on squawk box. Here we are. Were seeing investors worldwide pausing. We have seen quite a large sum of money being pulled out of equities over the last year. And yet were at record highs. This rally in my mind is not i dont think we have enough levels to justify at this moment. Reaction now. G
And scott, very good friend of cbs, jordan goodman joins us again. Welcome to the show. Lets talk about spend now and pay later in this Financial Literacy. You know, terry we talk about this in any way imaginable. But it seems like the more that we talk were just not finding a solution. And these kids in college and universities are mounting debt. What is missing . I think part of it is the culture weve created in terms of things are important. Getting access to stuff, right. You see it, you need it now. And i think one of the things that we really have to start doing is capturing and educating our youth. And educating everybody frankly, about financial we call it Financial Literacy. So our purpose is really building trt solving important problems. And one of the very important problems we think is youth early on are not getting the insight, the background in terms of financial skills in general. And i think that some of it comes from lack of insight, a lack of perspective often from t
Enforcement matter in the european union, based on a theory that goes beyond international rules, well allow you to file a lawsuit here and collect the money back. In fact, you can auction off the embassy of the country that sues you. We could do a lot to make it clear that were tired of this onesided debate in which we demand and they give a live, and we give a little more. Because they are threatening to hurt our industry. Its the wrong approach. We need to get much more tough minded. If i could add to that, i agree with the questioner in the main, but i also agree with stu. In the sense of, there is a whole lot of, oh, im shocked that theres gambling in this establishment going on. And there is certainly some hypocrisy, some double standards, and indeed, a lot of the stuff the nsa is doing is doing in cooperation with some of these governments. I dont think that and, also, and again, ive conceded as much, sometimes this is being used as an excuse to justify positions that were alrea
Selfinterest and they are dressing it up in a Data Protection guys, and the only thing that i have ever discovered that they understand is the threat of retaliation, if they go beyond the legal bounds that they have set. That are set by International Trade law. And the u. S. And the u. S. Congress has been reluctant to stand up for companies and say, if you get hit with a case, an enforcement matter in the european union, based on a theory that goes beyond international rules, well allow you to file a lawsuit here and collect the money back. In fact, you can auction off the embassy of the country that sues you. We could do a lot to make it clear that were tired of this onesided debate in which we demand and they give a live, and we give a little more. Because they are threatening to hurt our industry. Its the wrong approach. We need to get much more tough minded. If i could add to that, i agree with the questioner in the main, but i also agree with stu. In the sense of, there is a whol