Reuters / Alan Frederickson
- Hedge-fund billionaire Bill Ekman talked about his lucrative epidemic business, selling his Berkshire Hathaway stock in May, and why he started a “blank-check” company at the Virtual Sohan Hearts and Minds conference last week.
- Pursing Square Bose also tackled other issues, including politics, activist shareholders, short sellers and the market outlook for 2021.
- Scroll down for her 19 best quotes from the interview.
- Visit Business Insider’s homepage for more stories.
Billionaire investor Bill Mann Comen discussed saving the epidemic, invested in Warren Buffett’s Berkshire Hathaway, then exited less than 18 months later, and targeted his “core-check” company during a virtual attendance at the Sohan Hearts and Minds conference last week.
The Pursing Square head also spoke about shareholder activism, short sales, market outlook and Ivanka Trump’s possible presidential involvement in extensive interviews.
Here are the 19 best quotes from Man Kamen, condensed and lightly edited for clarity:
1. “I saw Matt Damon’s ‘Cantagenian’ movie so probably that it made up my mind” – on his initial concerns about COVID-19.
2. “My theory was that the only way to close this thing was ultimately a global economic shutdown, and the markets weren’t trading as if there would be a global economic shutdown” – on his decision to hedge Persing’s stock portfolio.
“.” I wondered what it was like to be a businessman for the first time in my life. I’m not really a merchant, but it was nice and I insisted on trading it with my merchants because it’s enjoyable “- but after paying the hedge of his funds, the experience of rotating using a laptop at a makeshift desk at a beach house.
“.” If you want to know more about the business of investing, just read everything written by Warren Buffett, look at every visit he makes. “
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“.” Berkshire’s Untold Story is that he owns a number of companies, which have relatively few opportunities for improvement and extension. I think Buffett is one of the great distributors of capital, but it’s not even part of his whole ‘skick’ to get involved in the management of any business he has acquired. “
“…………………………………”
We. “We’ve given our capital and invest run for investment, but it’s a little handicapped because it’s knocked out around hundreds of billions of dollars,” the idea led to Persing selling his Berkshire stake. Man Kamen and his team were surprised that Buffett did not deploy Berkshire’s cash more aggressively when epidemics littered the markets in the spring.
“We’ve probably lost more money in Berkshire Hathaway than anywhere else in the world.”
9. “There is a way for us to buy a super high quality private company and add it to our stable” – on the purpose of Pursing Square Tontine, ck Commune’s special purpose acquisition vehicle or SPAC which raised 4 billion when it was revealed. July.
10. “The state of corporate governance, how regulators think about their role as fiduciaries, has come a long way over 17 years as a direct result of shareholder activism.”
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11. “It’s like participating in office fees. It’s the same dirty tricks and fraud, and how claims are counted, and misrepresented” – on the reality of being a worker shareholder.
12. “China was a tea-drinking country until Starbucks showed up.”
13. “Trump has really done a lot of good, he’s done a little bit of damage and he’s done things that I think are far from ideal” – praising the president’s corporate-tax reforms and efforts to bring manufacturing back to the U.S.
14. “Ivanka will probably run in four years and I think how he handles this will affect his ability to run for office” – President Trump’s refusal to accept the presidential election risks damaging his daughter’s chances of becoming president in the future.
15. “This is probably the single biggest time in history to open a restaurant” – ck Kamen drew attention to the demand for fueled paint-ups through lockdowns, low fares and low competition due to restaurant closures during the epidemic.
16. “2021, could be a very good year in the markets. Go long” – the investor highlighted lower interest rates, potentially more stimulus, potential structural costs, better capital banks and easier access to capital.
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17. “I think inadvertent people will take this announcement, ‘Oh I don’t have to worry,’ and you want people to be a little scared ‘- people are happier and less energetic with the news of Pfizer’s positive vaccine. To catch and spread the virus.” Be careful.
18. “Today an industrial company can go public with technology multiple” – on the booming demand of e-commerce companies warehouse, and even Amazon, which controls many aspects of its business, still has to pay rent.
19. “If I ever think about it, tell me the number I need to call to make sure I don’t do it again” – on the subject of whether it will return in a short sale.
