From BusinessInsider: “We all know hedge fund manager Bill
Ackman's majority stake in J.C. Penney dropped hundreds of millions of dollars
in value yesterday, and could result in huge losses for his firm Pershing
Square—but apparently that's no big deal.
"See, for Ackman, even JP Morgan losing $2 billion over a bad
trade isn't a big deal. The famed activist investor said his own fund, like
JPM, gets hit with losses everyday (yeah, we know...) and people are just
freaking out about JP Morgan because it's a bank, he told Forbes in a recent interview—
I don’t see this JPMorgan loss as a big one. It’s
unfortunate and it’s not good, but it’s not that big in the context of the
bank. And it’s not going to break the economy. Here at Pershing Square, we have
losses every day, mark to market. We make or lose lots of money every day. It’s
the nature of this business. People are paying a lot of attention to this
JPMorgan thing because it’s a bank and the banks are under a lot of scrutiny. I
have enormous confidence in Jamie Dimon and his team, and even the best people
occasionally make mistakes. The key is they’ve recognized the mistake, owned up
to it and they’re working hard to rectify it. That’s confidence-inspiring to
shareholders….
Knowledge is power. Or
something like that. Whatever.... go to http://www.businessinsider.com/bill-ackman-jp-morgans-loss-is-no-big-deal-my-fund-has-losses-everyday-2012-5
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