Jeffrey's Feed
Dec 12, 2014
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Goldman updates IPOs for the Candy Crush era

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Goldman Sachs has updated IPOs for the Candy Crush era. Bosses of firms heading for public markets are hooked on the bank’s app, which lets them track book-building in real time. With Apple and IBM coding mobile software for big companies, the smartphone economy is swiftly moving from the living room to the boardroom.

Dec 12, 2014

Breakingviews: Goldman updates IPOs for the Candy Crush era

By Jeffrey Goldfarb

NEW YORK (Reuters Breakingviews) – Goldman Sachs has
updated IPOs for the Candy Crush era. Bosses of firms heading
for public markets are hooked on the bank’s app, which lets them
track book-building in real time. With Apple and IBM
coding mobile software for big companies, the smartphone
economy is swiftly moving from the living room to the boardroom.

Raising money in an initial public offering can be tedious.
Chief executives must give a mind-numbing series of back-to-back
presentations to potential investors. After each meeting,
chaperoned by banks underwriting the new shares, buyers indicate
how many they want and at what price.

Nov 3, 2014
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Music rally can shake off discordant Taylor Swift

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

Back in 1989, the year Taylor Swift was born and the title of her latest hit album, Garth Brooks sold over 10 million copies of his eponymous record. It is a bygone era for the music industry. Until Swift released the collection that includes “Shake It Off” last week, no artist had sold even 1 million this year. That sort of popularity gives her the market power to make decisions like the one she did on Monday to pull her catalog from digital streaming service Spotify.

Oct 27, 2014
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Chiquita inversion slips on cash appeal

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

Chiquita shareholders got yellow and chose green. They voted down a stock deal to acquire Irish produce distributor Fyffes, a decision that led the U.S. banana company on Monday to agree to sell to Brazilian buyers for about $680 million in cash instead. Ailing arbitrageurs, a revolt against tax-driven mergers and global economic ructions all led to the path of least uncertainty.

Oct 16, 2014
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Netflix stock horror follows familiar script

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

Netflix is sticking to the script. The film and TV streaming service lost $7 billion of market value in after-hours trading on Wednesday following news that it had signed up fewer new subscribers last quarter than originally forecast. Even for one of the most-shorted and volatile stocks, a 25 percent decline is notable. And yet investors have seen this movie before.

Oct 10, 2014
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Blackstone sale may kick off next deal trend

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

It’s the end of the beginning for Blackstone. The M&A advice business that Steve Schwarzman and Pete Peterson used as a cornerstone to build their buyout firm three decades ago is being offloaded. Merging it with a fledgling shop run by former Morgan Stanley investment banking chief Paul Taubman potentially heralds the start of something else. The rise in global mergers could spawn a super-boutique or even entice a big bank to buy an indie firm.

Oct 8, 2014
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A creative NFL would lean in to Sheryl Sandberg as commissioner

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

The latest uproar over the National Football League may have died down, but team owners convening this week are fooling themselves if they think the backlash is over – or that Commissioner Roger Goodell won’t bungle the next big controversy that comes along. An unconventional idea for a replacement is Facebook No. 2 Sheryl Sandberg.

Oct 1, 2014
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Goldman’s new conflict rules raise bigger question

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Another day, another conflict of interest situation for Goldman Sachs. New internal rules at the securities firm impose fresh limits on bankers investing in specific stocks, bonds and hedge funds. Goldman knows too well how easy it is to cross a line when treading at its edge. The new policy raises a bigger question, though: Why are Wall Street dealmakers allowed to own individual securities at all?

Sep 19, 2014
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NFL only understands hits where they really hurt

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

The National Football League has thrown its weight around to grow into a $10 billion entertainment colossus, and already has its sights firmly set on doubling. It is swiftly becoming apparent just how many victims of the sport’s violence routinely get trampled by this gladiatorial march toward greater lucre. Only the moral compasses of sponsors and television partners have a commanding enough offense to reform this uniquely American athletic institution.

Sep 16, 2014
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Henry Kravis spins a different kind of club deal

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By Jeffrey Goldfarb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

Henry Kravis is spinning a different sort of club deal. The old kind, in which several private equity shops would make an acquisition together, led the buyout baron’s KKR to join the recent hefty settlement of a lawsuit that alleged collusion with other firms. In the new iteration, KKR buys Pioneer’s DJ audio equipment business for $550 million. Kravis is laying down a smooth groove in a funky M&A market.