Jeffrey's Feed
Feb 22, 2013

Apple owners don’t need consumer-like innovation

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

By Jeffrey Goldfarb

NEW YORK, Feb 22 (Reuters Breakingviews) – David Einhorn has
done his best to channel Steve Jobs. A one-hour pitch on
Thursday by the U.S. hedge fund manager enlisted the late Apple
(AAPL.O: Quote, Profile, Research) founder’s own value propositions and presentation
tactics to try and sell the idea of a new class of preferred
stock for the gadget maker. It’s just not obvious Apple owners
will embrace the same kind of innovation consumers do.

Feb 14, 2013
via Breakingviews

M&A advisers get a lot of Valentine’s Day love

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

Cupid emptied his quiver in Wall Street’s direction on Thursday. Over $36 billion of corporate affection, in the form of mergers and takeovers, was announced this Valentine’s Day. Two transactions alone, the buyout of H.J. Heinz by private equity firm 3G Capital and Warren Buffett’s Berkshire Hathaway and the union of American Airlines parent AMR and US Airways, required the services of two dozen banks and law firms. Hearts must be racing for M&A advisers everywhere.

Feb 13, 2013
via Breakingviews

Comcast ad-libs on winning NBC Universal script

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

Comcast has smartly ad-libbed on an already winning script. Back in 2009, the U.S. cable operator engineered a complex, multi-step deal with General Electric to buy NBC Universal. It has now smoothly accelerated and slightly rejigged the acquisition of the 49 percent of the TV and film group it doesn’t own for $16.7 billion. With the financial side of things now sorted, Comcast boss Brian Roberts must prove he’s the right owner.

Feb 6, 2013
via Breakingviews

The unsexiest media company alive: Time Warner

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

Time Warner deserves the top spot in one of its glossy weeklies as the unsexiest media company alive. In five years under Chief Executive Jeff Bewkes, the owner of Warner Brothers, HBO and People magazine has delivered investors a 70 percent return, keeping pace with its wheeling and dealing media rivals. The longer-term question is whether Bewkes can continue to make boring beautiful.

Jan 25, 2013
via Breakingviews

Ackman vs Icahn is an epic but pointless battle

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

William Ackman squaring off against Carl Icahn is an epic battle, but ultimately a pointless one. A decade-long personal feud between the New York billionaires erupted into public view again. Though it’s emblematic of their approach to investing and escapist fun for the financial community, the two men do play important roles in the markets. Their aggressions are better directed at supine boards than each other.

Jan 8, 2013
via Breakingviews

Big-shot banker class of 2012 gets back to work

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

Wall Street churned out an unusually large group of big-shot bankers last year. One of them, Jes Staley, may offer a glimpse into what the market holds in store. JPMorgan’s former investment banking chief is joining hedge fund BlueMountain Capital. It’s not the top job at Barclays, a role Staley looked at, but it’s also a potentially less stressful but lucrative role. The Class of 2012 that includes Bob Diamond and Vikram Pandit may find power and glory similarly elusive.

Jan 8, 2013

Breakingviews-Big-shot banker class of 2012 gets back to work

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

By Jeffrey Goldfarb

NEW YORK, Jan 8 (Reuters Breakingviews) – Wall Street
churned out an unusually large group of big-shot bankers last
year. One of them, Jes Staley, may offer a glimpse into what the
market holds in store. JPMorgan’s (JPM.N: Quote, Profile, Research) former investment
banking chief is joining hedge fund BlueMountain Capital. It’s
not the top job at Barclays (BARC.L: Quote, Profile, Research), a role Staley looked at,
but it’s also a potentially less stressful but lucrative role.
The Class of 2012 that includes Bob Diamond and Vikram Pandit
may find power and glory similarly elusive.

Dec 3, 2012
via Breakingviews

Wall Street deal-making has lesson for Washington

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By Jeffrey Goldfarb

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

When it comes to deal-making, Washington could learn from Wall Street. The U.S. budget talks have become the equivalent of an ugly, public merger proxy battle. While investment bankers are often too eager to push for a deal, they also know that negotiating in public usually only makes things tougher.

Nov 21, 2012
via Breakingviews

Disney chief’s unlikely fairy godfather: Murdoch

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

Rupert Murdoch makes an unlikely fairy godfather. The News Corp boss is more often portrayed as a cartoonish evil villain, especially inside rivals like Disney. But by paying a punchy price for a big piece of the Yankees Entertainment and Sports Network, Murdoch is implying an even richer valuation for ESPN than is already attached to the coveted Disney sports brand. That in turn makes the whole Magic Kingdom look worth more.

Nov 9, 2012
via Breakingviews

Election reveals clear calculus: 47 pct > 1 pct

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

This U.S. election provided a valuable math lesson for those worried about the consequences of income inequality: the 47 percent of the population dismissed by Mitt Romney during his campaign can wield greater power than the richest 1 percent.