Ingersoll-Rand CEO Herb Henkel, speaking at the Reuters Manufacturing Summit, talked about being bowled over by soaring metals prices. “For copper, I didn’t think I was going to live long enough to see something going up by these kind of numbers,” he said.
Ingersoll-Rand CEO Herb Henkel says that the development of new golf courses in the U.S. has tapered off in recent years, but that in China, golf is a booming business. Ingersoll-Rand is one of the top makers of golf carts in the world. The comments were made at the Reuters Manufacturing Summit in New York this week.
New York Stock Exchange CEO John Thain says he doesn’t think opening a market at 9:30 in the morning is catering to 21st Century hours, and that he plans to look at opening the NYSE earlier.
The Philadelphia Stock Exchange’s Chief Executive Sandy Frucher said on Tuesday he expects the exchange’s options floor to close within the next couple of years as electronic trading takes over.
The news, broken at the Reuters Exchanges and Trading Summit on Tuesday, comes on the heels of a January disclosure by the exchange — the oldest U.S. securities market — that it planned to eliminate floor trading in equities and move to a fully automated platform by mid-year.
Philadelphia Stock Exchange’s Chief Executive Sandy Frucher on Tuedsay commented on pursuing two tracks — looking at mergers, and looking at an IPO. “I think everybody prefers to be Pac-Man rather than the dot, but the reality is there is usually only one Pac-Man and a whole lot of dots.”
Gotham Capital Founder and CEO Joel Greenblatt says that some of the best bargains might be hiding in plain sight – the more visible large-cap companies such as Microsoft and Dell. — Listen to the audio here (2 minute mp3 format)
Kevin Conway, managing Partner at Clayton Dubilier and Rice, spoke at a Reuters Hedge Fund and Private Equity Summit in New York this week. The fund led the investor group that agreed to buy rental company Hertz from Ford. He covered a number of topics in the interview, which can be downloaded here (55 minute mp3 audio interview). Here are the highlights:
Don’t bother with the next new thing
Conway said his investment philosophy centers more around protection from risk than chasing the next new thing. “I like market leaders with good management,” he said. “It doesn’t necessarily mean big cap.”
— Listen to the audio here (1 minutes mp3 format)
Wary about sectors hit by prices, energy
He adds he would be concerned about sectors that been affected by a run-up in prices, such as energy and commodities. And: “On the flip side I’d be very worried about industries that have been hurt by their energy inputs, some of the process industries, paper, aluminum,” he said.
— Listen to the audio here (2 minute mp3 format)
John Bader, chief investment officer and co-chairman of Halcyon Asset Management, spoke at a Reuters Hedge Fund and Private Equity Summit in New York this week. The fund has $3.6 billion under management. He covered a number of topics in the interview, which can be downloaded here (55 minute mp3 audio interview). Among the highlights:
Cable stocks seen unfairly hit by Telco TV fears
The cable companies will beat out telephone companies in the fight to wire homes with media services, at least over the next 18 months, he predicted. Companies such as Comcast and Time Warner, in which Halcyon owns stakes, will be the winners for the time being, he said.
— Download to the audio here (3 minute mp3 format)
Mittal and Arcelor “undervalued”
Bader commented on Mittal Steel Co. NV’s takeover bid for Arcelor, calling both steelmakers “tremendously undervalued.”
— Download to the audio here (30 second mp3 format)
London Stock Exchange “will ultimately be sold”
Bader said he would be surprised if the New York Stock Exchange, under the new publicly traded company NYSE Group, does not bid for the London Stock Exchange. “The LSE will ultimately be sold,” most likely within a year, he forecast.
— Download the audio here (30 second mp3 format)
WPP CEO Sir Martin Sorrell talking about Google at last week’s Reuters Summit.