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Apr 2, 2014
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Virtu IPO blocked by high-frequency trading cloud

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

It’s a good thing Virtu Financial doesn’t really need to go public. The “technology-enabled market maker” is delaying its initial public offering, according to news reports. While Virtu may be different, too much of what it does sounds similar to the high-frequency trading that’s suddenly in the spotlight.

Mar 26, 2014
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Zuckerberg grabs at alternate financial reality

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By Richard Beales

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

Mark Zuckerberg is liking a lot of deals. Right after spending $19 billion on WhatsApp, the Facebook founder is splashing out $2 billion – and possibly more – in cash and stock on a virtual reality newcomer, Oculus VR. It’s arguably a riskier punt than the messaging app. Both deals also suggest a buy, not build, approach.

Mar 26, 2014
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Zuckerberg grabs at alternate financial reality

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By Richard Beales

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

Mark Zuckerberg is liking a lot of deals. Right after spending $19 billion on WhatsApp, the Facebook founder is splashing out $2 billion – and possibly more – in cash and stock on a virtual reality newcomer, Oculus VR. It’s arguably a riskier punt than the messaging app. Both deals also suggest a buy, not build, approach.

Feb 28, 2014
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Dan Loeb bids against himself at Sotheby’s

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

Dan Loeb seems to be bidding against himself at Sotheby’s. The Third Point hedge fund activist surprised the auctioneer by nominating three directors to run against the incumbents, even after the firm offered him one uncontested board seat and even acted on some of his gripes.

Feb 28, 2014
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Dan Loeb bids against himself at Sotheby’s

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

Dan Loeb seems to be bidding against himself at Sotheby’s. The Third Point hedge fund activist surprised the auctioneer by nominating three directors to run against the incumbents, even after the firm offered him one uncontested board seat and even acted on some of his gripes.

Jan 29, 2014
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Sotheby’s revamps financial science – now for art

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By Richard Beales

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

Sotheby’s is revamping its financial science – now for the art. The auctioneer’s stock popped, at least initially, on Wednesday’s news of a $300 million special dividend and new criteria for investment. The plan addresses some aspects of the critique by activist investor Dan Loeb. But governance and broader strategy remain at issue.

Jan 22, 2014
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Loeb wrestles Sotheby’s over new art paradigm

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By Richard Beales
Thea author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Dan Loeb is wrestling Sotheby’s over a new art paradigm. The Third Point founder reckons, essentially, that the listed auctioneer should be more like privately held arch-rival Christie’s. The $3.5 billion Sotheby’s, whose stock is up more than 40 percent over the past year, is hardly a basket-case. Its total auction sales increased 19 percent in 2013 to top $5 billion, outgrowing the larger Christie’s. Unusually for an activist investor – typically an analytical breed focused on the here and now – Loeb’s main beef with the company seems to be over the direction and pace of broad art market trends.

Jan 16, 2014
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Googleization of Yahoo hits pricey speed bump

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By Richard Beales and Robert Cyran
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

The Googleization of Yahoo has hit a pricey speed bump. Chief Executive Marissa Mayer has fired the chief operating officer she lured from her former employer, costing Yahoo as much as $60 million for Henrique de Castro’s 15 months on the job. She may have made the right call, but it’s a reminder that a sprinkling of Googledust won’t on its own get Yahoo growing again.

Jan 3, 2014
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Double logic of $1 bln cyber deal reveals hotspot

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

At first glance, the latest cybersecurity deal looks like a breach of logic. FireEye’s market value shot up by a third on Friday, a move worth $1.6 billion, more than it said it had spent to buy Mandiant. The deal marries FireEye’s threat protection with its target’s capabilities responding to cyberattacks after they happen. Even with the industrial fit, the welcome from investors was unusually warm.

Dec 26, 2013
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Casting Blofeld: Wall Street’s pitchfork mob needs new villain

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By Richard Beales

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

Wall Street critics need a new villain. Goldman Sachs has implemented a successful charm offensive since lawmakers hauled Chief Executive Lloyd Blankfein up to Capitol Hill and regulators extracted a $550 million settlement from the bank a few years ago. The case against JPMorgan boss Jamie Dimon is struggling to take hold. Steve Cohen, the hedge fund Wizard of Oz, is nursing legal wounds. The culture of greed in finance won’t disappoint for long, though.

    • About Richard

      "Richard Beales joined Breakingviews.com in 2007 from the Financial Times, where he was US markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker, based largely in Hong Kong. He was a director in Citigroup’s mergers team, and before that head of Schroders’ regional project finance group. He has also lived briefly in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy, in 1989. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s ..."
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