U.S. Editor, Commentary
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Mar 7, 2014
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When denials can be as instructive as the truth

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

Denials can be as instructive as truths – and if not, they can be at least more entertaining. On Thursday a fellow fingered as the father of bitcoin rejected a report he founded the crypto-currency. In the shadowy world of virtual money, such confusion may not be so surprising – nor matter. Not so with the bizarre defiance of $2 trillion “Bond King” Bill Gross.

Feb 24, 2014
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Facebook stock is not so different from bitcoin

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By Rob Cox

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

With its extraordinary $19 billion swoop on WhatsApp last week, Facebook proved its stock is not so different from the crypto-currency of the moment, bitcoin. They can both be used for certain, specific purposes. Neither is backed by a government. Both depend on vast networks of individuals. And their worth reflects demand, which is based on murky fundamentals. The trick: monetize them while they still have value.

Feb 24, 2014
via Breakingviews

Facebook stock is not so different from bitcoin

Photo

By Rob Cox

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

With its extraordinary $19 billion swoop on WhatsApp last week, Facebook proved its stock is not so different from the crypto-currency of the moment, bitcoin. They can both be used for certain, specific purposes. Neither is backed by a government. Both depend on vast networks of individuals. And their worth reflects demand, which is based on murky fundamentals. The trick: monetize them while they still have value.

Feb 14, 2014
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America’s dumb elites risk fomenting a revolution

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

Why do so many of America’s wealthy elite seem hell-bent to foment a revolution? After all, the world’s plutocrats agreed at their annual confab in Davos last month that the big tail risk for Western economies is social unrest, spurred by rising financial inequality. The tail becomes fatter when One Percenters like AOL boss Tim Armstrong, realty mogul Sam Zell and venture capitalist Tom Perkins go pick fights with the little guy.

Feb 14, 2014
via Breakingviews

America’s dumb elites risk fomenting a revolution

Photo

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

Why do so many of America’s wealthy elite seem hell-bent to foment a revolution? After all, the world’s plutocrats agreed at their annual confab in Davos last month that the big tail risk for Western economies is social unrest, spurred by rising financial inequality. The tail becomes fatter when One Percenters like AOL boss Tim Armstrong, realty mogul Sam Zell and venture capitalist Tom Perkins go pick fights with the little guy.

Feb 13, 2014
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Comcast deal machine spits out a value destroyer

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

 

Comcast’s deal machine has spit out a value destroyer. Digesting Time Warner Cable is ambitious even for a serial acquirer like Chief Executive Brian Roberts. As with some of his many previous purchases, it looks set to generate a return on investment below Comcast’s cost of capital. That’s crummy but not criminal. It’s also not surprising given the medieval governance the Roberts family uses to oversee its fiefdom.

Feb 13, 2014
via Breakingviews

Comcast deal machine spits out a value destroyer

Photo

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

 

Comcast’s deal machine has spit out a value destroyer. Digesting Time Warner Cable is ambitious even for a serial acquirer like Chief Executive Brian Roberts. As with some of his many previous purchases, it looks set to generate a return on investment below Comcast’s cost of capital. That’s crummy but not criminal. It’s also not surprising given the medieval governance the Roberts family uses to oversee its fiefdom.

Feb 5, 2014
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Quitting tobacco, CVS has a Don Draper moment

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

 

CVS Caremark just had a Don Draper moment. Like the television protagonist from “Mad Men,” the second-largest U.S. drugstore chain has orchestrated a public relations splash by pulling tobacco products from the shelves at its 7,600 stores. The move will cost shareholders 17 cents a share, but the healthcare bona fides it can gain with customers against rivals like Walgreen may offset the hit.

Jan 13, 2014
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Suntory lives up to motto with $16 bln Beam bid

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By Rob Cox

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

For a Japanese corporation, Suntory Holdings has an especially aggressive corporate slogan: “Yatte Minahare,” which roughly translates as “Go For It.” That sums up Suntory’s willingness to pay $16 billion, or a hefty 20 times EBITDA, for the U.S. distiller of Jim Beam, Maker’s Mark and other tipples. That number won’t be lost in translation for Diageo, Pernod Ricard or others who might also covet Beam.

Dec 30, 2013
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Time for Larry and Sergey to invest in journalism?

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By Rob Cox and Richard Beales
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Is it time for Google billionaires Larry Page, Sergey Brin and Eric Schmidt to invest in journalism? In 2013, Amazon architect Jeff Bezos bought the Washington Post for $250 million and eBay founder Pierre Omidyar announced a new investigative reporting venture. Yet strictly by the numbers, few have made their money at the expense of the old-school pillars of the fourth estate quite as obviously as the Google guys.

    • About Rob

      "Rob Cox helped establish Breakingviews in 2000 in London. From 2004 he spearheaded the firm's expansion in the United States and edited its American edition, including the daily Breakingviews columns in the New York Times and Wall Street Journal. Rob has worked as a financial journalist in London, Milan, New York, Washington, Chicago and Tokyo. Rob graduated from Columbia University’s Journalism School and the University of Vermont. Follow Rob on Twitter @rob1cox"
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