It costs almost $80,000 to go to the most expensive college in the US—but here’s how much students actually pay

According to Statista and Business Insider , Harvey Mudd is the most expensive college in the country. Harvey Mudd College, in Claremont, California, is a small school of just 889 students. Harvey Mudd students can take classes at any of the consortium’s schools. The school claims that 29% of incoming first-year students qualify for merit-based aid and/or Harvey Mudd College National Merit Awards. The majority of the college’s students come from families in the top-earning bracket.


According to Statista and Business Insider , Harvey Mudd is the most expensive college in the country. Harvey Mudd College, in Claremont, California, is a small school of just 889 students. Harvey Mudd students can take classes at any of the consortium’s schools. The school claims that 29% of incoming first-year students qualify for merit-based aid and/or Harvey Mudd College National Merit Awards. The majority of the college’s students come from families in the top-earning bracket.
It costs almost $80,000 to go to the most expensive college in the US—but here’s how much students actually pay Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-11  Authors: abigail hess
Keywords: news, cnbc, companies, costs, harvey, usbut, school, pay, making, mudd, colleges, net, average, expensive, actually, cost, students, heres, college, 80000, aid


It costs almost $80,000 to go to the most expensive college in the US—but here's how much students actually pay

According to Statista and Business Insider , Harvey Mudd is the most expensive college in the country. But Harvey Mudd also graduates the highest-earning alumni in the country, and many of the college’s students end up paying far less than the sky-high sticker price.

According to Harvey Mudd , the total cost of attendance for the 2019-2020 school year is $79,539, including $58,359 for tuition, $10,234 for a double dorm room, $8,445 for a 16-meals-per-week meal plan, $1,400 for personal expenses, $800 for books and supplies and $301 to cover a student body fee. Entering first-year and transfer students also must pay an additional $250 orientation fee.

Harvey Mudd College, in Claremont, California, is a small school of just 889 students. The school is known for its strong science, engineering and mathematics programs, for its high-earning alumni and for being one of the most expensive schools in the country.

Room & Board: $13,858Harvey Mudd College is a liberal arts institution in Claremont, Calif. The average cost of attendance for 2011-2012 is Of that amount, $13,858 covers room and board.The school is one of seven members of the Claremont Colleges consortium, which also includes Claremont McKenna and Pomona colleges. Harvey Mudd students can take classes at any of the consortium’s schools.

When PayScale analyzed 2,646 associate and bachelor’s degree-granting institutions throughout the U.S., they found that Harvey Mudd alumni earn an average of $85,600 five years into their careers, and $157,400 10 years into their careers.

Additionally, Harvey Mudd aims to meet 100% of demonstrated financial need and about 73% of students receive some kind of financial assistance in the form of grants, scholarships, loans and/or work-study. The average financial aid award is $42,080.

The school reports that nearly half (48%) of students receive need-based aid. Interested students can estimate how much attending Harvey Mudd will cost them by using the school’s net price calculator.

The net price for each student varies further by family income. Here is the average net price, generated by subtracting the average amount of federal, state, local or institutional aid from the total cost of attendance, for Harvey Mudd students during the 2017 – 2018 school year by income bracket, according to the Department of Education:

Families making less than $30,000: $23,837

Families making between $30,001 and $48,000: $13,571

Families making between $48,001 and $75,000: $22,469

Families making between $75,001 and $110,000: $20,701

Families making over $110,001: $49,247

These net costs are impacted by merit aid. The school claims that 29% of incoming first-year students qualify for merit-based aid and/or Harvey Mudd College National Merit Awards. The majority of the college’s students come from families in the top-earning bracket.

The New York Times reports that the median family income of a student from Harvey Mudd is $145,400, and 68% come from the highest-earning 20% of American households.

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Company: cnbc, Activity: cnbc, Date: 2019-08-11  Authors: abigail hess
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The Ben & Jerry’s founders knew nothing about making ice cream—so they took a $5 class

Ben Cohen and Jerry Greenfield at The Ben and Jerry’s One Heart, One World Festival in 1992. Ben & Jerry’s is a staple in the ice cream aisle with best-selling flavors like Half-Baked and Cherry Garcia. But when Ben Cohen and Jerry Greenfield started out, they had no experience running a business — or making ice cream. A scoop on Ben and Jerry’s Cherry Garcia ice cream on Free Cone Day in 2016. “When we found out ice cream would be cheaper, we picked ice cream.”


Ben Cohen and Jerry Greenfield at The Ben and Jerry’s One Heart, One World Festival in 1992. Ben & Jerry’s is a staple in the ice cream aisle with best-selling flavors like Half-Baked and Cherry Garcia. But when Ben Cohen and Jerry Greenfield started out, they had no experience running a business — or making ice cream. A scoop on Ben and Jerry’s Cherry Garcia ice cream on Free Cone Day in 2016. “When we found out ice cream would be cheaper, we picked ice cream.”
The Ben & Jerry’s founders knew nothing about making ice cream—so they took a $5 class Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: emmie martin
Keywords: news, cnbc, companies, class, making, cohen, post, equipment, took, knew, ice, ben, greenfield, business, actually, cream, creamso, jerrys, founders, school


The Ben & Jerry's founders knew nothing about making ice cream—so they took a $5 class

Ben Cohen and Jerry Greenfield at The Ben and Jerry’s One Heart, One World Festival in 1992.

Ben & Jerry’s is a staple in the ice cream aisle with best-selling flavors like Half-Baked and Cherry Garcia. The company also operates more than 550 scoop shops worldwide. But when Ben Cohen and Jerry Greenfield started out, they had no experience running a business — or making ice cream. Neither Cohen nor Greenfield went to business school. In the late 1970s, Cohen was attempting to make a living as an artist, while Greenfield aspired to become a doctor, the Washington Post reports. But when Greenfield didn’t get into medical school, and Cohen struggled to get by as a potter, the childhood friends decided to start their own company. To learn how to make ice cream — the core of their business plan — the pair split a $5 correspondence course from Penn State. “They sent you a textbook in the mail, we read through the chapters, and all the tests were open book, so we actually did pretty well on those,” Greenfield said.

A scoop on Ben and Jerry’s Cherry Garcia ice cream on Free Cone Day in 2016. Source: Ben and Jerry’s

The first iteration of the Penn State course was offered in 1892, when the university’s school of agriculture developed a class on dairy manufacturing. Tuition was free, but students had to pay $5 for incidentals and lab fees. In 1925, the school began offering a separate class devoted entirely to ice cream, which it still runs every January. Cohen and Greenfield aren’t the only industry heavyweights to attend: Representatives from Baskin-Robbins, Good Humor, Blue Bell and more have all taken the course, the school reports. To figure out how to actually run a company, Cohen and Greenfield read through a series of brochures from the Small Business Administration, available at the post office for 20 cents apiece. “One would be about how to calculate your break-even point, another would be about how to manage your books,” Greenfield told the Post. “That was pretty much our business education.” As far as why they chose ice cream, it came down to a matter of cost. Initially, they considered a number of various snack foods, including bagels and fondue. “We actually priced out bagel-making equipment from a used restaurant equipment supplier, but we realized it was more money than we had between us,” Greenfield told The Post. “When we found out ice cream would be cheaper, we picked ice cream.”

We actually priced out bagel-making equipment from a used restaurant equipment supplier, but we realized it was more money than we had between us. Jerry Greenfield


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: emmie martin
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It can cost almost $55,000 to go to the University of Michigan—here’s how much students actually pay

For the past several decades, college costs have steadily increased, rising fastest at four-year public universities. According to the College Board’s 2018 Trends in College Pricing Report, from 1988 to 2018, sticker prices doubled private nonprofit four-year schools but tripled for in-state students at four-year public universities. During the 2018-2019 school year, published in‐state tuition and fees at public four‐year schools averaged $10,230. The difference in cost for out-of-state and in-s


For the past several decades, college costs have steadily increased, rising fastest at four-year public universities. According to the College Board’s 2018 Trends in College Pricing Report, from 1988 to 2018, sticker prices doubled private nonprofit four-year schools but tripled for in-state students at four-year public universities. During the 2018-2019 school year, published in‐state tuition and fees at public four‐year schools averaged $10,230. The difference in cost for out-of-state and in-s
It can cost almost $55,000 to go to the University of Michigan—here’s how much students actually pay Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: abigail hess
Keywords: news, cnbc, companies, college, fouryear, fees, tuition, cost, university, outofstate, instate, pay, public, costs, 55000, school, actually, michiganheres, students


It can cost almost $55,000 to go to the University of Michigan—here's how much students actually pay

For the past several decades, college costs have steadily increased, rising fastest at four-year public universities.

According to the College Board’s 2018 Trends in College Pricing Report, from 1988 to 2018, sticker prices doubled private nonprofit four-year schools but tripled for in-state students at four-year public universities. During the 2018-2019 school year, published in‐state tuition and fees at public four‐year schools averaged $10,230.

But these costs can be significantly higher for out-of-state students. The College Board estimates that out-of-state tuition and fees at public four-year institutions rose by $620, from $25,670 during the 2017-2018 school year to $26,290 during the 2018-2019 school year.

The difference in cost for out-of-state and in-state students can be significant, including at some of the country’s most respected public institutions. At the University of Michigan’s Ann Arbor campus, estimated tuition and fees for the 2019-2020 school year is $15,558 for in-state freshmen and sophomores and $17,522 for in-state juniors and seniors. But for out-of-state students these costs are $51,200 for freshmen and sophomores and $54,794 for juniors and seniors.

The school also estimates that for all students, room and board is about $12,000 for a standard double room and that books and supplies costs a little over $1,000 per year.


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: abigail hess
Keywords: news, cnbc, companies, college, fouryear, fees, tuition, cost, university, outofstate, instate, pay, public, costs, 55000, school, actually, michiganheres, students


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Why billionaire Richard Branson talks about his goals before he has any idea how to accomplish them

Richard Branson, poses for photographers with a model of the LauncherOne rocket, from the window of Virgin Galactic’s SpaceShipTwo. Richard Branson is used to shooting for the stars. habits is talking about plans that are yet to come to fruition,” Branson writes in a recent blog post. He calls this habit “talking ahead of yourself.” Sir Richard Branson is honored with star on the Hollywood Walk of Fame on October 16, 2018 in Hollywood, California.


Richard Branson, poses for photographers with a model of the LauncherOne rocket, from the window of Virgin Galactic’s SpaceShipTwo. Richard Branson is used to shooting for the stars. habits is talking about plans that are yet to come to fruition,” Branson writes in a recent blog post. He calls this habit “talking ahead of yourself.” Sir Richard Branson is honored with star on the Hollywood Walk of Fame on October 16, 2018 in Hollywood, California.
Why billionaire Richard Branson talks about his goals before he has any idea how to accomplish them Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: elizabeth gravier
Keywords: news, cnbc, companies, writes, billionaire, accomplish, virgin, actually, branson, richard, talking, plans, goals, idea, hollywood, come, ahead, talks


Why billionaire Richard Branson talks about his goals before he has any idea how to accomplish them

Richard Branson, poses for photographers with a model of the LauncherOne rocket, from the window of Virgin Galactic’s SpaceShipTwo.

Richard Branson is used to shooting for the stars. Last week, Virgin Galactic announced its plans to become the first publicly-traded space tourism company. It’s a bold feat, and one that Branson credits to dreaming big – and out loud. “One of my most enduring (and hopefully endearing!) habits is talking about plans that are yet to come to fruition,” Branson writes in a recent blog post. “Whenever I come up with an exciting new idea or hear a thrilling new proposal, I want to tell the world about it straight away.” He calls this habit “talking ahead of yourself.” “Far from being a problem, talking ahead of yourself can actually be very useful,” he writes. “By setting yourself future goals that many people deem unrealistic, you actually bring them closer to reality.”

Sir Richard Branson is honored with star on the Hollywood Walk of Fame on October 16, 2018 in Hollywood, California. Axelle/Bauer-Griffin | FilmMagic | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: elizabeth gravier
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How working from home can actually hurt your career

7 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. “I get the very real upsides of working remotely. But the downsides are also very real.”


7 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. “I get the very real upsides of working remotely. But the downsides are also very real.”
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How working from home can actually hurt your career

7 Hours Ago

To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again.

“I get the very real upsides of working remotely. But the downsides are also very real.”


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5G rollout will ‘make things better’ for cybersecurity, according to Verizon

An illuminated 5G sign hangs behind a weave of electronic cables on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019. The impending rollout of the next generation 5G wireless standard could be a boon for cybersecurity, according to an expert from Verizon. “I actually think that the 5G rollout … will actually make things better,” Chris Novak, global director of the Threat Research Advisory Center at Verizon, told CNBC’s “Squawk Box” on Tuesday. Novak’s comments


An illuminated 5G sign hangs behind a weave of electronic cables on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019. The impending rollout of the next generation 5G wireless standard could be a boon for cybersecurity, according to an expert from Verizon. “I actually think that the 5G rollout … will actually make things better,” Chris Novak, global director of the Threat Research Advisory Center at Verizon, told CNBC’s “Squawk Box” on Tuesday. Novak’s comments
5G rollout will ‘make things better’ for cybersecurity, according to Verizon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: eustance huang
Keywords: news, cnbc, companies, verizon, cybersecurity, according, 5g, things, think, novak, weve, rollout, companies, better, told, lot, actually, research, huawei


5G rollout will 'make things better' for cybersecurity, according to Verizon

An illuminated 5G sign hangs behind a weave of electronic cables on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019.

The impending rollout of the next generation 5G wireless standard could be a boon for cybersecurity, according to an expert from Verizon.

“I actually think that the 5G rollout … will actually make things better,” Chris Novak, global director of the Threat Research Advisory Center at Verizon, told CNBC’s “Squawk Box” on Tuesday.

“I think there is a lot of research and development that we’ve done and I know others have done as well to make sure that 5G doesn’t just bring speed and reliability, but also that it’s done in a secure manner and addresses any of those kinds of concerns,” Novak said.

Novak’s comments come amid increasing scrutiny on companies seeking to win contracts to develop 5G capabilities for national networks. Chinese telecommunications giant Huawei is chief among the firms under the spotlight as the U.S. seeks to dissuade America’s allies from purchasing its equipment, with claims that the firm is “too close to the government. ”

Recent moves by the U.S. have reportedly resulted in major tech companies limiting their employees’ access to Huawei. On May 16, the U.S. Department of Commerce put Huawei on a blacklist, barring it from doing business with American companies without government approval, then a few days later it authorized firms to interact with Huawei in standards bodies through August “as necessary for the development of 5G standards.”

For its part, U.S. President Donald Trump’s administration appears to have a conflicting stance on Huawei.

Trump told CNBC on Monday that Huawei could be part of the U.S. trade negotiation with China, contradicting remarks by Treasury Secretary Steven Mnuchin, who told CNBC on Sunday that Washington’s concerns surrounding the telecommunications behemoth are “national security” issues separate from trade.

On the subject of whether banning perceived bad actors from developing 5G networks would reduce the likelihood of data breaches, Novak said: “To be honest, it’s not even just the espionage element. In reality, the bigger percentage of that pie is actually financially motivated breaches.”

“If you actually roll back and look at the last decade, we’ve got almost about a half million security incidents that we’ve looked at over the course of that research,” he said. “While espionage plays a role in things and I think that’s kind of fired up a lot of the conversation here, I think ultimately there’s a lot of other facets to what we see happening in the cybersecurity and data breach landscape.”

— Reuters and CNBC’s Kate Fazzini contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: eustance huang
Keywords: news, cnbc, companies, verizon, cybersecurity, according, 5g, things, think, novak, weve, rollout, companies, better, told, lot, actually, research, huawei


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James Holzhauer made an uncharacteristically low bet on his last Final Jeopardy, but it was actually a brilliant strategy

In the minute-long video, Holzhauer and competitor Emma Boettcher both correctly answer the Final Jeopardy question, but Boettcher pulls out the win, having wagered more money. Holzhauer bet an uncharacteristically low amount — only $1,399 — bringing his game total to $24,799. So, why did Holzhauer bet so little on the Final Jeopardy question? “I knew I could only win if Emma missed Final Jeopardy, as there was no way she wouldn’t bet to cover my all-in bet,” Holzhauer told The Action Network on


In the minute-long video, Holzhauer and competitor Emma Boettcher both correctly answer the Final Jeopardy question, but Boettcher pulls out the win, having wagered more money. Holzhauer bet an uncharacteristically low amount — only $1,399 — bringing his game total to $24,799. So, why did Holzhauer bet so little on the Final Jeopardy question? “I knew I could only win if Emma missed Final Jeopardy, as there was no way she wouldn’t bet to cover my all-in bet,” Holzhauer told The Action Network on
James Holzhauer made an uncharacteristically low bet on his last Final Jeopardy, but it was actually a brilliant strategy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: sarah whitten
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James Holzhauer made an uncharacteristically low bet on his last Final Jeopardy, but it was actually a brilliant strategy

This image made from video aired on “Jeopardy!” on Wednesday, April 17, 2019, and provided by Jeopardy Productions, Inc. shows James Holzhauer.

It’s official, James Holzhauer has finally lost “Jeopardy!.”

The 34-year-old professional sports gambler’s winning streak comes to an end Monday night, according to leaked footage of the episode and confirmation from the man himself. Holzhauer walked away with $2.46 million, just $59,000 shy of the all-time winnings record held by Ken Jennings from 2004.

In the minute-long video, Holzhauer and competitor Emma Boettcher both correctly answer the Final Jeopardy question, but Boettcher pulls out the win, having wagered more money.

Holzhauer bet an uncharacteristically low amount — only $1,399 — bringing his game total to $24,799. Boettcher, on the other hand, bet a whopping $20,201 on the question, bringing her total to $46,801.

So, why did Holzhauer bet so little on the Final Jeopardy question?

“I knew I could only win if Emma missed Final Jeopardy, as there was no way she wouldn’t bet to cover my all-in bet,” Holzhauer told The Action Network on Monday. “So my only concern was getting overtaken by third place, and I bet just enough to make sure of locking him out. Betting big would have looked good for the cameras, but now I turn my straight bet (Emma misses) into a parlay (Emma misses and I get it right).”

Holzhauer went on to explain that if he had doubled down, wagering all of his money, and gotten the question correct, he would have only been at $46,800. For comparison, if Boettcher had doubled down and correctly answered she would have earned $53,200. Instead, she bet a strategic $20,201, earning a final amount of $46,801, one dollar more than what Holzhauer would have won had he bet it all.

Knowing the odds were not in his favor for first place, Holzhauer decided to protect himself against coming in third place. If the other contestant, who had $11,000 at the start of Final Jeopardy had doubled down and was correct, he would have earned $22,000 as his final score.

Holzhauer bet $1,399, the exact amount he’d need to still come in second place should his answer have been incorrect.

The sports gambler had become known for employing an aggressive strategy when selecting boxes on the board at the start of each game. While many contestants would typically work their way through a single category, starting with the least valuable answer and moving to the most valuable tiles, Holzhauer did something different. He would go across the bottom of the board, picking out the highest valued boxes for each category. With correct answers, he was able to amass money quickly before stumbling on the Daily Double squares, which would allow him to bet a large portion of his winnings. It’s part of the reason he was able to tally more than $130,000 in a single game, a record.

“I lost to a really top-level competitor,” Holzhauer said, in an interview with the New York Times. “She played a perfect game. And that was what it took to beat me.”


Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: sarah whitten
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Brown University costs $73,892 a year—but here’s how much students actually pay

The rising cost of college can make earning an advanced degree seem out of reach for many students today. According to the College Board’s 2018 Trends in College Pricing Report, from 1988 to 2018, prices tripled at public four-year schools and doubled at public two-year and private non-profit four-year schools. In particular, private schools often get significant attention for having sky-high “sticker prices,” which include tuition, fees, room and board. But when the College Board broke down wha


The rising cost of college can make earning an advanced degree seem out of reach for many students today. According to the College Board’s 2018 Trends in College Pricing Report, from 1988 to 2018, prices tripled at public four-year schools and doubled at public two-year and private non-profit four-year schools. In particular, private schools often get significant attention for having sky-high “sticker prices,” which include tuition, fees, room and board. But when the College Board broke down wha
Brown University costs $73,892 a year—but here’s how much students actually pay Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: abigail hess
Keywords: news, cnbc, companies, 73892, public, private, yearbut, fees, brown, students, costs, schools, fouryear, college, tuition, university, cost, prices, heres, pay, actually


Brown University costs $73,892 a year—but here's how much students actually pay

The rising cost of college can make earning an advanced degree seem out of reach for many students today.

According to the College Board’s 2018 Trends in College Pricing Report, from 1988 to 2018, prices tripled at public four-year schools and doubled at public two-year and private non-profit four-year schools.

In particular, private schools often get significant attention for having sky-high “sticker prices,” which include tuition, fees, room and board. But when the College Board broke down what the average net price of college is today – taking scholarships and grants into account – they found that students typically pay less than the published price.

Brown University in Providence, Rhode Island, reports that the cost to attend for the 2018-2019 academic year included $54,320 for tuition, $9,120 for rooming, $5,550 for boarding, $,2,017 for personal expenses, $1,595 for books and $1,236 for fees — totaling roughly $73,892.

But for some students, the cost of attending Brown is significantly less.


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: abigail hess
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Wall Street firms expect more deals in 2019—how to profit from the merger madness

And — you guessed it — there’s a way for investors to try to capitalize on upcoming deals — using an exchange-traded fund from IndexIQ called the IQ Merger Arbitrage ETF, ticker MNA. Typically, this ETF’s overseers wait until deals are announced, then buy the target company, providing it meets their criteria. Under the Trump administration, deal completion rates have only gone up, making that piece of MNA’s strategy stronger, Bruno said Wednesday. The fund also has a unique short-selling strateg


And — you guessed it — there’s a way for investors to try to capitalize on upcoming deals — using an exchange-traded fund from IndexIQ called the IQ Merger Arbitrage ETF, ticker MNA. Typically, this ETF’s overseers wait until deals are announced, then buy the target company, providing it meets their criteria. Under the Trump administration, deal completion rates have only gone up, making that piece of MNA’s strategy stronger, Bruno said Wednesday. The fund also has a unique short-selling strateg
Wall Street firms expect more deals in 2019—how to profit from the merger madness Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-30  Authors: lizzy gurdus
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Wall Street firms expect more deals in 2019—how to profit from the merger madness

Merger mania is alive and well on Wall Street.

A slew of top firms including J.P. Morgan, Deloitte, Morgan Stanley and PwC have predicted that 2019 will continue to see strong deal activity after a banner 2018, when global merger and acquisition activity posted over $4 trillion in volumes.

Several megadeals have already hit the market in the first half of 2019, including Bristol-Myers Squibb’s purchase of Celgene, the largest health-care deal on record when you factor in the debt load, according to data gathered by Refinitiv.

And — you guessed it — there’s a way for investors to try to capitalize on upcoming deals — using an exchange-traded fund from IndexIQ called the IQ Merger Arbitrage ETF, ticker MNA.

MNA’s strategy is rules-based, says Salvatore Bruno, the man behind the ETF and IndexIQ’s chief investment officer. Speaking on CNBC’s “ETF Edge,” he said the general idea behind the ETF is investing in large deals expected to generate high premiums ahead of their completion, giving investors “the opportunity to pick up some of those premiums.”

Typically, this ETF’s overseers wait until deals are announced, then buy the target company, providing it meets their criteria. Under the Trump administration, deal completion rates have only gone up, making that piece of MNA’s strategy stronger, Bruno said Wednesday.

“By owning approximately 40 to 50 names at any point in time, we’re trying to diversify some of that specific risk of one particular deal breaking, but, really, trying to capture the overall premium associated with merger arbitrage investing,” he said.

The fund also has a unique short-selling strategy, Bruno said. Rather than shorting the stock of the acquirer, like in a typical merger arbitrage strategy, MNA shorts the acquirer’s sector as a whole.

“We’re trying to provide broad protection against downside moves related to a specific event in an industry, a sector or the broad market,” Bruno said, adding that Wednesday’s choppy, negative trading in the broader market didn’t end up putting much pressure on his fund, which is roughly 35% hedged against broad market weakness.

“MNA has all of the benefits of a traditional ETF, including transparency, liquidity and tax efficiency, so that’s why we think it’s actually the preferred vehicle for a strategy like this,” said Bruno, who is also managing director at New York Life Investments. “It’s actually been fairly effective at protecting against the broad downside moves.”

In addition to Celgene, MNA’s top holdings include oil and gas company Anadarko Petroleum, which is in the process of being acquired by Occidental Petroleum, and software play Red Hat, which was bought by IBM last October.

While MNA’s performance has essentially been flat for 2019, it’s hedged especially well against the U.S.-China trade debacle, Bruno said.

“Even though we have probably about a 25% weight in technology, we’re actually short about 12% on the technology sector,” he said. “As we’ve seen some of the semis come under pressure with the China trade issues, … that’s actually provided very good downside protection … against that broad, down move that’s affecting the entire sector. ”

All in all, Bruno’s thesis is simple: “For an individual investor, it would probably be pretty difficult to own 40 or 50 deals and then to identify the hedges and to put those on,” he said. “Clearly, doing it in a structure like an ETF gives you that diversification.”


Company: cnbc, Activity: cnbc, Date: 2019-05-30  Authors: lizzy gurdus
Keywords: news, cnbc, companies, expect, deal, deals, actually, sector, firms, bruno, broad, market, merger, wall, profit, 2019how, strategy, madness, etf, street


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