Self-made billionaire and presidential hopeful Tom Steyer’s investing rule: Don’t be greedy

Presidential hopeful Tom Steyer founded hedge fund Farallon Capital Management, the success of which made him a billionaire. “When we thought about investing, our rule was it’s really important not to be greedy,” Steyer said on the podcast The Forbes Interview in 2017. Steyer (like Buffett) also believes business relationships should be for the long run: Steyer and Farallon aimed for “long, honest relationships with our partners,” he told Forbes. Steyer told Forbes investing was “relaxing and ex


Presidential hopeful Tom Steyer founded hedge fund Farallon Capital Management, the success of which made him a billionaire. “When we thought about investing, our rule was it’s really important not to be greedy,” Steyer said on the podcast The Forbes Interview in 2017. Steyer (like Buffett) also believes business relationships should be for the long run: Steyer and Farallon aimed for “long, honest relationships with our partners,” he told Forbes. Steyer told Forbes investing was “relaxing and ex
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Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: catherine clifford
Keywords: news, cnbc, companies, steyers, presidential, tom, buffett, long, billion, told, steyer, dont, relationships, selfmade, billionaire, forbes, investing, farallon, rule, hopeful, business, greedy


Self-made billionaire and presidential hopeful Tom Steyer's investing rule: Don't be greedy

Presidential hopeful Tom Steyer founded hedge fund Farallon Capital Management, the success of which made him a billionaire. And Steyer, who declared his candidacy for President of the United States on July 9, lead the firm guided by a North Star principle that might seem surprising: Don’t be greedy.

“When we thought about investing, our rule was it’s really important not to be greedy,” Steyer said on the podcast The Forbes Interview in 2017. “So we were always trying to be honest and not take huge risks and to understand the risks we were taking.”

Steyer said the the idea was to “compound at a good rate and not be greedy, but just do it consistently. Because if you do the math, but if you think about it in any long-term way, the people who do well are the people who compound over and over again.”

As of June 30, Farallon Capitol was managing $28.5 billion in assets.

With Steyer’s investment philosophy, it’s no surprise that he considers Berkshire Hathaway boss Warren Buffett, who has a similar investing strategy, “the icon of American business.” Buffett’s philosophy is to get into the stock market early, own a diverse portfolio of stocks and hold them for a long time.

“For the last 53 years, the company has built value by reinvesting its earnings and letting compound interest work its magic. Year by year, we have moved forward,” Buffett wrote in his 2017 annual letter to shareholders of Berkshire Hathaway.

Steyer (like Buffett) also believes business relationships should be for the long run: Steyer and Farallon aimed for “long, honest relationships with our partners,” he told Forbes. “Both the people we worked with and for the people who were our lawyers, our accountants, our brokers who we did business with. Our idea was long, positive relationships beat short, competitive ones. Which I think is a big point of life.”

Steyer’s route to investing was by way of Yale, where he earned his bachelors in 1979, and Stanford University Graduate School of Business, where he earned his MBA in 1983. He founded Farallon Capital in 1986 with $9 million in investments and grew the fund to $36 billion in investments at its peak in 2008 before the recession hit. Steyer left the firm at the end of 2012 to focus full-time on “to focus full-time on giving back,” he said at the time in a letter to investors, according to Philanthropy News Digest. Shortly after Steyer left, Farallon Capital had $18.6 billion assets under management, according to Institutional Investor.

After leaving Farallon, Steyer founded NextGen America in 2013, a nonprofit group which fights against climate change and promotes social justice and participation in the democracy through voter registration and grassroots organization.

In 2017, Steyer became a vocal and public advocate for impeaching Donald Trump.

He is now running for President on a platform that includes taking “corporate control out of politics,” he said in his campaign announcement. “We need the broadest democracy possible,” Steyer says on his campaign website, “to take back our government from the corporations that now control it and have stolen the rights of everyday Americans.”

Today, Steyer is worth of $1.6 billion, ranking as the 1,425th richest person, according to Forbes. He’s committed to giving much of that fortune away as part of The Giving Pledge, an initiative co-founded by Buffett and Bill Gates, whereby billionaires publicly pledge to give away more than half of their wealth.

Steyer told Forbes investing was “relaxing and exciting” for him; he liked the challenge of trying to understand what’s going to happen in the future. But he felt compelled to do more with his time and resources.

“What happened to me was I realized, ‘Wow, I’ve been super lucky. I love doing this. I’ve had a great career. But there are things in our society that I find…there are opportunities that we’re missing that are gigantic,'” Steyer told Forbes.

“I felt like as an American citizen, I don’t want my grandchildren to say, ‘When we were completely screwing it up, grandpa, what were you doing?’ And I was going to say, ‘Well, I was running my business.’ I’m an American too. I take that responsibility really seriously.”

See also:

Meet the billionaire businessman obsessed with impeaching Trump

Warren Buffett on the US economy: ‘The tsunami of wealth didn’t trickle down. It surged upward’

5 of Warren Buffett’s best tips for investing in the stock market


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: catherine clifford
Keywords: news, cnbc, companies, steyers, presidential, tom, buffett, long, billion, told, steyer, dont, relationships, selfmade, billionaire, forbes, investing, farallon, rule, hopeful, business, greedy


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Billionaire investor Peter Thiel reportedly says the FBI and CIA should investigate Google

Billionaire investor Peter Thiel said Sunday that the FBI and the CIA should investigate if Google has been infiltrated by Chinese intelligence, according to a report from Axios. “Number one, how many foreign intelligence agencies have infiltrated your Manhattan Project for AI (artificial intelligence)?” Thiel reportedly asked. “Number two, does Google’s senior management consider itself to have been thoroughly infiltrated by Chinese intelligence?” He said those questions “need to be asked by th


Billionaire investor Peter Thiel said Sunday that the FBI and the CIA should investigate if Google has been infiltrated by Chinese intelligence, according to a report from Axios. “Number one, how many foreign intelligence agencies have infiltrated your Manhattan Project for AI (artificial intelligence)?” Thiel reportedly asked. “Number two, does Google’s senior management consider itself to have been thoroughly infiltrated by Chinese intelligence?” He said those questions “need to be asked by th
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Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, reportedly, investigate, google, intelligence, cia, washington, fbi, thoroughly, thiel, peter, chinese, asked, infiltrated, questions, investor, billionaire


Billionaire investor Peter Thiel reportedly says the FBI and CIA should investigate Google

Billionaire investor Peter Thiel said Sunday that the FBI and the CIA should investigate if Google has been infiltrated by Chinese intelligence, according to a report from Axios.

Thiel, a Facebook board member, was speaking at the National Conservatism Conference in Washington, D.C. and his speech focused on three questions that should be presented to the tech giant, Axios said.

“Number one, how many foreign intelligence agencies have infiltrated your Manhattan Project for AI (artificial intelligence)?” Thiel reportedly asked. “Number two, does Google’s senior management consider itself to have been thoroughly infiltrated by Chinese intelligence?”

He said those questions “need to be asked by the FBI, by the CIA.”


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, reportedly, investigate, google, intelligence, cia, washington, fbi, thoroughly, thiel, peter, chinese, asked, infiltrated, questions, investor, billionaire


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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.
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Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: elizabeth gravier
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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. 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
Keywords: news, cnbc, companies, writes, billionaire, accomplish, virgin, actually, branson, richard, talking, plans, goals, idea, hollywood, come, ahead, talks


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Jeffrey Epstein used $46 million charitable donation to keep alive his ties with billionaire Les Wexner

In 2009 and 2010, YLK did not receive a single donation. Since 2010 the Wexner fund has been actively contributing to a variety of causes. Epstein, according to a recent report by Forbes, served in the 1990s as a trustee of a separate group: The Wexner Foundation. A spokeswoman for Wexner only noted he had “severed ties” with Epstein over a decade ago and declined to comment further. Calls to the Wexner Foundation, where The Wexner Family Charitable Fund is located, along with an email to Les We


In 2009 and 2010, YLK did not receive a single donation. Since 2010 the Wexner fund has been actively contributing to a variety of causes. Epstein, according to a recent report by Forbes, served in the 1990s as a trustee of a separate group: The Wexner Foundation. A spokeswoman for Wexner only noted he had “severed ties” with Epstein over a decade ago and declined to comment further. Calls to the Wexner Foundation, where The Wexner Family Charitable Fund is located, along with an email to Les We
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Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: brian schwartz
Keywords: news, cnbc, companies, million, donation, assets, billionaire, epstein, ylk, ties, fund, wexner, used, wexners, nonprofit, 2010, jeffrey, les, charitable, foundation


Jeffrey Epstein used $46 million charitable donation to keep alive his ties with billionaire Les Wexner

Jeffrey Epstein attends Launch of RADAR MAGAZINE at Hotel QT on May 18, 2005. Patrick McMullan | Getty Images

Before hedge fund manager Jeffrey Epstein went to jail in Florida more than a decade ago, billionaire L Brands founder and Chairman Les Wexner was trying to distance himself from the accused child molester. That didn’t stop Epstein in 2008 from essentially bankrolling one of Wexner’s first nonprofit foundations with a contribution of more than $40 million in stock and other assets. The transactions were received only months before Epstein was sentenced to a term in a Palm Beach County jail on a charge of soliciting an underage prostitute. Epstein is back in the news after his arrest Saturday on an indictment filed by the U.S. Attorney’s Office for the Southern District of New York which charged him with trafficking dozens of underage girls. Some of the alleged crimes took place in a New York townhouse once owned by Wexner. He is currently being held without bail. Wexner was known to be one of the money manager’s few clients.

The case has reignited interest in the politically connected businessman who was once friendly with President Donald Trump and ex-President Bill Clinton. it and has prompted some who received money from him to wash their hands of it. On Wednesday Sen. Chuck Schumer, D.-N.Y., said he would donate $7,000 in contributions from Epstein to charity. Stacey Plaskett, Democratic U.S. Virgin Islands congresswoman, has also decided to give her Epstein contributions to two different charities. Epstein provided initial financing to Wexner’s YLK Charitable Fund more than 10 years ago, even as Wexner and his wife started to break away from the financier after the initial accusations surfaced, according to someone in their inner circle. “They are both very prominent in Columbus [Ohio]” the person told CNBC on Wednesday. “It’s just unseemly that they would associate with someone who first was accused of things that made them extremely uncomfortable and then he eventually pleaded guilty to those offenses,” the person said. When asked about Epstein’s behemoth donations to the foundation before going to jail, this person refused to comment. It is unclear whether the Wexners will give the money away. Just before Epstein began a 13-month jail term, his firm, the Financial Trust Co., based in the U.S. Virgin Islands, and his own nonprofit, The C.O.U.Q. Foundation, contributed a combined $46 million plus to YLK , according to a 2008 990 disclosure form. Wexner became YLK’s director in 2010 and his wife Abigail was president in 2008. It was the only contribution the Wexners received that year. In 2009 and 2010, YLK did not receive a single donation. Epstein’s C.O.U.Q. also gave $14 million to YLK in 2007, a filing shows. Epstein first financed the Wexner nonprofit with $33 million worth of Apple stock and $5.4 million in shares of Bear Stearns Asset Backed-Securities Overseas Ltd., a third-party company affiliated with the now-defunct bank Bear Stearns. Outside of contributions to The Columbus Foundation, the documents show YLK did not make any other donations from 2007 through 2010. The assets Epstein gave the Wexners’ nonprofit helped it have at least $10 million in short-term capital gains over the course of 2009 and 2010 as the value of some of the stocks and assets soared. Apple’s stock is now trading at just over $200.

In late 2010, YLK announced it would transfer all of its assets to The Wexner Family Charitable Fund, which in 2017 reported total assets worth $208 million in fair market value, records show. Since 2010 the Wexner fund has been actively contributing to a variety of causes. Epstein, according to a recent report by Forbes, served in the 1990s as a trustee of a separate group: The Wexner Foundation. A spokeswoman for Wexner only noted he had “severed ties” with Epstein over a decade ago and declined to comment further. A member of Epstein’s firm hung up after CNBC identified itself and did not return a later message requesting comment. Attorneys for Epstein also did not return requests for comment. Calls to the Wexner Foundation, where The Wexner Family Charitable Fund is located, along with an email to Les Wexner’s attorney, were not returned. The treasurer of Epstein’s current nonprofit, Gratitude America Ltd., did not return a request for comment.

Les Wexner (left) with Ed Razek (right) at the 2016 Fragrance Foundation Awards. Astrid Stawiarz | Stringer | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: brian schwartz
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Billionaire James Dyson reportedly buys $54 million penthouse in Singapore

The Wallich Residence is located within the Tanjong Pagar Centre (second from right), Singapore’s tallest building. British technology firm founder James Dyson and his wife have bought a luxury penthouse in Singapore for a record 73.8 million Singapore dollars ($54.2 million), according to The Business Times newspaper on Wednesday. The privately held company Dyson founded is known for selling $400 hair dryers and sleekly designed vacuum cleaners. The Business Times did not specify its sources, b


The Wallich Residence is located within the Tanjong Pagar Centre (second from right), Singapore’s tallest building. British technology firm founder James Dyson and his wife have bought a luxury penthouse in Singapore for a record 73.8 million Singapore dollars ($54.2 million), according to The Business Times newspaper on Wednesday. The privately held company Dyson founded is known for selling $400 hair dryers and sleekly designed vacuum cleaners. The Business Times did not specify its sources, b
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Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: huileng tan
Keywords: news, cnbc, companies, 54, james, wife, reportedly, million, singapore, dyson, wednesdaythe, buys, newspaper, business, penthouse, billionaire, records, times, wire


Billionaire James Dyson reportedly buys $54 million penthouse in Singapore

The Wallich Residence is located within the Tanjong Pagar Centre (second from right), Singapore’s tallest building.

British technology firm founder James Dyson and his wife have bought a luxury penthouse in Singapore for a record 73.8 million Singapore dollars ($54.2 million), according to The Business Times newspaper on Wednesday.

The privately held company Dyson founded is known for selling $400 hair dryers and sleekly designed vacuum cleaners.

The Business Times did not specify its sources, but local newspaper The Straits Times said it had reviewed documents revealing the purchase.

Official title records seen by Reuters show billionaire Dyson and his wife became tenants of the 99-year leasehold property on June 20. The records did not state the price paid, the wire said.


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: huileng tan
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There’s now a way for regular investors to buy directly into the billionaire space race

If you’ve been wanting to own shares in the latest generation of space companies, now is your first chance. Social Capital Hedeosophia will own 49% of the combined company. Investors can already buy shares of Social Capital Hedosophia and, therefore, can buy a stake in Virgin Galactic, which is set to be the first publicly-traded human spaceflight company. Following the Virgin Galactic merger announcement, Social Capital Hedosophia stock rose 1.3% in trading from Monday’s close of $10.43 a share


If you’ve been wanting to own shares in the latest generation of space companies, now is your first chance. Social Capital Hedeosophia will own 49% of the combined company. Investors can already buy shares of Social Capital Hedosophia and, therefore, can buy a stake in Virgin Galactic, which is set to be the first publicly-traded human spaceflight company. Following the Virgin Galactic merger announcement, Social Capital Hedosophia stock rose 1.3% in trading from Monday’s close of $10.43 a share
There’s now a way for regular investors to buy directly into the billionaire space race Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: michael sheetz
Keywords: news, cnbc, companies, virgin, buy, regular, palihapitiya, galactic, theres, companies, investors, spac, space, billionaire, capital, directly, way, public, social, race


There's now a way for regular investors to buy directly into the billionaire space race

If you’ve been wanting to own shares in the latest generation of space companies, now is your first chance.

Social Capital Hedosophia, the investment vehicle of venture capitalist Chamath Palihapitiya, is merging with Richard Branson’s Virgin Galactic in a deal that will open the space tourism company to public investors later this year. Social Capital Hedeosophia will own 49% of the combined company.

Investors can already buy shares of Social Capital Hedosophia and, therefore, can buy a stake in Virgin Galactic, which is set to be the first publicly-traded human spaceflight company.

The special purpose acquisition company (SPAC) is listed on the New York Stock Exchange under the ticker “IPOA,” having raised $600 million in a 2017 public offering. The SPAC was set up as a way for investors to back Palihapitiya in his search for an overlooked or undervalued private technology company. SPACs give an investment manager up to two years to buy at least one asset, with investors getting the option to either stay in or get out once a deal is made.

Following the Virgin Galactic merger announcement, Social Capital Hedosophia stock rose 1.3% in trading from Monday’s close of $10.43 a share.

This is “an alternative path to a traditional IPO,” Chad Anderson, CEO of investment firm Space Angels, told CNBC.

“Today, all IPOs are mega valuations, and private investors are capturing all the value,” Anderson said. “This SPAC is allowing the public to participate in this growth story.”

After the announcement, Virgin Galactic’s top management – including Branson and Palihapitiya – met on Tuesday with potential investors in New York City for an educational luncheon, according to an invitation seen by CNBC.

Taking Virgin Galactic public marks a turning point in the 21st century generation of space companies, led by the likes of Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin. According to Space Angels, more than $20 billion has been invested in 435 space companies over the past decades, with investments only accelerating in recent years. Exchange-traded funds have entered the scene but Virgin Galactic marks a new milestone in these companies tapping the public markets.

“All of the excitement in the entrepreneurial space age comes from greater access. There was nothing really exciting before 2009, before SpaceX,” Anderson said. “They opened up the market to new entrants.”


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: michael sheetz
Keywords: news, cnbc, companies, virgin, buy, regular, palihapitiya, galactic, theres, companies, investors, spac, space, billionaire, capital, directly, way, public, social, race


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Billionaire and former presidential candidate Ross Perot dies at 89

Billionaire businessman, philanthropist and independent presidential candidate Ross Perot is dead at 89, CNBC has confirmed. This 1992 file photo shows presidential hopeful H. Ross Perot at a rally in Austin, Texas. More than two decades later, he launched information technology services provider Perot Systems, which was acquired in 2009 by Dell for $3.9 billion. But “quirky Ross Perot, just like he pulled out of the presidential race, he pulled out of the biography,” Lichtman said. Presidential


Billionaire businessman, philanthropist and independent presidential candidate Ross Perot is dead at 89, CNBC has confirmed. This 1992 file photo shows presidential hopeful H. Ross Perot at a rally in Austin, Texas. More than two decades later, he launched information technology services provider Perot Systems, which was acquired in 2009 by Dell for $3.9 billion. But “quirky Ross Perot, just like he pulled out of the presidential race, he pulled out of the biography,” Lichtman said. Presidential
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Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: kevin breuninger
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Billionaire and former presidential candidate Ross Perot dies at 89

Billionaire businessman, philanthropist and independent presidential candidate Ross Perot is dead at 89, CNBC has confirmed. Perot, who ran for president in 1992 and 1996, died after a five-month battle with leukemia, said James Fuller, a representative for the Perot family. “In business and in life, Ross was a man of integrity and action. A true American patriot and a man of rare vision, principle and deep compassion, he touched the lives of countless people through his unwavering support of the military and veterans and through his charitable endeavors,” Fuller said in a statement. Perot is survived by his wife, Margot, his five children and 16 grandchildren.

This 1992 file photo shows presidential hopeful H. Ross Perot at a rally in Austin, Texas. AP

Perot was an early tech entrepreneur. He started his career in sales at IBM, where he excelled. In 1962, he founded his first company, Electronic Data Systems, with just $1,000 in savings. More than two decades later, he launched information technology services provider Perot Systems, which was acquired in 2009 by Dell for $3.9 billion. As a disruptive third-party candidate for president, Perot ran on a platform of fiscal responsibility and protectionism. He won nearly 19% of the vote in the 1992 race — by far the biggest slice of the electorate for a third-party candidate since Theodore Roosevelt’s Bull Moose Party in the 1912 election.

1968: American businessman H. Ross Perot holding a business machine manufactured by his company, Electronic Data Systems, Dallas, Texas. Shel Hershorn | Getty Images

Perot stood out from the political crowd for his quirks as much as his business credentials and lack of experience in establishment politics. “I don’t have any experience in running up a $4 trillion debt. I don’t have any experience in gridlock government, where nobody takes responsibility for anything and everybody blames everybody else,” he said in a 1992 presidential debate. The shifting of U.S. jobs to Mexico created a “giant sucking sound,” he famously said during the campaign. Perot participated in all three presidential debates in that election, and took a nontraditional campaign route by booking lengthy time slots on network television to lay out his political views. He was “certainly the most influential political force in the late 20th century from outside the regular party system,” said Allan Lichtman, distinguished professor of history at American University. Lichtman told CNBC he had been tapped to write a biography of Perot, and Lichtman had agreed. But “quirky Ross Perot, just like he pulled out of the presidential race, he pulled out of the biography,” Lichtman said. Perot was a veteran, and followed his service with a lifetime commitment to supporting U.S. veterans, especially during the Vietnam War. He was honored in 2009 by then-Veterans Affairs Secretary James Peake for his advocacy efforts.

Presidential candidate Ross Perot speaks during the 1992 Presidential Debates. Wally McNamee | Corbis Historical | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: kevin breuninger
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Billionaire anti-Trump activist Tom Steyer enters 2020 race with pledge to spend $100 million

Anti-Trump Billionaire Tom Steyer hosts a town hall meeting on December 4, 2018 in Charleston, South Carolina. Steyer, founder of NextGen America and Need to Impeach, is testing the waters for a 2020 presidential run. Billionaire activist Tom Steyer said Tuesday that he will run for president in 2020, entering the crowded Democratic field late in the race with a pledge to focus on climate change and reforming the political system. The former hedge fund manager will spend at least $100 million on


Anti-Trump Billionaire Tom Steyer hosts a town hall meeting on December 4, 2018 in Charleston, South Carolina. Steyer, founder of NextGen America and Need to Impeach, is testing the waters for a 2020 presidential run. Billionaire activist Tom Steyer said Tuesday that he will run for president in 2020, entering the crowded Democratic field late in the race with a pledge to focus on climate change and reforming the political system. The former hedge fund manager will spend at least $100 million on
Billionaire anti-Trump activist Tom Steyer enters 2020 race with pledge to spend $100 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: tucker higgins brian schwartz, tucker higgins, brian schwartz
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Billionaire anti-Trump activist Tom Steyer enters 2020 race with pledge to spend $100 million

Anti-Trump Billionaire Tom Steyer hosts a town hall meeting on December 4, 2018 in Charleston, South Carolina. Steyer, founder of NextGen America and Need to Impeach, is testing the waters for a 2020 presidential run.

“The other Democratic candidates for President have many great ideas that will absolutely move our country forward, but we won’t be able to get any of those done until we end the hostile corporate takeover of our democracy,” he said.

“If we can reduce the influence of corporate money in our democracy, and start to address the devastating impacts of climate change, we can unlock the full potential of the American people and finally solve the many challenges facing our country,” Steyer said in a statement accompanying the video.

In a video , the Democratic megadonor, who has funneled millions of dollars into pushing for the impeachment of President Donald Trump, reversed his decision announced earlier this year not to run .

Billionaire activist Tom Steyer said Tuesday that he will run for president in 2020, entering the crowded Democratic field late in the race with a pledge to focus on climate change and reforming the political system.

Steyer’s entrance into the race is likely to shake up the primary field, in no small part because of the vast sums of money at his disposal. The former hedge fund manager will spend at least $100 million on his presidential campaign, spokesman Alberto Lammers said.

But Steyer’s late entrance will pose some difficulties. To qualify for the Democratic debates at the end of the month, Steyer will have to receive donations from at least 65,000 unique donors and poll at 1% or higher in three qualifying polls in the next week — a virtual impossibility. To qualify for the third debates, in September, Steyer will have to hit 2% in four polls and hit 130,000 unique donors.

Steyer’s announcement comes one day after the first prominent dropout from the Democratic contest. On Monday, California Rep. Eric Swalwell, who appeared at the first Democratic debate, said he will instead run for re-election to the House of Representatives, in part because of low polling and fundraising numbers.

Steyer is one of the most prolific donors to Democratic campaigns. Along with his wife Kathryn, Steyer is ranked second in all-time lifetime political donations, according to the Center for Responsive Politics. The two ranked third in the 2018 midterms, according to the group.

As part of his presidential bid, Steyer said he was resigning his leadership positions at NextGen America, a progressive advocacy group that mobilizes young voters, and Need to Impeach.

Heather Hargreaves, a longtime Steyer advisor who led NextGen America, will serve as campaign manager, according to Lammers, the Steyer spokesman. Lammers added that the campaign is in the process of building out a staff. In the coming weeks, Steyer will travel to campaign kickoff events in Iowa, New Hampshire, South Carolina, Ohio and California, he said.

The GOP wasted no time in attacking the newest entrant in the race to take on Trump.

“The only thing Steyer’s campaign will do is light more of his money on fire as he joins the rest of the 2020 Democrat field in pushing policies that are way outside the mainstream,” Republican National Committee spokesman Steve Guest said in a statement.

Tim Murtaugh, the communications director for Trump’s 2020 campaign, said in a statement: “It doesn’t say much for the whole Democrat field that the number one Democrat donor took a look around and decided that there’s no one he can support.”

Steyer’s announcement comes amid a unionization battle at NextGen America.

On Monday, staffers working at the group said in a press release that management had “stalled, interfered, and interrogated workers” during the unionization process.

In a statement, a NextGen spokesperson said leadership supported the union, and noted: “Once a third party shows majority support from the NextGen Field Staff Union, we will voluntarily recognize that third party as the union’s representative.”

— CNBC’s Kevin Breuninger contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: tucker higgins brian schwartz, tucker higgins, brian schwartz
Keywords: news, cnbc, companies, field, spokesman, billionaire, nextgen, antitrump, activist, run, campaign, statement, tom, pledge, race, million, democratic, enters, steyer, 2020, spend


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How billionaire Ray Dalio used ‘mantra’ meditation to come back from financial ruin

At the age of 12, billionaire Ray Dalio bought his first stock for less than $5 a share with money he made while caddying in Queens, New York. Now more than 57 years later, Dalio has a net worth of $16.9 billion. “I was so broke, I had borrow $4,000 from my dad to help pay for family bills,” Dalio says. Weeks later, the Fed made rate cuts, propelling the markets even more, causing Dalio to lose everything. “As a result of being wrong, I lost money for me, I lost money for my clients, I had to le


At the age of 12, billionaire Ray Dalio bought his first stock for less than $5 a share with money he made while caddying in Queens, New York. Now more than 57 years later, Dalio has a net worth of $16.9 billion. “I was so broke, I had borrow $4,000 from my dad to help pay for family bills,” Dalio says. Weeks later, the Fed made rate cuts, propelling the markets even more, causing Dalio to lose everything. “As a result of being wrong, I lost money for me, I lost money for my clients, I had to le
How billionaire Ray Dalio used ‘mantra’ meditation to come back from financial ruin Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: jade scipioni
Keywords: news, cnbc, companies, meditation, result, mantra, company, billionaire, markets, ruin, ray, financial, success, dalio, stock, come, economy, used, money, lost, later


How billionaire Ray Dalio used 'mantra' meditation to come back from financial ruin

At the age of 12, billionaire Ray Dalio bought his first stock for less than $5 a share with money he made while caddying in Queens, New York.

“I got lucky, because the company was about to go broke, but some other company acquired it and it tripled, and I thought the game was easy, and so that’s what I got hooked on,” Dalio says during an episode of the Business Insider podcast, “This is Success” Friday.

His $300 investment into Northeast Airlines turned into $900, which made him a profit of $600 before he headed into the 7th grade in 1962.

Now more than 57 years later, Dalio has a net worth of $16.9 billion. Not to mention, he is one of the most influential figures in the world of finance as founder world’s largest hedge fund — Bridgewater Associates, which has $160 billion in assets under management.

However, it wasn’t a straight shot to success for Dalio.

In 1982, seven years after launching Bridgewater out of his two-bedroom New York City apartment, he made a bad bet that wiped him out financially — and spiritually.

“I was so broke, I had borrow $4,000 from my dad to help pay for family bills,” Dalio says.

Dalio, then 33, was certain that the stock market and economy were about to go down (as a result of Mexico defaulting on its debt). Instead the U.S. economy and markets soared. Weeks later, the Fed made rate cuts, propelling the markets even more, causing Dalio to lose everything.

“As a result of being wrong, I lost money for me, I lost money for my clients, I had to let everybody in my company go,” he says.

And while he describes that time as “very painful,” he says the experience was the “best thing ” that ever happened to him because it forced him change his mindset.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: jade scipioni
Keywords: news, cnbc, companies, meditation, result, mantra, company, billionaire, markets, ruin, ray, financial, success, dalio, stock, come, economy, used, money, lost, later


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What billionaire Elon Musk says he’ll be doing on his 48th birthday on Friday

But according to Musk, that’s not what he’ll be doing. When a Twitter user asked Musk, “Any big birthday plans?” The working birthday may be due to Tesla’s second quarter goals. On Tuesday, Musk sent an email to his entire staff there asking them to work hard to hit those vehicle production and delivery numbers. At the end of the first quarter of 2019, Tesla said it expected to deliver between 90,000 and 100,000 vehicles in the second quarter.


But according to Musk, that’s not what he’ll be doing. When a Twitter user asked Musk, “Any big birthday plans?” The working birthday may be due to Tesla’s second quarter goals. On Tuesday, Musk sent an email to his entire staff there asking them to work hard to hit those vehicle production and delivery numbers. At the end of the first quarter of 2019, Tesla said it expected to deliver between 90,000 and 100,000 vehicles in the second quarter.
What billionaire Elon Musk says he’ll be doing on his 48th birthday on Friday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: catherine clifford
Keywords: news, cnbc, companies, 48th, tesla, production, second, musk, billionaire, twitter, quarter, doing, elon, vehicle, hell, end, working, birthday


What billionaire Elon Musk says he'll be doing on his 48th birthday on Friday

Elon Musk, who is worth $19 billion, turns 48 on Friday. He certainly could afford to throw himself an over-the-top birthday party. But according to Musk, that’s not what he’ll be doing.

Musk says he will be working.

When a Twitter user asked Musk, “Any big birthday plans?” on Thursday, Musk responded: “Working on Tesla global logistics.”

“You need time off too, don’t you?” replied the same Twitter user.

The tech billionaire responded with a frowning face.

He said he would accept a party on Twitter from his followers, however.

The working birthday may be due to Tesla’s second quarter goals. On Tuesday, Musk sent an email to his entire staff there asking them to work hard to hit those vehicle production and delivery numbers. At the end of the first quarter of 2019, Tesla said it expected to deliver between 90,000 and 100,000 vehicles in the second quarter.

“As you may have noticed, there is a lot of speculation regarding the vehicle deliveries this quarter. The reality is that we are on track to set an all-time record, but it will be very close. However, if we go all out, we can definitely do it!” Musk wrote in the email, obtained by CNBC.

The effort remaining is primarily logistics, Musk said in his all-staff email.

“We already have enough vehicle orders to set a record, but the right cars are not yet all in the right locations. Logistics and final delivery are extremely important, as well as finding demand for vehicle variants that are available locally, but can’t reach people who ordered that variant before end of quarter,” Musk said.

The second quarter goes through the end of June.

Musk has previously positioned himself as the leader who struggles on the front line with his employees.

In the summer of 2018, when Tesla was ramping up production of its Model 3, Musk stayed on location to diagnose and fix problems in the factory production line. He called the time “painful” in conversation with “CBS This Morning” host Gayle King.

“Absolutely, of course. Yeah, I’m sleeping on the factory floor, not because I think that’s a fun place to sleep. You know. Terrible,” he said. “I don’t believe like people should be experiencing hardship while the CEO is, like, off on vacation,” Musk told King.


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: catherine clifford
Keywords: news, cnbc, companies, 48th, tesla, production, second, musk, billionaire, twitter, quarter, doing, elon, vehicle, hell, end, working, birthday


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