Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge.
The top 20 managers like Ray Dalio and George Soros have made over $550 bln for investors over time. In part that’s longevity, but the group also raked in a third of industry gains in 2019 on under a fifth of assets. Most hedgies are still struggling to outrun cheap index funds.
Investors want sustainability built into portfolios so Larry Fink, CEO of the $7.4 trln asset manager, sees an opportunity. That makes efforts to prod the corporate world more sustainable, and adds market-wide pressure to one-off campaigns by firms like Jeff Ubben’s ValueAct.
Scooter-sharing outfit Lime is exiting cities and letting staff go in the hope of turning a profit. After WeWork’s nightmarish IPO failure, it’s not the only startup whose vision now includes making money. What’s old has become new for tech newbies, but growing up isn’t easy.