(Digitimes) Intel to launch top-end processors to counter AMD resurgence

Intel to launch top-end processors to counter AMD resurgence
Monica Chen, Taipei; Willis Ke, DIGITIMES [Thursday 10 August 2017]
Intel plans to launch its 12-core Skylake-X processor, the Core i9-7920X, in late August, targeting the high-end gaming and enterprise PC market, and release other top-end Skylake-X series processors featuring 14-, 16-18-core architectures in late September, aiming to dampen the resurgence of AMD in high-caliber processors, according to industry sources.
Following years of lackluster sales performance, AMD has started a turnaround in 2017 by launching new-generation Ryzen processors and Vega graphic cards series to compete well with Intel and Nvidia, while also staging a full comeback to the server platform arena.
This has prompted Intel to revise its PC processor roadmap to mitigate the counterattack strength from AMD and claim its leading position in the processor market. After releasing five Core-X series processors at unit price of US$1,199 in late June, two months ahead of schedule, the company will start sales of its 12-core Skylake-X processor, Corei9-7920X, on August 28, also with unit price of US$1,199. It will also release three top-end Corei9 processor series with 14-, 16-, and 18-core architectures on September 25, with its 18-core, 36-thread Corei9-7980XE processor to bear the highest price tag of US$1,999.
Intel will debut the new processors to counter AMD's planned launch of high-end processor models, including 16-core, 32-thread Ryzen Threadropper 1950X and 12-core, 24-thread 1920X set for release on August 10, and 8-core, 16-thread Ryzen Threadripper 1900X on August 31.
To stay competitive, Intel is also planning to release Coffee Lake series processors and 300 series chipset platform by the end of 2017 or early 2018, with more cores and more threads than its previous models, which are expected to help the company better fend off the competition from AMD's Ryzen processors.
Along with surging market demand for high-end gaming motherboards, the ASP of motherboards has hit new highs. Motherboard vendors such as Asustek Computer, Gigabyte Technology, Micro-Star International (MSI), ASRock and Elitegroup Computer Systems (ECS) have had over 200 versions of motherboards supported by Intel X 299 chipsets, and they have also rushed to release AMD X399 motherboards. These vendors are poised to enjoy increased sales of high-end motherboards fueled by keen competition between Intel and AMD in CPUs, according to market sources.

FT : How Silicon Valley rediscovered LSD

How Silicon Valley rediscovered LSD
A new generation of San Franciscans believes the drug makes them more creative

Diane does not look like someone who would drug your venison chilli. She sits on a San Francisco patio, her dewy blue eyes lucid, her blonde, subtly asymmetrical hair recently trimmed, her white jeans spotless. It is noon. I imagine she has enjoyed several fruitful meetings. Now, she will probably advise me on the meditation app keeping her serene.

“I don’t do coffee, I do acid,” she says. The declaration that she takes a Class A drug does not distract her from nibbling a chunk of salmon in her taco bowl. The 29-year-old start-up founder began microdosing LSD — tiny doses every few days — in January. At just a tenth of a tripping dose, she does not experience psychedelic effects. Rather than swirling in a magical universe with pink elephants, she says microdosing has improved her productivity, creativity and helped her focus. On LSD, she is able to concentrate when developing company strategy, speed through user design sessions and sparkles making new contacts.

“When I’m microdosing at networking events or social happy-hour mixers, they go well. I have really good conversations as I am that little more ‘on’, more focused on what the person is saying. It enhances connections and heightens empathy,” she explains.

Diane is part of a new generation of LSD users who believe it is a useful and harmless enhancement, like meditation or coffee. They meticulously plan regimes, often taking 10 to 20 micrograms every three days. There is little research on microdosing, so they track how their bodies and minds respond, submitting reports to researchers and discussing effects with almost 18,000 other microdosers on Reddit. Fifty years after the Summer of Love, they disdain their predecessors’ Acid Tests — in the mid-1960s Ken Kesey’s Merry Pranksters took huge doses and even spiked venison chilli or Kool Aid with the drug — viewing them as rash and reckless. The generation obsessed with making every hour count, embracing Marie Kondo-style tidying binges and “inbox zero” email-clearing parties, is now co-opting psychedelics into its mission.

“It’s a sign of the times,” says Diane. “LSD is a very flexible substance. It amplifies whatever is happening in your brain. It is amplifying whatever is happening in our society. We are all productivity-obsessed, so that’s our usage of it.” Silicon Valley’s microdosers want to overcome the drug’s notoriety, harnessing the tech industry’s talent at transforming global habits to make the psychedelic as acceptable as coffee.

San Francisco became the acid capital of the world in the 1960s, when hippies, inspired to alter their consciousness by Buddhists and Native Americans, ran wild. Now, the city is spearheading the microdosing movement, with tech workers taking their cue from Steve Jobs, Apple’s co-founder, who said LSD was one of the “two or three most important things” he did in his life. While some, like Jobs, take full-blown trips, increasingly LSD is consumed in doses where the effects are subtle and do not interfere with everyday life. Several of Diane’s friends started microdosing this year. Tim Ferriss, tech investor and author of the Four Hour Work Week, has said almost all the billionaires he knows regularly take hallucinogens.

The FT spoke to several microdosers, all of whom asked to withhold their real names because the drug is illegal. All highly motivated professionals, most work in the tech industry, often leading their own start-ups. They all reported using LSD as a tool to boost productivity under pressure, to invent the cascade of ideas demanded from knowledge workers, and to improve their focus in a world filled with distractions (often created by the tech industry).

“Being a CEO is so unbelievably demanding, you need to be superhuman,” Gail, a 31-year-old start-up founder, tells me on a bench in South Park, an elegant San Francisco square favoured by venture capitalists. Taking LSD helps her keep calm. “As an entrepreneur, you are rejected by investors all the time. Things are not working all the time,” she says.

Paul, a start-up founder in New York, says he and his employees are less stressed since they started microdosing. But he couldn’t be absolutely sure about the cause and effect: he thinks it may have also been the project-management app Asana, which they started using at the same time, to keep organised.

Others self-medicate with LSD to treat mental-health problems, such as depression. Chantelle, 35, a food entrepreneur, was reluctant to turn to conventional antidepressants. In a private members’ club in San Francisco, she whispers that the awareness she felt while microdosing was “amazing”. “It was almost like being your own therapist.” Even when she didn’t microdose for weeks, her mood was “extremely stable”. “If I did have a breakdown, it lasted like five minutes and I was done. Before, it would be two or three days in bed.”

LSD is not the only drug experiencing a revival. Studies are investigating if psilocybin, the active ingredient in magic mushrooms, can be used to ease “end of life” anxieties in terminally ill patients, and whether MDMA can be used in therapy to relieve post-traumatic stress disorder. Some tech workers are making pilgrimages to South America to take ayahuasca, said to give deep insights while making you vomit prolifically.

Many microdosers are horrified by how the hippies abused LSD. They believe the Summer of Love set back understanding of the drug, as little research on its effects has been done since. Diane says it was “ethically wrong” and “real violence” to drug people without their permission, as occurred in some of the acid tests. Paul Austin, 26, founded The Third Wave organisation to encourage the cultural acceptance of psychedelic use. The first wave of psychedelics, he believes, was traditional use by native peoples from Ancient Greece to India. They were made illegal after the second wave in the 1960s, as parents panicked about tripping teenagers. Now, in the third wave, he believes that microdosers can undo the damage done by the baby boomers and make LSD legal again.

Dr Molly Maloof, a young doctor with many patients who are Silicon Valley executives, says she has observed an increasing interest in “biohacking” — the idea that individuals can develop the best possible version of themselves, using a combination of vitamins, exercise and drugs. Maloof cannot prescribe illegal drugs, but does advise patients who microdose on harm reduction. She believes that the future for psychedelics is “bright” — and that they could be legal within five to 10 years. “The hippie 2.0 generation is turning LSD into people pursuing their purpose and their highest potential, not wanting to go out and party and go crazy,” she says.

Fifty years ago, Boots Hughston was 18 and lost. Driving in circles around the Panhandle, a stretch of grass below Haight Ashbury, he and his friends were searching for the “Human Be In”, about a mile away in Golden Gate Park. It was early 1967, months before images of San Francisco’s flower-wearing, LSD-taking hippies enjoying the Summer of Love were beamed across the world.

Timothy Leary, the psychedelics pioneer, rallied tens of thousands at the event with his now famous instruction to “Turn on, Tune in, Drop out”. Hughston arrived late and followed the crowd to watch the sunset at the beach. There, he shared a joint with Leary, the former Harvard psychologist who President Richard Nixon once described as the “most dangerous man in America”.

“[Leary] was touting acid at the time,” Hughston tells me. “He said something like, ‘That’s a pretty nice sunset, pretty wild. Don’t you realise it’s the only time you’ll ever see it?’” Hughston went on to take LSD 20 or 30 times — and learnt the importance of measuring doses the hard way. “One time, everything was just melting all around me,” he says, describing a Grateful Dead show on New Year’s eve. “One of the artists had a bottle of wine with a whole bunch of doses of acid in. The tabs were all at the end of the bottle, so my swig was mostly tabs. I got a little higher than I probably should have . . . It was three or four days, or a week, to get myself back together.”

Today’s microdosing culture illustrates how the residents of San Francisco have moved from dropping out to climbing the career ladder; a transformation that has dispirited the city’s old hippies. Where the Diggers, a group of performance artists-cum-charity workers, once gave out free food in the Haight, tech workers today pursue stock options to pay for $10 toast and $1m apartments. Where art, music and fashion used to blossom, boutique exercise studios and green juice makers attempt to fill a cultural vacuum.

“As an artist, you could live an existence pretty well. You wouldn’t be hand to mouth,” says Hughston, whose friends shared apartments paying $20 a month each, eating vegetables, fruit and brown rice provided by The Diggers. “Nowadays, it is $4,000 a month for a one bedroom. It’s crazy, you can’t just go out and hang out with your buddies, work on your art. You have to make a living, get a job that pays real money — and fit in.”

Hughston still doesn’t want to fit in. He has been battling for the right to memorialise the Summer of Love in Golden Gate Park — a plan that has been rejected three times. One morning in June, he and his entourage of grey-haired hippies — known as the “Council of Light” — filled a room at San Francisco’s City Hall to plead with the park’s department for permission. The department claims they are ill-prepared (objections included impractical plans to put Portaloos on the flowerbeds), despite the group having organised concerts for the 40th anniversaries of the Summer of Love and Woodstock.

The tie-dyed crowd see the department’s intransigence as a rejection of their values, in favour of events organised by corporations. Hughston is convinced that the permits officer does not like “hippie events”. “I’ve done many shows there before with no problems at all, so they can’t really say there’s going to be a bunch of people tripping,” he says. “We’re 60, 70, 80 years old — we know how to take edibles without ending up in hospital.”

But the hippies’ frustration goes far beyond this year’s memorial event. They worry that the San Francisco they made famous is losing its values. David Talbot, author of the 2012 book Season of the Witch, which looks at the evolution of San Francisco in the 1960s and 1970s, mourns the loss of the city to the techies.

“The earlier social invasion of the city was all about expanding the idea of humanity, of what compassion is, things that later became San Francisco values,” he says. “Now it is like the old Gold Rush days in the 1840s. People are basically motivated by greed. People are coming to this city not so much for the kind of enlightened and benevolent and even revolutionary ideals, but to get rich quick.”

Talbot describes San Francisco as a “playground” for companies like Uber and Lyft, whose ride-sharing cars have taken over the roads, with Airbnb colonising neighbourhoods. Everyone is asleep by 10 o’clock. “There is no vibrancy,” he says. “They go to bed. It’s all work-orientated.”

Hughston gave up his dream for a reunion of hippie elders in early July. “This event would have been something our great city would have been proud of,” he wrote to City Hall. “Thru [sic] the eyes of the world; San Francisco would have been seen as the progressive city it once was.”

While the hippies were colonising Golden Gate Park in the 1960s, Jim Fadiman was among a small group of researchers already looking at how LSD could help people become more productive. Today he is revelling in his niche becoming more mainstream. This April, he spoke to an audience of 600 at a bustling psychedelics conference in the Bay Area. He started by asking: “Who here has microdosed?” Hands shot up. Only three or four had not. Leary was dubbed the pied piper of psychedelics; Fadiman is now the pied piper of microdosing. He created the regimen used by many microdosers — 10mg of LSD every three days — in his Psychedelic Explorer’s Guide in 2011. He now receives daily mood surveys and monthly reports from 1,800 microdosers.

This anecdotal research is the closest we have to evidence of the effects of microdosing LSD. Fadiman excitedly claims a wide range of positive impacts unusual for any single drug: from squashing the impulse to procrastinate to easing painful periods. But it is far from a large randomised control trial. With anecdotal reports, Fadiman relies on subjects to accurately self-report their experiences. He cannot compare these effects to a placebo or check the exact dose and purity of the LSD.

In the early 1960s, Fadiman worked at the International Foundation for Advanced Study with Myron Stolaroff, studying whether LSD could help generate new ideas. Stolaroff, an engineer at the tape recorder company Ampex, had discovered that LSD made him sharp and inventive. But Ampex refused to incorporate LSD into their product design process, so he left to start the Foundation. Between 1961 and 1965, the pair experimented on hundreds of scientists, researchers, engineers and architects, to see if they could solve difficult problems while taking the drug.

Many of the subjects had never heard of psychedelics. They were told that it was a chance for “heightened creativity” and totally safe. In the morning, they took full doses of LSD, and were invited to lie down while music played.

“An architect said he really gave himself a world tour of architecture, visited the Pyramids, the Great Wall of China, the Eiffel Tower . . . He was able to travel and see things more visibly than he thought would be possible,” Fadiman tells me. In the afternoon, work began: “When he came to his task, which was a small shopping centre, he said he just felt he was very, very excited by architecture.”

After months of disappointing the client, the architect had a vision of the building so complete he could see how many spaces there were in the car park and the size of the bolts holding the beams together, Fadiman reports. And when he drew the design, the client finally liked it.

In other cases, a scientist came up with a theoretical paper on photons, and an early designer of circuits in semiconductors said he was able to lay out the board in his mind and watch electricity surging through it to see where it broke.

The International Foundation for Advanced Study was shut down when LSD became illegal in California in 1966, the same year the US government banned manufacture or sale of the drug. Two years later, possession of LSD was also outlawed by the federal government.

John Markoff, a former technology correspondent for The New York Times, wrote about the early experiments in What the Dormouse Said, his book on the relationship between the 1960s counterculture and the PC industry. He is a sceptic, believing that LSD was not a “magic pill” that made the era creative.

Instead, he believes that it was probably caused by living on the “edge of chaos” in the 1960s. With today’s Silicon Valley far from the edge, he believes it is no longer taking the creative leaps it took to create the building blocks of computing. “It is pretty tame,” he says. 

If the tech industry feels the need for enhancements, what about the industries which are being disrupted by tech? Could workers from finance to retail use LSD to keep up?

Before we all start taking a daily dose of the drug with our breakfast, scientists need to understand more about it. It has been more than 70 years since Albert Hofmann, a Swiss chemist, accidentally discovered the psychedelic properties of LSD, a drug developed from compounds in ergot, a fungus that attacks rye. But because of criminalisation, we have little evidence of how it affects the brain, side effects and the potential for any long-term damage.

The US Drug Enforcement Agency says LSD has a “high potential for abuse”, but does not specifically address microdosing. The DEA warns that LSD impairs users’ ability to make sound judgments, making them susceptible to personal injury. Users can suffer “acute anxiety and depression” for days and even months after a trip. Overdose effects include psychosis and possible death.

DrugWise, a UK non-profit organisation that provides advice on drugs, says there is no evidence of people overdosing on LSD, but that fatal accidents have happened to people while taking the drug. It also warns that it may have implications for people with a history of mental-health problems.

The most significant breakthrough in our understanding came last year with the first ever brain-imaging study of people tripping on LSD. The study was led by Professor David Nutt of Imperial College London, who was dismissed as an adviser to the UK government in 2009 for criticising policy on drug classifications. The study found that LSD makes the brain much more connected and flexible, with the visual cortex connected to every part of the brain. It also showed a decrease in blood flow to the “default mode network”, meaning there was less activity in the area that is activated when the mind is wandering, not committed to a task, and thinking about one’s self and one’s emotional state. Barbara Sahakian, a professor of neuroscience at Cambridge, says there is evidence to support the microdosers’ theory that LSD improves creativity. “LSD at low doses may produce mood elevation and creativity, primarily by mimicking the effects of serotonin, the chemical in the brain that regulates our mood,” she says. It also increases levels of glutamate, which plays a role in learning and memory.

But she warns against buying the drug on the black market, where users have no idea what concentration it is or what it is cut with.

Sahakian studies the impact of so-called “smart drugs” such as Modafinil, used to improve performance, and is concerned about the rate of people turning to drugs to boost their productivity, rather than to natural stimulants like exercise. “What is the pressure going on here that everybody needs to do this? People are worried about losing their jobs, worried about competition,” she says.

One of the greatest risks associated with LSD use is, of course, prison. In the US, LSD is a Schedule I drug. Possession of enough for a hundred microdoses carries a minimum penalty of five years in prison and a fine of up to $2m. In the UK, it is Class A and possession can be up to seven years in prison or an unlimited fine. Many of the microdosers I spoke to obtain their LSD from drug dealers with whom they have a personal connection, and those dealers source it from chemists who manufacture it themselves. Some rely more riskily on the dark web, ordering the drug from an unknown source to be delivered to their house.

The culture of the tech industry encourages experimentation, even if that pushes beyond the boundaries of the law. Silicon Valley’s libertarians see it as part of their quest for “cognitive liberty”. “The most successful companies like Airbnb and Uber have given the middle finger to the regulators. There’s a sense that the regulations will catch up,” Gail says optimistically.

Even if Silicon Valley makes LSD culturally acceptable, it is doubtful that President Donald Trump, with his conservative base, will legalise the drug. Like cannabis, it may be up to individual states to pursue legalisation, or other countries following Portugal’s decriminalisation of all drugs.

Behind a Saxon hunting lodge with three moats, I sit with Amanda Feilding at a garden table shaded by a large tree. In Oxfordshire, far from Silicon Valley, the Countess of Weymss and March is plotting the future of microdosing. Feilding enthuses as she shows me pictures of the brain lit up on LSD; pictures that also excited many microdosers I met in San Francisco. She points at the explosion of colour in the brain on LSD, compared to scattered patches of orange on a placebo. “There’s just vastly more communication,” the 74-year-old exclaims. “It kind of describes why there’s more feelings, more memories associated with communication, more richness of colour, more richness of hearing, a deeper kind of perception.”

Feilding has been experimenting with ways to expand consciousness since she left school at 16 to study mysticism. Her most radical and famous attempt was trepanation: cutting a hole in her own skull. Feilding first used LSD in the 1960s. She found it could help her concentrate: on high daily doses she could race through the complete works of Nietzsche and Freud, as if “higher up the mountain”.

Since the 1990s, she has worked with scientists to explore drugs research with her organisation, the Beckley Foundation, which partnered with Dr Nutt at Imperial to conduct the LSD brain-imaging study. Now she plans to lead a study into the effects of microdosing LSD, working with Nutt and his colleagues again, and potentially other institutions including NYU. Nutt will shortly begin seeking ethical approval for the study in the UK. The participants will complete cognitive tests used to track depression and anxiety, and have their strategic abilities tested by playing Go, the complex Chinese game that Google is using to train artificial intelligence. “Could LSD enhance our most human skills like creativity, while artificial intelligence takes over our more robotic tasks?” I ask, thinking of another Silicon Valley obsession. “Absolutely, I totally agree with that,” she says.

If positive outcomes can be shown for patients with depression, she would like to push towards legalisation — and eventually regulated access for non-medical uses. “We’ve lost 50 years through criminalisation. It was a lousy, ignorant reaction, based not on scientific evidence but prejudice, media coverage and false stories,” she says. “When we finally get to the other side and they become regulated, nobody will ever believe they weren’t: it will be just too ridiculous.”

Her biggest problem is funding. Many medical research bodies are cautious about backing a project looking into the positive effects of illegal drugs. Trials using illegal drugs are also more expensive due to detailed requirements on how to store and administer them. So Feilding is turning to Silicon Valley for help. In 2011, her foundation received a donation from Sean Parker, the Napster founder and early Facebook investor, for its drug policy work (though not for research into psychedelics).

Now Feilding is starting a “for profit” arm of her foundation. She hopes tech entrepreneurs will invest to do good and to make money: she believes they could start a business making “wonderful cannabis medicines” and opening clinics. When Feilding describes the science behind LSD, she speaks like Silicon Valley inventors talking about their “moonshots”, ambitious projects such as self-driving cars or private space missions. But microdosing, she believes, could do more for the world than many transformational technologies. 

“A happier, more balanced species would do more good than getting us to Mars,” she said. “How can you do more good than trying to solve some of the problems of the human psyche?”

>>> Lombard Odier takes business tie-up route for expansion but could look at ac

Lombard Odier takes business tie-up route for expansion but could look at acquisition opportunities
10 AUG 2017
Lombard Odier, the Swiss private bank, is expanding its footprint in Asia via business tie-ups with local banks but has not ruled out inorganic growth, said Asia Pacific CEO Vincent Magnenat.
While Magnenat did not specify what characteristics an ideal acquisition target should have, he said such opportunities should fit with Lombard Odier's strategy.
For the bank to grow, it need to find talent, specifically relationship managers to expand its teams across unspecified regions of Asia, the CEO said.
In June, Spanish media reported that Lombard Odier was looking to make acquisitions in Spain and is analysing the market to acquire an Independent Financial Advice Company (IFAC). With the arrival of the Mifid II, a new European directive for the financial sector, IFACs will seek mergers or become agents for banks, as reported.
Magnenat would not comment on the strategy of Lombard Odier in Europe but said the Swiss bank's Asian strategy is to forge business partnerships with local banks, which has been done in Thailand and the Philippines, to be able to cultivate relationships with its Asian clientele.
This week, Lombard Odier and PHP 91bn (USD 1.8bn) market capitalisation UnionBank of the Philippines [PSE:UBP] announced their partnership under which, Lombard Odier will share its expertise in wealth management and family services with UnionBank. Through this partnership, UnionBank is launching the first USD-denominated risk-based fund in the Philippines.
UnionBank First Vice President and Trust Group head Robert Ramos said this was the first time it was offering family services to their ultra high-net-worth clients. He estimates that wealth management in the Philippines has a CAGR of 12% in the past five years.
Magnenat, on the other hand, said the Philippines was an attractive market because aside from the fast growth of wealth, the wealth management market has now moved from the first generation of high-net-worth individuals or families to the second or third generation, who have a different set of needs.
The Geneva-based, 221-year-old Lombard Odier managed USD 230bn of total client assets, as of end-December 2016, the company said in a statement. It employs about 2,250 people and has 26 offices in more than 20 countries including London, Paris, Zurich, Moscow, Dubai, Hong Kong, Singapore and Tokyo.

(MarketWatch) These 7 billionaires are worried about a stock-market correction

These 7 billionaires are worried about a stock-market correction Link : http://on.mktw.net/2wKkx0p
Listen to Jeff Gundlach, Carl Icahn, Howard Marks, Warren Buffett, George Soros, David Tepper and Paul Singer

By now, all investors should know the research about the follies of market timing.

But similarly, all investors should admit that a quest for outperformance by stock picking and active management will never end — particularly given that 2017 shows more than half of active funds are beating their benchmarks for the first time since before the Great Recession.

So it’s worth noting that a host of big-name billionaire investors are pretty concerned about current market conditions.

Yes, there are tremendous benefits to passive, low-risk, long-term investing strategies. And obviously, some of the “best” investors on Wall Street often get things painfully wrong.

But when some of the biggest and most respected hedge funds are pumping the brakes as the Dow Jones Industrial Average DJIA, -0.17% and the S&P 500 SPX, -0.04% have hit new all-time highs this week (and the Nasdaq Composite COMP, -0.28% isn’t far off) … well, it seems plain irresponsible to simply write that off.

Here are what seven of Wall Street’s most iconic investors have to say about the market and the potential for a correction in the next several months.


Jeff Gundlach advises “moving toward the exits”: DoubleLine Capital CEO and bond guru Jeff Gundlach is reducing his positions in junk bonds, emerging-market debt and other lower-quality investments on a fear that investor sentiment may roll over in the near future with painful effects. That probably won’t manifest in a huge drop over a short period, Gundlach predicted, but it’s wise to prepare nevertheless. “If you’re waiting for the catalyst to show itself, you’re going to be selling at a lower price,” he told Bloomberg recently, instead recommending investors begin “moving toward the exits.”

Read: Why Gundlach says ‘coiling’ markets could spark a volatility surge

Carl Icahn warns stocks are overvalued: Investing icon Carl Icahn has made plenty of bold bullish calls in recent years, including a winning bet on Herbalife HLF, -1.21% despite a lot of negative press at the time. However, Icahn generally isn’t seeing a lot of opportunities given how much stock prices have run up. “I really think now, I look at this market and you just say ‘look at some of these values’ and you have to wonder,” he told CNBC in June.

Howard Marks warns clients of “too-bullish territory”: In a late July note to clients, billionaire Oaktree Capital founder Howard Marks used one of his popular memos to warn about the chance of a correction. You should read the whole piece about the formation of bubbles, market cycles and about the importance of caution right now. But in a nutshell, he warns aggressive investors are “engaging in willing risk-taking, funding risky deals and creating risky market conditions” and that this has been a hallmark of past downturns.

Warren Buffett has nowhere to go: When you think of corporate cash hoards, Apple Inc. AAPL, +0.61% normally springs to mind — not Berkshire Hathaway Inc. BRK.A, +0.93% BRK.B, +0.92% the conglomerate known for big deal-making. Unfortunately, those deals haven’t materialized and the company that Warren Buffett built has seen its stockpile soar from under $40 billion in the second quarter of 2013 to nearly $100 billion at the end of June. That is telling, considering the Oracle of Omaha’s adage that “it’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” Despite all that cash, apparently Buffett & Co. don’t see many opportunities — either to buy wonderful companies, or to get them at fair prices.

George Soros gets bearish in a big way: George Soros recently sold stocks and bought gold in anticipation of a big downturn. Admittedly, the billionaire investor jumped the gun with a bleak outlook for stocks, warning right after Trump’s election that global markets were in trouble — a call that clearly was incorrect. But Soros made a name for himself for a reason, so that he is doubling down again on this call is at least worth acknowledging.

David Tepper is “on guard”: The hedge fund guru behind Appaloosa Management isn’t leaning to the short side just yet, but is far less bullish than just several months ago. He has even suggested wary investors put some money in cash if they don’t like the frothy valuations on Wall Street right now. Tepper was particularly concerned about central-bank intervention over the last several years distorting bond markets and how that is influencing stocks in a way that could lead to trouble.

Paul Singer warns of an ETF crisis: Admittedly, hedge-fund icon Paul Singer of Elliott Management has a personal stake in the fight against passive ETFs, given the active strategies pursued by his firm. However, Singer’s recent warning on CNBC that passive funds could create an inflexible trend that leads to a marketwide sell-off is worth listening to. “It means that at one point you will not have the active end in the market to stabilize it. You would have just the passive guys getting into herd mentality,” Singer said. In other words, if sentiment takes a hit, it will be dramatic — and no amount of bargain hunting or logic about fundamentals will help cushion the blow.

Fwd:FT : Altice lines up $185bn pitch for cable group Charter



From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: 08/09/17 22:20:55
Subject: FT : Altice lines up $185bn pitch for cable group Charter
Altice lines up $185bn pitch for cable group Charter
Acquisitive European group could be set for latest round of US media consolidation


Altice, the deal-hungry cable and telecoms group controlled by Franco-Israeli billionaire Patrick Drahi, is lining up a potential $185bn bid for Charter Communications, the second-largest US cable company with over 26m subscribers.

Interest in a deal by Mr Drahi’s Altice, which has grown ferociously through debt-laden acquisitions in recent years in France, Portugal and the US, is the latest in a series of consolidation moves among US telecom, cable and media providers.

It pits Mr Drahi against SoftBank’s Masayoshi Son in a battle for the hand of Charter, in which John Malone, the billionaire so-called cable cowboy, owns a 21 per cent stake.

Altice has not formally made an approach and may not proceed, according to multiple people close to the Netherlands-listed group. One complication will be whether the group and its advisers can amass the huge amount of debt financing needed to support a bid for its much larger rival.

These people also cautioned that Charter, which beat out Altice in a battle to acquire Time Warner Cable in a $78.7bn deal that closed just last year, has not expressed interest in a possible combination.

Charter shares rose 2.4 per cent to $399.06 at mid-afternoon in New York to give it a market value of roughly $121bn. The company has net debt of $62.5bn, meaning a deal including debt could easily surpass an enterprise value of more than $185bn.

Altice only recently listed its US cable subsidiary in New York to position itself for more dealmaking in America, but has managed to win support from shareholders thanks to the speed with which it has delivered operational improvement at Cablevision and Suddenlink. It acquired those regional operators for $17.7bn and $9.1bn in the past two years and then bundled them into Altice USA.

Shares in Altice USA, which has a market value $23bn and a net debt of $22.6bn, were up 0.9 per cent following the news of a potential bid, which was first reported by CNBC. However, shares in its parent company Altice NV dropped 5.2 per cent to €19.65 in Amsterdam trading.

Charter has emerged as an attractive target for smaller US telecoms and cable providers because of its footprint, which extends to 41 states and puts its behind only Comcast for subscribers. Earlier this year Charter and Verizon, the largest US wireless telecoms operator, explored a potential combination but the two companies decided not to pursue a deal.

Shares in the company have leapt in recent weeks as it has become the focal point of interest, particularly from Japan’s SoftBank, which is searching for a partner to connect with Sprint, the fourth-largest US mobile phone operator which it controls.

Charter has been cool on interest from Mr Son, the billionaire founder behind SoftBank, saying it had no interest in acquiring Sprint. However, it has not commented on potential takeover interest from either SoftBank or Altice.

Analysts said that Mr Malone is another factor in a potential takeover attempt of Charter. Mr Malone is the largest shareholder in Charter and has significant sway over the industry given his range of holdings that span US and international cable and media.

Greg Maffei, chief executive of Mr Malone’s Liberty Media, through which he holds a stake in Charter, said on Wednesday that Liberty and Charter would “listen to all and any offers that come in and judge them on their merit and appeal”.

However, he said: “The idea that we would take equity that we don’t want is probably unlikely . . . Any deal that would be appealing for us and other Charter shareholders would have to add real value and show real capabilities that are beyond what we think is a very well-positioned company with a very strong management team.”

Dexter Goei, a former Morgan Stanley banker and the chief executive of Altice USA, has not been shy about the French group’s ambition to grow its US footprint through acquisitions.

At the time of the listing of Altice USA in June, Mr Goei said that the IPO was “all about being ready if there is an opportunity to partner up with someone . . . to put ourselves on the map and to have a currency” for future acquisitions.

Charter and Altice have both expanded by rolling up regional operators. Other distributors are looking to gain control of content. AT&T’s $84.5bn bid for Time Warner, the owner of HBO and Warner Bros, is being reviewed by regulators and is expected to close at the end of the year, creating the world’s largest vertically integrated content and distribution company. Verizon has snapped up Yahoo and AOL.

>>> What to look at today - 10th of August 2017

Dow -0.17% S&P -0.04% Nasdaq -0.28% Russell -0.94%
US MArket closed lower but bounce from lows to close on highs of the day. Geopolitical fears pushed investors to take profit from equities after records. Sector movement was pretty modest with eight of the eleven groups settling within 0.2% of their unchanged marks. Six sectors finished in the green with health care (+0.2%) leading the advance. On the flip side, four sectors closed in negative territory with the consumer discretionary (-0.5%) and utilities (-0.5%) spaces pacing the retreat. The industrial group finished flat. Walt Disney (DIS 102.83, -4.15) and Netflix (NFLX 175.78, -2.58) weighed on the consumer discretionary space, dropping 3.9% and 1.5%, respectively, after Disney announced that it will end its distribution agreement with Netflix in 2019 in favor of a new direct-to-consumer streaming strategy. In addition, Disney reported earnings, beating bottom-line estimates, but missing on revenues. Crude oil advanced 1.0% to $49.59/bbl after the Department of Energy reported a larger than expected draw in U.S. crude inventories (-6.5 million barrels actual vs -2.2 million barrels consensus). The commodity trended sideways near its flat line for some time before moving decidedly higher in the afternoon. Crude oil advanced 1.0% to $49.59/bbl after the Department of Energy reported a larger than expected draw in U.S. crude inventories (-6.5 million barrels actual vs -2.2 million barrels consensus). US after Hours CHEF +17%, ASYS +15%, LYV +5.5%, JACK +3% higher and BW -29.2%, CBI -18%, SYNC -17% lower following earnings/guidance... SKLN +21% on merger news. Asian equity markets opened slightly higher before falling nearly 1% across the board on continued tensions with North Korea. The US has affirmed that all options remain on the table when it comes to North Korea.

Nikkei -0.08% Hang Seng -1.10% CSI -0.61% Shanghai -0.74% Shenzen -0.78%

Eur$ 1.1734 CNH 6.6795 CNY 6.6679 JPY 109.99 GBP 1.2979 CHF 0.9659 RUB 60.0298 WTI 49.77 +0.42%

S&P -0.20% EuroStoxx -0.09% FTSE +0.02% Dax -0.02% SMI +0.25%

Macro :
- Emerging-Market Stocks Slump as Traders Seek Haven: Inside EM
- Fed’s Bullard: Undershooting Inflation Goal Hurts Credibility

Keep an eye on :
- ARL GY : Aareal Bank Sees FY Operating Profit EU310 Mln To EU350 Mln
- AGN NA : Aegon Says Dutch Unit’s Solvency to Gain on Capital Injection, Aegon to Sell Business in Ireland at ~GBP115m Book Loss
- MT NA : ArcelorMittal May Bid for Stressed Indian Steel Assets, BS Says
- NDA GY : Aurubis 3Q Report Good, On Track for Expectations: DZ Bank
- BSLN SW : Basilea First Half Loss CHF20.6 Mln
- BAYN GY : Bayer’s Nexavar Approved by U.K.’s NICE for Routine Use
- SFR US : Colony Starwood FY Core FFO/Share View Midpoint Tops Estimates
- DRI GY : Drillisch Second Quarter Revenue Misses Estimates
- EVT GY : Evotec First Half Adjusted Ebitda EU26 Mln
- GLEN LN : *GLENCORE 1H ADJ. EBITDA $6.74B, EST. $6.80B
- HNR1V GY : Hannover Re Sees Full Year Net Above EU1 Bln
- HDD GY : Heidelberger Druck First Quarter Sales EU495 Mln
- HEN3 GY : Henkel 2Q Adj. Ebit Beats Estimates; Confirms Outlook
- HSBA LN : HSBC Bought Back 2.09m Shares at Avg 762.10 Pence Each Aug. 9
- LXS GY : Lanxess Second Quarter Adjusted Ebitda Beats Estimates
- LEG GY : LEG Immobilien Sees Full Year FFO I EU290 Mln To EU295 Mln
- NTES US : NetEase Is Actively Exploring Potential Overseas M&A: CEO
- OMV AV : OMV Second Quarter Loss EU1.03 Bln
- SFQ GY : SAF Holland Sees Full Year Sales EU1.06 Bln To EU1.09 Bln
- SZG GY : Salzgitter Confirms Forecasts; Sees Turkey, U.S. Sanction Risks
- SGL GY : SGL 2Q Profit, Sales Increase; Confirms Outlook
- AM3D GY : SLM Solutions First Half Adjusted Ebitda Loss EU4.5 Mln
- TEG GY : TAG Immobilien Second Quarter FFO EU30.9 Mln
- TSLA US : Tesla Developing Long-Haul Truck, Emails Show: Reuters, Musk Sees Boost in Supercharger, Tesla Urban Charger Network
- TKA GY : ThyssenKrupp 3Q Strong, More Negative FCF Guidance: Baader
- TTI GY : Tom Tailor First Half Revenue EU446.3 Mln
- TUI GY : TUI Group Reiterates FY Guidance; Positive 9-Month Ebita
- UTDI GY : United Internet Sees Full Year Revenue +5% To +6%
- ZAL GY : Zalando Second Quarter Adjusted Ebit Misses Estimates
- ZURN VX : Zurich Ins. Second Quarter Net Income Beats Highest Estimate
- VOW3 GY : Ex-Audi Head Engineer to Be Paid Compensation for Dismissal: SZ

>>> Europe : Brokers Upgrades & Downgrades - 10th of August 2017

>>> Up
* Greggs Raised to Buy at Berenberg
* Semperit AG Holding Raised to Buy at Baader-Helvea, PT EU30
* Stratasys Raised to Buy at Citi
* Symrise Raised to Market Perform at Bernstein
* Vinci Raised to Outperform at RBC, PT EU90

>>> Down
* Achillion Cut to Neutral at Baird
* ASTM Cut to Neutral at MedioBanca, PT EU19.40
* Fraport Cut to Underperform at Credit Suisse
* Kingfisher Cut to Add at AlphaValue
* Unilever Cut to Underperform at RBC, PT EU42
* Voestalpine Cut to Equal-weight at Barclays, PT EU50

>>> Initiation
* Polyus New Overweight at JPMorgan, PT RUB6,274
* TLG Immobilien New Hold at Baader-Helvea, PT EU19.50

>>> Call
>> Sector
* EUROPEAN SOFTWARE SECTOR CUT TO NEUTRAL AT HSBC
* EUROPEAN INSURANCE SECTOR RAISED TO OVERWEIGHT AT HSBC