BOSTON (Reuters) - Billionaire hedge fund manager John Paulson, whose bet against the overheated housing market made him one of the world's wealthiest people, became a lot richer last year.By earning an estimated $5 billion in 2010 thanks to bets the economy would recover, the 55-year investor likely set a new record for the $1.9 trillion hedge fund industry's biggest-ever annual payday. He beat his own record, which he set in 2007 with a $4 billion haul made off the subprime bet.
The Wall Street Journal first reported Paulson's payout in its Friday edition, and investors familiar with Paulson's portfolios said the number is likely correct given the manager's asset size and his recent profitable bets on Citigroup and gold.
For Paulson, the payday comes after he reversed deep losses in his funds halfway through the year, and it may put to rest lingering talk that his investing prowess was limited to a lucky bet during the subprime era, investors said.
"He did it on the short side and on the long side," said Brad Alford, founder of Alpha Capital Management, which invests with hedge funds. "He proved that he can really do it all."
Monday, January 31, 2011
Paulson's $5 billion payout shocks, raises questions
Sunday, January 30, 2011
How To Get Perky Eyes At Every Age
The secret to great eyes is to start taking care of them as soon as possible. Whether you're in your 20s, 30s, 40s, or 50s and beyond, it's never too late to start giving your peepers a little TLC. Here, we show you the treatments to start now to ensure gorgeous eyes no matter how old you are.
In Your 20s...Start to Prep
Wrinkles might be the last thing you see near your eyes in your twenties, but dark circles from lack of sleep or one too many cocktails are probably frequent visitors on your face. This doesn't directly age you, but it sure as heck makes you look older. Dr. David E. Bank, MD, suggests using a good eye cream to slow down the aging process and keep wrinkles away longer. Apply a lighter cream with SPF in the morning, like Neutrogena Visibly Firm Eye Cream, and a thicker one at night like RoC Retinol Correxion Deep Wrinkle Night Cream. To avoid breakouts, steer clear of creams that contain octyl stearate, which can clog pores and leave your skin feeling greasy.
Pair this routine with getting at least seven hours of sleep, not smoking, and eating relatively healthy. You're not young forever, after all!
Saturday, January 29, 2011
The 5 Most Germ-Infested Places You Touch Everyday
These days there are dispensers of hand sanitizer pretty much everywhere you turn—and for good reason. Germs lurk on surfaces you normally wouldn’t think twice about, including the five most germ-infested places outlined below. Note that some of these might just surprise you!1. Your Desk
It may sound crazy to hear your toilet bowl is more sanitary than your workspace, but it’s true! While restrooms are cleaned frequently, people tend not to clean their desks on a regular basis. Even though most of the germs you encounter aren’t particularly harmful, you should make a point of cleaning your workstation at least once a week during cold and flu season and try not to eat lunch at your desk.20 Hot Golden Globe Celebrity Looks
2. Your Kitchen Sponge
There’s a good reason sponges are banned from use in food service—a kitchen sponge is likely the dirtiest item in your entire home. A single sponge can harbor billions of harmful bacteria, such as staphylococcus and salmonella. Your best bet is to use paper towel or a rag that you wash each day. But if you’re fond of sponges, be sure to ring it out and let it dry well after each use. If you can, run it in the dishwasher every other day, zap it in the microwave for a minute or two to kill even more germs, and be sure to replace it at least every three weeks.
Friday, January 28, 2011
Ikea skirts taxes with 'secret' foundation: report
An Ikea store in New York City. Swedish furniture giant Ikea's founder has admitted that he still controls the company through a secret foundation, ahead of the airing Wednesday evening of a documentary that also charges the firm systematically evades taxes.
On Wednesday January 26, 2011, 8:56 pm ESTSwedish furniture giant Ikea's founder still controls the company through a previously unknown foundation, he admitted ahead of an investigative documentary Wednesday that revealed the company's complex structure.
"Interogo Foundation is controlled by my family and run by a board that is made up entirely of outside members," Ivar Kamprad, 84, said in a statement issued before the first of a two-part investigative documentary aired on Swedish public television SVT.
Kamprad, who refused to be interviewed for the documentary, has long insisted that he and his family no longer have any control over Ikea, which is not listed on the stock exchange, and was previously known to be owned by a foundation in the Netherlands called Stichting Ingka Foundation and its subsidiary Inka Holdings.
But the SVT documentary charges that Kamprad has in fact "secured control and power over Ikea. In total secrecy, he has created a foundation in one of the world's most infamous tax havens -- Lichtenstein."
Thursday, January 27, 2011
Advantages of Online Marketing for Offline Businesses
Why Offline Businesses Are Discovering the Advantages of Internet Marketing
More and more offline businesses, both small and large, are discovering the advantages of internet marketing. When push comes to shove, your business needs to survive right? In this difficult economy business owners MUST take advantage of every opportunity afforded to them in order to keep their doors open. Learn how internet marketing is helping offline businesses survive and even thrive regardless of the economy.
Internet marketing, also referred to as web marketing, online marketing or eMarketing is the marketing of products or services over the internet. There are 3 key areas that explain why internet marketing is fast becoming a necessary skill to entrepreneurs everywhere.
1. Return on Investment – ROI is absolutely necessary for businesses to remain profitable. For instance, when people advertise in traditional media, T.V., radio, newspapers, etc., it is possible to track some of where your business is coming from but it is almost never completely accurate (not to mention expensive.) This is not the case on the internet. There are systems set up to where you can track visitors down to each and every click. You will know exactly when and where (and from who) the money is coming from. The internet is FAR more efficient for ROI than the traditional methods and at least 50% less expensive. When the economy is struggling, business people start to tighten their belts and start to look at ways to advertise for less. That’s where the internet and internet marketing come in.
2. Exposure and Cost – A traditional brick and mortar business can cost anywhere from $10,000 to $100,000 + to open. This cost does not include things any overhead like advertising, employees, cash flow, etc. As an example, a small mom and pop store selling books might spend $1000 to $2500 per month just to advertise to the local community! Remember that most offline businesses take at least 2 years before they start to make a profit. Do the math, most of the time it costs a small fortune to even get going with a traditional business in the offline world.
Most of the time, setting up a business online can be almost FREE! Even a brand new online business has the potential to be exposed to millions of people. That’s right MILLIONS! That is the power of the internet! The example above cost thousands monthly just to advertise to the local community! Think about that for a minute. Millions of people who you can expose your product or service to. That’s what I call efficiency!
Justin Bieber's Haircut Costs $750
We're firm believers that a good haircut can really make the lady... or the dude as the case may be. That said, we've had incredible haircuts that cost $30 and some that we paid over $100 for. It's all about finding a skilled stylist who can achieve a flattering look you'll love.Back in 2009, teen pop sensation Justin Bieber became a client of Vanessa Price, who created his signature shag haircut. According to Life & Style she's been cutting his hair ever since, making house calls only, and charges a whopping $750 per haircut. "I usually cut his hair every couple of weeks when he's on tour," Price told Life & Style. "I've heard adults joke they were going to take his hair after I cut it." She said both she and the Biebs don't understand the hype behind his eyebrow-grazing 'do. "We both were shocked people cared that much about someone's hair!"
Wednesday, January 26, 2011
Budget Deficit Is Expected to Grow 14% to $1.48 Trillion in Fiscal 2011
By COREY BOLES
WASHINGTON—The federal government's budget deficit is expected to grow about 14% to $1.48 trillion by the end of the current fiscal year, an increase largely resulting from the extension of lower tax rates, the Congressional Budget Office said Wednesday.
The deficit was roughly $1.3 trillion in fiscal 2010, which ended on Sept. 30.
The CBO said two weeks ago that the budget deficit had reached $371 billion through the first three months of fiscal 2011.
In fiscal 2012, which begins on Oct. 1, the CBO expects the deficit to drop to $1.1 trillion, still big by long-term historical standards.
The CBO, an agency that reviews congressional budgets and legislative initiatives with budgetaryimplications, said that as a share of U.S. gross domestic product, the deficit will jump from 8.9% in fiscal 2010 to 9.8% in fiscal 2011 before declining to 7.0% in fiscal 2012.
The tax compromise reached between Democrats and Republicans in December added $858 billion to the federal budget deficit over the next 10 years. The deal renewed the Bush-era income-tax rates for all Americans for two years, despite the misgivings of many Democrats, who wanted to see the rates for wealthiest Americans revert to higher rates.
The accord also reinstated the estate tax at a rate of 35% on individuals earning more than $5 million and couples worth more than $10 million. The tax had expired at the end of 2009 and was set to be renewed from 2011 at higher rates.
The agreement also created a one-year payroll-tax holiday for most working Americans.
While both sides acknowledged that the strands of the tax deal would add to the budget deficit in the short term, lawmakers agreed that allowing taxes to increase would have jeopardized the economic recovery.