Oct.31 — Nassim Nicholas Taleb, scientific advisor at Universa Investments, discusses the factors causing global fragility, hidden liabilities in global markets, and what he sees as safe trades in the current market. He speaks with Bloomberg’s Erik Schatzker on “Bloomberg Markets.”
High-end real estate will be the first to fall.
But the prime minister should have gone in harder. If she really wanted to teach Russia a lesson, she should have announced measures allowing her government to scrutinize the billions of dollars invested in Britain by Russian oligarchs and their associates, some of whom have criminal or intelligence backgrounds. This kind of transparency would hit President Vladimir Putin and his allies where it hurts most: their bank accounts.
To this day, anybody from Mexican cartels to Saudi arms dealers to Russian oligarchs (and even American real estate magnates) can invest money in Britain through anonymous companies registered in Crown Overseas Territories like the British Virgin Islands. In London’s central borough of Westminster alone, some 10,000 apartments and houses are owned by companies whose proprietors are entirely unknown to the government.
.. In 2016, Mrs. May’s predecessor, David Cameron, was preparing legislationto force anonymous companies to reveal their real owners. Then he lost the referendum on Britain’s membership in the European Union.
.. Mrs. May probably has her reasons for not going forward with the law. She is the country’s weakest prime minister to assume office since World War II. Brexit has not only polarized public opinion but also created bitter divisions in her cabinet, and several ministers are open about their desire to take her place.
Because of this, she has had to handle the relationship with Russia after the murder attempt with great care. If she gets it wrong, her already enfeebled administration could collapse... Mr. Putin may have realized how weak Mrs. May is, which is why he would decide to act now to take revenge on a man he sees as a traitor and to cause Britain new headaches.Russia’s motivation is understandable. Its economy faces serious structural problems, including a dangerous overreliance on oil and gas. At the same time, business leaders are worried about the country’s long-term demographic decline. Mr. Putin seeks to bolster his domestic popularity by looking powerful as he sows discord with the West... The government is reaping the dubious rewards of having opened the City of London since the late 1990s to foreign capital with no questions asked about its origin.The initial aim of this permissive approach was to persuade investors that London — rather than New York — was best suited to be the world’s financial capital. Among the many to take advantage of the light-touch regulations were oligarchs, spies and gangsters... Russian oligarchs have made an indelible mark on London. Some own newspapers, others our most successful soccer clubs, while many more own huge chunks of high-end property in the most fashionable parts of the capital... And some of those characters are close collaborators and friends of President Putin... If Mrs. May is convinced that Russia is behind this attack, then she needs to devise a way of getting to President Putin’s friends and collaborators. And that means great transparency. She should reintroduce the stalled proposal to force anonymous companies to reveal the sources of their cash.
Michael Dell was the buyer behind the $100.47 million purchase of a penthouse on Manhattan’s Billionaire’s Row, according to two people familiar with the deal. The transaction, which closed in 2014, holds the record for the most expensive home ever sold in New York City.
.. Located in One57, a more than 1,000-foot-tall glass tower on West 57th Street, the duplex apartment totals 10,923 square feet with six bedrooms and six bathrooms, according to an offering plan for the project.
.. It is the first and only property in the city to break the $100 million barrier, public records show, but that record is widely expected to be broken by the sale of a penthouse at a nearby project at 220 Central Park South, which has not yet closed.
.. Last year, Mr. Dell entered into contract to buy another penthouse in Boston. The property is in the Four Seasons Private Residences One Dalton Street and had been on the market for close to $40 million.
.. also bought a $10.9 million condo at Boston’s Millennium Tower in 2016, records show, following a $60 billion deal by his company to acquire EMC, based in Hopkinton, Mass.