Wilbur Ross
Wilbur Ross
Wilbur L. Ross, Jr. is an American investor known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. As of August 2014, Forbes magazine lists Ross as one of the world's billionaires with a net worth of $2.9 billion...
NationalityAmerican
ProfessionBusinessman
Date of Birth28 November 1937
CountryUnited States of America
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It's a horrible freak accident. Apparently, a lightning bolt struck the mine.
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The increase in our positions (in the three companies) shows our conviction in the prospects for these holdings. We are delighted with our positive working relationships with each of the management teams.
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Everybody knows that this wonderful house of cards is going to collapse at some point and everybody is nervous that this kind of situation, as we are seeing in Asia could be the precipitating event.
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What is worrisome about that is the U.S. standard of living. I think it is very difficult to envision our standard of living being preserved if we're in an economy where all people do is flip hamburgers, wait on people in stores and sue each other. It's not much of a basis for an economy.
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Ships are a strange kind of commodity because they're very lumpy, very big individual units, but they're commodities.
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You cannot just keep borrowing more and more and keep spending more and more without eventually having a day of reckoning.
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Each weekend I play at least one and maybe two sets of tennis a day. My doubles team was in the finals recently at my tennis club in Palm Beach and lost a tiebreaker after a three-hour match. I must confess, by the end of the three hours, I was relieved it was over.
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I see myself as a private-equity investor that helps rebuild companies. Restructuring is a cottage industry in that there aren't that many serious practitioners.
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We are looking at many of these distressed (auto parts companies) that have some kind of proprietary technology and some scale of size.
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I don't think there's anything inherently wrong with a bank being big. In fact, there are some good arguments about universality of geography that in theory, if you have all your eggs in one little community, and some big employer goes out, that could be your downfall.
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Generally speaking, companies get into bankruptcy as a kind of meritocracy. Somebody made some sort of big mistake, to get into bankruptcy, and very often, a part of the mistake is too much leverage.
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I think at the end of the day, the real sick man of Europe is liable to turn out to be France, not Greece, not Portugal, not Spain, not Italy. The reason is France is very uncompetitive to begin with on a global scale, and the measures that Hollande has been putting in have been very, very negative from the point of view of economic growth.
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The typical big Japanese company has somewhere between a third and 40 percent of its revenues coming from developing countries, and about a third of Japan's exports are also to the emerging countries, so in a strange way, Japan, which has very little internal growth, its big companies are a good way to play the emerging markets.
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Shipping has a great oversupply of vessels that came from over-ordering a few years back. We think 2014 may be when it turns around.