BajaNomad

The New Yorker profiles Carlos Slim

Santiago - 6-5-2009 at 04:02 PM

http://www.newyorker.com/reporting/2009/06/01/090601fa_fact_...

The above link takes you to very short recap of a long profile piece of Carlos Slim in the June 1 issue of the New Yorker. Unfortunately, you need to be a subscriber to read the entire piece but maybe you can find a copy from someone who is or use their log-in info. It's worth the effort as the writer spent a lot of time following Mr Slim around, with Mr Slim's permission, and you get a good feel for how the man operates. You also get a glimpse into how Telecel works. Worth the effort.
Couple of things I learned about Carlos is that he was driven to accumulate from an early age, he is very frugal (his headquarters is still in the same basic drab building it's always been in) and he always waits for bad times to buy whole companies on the cheap.

flyfishinPam - 6-5-2009 at 04:10 PM

Quote:
Originally posted by Santiago
and he always waits for bad times to buy whole companies on the cheap.

Bajahowodd - 6-5-2009 at 04:43 PM

I think there's an envy factor at work here. Slim's parents were merchants, but not really wealthy. Slim, himself, actually earned money driving a cab in Mexico City. Not saying that Carlos Slim Helu should be nominated for the Nobel prize, but one must admire how he has flourished, given relatively modest beginnings. And yes. He is behind a slew of charitable operations. Frankly, I wonder sometimes if gringos don't begrudge him of his success because he is both someome of Middle Eastern descent and a citizen of Mexico. And, he is certainly not infallible. Among other failures, think Comp USA. What he is, is a person willing to take a risk. Seems to me to be the personification of a US/ world capitalist.

flyfishinPam - 6-5-2009 at 10:18 PM

no its the concentration of wealth and how easy it is in these times that angers me.

Bajahowodd - 6-5-2009 at 11:54 PM

Slim has no monopoly. There's way too much concentration of wealth NOB. And sadly, it appears no one has grown a soul since the financial debacle. Case in point. I have a relative who is a commodities trader for a major Wall Street firm. His specialty is energy. If anyone hasn't noticed, the price of a barrel of crude is now over $70, despite OPEC keeping production constant. What's driving the increase? Speculators who are buying future deliveries betting on the economy recovering. Gas at the pump went up over 50 cents per gallon in CA in the last month. It's not supply and demand. It's speculators.

flyfishinPam - 6-6-2009 at 06:28 AM

well your position may be different from the average Mexican who is trying like hell to keep their head above water right now. what telephone choices do we have? Telmex is our only choice for a landline and Telcel is the only reasonable choice for wireless.

technically America Movil does not have a monopoly on the wireless but in MOST areas of Mexico outside DF they certainly do. recently the head of SCT resigned in disgrace over disclosure that favors were being performed in the telecommunications sector. when you have to run a business or are an average worker trying to keep up with the high costs of telcel and telmex here in Mexico (and the low value of the peso), then come back and talk to me.

I did a google search with the following words, carlos+slim+monopolista
http://www.google.com.mx/search?hl=en&q=carlos+slim+mono...

if you read Spanish you may come to a different conclusion. keep in mind he owns much of the media in Mexico and an increasing amount in the USA. there are countless search key words you can use, do some Spanish searches from Mexican sources and consider the source when flipping the switch on the BS meter. we should always have our BS meter running when seeing, reading or hearing any "news" and "information" sources.

sorry if I sound harsh maybe I need more caffeine.

flyfishinPam - 6-6-2009 at 06:30 AM

Quote:
Originally posted by Bajahowodd
If anyone hasn't noticed, the price of a barrel of crude is now over $70, despite OPEC keeping production constant. What's driving the increase? Speculators who are buying future deliveries betting on the economy recovering. Gas at the pump went up over 50 cents per gallon in CA in the last month. It's not supply and demand. It's speculators.


wow what a way to jumpstart the economy! no wonder we're in the trouble we're in I don't think I would send him to bet with my money :lol:

yur right on!

capt. mike - 6-6-2009 at 07:05 AM

Quote:
Originally posted by Bajahowodd
Slim has no monopoly. There's way too much concentration of wealth NOB. And sadly, it appears no one has grown a soul since the financial debacle. Case in point. I have a relative who is a commodities trader for a major Wall Street firm. His specialty is energy. If anyone hasn't noticed, the price of a barrel of crude is now over $70, despite OPEC keeping production constant. What's driving the increase? Speculators who are buying future deliveries betting on the economy recovering. Gas at the pump went up over 50 cents per gallon in CA in the last month. It's not supply and demand. It's speculators.


it's what drove it to $150 a BBL last year! frickin speculators gambling on arbitrage.
i am SOOOO glad many of those human tirds got burned on their calls when they came due. basturos!
i have to buy avgas today....none too happy about it either! headed towards $6 a gal again......:fire:

Bajahowodd - 6-6-2009 at 01:57 PM

Just maybe, Slim will have to deal. But not until after the next election. With what has happened with Calderone's drug war, I think the PAN is vulnerable. If the PRD gains traction, there just may be a movement similar to what happened NOB. Remember when Ma Bell was forced to break up by the government?

mtgoat666 - 6-6-2009 at 02:15 PM

Quote:
Originally posted by capt. mike
Quote:
Originally posted by Bajahowodd
Slim has no monopoly. There's way too much concentration of wealth NOB. And sadly, it appears no one has grown a soul since the financial debacle. Case in point. I have a relative who is a commodities trader for a major Wall Street firm. His specialty is energy. If anyone hasn't noticed, the price of a barrel of crude is now over $70, despite OPEC keeping production constant. What's driving the increase? Speculators who are buying future deliveries betting on the economy recovering. Gas at the pump went up over 50 cents per gallon in CA in the last month. It's not supply and demand. It's speculators.


it's what drove it to $150 a BBL last year! frickin speculators gambling on arbitrage.
i am SOOOO glad many of those human tirds got burned on their calls when they came due. basturos!
i have to buy avgas today....none too happy about it either! headed towards $6 a gal again......:fire:


exxonmobil has been very, very good to me. keep on driving those V-8s -- in need the dividends :lol:

with peoples addictions to energy, you can hardly ever go wrong buying stock in well run utilities and fossil fuel producers and transporters.

Bajahowodd - 6-6-2009 at 02:16 PM

Thanks for the investment tip.

longhairedbeatnik - 6-6-2009 at 02:22 PM

I will only invest in energy companies when they are really energy companies. They should invest in all areas of green energy and deliver energy through many avenues.
50% oil and the rest alternative resources.

Can you imagine the stock of any company that did this as their business model.

tripledigitken - 6-6-2009 at 02:43 PM

The rise of the price of oil recently has followed the drop in the value of the dollar. As big a reason for the rise in oil, as is speculation in the commodities market. The drop in the dollar for the most part is the result of our current financial policies out of Washington. Policies which the world has no faith in, sorry to say.

Ken

[Edited on 6-6-2009 by tripledigitken]

BajaGringo - 6-6-2009 at 02:48 PM

I lost the faith several years ago...

mtgoat666 - 6-6-2009 at 02:49 PM

Quote:
Originally posted by longhairedbeatnik
I will only invest in energy companies when they are really energy companies. They should invest in all areas of green energy and deliver energy through many avenues.
50% oil and the rest alternative resources.

Can you imagine the stock of any company that did this as their business model.


yes. don't need to imagine, 100s already out there, most not showing a profit despite heavy tax credits. need another cheney/enron to raise wholesale electric prices so alt powe generation is profitable.

woody with a view - 6-6-2009 at 04:18 PM

ATW
PBR
TC
FSUMF
V

we've been buying on the ride up,down and back up. but who's counting? see me in 20 years when i need the $.

Bajahowodd - 6-6-2009 at 04:30 PM

Day trader in ob?

woody with a view - 6-6-2009 at 04:55 PM

negative.

long - 2 roth's, 1 401k.

flyfishinPam - 6-6-2009 at 05:07 PM

so the speculator comment from above (first I think) stated that the price of oil is $70 and rising and that rise is counting on the economy looking better in the near future, which dictates an increased demand?
later on in the thread the price of oil is being driven up due to the decreasing value of the dollar??
fisherwoman confused here.
these two reasons seem almost polar opposites but the second one sounds more realistic
avgas $6 bucks a gal? holy #^@%!

arrowhead - 6-6-2009 at 06:42 PM

If you want some perspective on the US attitude to charity vs Mexico, there is probably none better than Carlos Slim. The three richest people in the world, in order, are (1) Bill Gates, (2) Carlos Slim, and (3) Warren Buffett.

Bill Gates has endowed a charitable trust with over $40 Billion. That is Billion, with a capital "B". And Microsoft gives additional $ billions in computers and software to schools. Warren Buffett has already given away billions and has made no secret that he is leaving his entire estate (over $60 Billion now) to charities when he dies. Carlos Slim has contributed about $7 Billion to charities...a distant third.

People were talking about the street children in Mexico who are not in school because their parents cannot afford uniforms and books. Well, Carlos Slim could buy uniforms and books for every poor child in Mexico out of his pocket change, if he so desired.

[Edited on 6-7-2009 by arrowhead]

arrowhead - 6-6-2009 at 06:47 PM

Quote:
Originally posted by flyfishinPam
so the speculator comment from above (first I think) stated that the price of oil is $70 and rising and that rise is counting on the economy looking better in the near future, which dictates an increased demand?
later on in the thread the price of oil is being driven up due to the decreasing value of the dollar??
fisherwoman confused here.


The price of oil is increasing because oil is traded in dollars. The price you see is the price in the futures market -- the expected price of oil a few months out. In the cash delivery market, oil is cheaper. The price of oil is not increasing because of expected higher demand. It is increasing because traders expect the dollar to become weaker as the government keeps printing more money.

Just look at the peso. It slipped under 13:1 this week. Mexico's economy sure isn't getting any better. It is the expectation of a weak dollar that is causing this.

woody with a view - 6-6-2009 at 06:49 PM

Quote:
Originally posted by flyfishinPam
so the speculator comment from above (first I think) stated that the price of oil is $70 and rising and that rise is counting on the economy looking better in the near future, which dictates an increased demand?
later on in the thread the price of oil is being driven up due to the decreasing value of the dollar??
fisherwoman confused here.
these two reasons seem almost polar opposites but the second one sounds more realistic
avgas $6 bucks a gal? holy #^@%!


demand drives the price of everything. when you buy something and pay with dollars, and then the value of a dollar drops (inflation) it takes more dollars to buy the same barrel.