Fortress Investment Group named Randal Nardone its Chief Executive Officer. Fortress Group is a company that specializes in asset management. It has carved a niche in the financial and asset investment sector as a leading risk management company and alternative asset investment outfit. The group has spread its wings across the globe. It was started n 1998 as a private Equity firm but has grown by leaps and bounds until it is reported to be managing assets worth over $43.6 billion. Randal Nardone is 55 years old.
Randal, The Billionaire
In 2007, Randal Nardone was named as one of the world’s richest people by Forbes magazine, following the increase in the price of Fortress shares. Randal who is referred to by his colleagues as Randy has an in-depth knowledge of the corporate sector. He is also a shrewd businessman who knows when to push and when to beat a retreat. In one of the most recent developments, Randal Nardone led Fortress in a business deal that saw it purchased at a cost of $3.3 billion by the Japanese software giant SoftBank. The deal involves SoftBank owning all of the shares that were previously owned by Fortress. The deal explains that Fortress will continue operating independently, although the end year financial report will be incorporated with that of SoftBank. Randal Nardone is a co-founder and one of the Principals of Fortress Investment Group. Randal also served several other companies before he joined a group of investors to start Fortress Investment Group in 1998. He has worked for such companies as UBS where he offered his duties as the Managing Director. He also served as the principal of BlackRock Financial Management.
Randal Nardone; His Education and Career Path
Randal Nardone is practicing what he learned in college. He pursued a Bachelor of Science at Connecticut University before he focused on Law from Boston University. Randal became a CEO of Fortress following Mudd issuing a presser that he would be resigning from the CEO role.
Fortress Investment Group
Fortress Investment Group was founded in 1998 as a small private equity firm. The business grew and made Fortress strategize and soar in their area of business. Fortress has the assets of over 1750 private and public clients under its management crew. It has had its fair share of adventures in including the one that made it almost stand in the way of the Winter Olympics in 2010. Fortress Investment Group has employed almost 1,000 employees. It says that it has a team of experts dedicated t finding tailor-made solutions to its clients.
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The economists that spend their days tracking the health of the world’s economy don’t usually agree with each other. The Wall Street elite try to explain the chaos in equities and global currencies that has been going on this year by throwing numbers and facts at investors. But there is one economic genius that doesn’t sugar-coat the fact that all the economic signs point to a global recession. That genius is George Soros. The eighty-five-year-old Soros is the guy that predicted the British pound would have to be devalued back in 1981. Soros was right and pocketed a cool 1 billion dollars when he shorted the pound against the dollar.
Mr. Soros is predicting on Bloomberg another major economic disaster, and once again, there are economists that agree with him, and economists that claim the sign Soros is seeing won’t turn into a bubble-bursting financial fiasco. Those economists say the economic turmoil in China doesn’t compare to the 1997 Asian debt crisis, but Soros thinks those soothsayers are sweeping the signs under the rug. They don’t like to predict a downtick on Wall Street, and they certainly don’t want to tell the world of market mayhem and the impending global recession.
Bur George Soros is not one to paint any picture but the real one. The S&P 500 began 2016 with the worst performance in its history. Mr. Soros said the United States goes into a recession about every five years. It has been seven years since the last recession, so the U.S. is overdue. The economic forecasters are saying the U.S. GDP will grow by 3.5 percent or more in 2016, but they aren’t reading the signs correctly. The main contributor for the next recession has been setting the stage for it for the last two years. China’s faltering economy has sent Brazil and other trading partners into recession mode already, and Soros believes the other countries are one step away from calling their economies stagnant.
China is trying to build a gigantic fixed asset bubble that isn’t contributing to the country’s GDP growth, according to Soros. He also said China’s currency is overvalued, and he is betting it will depreciate in 2016. Shanghai equity prices are down 40 percent over the last two years, and Chinese rail freight volume keeps dropping by 10.5 year after year. China is telling the world that their economy will grow by 6.5 percent over the next five years, But Soros says the Chinese government will have to pull a financial rabbit out of a black hat in order for that to happen.
Soros expects more stress on corporate earning as the global economic growth continues to slow down. He also thinks real estate values and equity prices can no longer be supported by incomes and GDP. All the signs are there for a 2008 type recession. Soros says it’s time to believe them.
Read more: http://www.forbes.com/profile/george-soros/