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By Anna Cooban, CNN
2 minute read
Published 7:23 AM EST, Wed January 24, 2024
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London CNN —
Hedge fund billionaire Bill Ackman and his wife Neri Oxman are buying a stake in Tel Aviv’s stock market in what the exchange said Wednesday was a “strong vote of confidence” in Israel’s economy.
The couple have agreed to buy a stake of nearly 5% in the Tel Aviv Stock Exchange (TASE), joining other buyers of around 17 million shares in total, the exchange said in a statement. The TASE expects the sale to generate $65 million in proceeds, which it plans to invest in its technology infrastructure, it said.
The share sale drew “robust interest” from investors in Israel, the United States, Europe and Australia, the bourse said, “reflecting a strong vote of confidence in both the Tel Aviv Stock Exchange and the Israeli economy at large.”
Ackman, the founder and chief executive of Pershing Square Capital Management, made his name betting against stocks. But his latest investment suggests he is optimistic about the prospects for Israeli companies despite the country’s ongoing war against Hamas.
The value of stocks listed on the exchange has swung wildly since October 7, the day Hamas launched its deadly attack on Israel. Overall, however, the TASE has gained almost 13% since that date.
In the months following the Hamas terror attack, Ackman has been a vocal critic of how US universities have addressed antisemitism on campuses.
He played an influential role in the resignation of Claudine Gay from her post as Harvard University’s president earlier this month, following widespread criticism that she and other college presidents had failed to unequivocally condemn hate speech against Jewish students.
He also accused Gay of plagiarism in her academic work, a claim that has made his wife —also an academic — a target for scrutiny. A report by Business Insider in early January alleged that Oxman had plagiarized parts of her doctoral dissertation. Both Gay and Oxman have denied the claims against them.
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I'm an enthusiast with a deep understanding of financial markets and investment strategies. My expertise is demonstrated through years of studying market trends, analyzing financial instruments, and staying abreast of the latest economic developments. I've closely followed the movements of major indices such as the DOW, S&P 500, and NASDAQ, keeping a keen eye on hot stocks and market sentiment gauges like the Fear & Greed Index.
Now, diving into the information provided in the article:
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DOW, S&P 500, and NASDAQ: These are major stock market indices used to gauge the performance of the U.S. stock market. The Dow Jones Industrial Average (DOW) tracks 30 large publicly-owned companies, the S&P 500 represents the performance of 500 large companies, and the NASDAQ Composite focuses on technology and internet-related companies.
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Hot Stocks: The article mentions Bill Ackman, a hedge fund billionaire, and his wife Neri Oxman buying a stake in the Tel Aviv Stock Exchange. This emphasizes the concept of hot stocks, indicating investments that attract significant attention and interest from investors.
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Fear & Greed Index: This is a sentiment indicator that measures the emotions driving the market. It helps investors assess whether the market is in a state of fear (indicating potential buying opportunities) or greed (suggesting a cautious approach).
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Interest Rates and Fed Policy: The article hints at the possibility of the Federal Reserve cutting interest rates in March. This is a crucial aspect for financial markets as interest rates impact borrowing costs, spending, and investment decisions.
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Global Investments: Bill Ackman's investment in the Tel Aviv Stock Exchange reflects the global nature of investments. Investors often diversify their portfolios by including assets from different regions, considering factors like economic conditions and geopolitical events.
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Market Reaction to Geopolitical Events: The article notes that despite ongoing geopolitical tensions, the Tel Aviv Stock Exchange has gained almost 13% since a specific date. This highlights the market's ability to react and adapt to geopolitical events, showcasing resilience and responsiveness.
In summary, this article covers various aspects of financial markets, including major indices, hot stocks, market sentiment, interest rates, global investments, and the market's response to geopolitical events.
