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Saturday, November 23, 2013

Soros Increases Holdings in Teva to Most Since 2010

George Soros
George Soros
Soros Fund Management LLC, the family office of billionaire George Soros, increased its holdings in Teva Pharmaceutical Industries Ltd. (TEVA) to the most since 2010.

The firm, based in New York, raised its stake in Teva, the worst-performing pharmaceutical company in the U.S. in the past year, to 1.8 percent of its $7.75 billion U.S. stock portfolio in the third quarter, according to a filing with the U.S. Securities and Exchange Commission on Nov. 14. This would make it the largest allocation since the fourth quarter of 2010, according to data compiled by Bloomberg.
Teva fell to a two-year low on Nov. 4 after a rift over the company’s future with Chairman Phillip Frost led to the Oct. 30 resignation of Jeremy Levin, who was brought on board as chief executive officer less than 18 months before. Concern its best-selling product, the multiple-sclerosis injection Copaxone, will lose traction as it faces stronger competition is also weighing on the shares.

more @ Bloomberg

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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.