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Netjets' Latest Wings December 10, 2015

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Netjets' Latest Wings December 10, 2015 8BARRON’S December 7, 2015 December 7, 2015 BARRON’S 45 Up &Down Wall Street continued Trusted advice for families In acandid response to aquestion from $100 billion, according to Wilshire Associ- BUILTBYINVESTORS,FOR INVESTORS. TA Mervyn King, the former governor of the ates’calculations. Bond investors also share with $5 million Bank of England, whoasked if his com- the pain, and not just because of previously or more mentsFriday were an attempt to undo notedprice declines in the Treasury sector, some of the market impact from Thursday’s which were only partially reversed Friday. announcement, Draghi said, “Not re- Even against the backdrop of the equity ally…well…of course.” Appreciative chuck- market’slate-week rebound, junk bonds con- NetJets’ Latest Wings PEN Connecting les from the assembled economics and fi- tinued to slump. The SPDR Barclays High P2BW341000-0-W00800-1--------XA nancetypes ensued. Yield Bond ETF (JNK) hit a52-week low By Mark Huber Draghi dismissed speculation that dissent Friday while the iShares iBoxx $High BILL JOHNSON IS THE FIRST PERSON TO OWN THE LONG-RANGE BOM- The Challenger 650 changing room. The cabinetry is among the ECB’sgoverning council (notably Yield Corporate Bond ETF (HYG) hovered bardier Challenger 650, anew private jet that critics are praising more thoughtful, too, with more from the Germans) kept him from taking just above its yearly low.Part of that reflects for its 4,000 nautical-mile range, good operating economics, and costs $32.35 million, storage room for personal items. investor goals more forceful action. Dissent is normal at stress in the energy sector,exemplified by comfortable 7-foot-11-inch-wide cabin. The Challenger 650 is with direct hourly The reconfigured galley has an centralbanks, including the Fed, but he Friday’sdrop in benchmark U.S. crude exceptionally plush, and how Johnson bagged the first model off operating costs addedfour-compartment, tem- added that lack of unanimity isn’t acon- prices below $40 abarrel, following the Or- the production line is a story worth telling. perature-controlledbeverage straint on his decisions. Neither is the size of ganization of Petroleum Exporting Countries Johnson, 66, is the respected brand builder who ran H.J. coming in at chiller. the ECB balance sheet, which can be ex- non-decision not to cut output. Heinzfor 15 years, until 2013, when the food company was $3,384.82. There is also alarge convec- with ETFs. panded as needed to meet its objectives. “We Fornow,Evercore ISI’stechnical ma- bought for $28 billion by Warren Buffett’s Berkshire Hathaway tion oven,espresso machine, and have the power to act. We have the determi- ven, Richard Ross, sees the traditionally (ticker: BRK.A) and 3G Capital. Johnson promptly retired—his coffee maker.The forward ward- nation to act. We have the commitment to positive year-end seasonal trends keeping shares were worth more than $100 million—and suddenly he had robe has veneered doors instead of the typical curtain, and the act,” the ECB president stated emphatically. stocks moving higher,which leaves the time on his hands. drawersand inserts have more space. There also is more and Composite Those terse, declarative sentences would Dow,S&P 500, and Russell 2000 small-cap Notacomfortable feeling. Johnson’s smartertechnology.Anon-board server wirelessly streams TV, have done William Strunk and E.B. White benchmark essentially flat for the year,de- father,Bill “Tiger” Johnson, played in movies, news, weather,and flight information to passengers’elec- We know what investorswantinanETF.Because we’reinvestors ourselves. It’s proud. (Their slim Elements of Style once spite their neck-snapping swings. the NFL and later went on to coach the tronic devices. All of this new structure and tech is wrapped in a whywedesigned FlexShares® exchangetraded funds: to target investors’ served as the guide to clear,effective writ- Even with the euro’srally Thursday, Cincinnati Bengals; he also instilled a unique combinationoffabrics, finishes, colors, and materials— real-world goalsincluding growingassets, managingrisk, generating ing, in the days before online algorithms.) Ross still sees that the dollar’strend is fiercely competitive nature in his son. things like West African Makore wood veneer and ostrich-pattern income and providingliquidity. ETFs aligned with investor goals. Just as And the words did the trick. higher,which puts downward pressure on So,after retiring, the hard-charging leather,satin-nickel plating, and hand-tufted carpets. they shouldbe. Stocks hadbeen in rally mode before oil, other commodities, currencies (including Johnson joined some corporate boards, Draghi’smidday comments, but his straight the Chinese yuan, notwithstanding its sym- got into private equity,and began riding Johnson hasn’tbeen on anytrips with NetJets that we would Learn moreabout our investor-centricETF strategies. SCAN FOR talk gave the market an added kick. The bolic inclusion in the International Monetary commercial airlines in pursuit of his consider long—yet. There was one from Florida to California, and Visitflexshares.com/connect or scan code. MORE INFO Standard &Poor’s500 and Dow Jones In- Fund’sSpecial Drawing Rights last week), various freelance gigs. It was ashock. he’sthinking of going to Europe next summer and maybe the dustrial Average doubled their gains to and high-yield bonds. All of which he sees While at Heinz, Johnson had moved Caribbean—“because we canfit the whole family on the plane.” wind up more than 2% on the session, their pressuring stocks lower in the new year. around effortlessly on afleet of corpo- One trip, however, already sticks in his mind. “We flew with best one-day showing in nearly two and That would be consistent with the Fed’s rate Gulfstreams, and he hadn’t been on our6-year-old granddaughter and 4-year-old grandson from three months, respectively.That more than setting its initial hike later this month. acommercial jet post-9/11. Like the rest Naples to Pittsburgh, and it was their first time on aprivate reversed Thursday’slosses. Clearly,Mario’s Stocks have made virtually no progress of us, he didn’t love the experience. “I plane. We had our dogs with us, and the flight attendant was magic was back. since the central bank ended its QE in No- turned to my wife in thesecurity line fantastic and kept the kids occupied for the most part, but my CAPITAL RISK INCOME LIQUIDITY All of which shows that people are vember 2014. Contrary to most Wall Street andsaid, ‘Do Ireally need to take off grandson kept running up to the cockpit. Ikept thinking, ‘Don’t APPRECIATION MANAGEMENT GENERATION MANAGEMENT swayed by simple, succinct but powerful seers, Steven Ricchiuto, chief economist of my shoes?’ ” do that, don’t do that.’ But the pilots couldn’t have been better. messages. More so, than by nuanced, sophis- Mizuho Securities USA, thinks arate hike Soon afterward, Johnson was on the When we got off the plane, my grandson said, ‘Poppa, what do I ticated ones. And markets are no different. would be amistake. The 650’s 7-foot-11-inch phone to NetJets, the fractional-share company,also owned by have to do to be a NetJets guy?’ ” Yet, smart people sometimes do stupid width gives ample room Buffett, signing up for aone-eighth share in anew Bombardier Which suggests to us that NetJets is itself pretty good at the he week’snarrative was less sim- things, he writes, as when the Bank of Japan for the grandchildren Challenger 650. On Nov. 14, Johnson became the first customer brand-building business, and its uniquely luxurious Challenger plistic than Friday’sreturn of Su- raised rates to burst its asset bubble in the and the dogs. to get the new airplane. Alas, NetJets isn’t big on transparent 650 interior is part of that greater effort. Before investingcarefully considerthe FlexShares investment objectives,risks,charges per Mario to vanquish his less- early1990s or when the ECB hiked rates pricing and wouldn’t reveal to Penta how much it charges for a T than-super Thursday self.Yet out of amisplaced inflation fear in 2011, leav- fractional share in the Challenger 650, nor its related charges MARK HUBER reviews aircraft for Business Jet Traveler. CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WE BG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,LA,LD,LG,LK,MI,ML,PI,PV,TD,WO andexpenses. This andother informationisinthe prospectus,acopyofwhichmay be central banks did dominate the story. ing both those regions struggling with defla- for the airplane’s running costs. But we can give you an idea: MAGENTA BLACK CY YELLOW obtained by visiting www.flexshares.com. Read theprospectuscarefully before youinvest. Stocks actually started tanking Wednes- tion. The People’sBank of China’ssloppy The Challenger 650 costs $32.35 million, with direct hourly oper- FROM RECENT PENTA DAILYBLOGS AN ForesideFund Services,LLC,distributor. day,after FedChair Yellen made clear that handling of the stock selloff also will have atingcosts coming in at $3,384.82, according to jet-research firm An investmentinFlexShares is subjecttoinvestmentrisk, including thepossible loss of the first hike in the federal-funds target negative long-termimplications. Conklin &deDecker. The Lowdown on London Real Estate, Nov. 28 rate since 2006 was all but certain. Of “Should the Fedmake apolicy mistake “I love the Challenger for one simple reason—it’swide,” John- principalamountinvested.Funds’returns maynot matchthe returnsoftheirrespective If you are still not convinced this is the right time to buy a course, the FOMC’sdecision next week de- and hike rates, we expect the anticipated eq- son says. “I have five grandkids, and my wife, Susie, and I can indexes.
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