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'''Thomas S. Kaplan''' is an ] ], ]s investor, ] and art collector. He is |
'''Thomas S. Kaplan''' is an ] ], ]s investor, ] and art collector. He is the Chairman and Chief Investment Officer of The Electrum Group LLC, a New York City-based investment, advisory and asset management firm with a principal focus on the natural resources sector. | ||
==Early life and education== | ==Early life and education== | ||
Kaplan was born in 1962 to |
Kaplan was born in 1962 to Lillian Jean Kaplan and Jason "Jay" Kaplan. After attending boarding school in Switzerland, he pursued his college education at ]. At Oxford, he obtained his Bachelor's, Master's and Doctoral degrees in history.<ref name=NBCGoldsEvangelist> August 29, 2010</ref> While researching his DPhil dissertation at Oxford on the ways British politics and the volatile rubber and tin markets shaped pre-independence ], he noticed how soaring commodity prices, which seemed always to take investors by surprise, were often preceded by periods in which low prices bankrupted producers. Acting on that observation, he set up a hedge-fund consultancy in 1988 and made a bullish call on ] companies, buying them at below book value, during the ]. He also predicted correctly that ] would seize ], which would cause gold and oil prices to rise. "A year before Hussein invaded, he warned me this would happen," said Yossi Ciehanover, chairman of the Israeli state airline, ], who used to consult with Kaplan.<ref name="strike">Bernard Condon. “Silver Strike!” Forbes, 8 July 2000. http://www.forbes.com/forbes/2000/0807/064_01.html</ref> | ||
At that time, he met his future wife, Dafna Recanati, the daughter of Israeli artist and film-maker Mira Recanati and investor ]. Dafna had attended the same Swiss boarding school as Kaplan and had returned to Israel to complete her mandatory military service. After the first ], he was asked to work for investor Avi Tiomkin, and joined him in 1991 as a junior partner. In 1993, Tiomkin decided to concentrate his investments solely in Israel, and Kaplan embarked upon a career in mining and energy.<ref name=NBCGoldsEvangelist /> | |||
==Career== | ==Career== | ||
Inspired by ], who |
Inspired by ], who had written of the lifetime opportunities afforded by undervalued commodities, Kaplan focused on natural resources investing.<ref name=NBCGoldsEvangelist /> In 1993, he founded ] to capitalize on the improving supply/demand fundamentals of metals.<ref>Jonathan Fuerbringer. “THE MARKETS: Is silver the glitter of yesterday? Or is it the new ingredient of the reasonably prudent portfolio?” New York Times, 10 February 1998. http://www.nytimes.com/1998/02/19/business/markets-market-place-silver-glitter-yesterday-it-new-ingredient-reasonably.html</ref> While he was Chief Executive Officer and Chairman of Apex, Kaplan's team discovered and financed the San Cristobal deposit in Bolivia, now one of the largest producers of silver and zinc in the world.<ref>Bernard Condon. “Silver Strike!” Forbes, 8 July 2000. http://www.forbes.com/forbes/2000/0807/064_01.html</ref><ref>"Sumitomo to lift San Cristobal production," Mining Journal, 3 June 2009. http://www.mining-journal.com/production-and-markets/sumitomo-to-lift-san-cristobal-production</ref> Kaplan retired from Apex Silver at the end of 2004 to focus on his new exploration projects.<ref>Ken Gooding. "Big Picture Man," Mining Journal, 8 October 2004. http://www.mining-journal.com/fifth-column/big-picture-man</ref> | ||
In 2003, a company related to Kaplan became the largest investor in African Platinum Plc (then known as Southern African Resources Plc), enabling it to explore and develop one of the largest platinum group metals projects in South Africa. In 2007, Kaplan sold his position in African Platinum as part of a transaction in which the company was acquired by Impala Platinum Limited, at a valuation of $580 million.<ref>“Southern African Resources Raises £400,000 Through Private Placing,” Southern African Resources press release dated 12 September 2003. http://www.investegate.co.uk/article.aspx?id=200309120710516940P</ref> | In 2003, a company related to Kaplan became the largest investor in African Platinum Plc (then known as Southern African Resources Plc), enabling it to explore and develop one of the largest platinum group metals projects in South Africa. In 2007, Kaplan sold his position in African Platinum as part of a transaction in which the company was acquired by Impala Platinum Limited, at a valuation of $580 million.<ref>“Southern African Resources Raises £400,000 Through Private Placing,” Southern African Resources press release dated 12 September 2003. http://www.investegate.co.uk/article.aspx?id=200309120710516940P</ref> | ||
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==Philanthropy== | ==Philanthropy== | ||
Kaplan and his family support a number of philanthropic and conservation causes in the United States and the developing world. Kaplan |
Kaplan and his family support a number of philanthropic and conservation causes in the United States and the developing world. Kaplan serves as the Executive Chairman of Panthera, a charity which he and his wife co-founded in 2006. Panthera is devoted to preserving the big cats and their ecosystems around the globe and has been recognized as the leading force in felid conservation.<ref>{{cite web |url=http://www.panthera.org/about/qa-chairman |title=Q&A with the Chairman |date= |website= |publisher=Panthera |accessdate=}}</ref><ref>Diane Garcia and Eric Stockstad. “From Making a Killing to Saving a Species.” Science, Vol. 313, 1 September 2006, pp. 1226–1227. http://www.sciencemag.org/content/313/5791/1226.citation</ref> Among its many endeavors, Panthera created and maintains the largest protected ] corridor in the Americas.<ref>J. Madeleine Nash. "Can They Stay Out of Harm's Way?" New York Times, 1 January 2008. http://www.nytimes.com/2008/01/01/science/01jag.html?_r=1</ref><ref>Max Davidson. “Tom Kaplan: ‘I have big plans for big cats,’” The Telegraph, 11 August 2009. http://www.telegraph.co.uk/science/science-news/6005984/Tom-Kaplan-I-have-big-plans-for-big-cats.html</ref> In particular, the work of Panthera’s CEO, Dr. Alan Rabinowitz, and Kaplan to balance the preservation of the jaguar corridor in Brazil with sustainable ranching was the focus of a January 2011 profile by CBS's '']''.<ref>"Extra: The Manhattan Project for big cats." CBS' 60 Minutes, 30 January 2011. http://www.cbsnews.com/video/watch/?id=7299739n&tag=contentBody;housing</ref> In that piece, Kaplan outlined his thesis for utilizing sustainable ranching and community development to protect the apex predator and its environment: “There is no better way to stop poaching than to make the local community say: ‘Hey, wait a minute, our children have medicine and education because of the jaguar.’ When you show that, you have won their hearts and their minds. Then you have won the war.”<ref>"In search of the jaguar." CBS' 60 Minutes, 30 January 2011. http://www.cbsnews.com/video/watch/?id=7300063n</ref> For his work as an environmentalist, Kaplan was the recipient of the "Hero of the Year Award" by the ] in 2012.<ref>{{cite web |url=http://www.panthera.org/video/tom-kaplan-receives-2012-iwff-hero-year-award |title=Tom Kaplan Receives 2012 IWFF "Hero of the Year Award" |date=11 May 2012 |website= |publisher=Panthera |accessdate=}}</ref> | ||
Further to their commitment to ensuring the long-term survival of the big cats, in 2009 Kaplan and his wife, Dafna Recanati Kaplan, endowed the Recanati-Kaplan Center at Oxford University's Wildlife Conservation Research Unit, the WildCRU, and the university's Postgraduate Diploma in International Wildlife Conservation Practice, which has revolutionized access to Oxford for talented young conservationists from developing countries. This collaboration with Dr. David MacDonald resulted in the leading university-based felid conservation program. In November 2011, Oxford's WildCRU was awarded the ] for Higher Education in recognition of WildCRU's outstanding work in wildlife and environmental conservation.<ref>{{cite web |url=http://www.ox.ac.uk/media/news_stories/2011/111125.html |title=Queen's Anniversary Prize for WildCRU |date=25 November 2011 |website= |publisher=Oxford University |accessdate=}}</ref> | |||
⚫ | The Kaplans also founded Project Orianne Ltd., a historic effort focused on the conservation of the ] and its habitat, the last remaining long-leaf pine forests of the Southeastern United States.<ref>Kevin Enge. “Conservation Initiative: Indigo News.” The Florida Wildlifer, Vol. 15(2), October 2008, p. 6. http://fltws.org/documents/Fall2008FLTWSNewsletter_002.pdf</ref> | ||
Further to their commitment to ensuring the survival of the big cats, Kaplan and his wife, Dafna Recanati Kaplan, recently endowed the Recanati-Kaplan Center at Oxford University's Wildlife Conservation Research Unit, the WildCRU, creating the leading university-based felid conservation program. | |||
Kaplan is also active in community philanthropy. After having served as its President from 2009-2012, he is the Chairman of the Board of Directors of the ], a world-renowned, Jewish community and cultural center that strives to enrich the lives of the people who pass through its doors by hosting events and forums with some of today's most influential leaders and thinkers. His wife and Robert Gilson conceived of the Recanati-Kaplan Program for Excellence in the Arts, which funds scholarships based on artistic merit for children and teens to study with the 92Y's renowned School of the Arts.<ref>{{cite web |url=http://www.92y.org/Uptown/School-of-the-Arts/Scholarship-Programs/Recanati-Kaplan-Program-for-Excellence-in-the-Arts.aspx |title=Recanati-Kaplan Program for Excellence in the Arts |date= |website= |publisher=92nd Street Y |accessdate=}}</ref> | |||
⚫ | The Kaplans also founded Project Orianne Ltd., a historic effort focused on conservation of the eastern indigo snake and its habitat, the long-leaf pine forests of the Southeastern United States.<ref>Kevin Enge. “Conservation Initiative: Indigo News.” The Florida Wildlifer, Vol. 15(2), October 2008, p. 6. http://fltws.org/documents/Fall2008FLTWSNewsletter_002.pdf</ref> | ||
In medicine, the Kaplans have funded the Lillian Jean Kaplan Renal Transplantation Center at the University of Miami as well as a variety of prizes and grants for medical science research.<ref>“UM School of Medicine dedicates Lillian Jean Kaplan Renal Transplantation Center.” University of Miami Web site, 10 December 2002. http://surgery.med.miami.edu/x509.xml</ref> In 2012, the Kaplans created the Daisy and Paul Soros/Recanati-Kaplan Family Assistant Professor in Preventive Cardiology, a position held by Dr. Bassem Masri.<ref>{{cite web |url=http://weill.cornell.edu/research/bassemelmasri/biography.html |title=Bassem Masri, M.D. |date= |website= |publisher=Weill Cornell Medical College |accessdate=}}</ref> | |||
==Personal life== | ==Personal life== | ||
He is married to Dafna Recanati Kaplan, daughter of Israeli businessman |
He is married to Dafna Recanati Kaplan, daughter of Israeli artist and film-maker, Mira Recanati, and businessman Leon Recanati; they have three children.<ref>Jason Kelly. “Gold’s Evangelist,” Bloomberg BusinessWeek, 26 August 2010. http://www.businessweek.com/magazine/content/10_36/b4193058839907.htm</ref> | ||
==References== | ==References== | ||
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Revision as of 15:46, 9 September 2013
Thomas S. Kaplan | |
---|---|
Born | 1962 |
Nationality | United States |
Alma mater | B.A., M.A., P.H.D. Oxford University |
Occupation | Investor |
Spouse | Dafna Recanati |
Children | three |
Parent(s) | Jason Kaplan Lillian Jean Kaplan |
Thomas S. Kaplan is an American entrepreneur, natural resources investor, philanthropist and art collector. He is the Chairman and Chief Investment Officer of The Electrum Group LLC, a New York City-based investment, advisory and asset management firm with a principal focus on the natural resources sector.
Early life and education
Kaplan was born in 1962 to Lillian Jean Kaplan and Jason "Jay" Kaplan. After attending boarding school in Switzerland, he pursued his college education at Oxford University. At Oxford, he obtained his Bachelor's, Master's and Doctoral degrees in history. While researching his DPhil dissertation at Oxford on the ways British politics and the volatile rubber and tin markets shaped pre-independence Malaysia, he noticed how soaring commodity prices, which seemed always to take investors by surprise, were often preceded by periods in which low prices bankrupted producers. Acting on that observation, he set up a hedge-fund consultancy in 1988 and made a bullish call on Israeli high-tech companies, buying them at below book value, during the First Intifada. He also predicted correctly that Saddam Hussein would seize Kuwait, which would cause gold and oil prices to rise. "A year before Hussein invaded, he warned me this would happen," said Yossi Ciehanover, chairman of the Israeli state airline, El Al, who used to consult with Kaplan.
At that time, he met his future wife, Dafna Recanati, the daughter of Israeli artist and film-maker Mira Recanati and investor Leon Recanati. Dafna had attended the same Swiss boarding school as Kaplan and had returned to Israel to complete her mandatory military service. After the first Gulf War, he was asked to work for investor Avi Tiomkin, and joined him in 1991 as a junior partner. In 1993, Tiomkin decided to concentrate his investments solely in Israel, and Kaplan embarked upon a career in mining and energy.
Career
Inspired by Marc Faber, who had written of the lifetime opportunities afforded by undervalued commodities, Kaplan focused on natural resources investing. In 1993, he founded Apex Silver Mines to capitalize on the improving supply/demand fundamentals of metals. While he was Chief Executive Officer and Chairman of Apex, Kaplan's team discovered and financed the San Cristobal deposit in Bolivia, now one of the largest producers of silver and zinc in the world. Kaplan retired from Apex Silver at the end of 2004 to focus on his new exploration projects.
In 2003, a company related to Kaplan became the largest investor in African Platinum Plc (then known as Southern African Resources Plc), enabling it to explore and develop one of the largest platinum group metals projects in South Africa. In 2007, Kaplan sold his position in African Platinum as part of a transaction in which the company was acquired by Impala Platinum Limited, at a valuation of $580 million.
Also in 2003, Kaplan co-founded Leor Exploration & Production LLC, which became the fastest-growing privately held hydrocarbon exploration and production company in the United States. In 2007, Leor’s natural gas assets were sold to EnCana Oil & Gas (USA) Inc. for $2.55 billion.
Kaplan’s knowledge of the natural resources sector led him to begin investing heavily in gold in 2000 and to be one of the first to predict that gold prices would increase dramatically. Since the sales of African Platinum and Leor in 2007, Kaplan has focused his investment attention primarily on the Electrum Group. Its exploration arm, Electrum Ltd., which he co-founded with Dr. Larry Buchanan, owns a diversified international portfolio of gold exploration assets. Its other entities hold significant interests in several publicly traded companies, including NovaGold Resources Inc. and Gabriel Resources Ltd., two companies that own several of the largest proven gold resources in the world.
His view on gold has not changed. On February 25, 2009, he commented in Marc Faber’s Gloom, Boom & Doom Report: “Some will say that $800 gold seems expensive. I would suggest the contrary: that a few years from now, sub-$1000 gold will feel like a true gift... The forced liquidation of leveraged positions of all kinds in late 2008 and early 2009 has presented an extraordinary opportunity to build long gold positions at low prices… t should not be a surprise to see gold set new highs against all currencies, including a strong dollar, and an acceleration of the most enduring bull market in the world.”
Kaplan also believes that asset managers are re-examining gold as an acceptable investment option. In a January 2011 op-ed in the Financial Times’ Market Insights column, Kaplan discussed the Prudent Man construct as a tool to evaluate the benefits and risks of investing in gold. In that piece, he explained that a variety of factors – including the supply of and demand for gold, the devastation of financial industry and government balance sheets and the fact that gold is not tied to another person’s ability to pay – are causing asset managers and general banks to begin readmitting “gold back into the select group of prudent asset classes.” According to Kaplan, these developments suggest “interesting times ahead” for those who own the precious metal. Therefore, “the Prudent Man rule may well be golden indeed.”
As a leading investor in gold, Kaplan is credited with correctly predicting that gold prices would increase dramatically. His investment strategy and commitment to gold led Bloomberg Businessweek to refer to him as “Gold’s Evangelist.” In a May 2010 profile piece in the Wall Street Journal, Kaplan said, “I’ve reached a point where I feel the only asset I have confidence in is gold,” adding, “You’ve got a perfect storm with no apparent solution. … If the world does well, gold will be fine. If the world doesn’t do well, gold will also do fine … but a lot of other things could collapse.”
Beyond that, Kaplan’s leadership in the gold market was recognized in a Dec. 2010 Wall Street Journal article, which described Kaplan along with other investors including John Paulson, David Einhorn and John Burbank. The article stated that Kaplan is “making a bigger wager on gold than almost any investor,” noting that he believes junior minors provide the “greatest leverage to a bull market” and that the world is “entering an era defined by the scarcity value of great precious-metals assets.”
Philanthropy
Kaplan and his family support a number of philanthropic and conservation causes in the United States and the developing world. Kaplan serves as the Executive Chairman of Panthera, a charity which he and his wife co-founded in 2006. Panthera is devoted to preserving the big cats and their ecosystems around the globe and has been recognized as the leading force in felid conservation. Among its many endeavors, Panthera created and maintains the largest protected jaguar corridor in the Americas. In particular, the work of Panthera’s CEO, Dr. Alan Rabinowitz, and Kaplan to balance the preservation of the jaguar corridor in Brazil with sustainable ranching was the focus of a January 2011 profile by CBS's 60 Minutes. In that piece, Kaplan outlined his thesis for utilizing sustainable ranching and community development to protect the apex predator and its environment: “There is no better way to stop poaching than to make the local community say: ‘Hey, wait a minute, our children have medicine and education because of the jaguar.’ When you show that, you have won their hearts and their minds. Then you have won the war.” For his work as an environmentalist, Kaplan was the recipient of the "Hero of the Year Award" by the IWFF in 2012.
Further to their commitment to ensuring the long-term survival of the big cats, in 2009 Kaplan and his wife, Dafna Recanati Kaplan, endowed the Recanati-Kaplan Center at Oxford University's Wildlife Conservation Research Unit, the WildCRU, and the university's Postgraduate Diploma in International Wildlife Conservation Practice, which has revolutionized access to Oxford for talented young conservationists from developing countries. This collaboration with Dr. David MacDonald resulted in the leading university-based felid conservation program. In November 2011, Oxford's WildCRU was awarded the Queen's Anniversary Prize for Higher Education in recognition of WildCRU's outstanding work in wildlife and environmental conservation.
The Kaplans also founded Project Orianne Ltd., a historic effort focused on the conservation of the eastern indigo snake and its habitat, the last remaining long-leaf pine forests of the Southeastern United States.
Kaplan is also active in community philanthropy. After having served as its President from 2009-2012, he is the Chairman of the Board of Directors of the 92nd Street Y, a world-renowned, Jewish community and cultural center that strives to enrich the lives of the people who pass through its doors by hosting events and forums with some of today's most influential leaders and thinkers. His wife and Robert Gilson conceived of the Recanati-Kaplan Program for Excellence in the Arts, which funds scholarships based on artistic merit for children and teens to study with the 92Y's renowned School of the Arts.
In medicine, the Kaplans have funded the Lillian Jean Kaplan Renal Transplantation Center at the University of Miami as well as a variety of prizes and grants for medical science research. In 2012, the Kaplans created the Daisy and Paul Soros/Recanati-Kaplan Family Assistant Professor in Preventive Cardiology, a position held by Dr. Bassem Masri.
Personal life
He is married to Dafna Recanati Kaplan, daughter of Israeli artist and film-maker, Mira Recanati, and businessman Leon Recanati; they have three children.
References
- ^ NBC News: "Meet gold’s evangelist - Thomas Kaplan doing everything he can to get his hands on the stuff" by Jason Kelley August 29, 2010
- Bernard Condon. “Silver Strike!” Forbes, 8 July 2000. http://www.forbes.com/forbes/2000/0807/064_01.html
- Jonathan Fuerbringer. “THE MARKETS: Is silver the glitter of yesterday? Or is it the new ingredient of the reasonably prudent portfolio?” New York Times, 10 February 1998. http://www.nytimes.com/1998/02/19/business/markets-market-place-silver-glitter-yesterday-it-new-ingredient-reasonably.html
- Bernard Condon. “Silver Strike!” Forbes, 8 July 2000. http://www.forbes.com/forbes/2000/0807/064_01.html
- "Sumitomo to lift San Cristobal production," Mining Journal, 3 June 2009. http://www.mining-journal.com/production-and-markets/sumitomo-to-lift-san-cristobal-production
- Ken Gooding. "Big Picture Man," Mining Journal, 8 October 2004. http://www.mining-journal.com/fifth-column/big-picture-man
- “Southern African Resources Raises £400,000 Through Private Placing,” Southern African Resources press release dated 12 September 2003. http://www.investegate.co.uk/article.aspx?id=200309120710516940P
- “EnCana buys Leor Energy's interests in Deep Bossier gas fields for 2.55 bln usd,” Forbes, 5 November 2007. http://www.forbes.com/afxnewslimited/feeds/afx/2007/11/05/afx4299094.html
- “NovaGold Announces US$60 Million Financing with Electrum Strategic Resources,” NovaGold Resources Inc. press release dated 2 January 2009. http://www.novagold.com/section.asp?pageid=10202
- Andy Hoffman. “Gabriel gets help from Wall Street investor,” Globe and Mail, 22 May 2008. http://siliconinvestor.advfn.com/readmsg.aspx?msgid=24612791
- Steven Halpern. “NovaGold Resources (NG): Lundin’s Look at Gold,” Blogging Stocks, 8 April 2010. http://www.bloggingstocks.com/2010/04/08/newgold-resources-ng-lundins-look-at-gold/
- Nathan Vardi. "Golden Boy," Forbes, 12 April 2010. http://web.tigrisfinancial.com/wp-content/uploads/2011/06/Golden-Boy.pdf
- Thomas Kaplan. "Gold Will Keep Going Up," Forbes, 24 May 2010. http://www.forbes.com/2010/05/24/gold-economy-finance-euro-opinions-contributors-thomas-kaplan.html
- Thomas S. Kaplan. "Shhhhhhhhhhhhhhhh ... I Have a Hot Tip for You," The Gloom, Boom & Doom Report, 25 February 2009. http://web.tigrisfinancial.com/wp-content/uploads/2010/05/Gloom-Boom-and-Doom-for-Web.pdf
- Thomas S. Kaplan. "Brace for a 'perfect storm' in gold," Financial Times, 18 January 2011. http://www.ft.com/cms/s/0/3b8b9f78-2312-11e0-ad0b-00144feab49a.html#axzz1V6lWVdxw
- Jason Kelly. "Gold's Evangelist," Bloomberg Businessweek, 26 August 2010. http://www.businessweek.com/magazine/content/10_36/b4193058839907.htm
- Liam Pleven and Carolyn Cui. "A Billionaire Goes All-In on Gold," The Wall Street Journal, 22 May 2010. http://online.wsj.com/article/SB10001424052748704167704575258783702875778.html
- Gregory Zuckerman. "Gold: How Einhorn, Paulson and other 'smart money' play it," Wall Street Journal, 17 December 2010. http://blogs.wsj.com/marketbeat/2010/12/17/gold-how-einhorn-paulson-and-other-smart-money-play-it/
- "Q&A with the Chairman". Panthera.
- Diane Garcia and Eric Stockstad. “From Making a Killing to Saving a Species.” Science, Vol. 313, 1 September 2006, pp. 1226–1227. http://www.sciencemag.org/content/313/5791/1226.citation
- J. Madeleine Nash. "Can They Stay Out of Harm's Way?" New York Times, 1 January 2008. http://www.nytimes.com/2008/01/01/science/01jag.html?_r=1
- Max Davidson. “Tom Kaplan: ‘I have big plans for big cats,’” The Telegraph, 11 August 2009. http://www.telegraph.co.uk/science/science-news/6005984/Tom-Kaplan-I-have-big-plans-for-big-cats.html
- "Extra: The Manhattan Project for big cats." CBS' 60 Minutes, 30 January 2011. http://www.cbsnews.com/video/watch/?id=7299739n&tag=contentBody;housing
- "In search of the jaguar." CBS' 60 Minutes, 30 January 2011. http://www.cbsnews.com/video/watch/?id=7300063n
- "Tom Kaplan Receives 2012 IWFF "Hero of the Year Award"". Panthera. 11 May 2012.
- "Queen's Anniversary Prize for WildCRU". Oxford University. 25 November 2011.
- Kevin Enge. “Conservation Initiative: Indigo News.” The Florida Wildlifer, Vol. 15(2), October 2008, p. 6. http://fltws.org/documents/Fall2008FLTWSNewsletter_002.pdf
- "Recanati-Kaplan Program for Excellence in the Arts". 92nd Street Y.
- “UM School of Medicine dedicates Lillian Jean Kaplan Renal Transplantation Center.” University of Miami Web site, 10 December 2002. http://surgery.med.miami.edu/x509.xml
- "Bassem Masri, M.D." Weill Cornell Medical College.
- Jason Kelly. “Gold’s Evangelist,” Bloomberg BusinessWeek, 26 August 2010. http://www.businessweek.com/magazine/content/10_36/b4193058839907.htm