Wilbur Ross
Wilbur Ross
Wilbur L. Ross, Jr. is an American investor known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. As of August 2014, Forbes magazine lists Ross as one of the world's billionaires with a net worth of $2.9 billion...
NationalityAmerican
ProfessionBusinessman
Date of Birth28 November 1937
CountryUnited States of America
almost continuing early filing stages
We are still in the early stages here. Almost every day, there is another supplier filing for bankruptcy. We are continuing to make acquisitions.
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What is worrisome about that is the U.S. standard of living. I think it is very difficult to envision our standard of living being preserved if we're in an economy where all people do is flip hamburgers, wait on people in stores and sue each other. It's not much of a basis for an economy.
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Everybody knows that this wonderful house of cards is going to collapse at some point and everybody is nervous that this kind of situation, as we are seeing in Asia could be the precipitating event.
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China has done many things right. The direction of change is in the right direction.
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We would be interested in bidding if Collins & Aikman in the U.S. were to come up for sale,
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It's a horrible freak accident. Apparently, a lightning bolt struck the mine.
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We are looking at many of these distressed (auto parts companies) that have some kind of proprietary technology and some scale of size.
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My wife Hillary sometimes accuses me of trying to reinvent the 19th century. In some ways she's right because I like things that I can understand and that aren't too complicated.
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I think it's natural for any manager to want to grow his business. The question is at what rate, and in what direction, and in what format?
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Shipping has a great oversupply of vessels that came from over-ordering a few years back. We think 2014 may be when it turns around.
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The typical big Japanese company has somewhere between a third and 40 percent of its revenues coming from developing countries, and about a third of Japan's exports are also to the emerging countries, so in a strange way, Japan, which has very little internal growth, its big companies are a good way to play the emerging markets.
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I think at the end of the day, the real sick man of Europe is liable to turn out to be France, not Greece, not Portugal, not Spain, not Italy. The reason is France is very uncompetitive to begin with on a global scale, and the measures that Hollande has been putting in have been very, very negative from the point of view of economic growth.
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The one term I don't like to be called is a 'vulture.' Because to me, a vulture is a kind of asset-stripper that eats dead flesh off the bones of a dead creature. Our bird should be the phoenix, the bird that reinvents itself, recreates itself from its ashes. And that's much closer to what it is that we really do.
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Generally speaking, companies get into bankruptcy as a kind of meritocracy. Somebody made some sort of big mistake, to get into bankruptcy, and very often, a part of the mistake is too much leverage.