Wilbur Ross: Apple Cash ‘a little bit silly’ [VIDEO]

Wilbur Ross: Shipping far from the bust phase

What to watch in the shipping industry for a sign we’re nearing the “bust phase,” with Wilbur Ross, Chairman and CEO of WL Ross & Company.

Transcript:

i think the uncertainty is far worse than that reality would have been. let’s talk about shipping stocks. this is an industry that has experienced huge booms and also enormous busts, taking people out on stretchers. what other me tricks are you looking at that will give you the first sign that we are entering the bust again? we are far from the bust phase. we are not into the bust phase, but you know, i think there are many more sectors that are gradually overcoming the excess supply. the problem was not so much lack of demand, the problem was with the last peak in ’07, ’08, those are now coming to the market. there are a number of different markets. what are the ones that you like right now. well, we’re not doing anything right now. i think it’s going to be quite a little while before that supply and demand works out. they are still ordering pretty large quantities of those vessels and pretty soon you will have the panama canal reopened and widened. that’s going to cut the voyage times quite a bit. they have not been able to go through the panama canal before. since we went into it, the rates have gone up from $750 a month to $950. it was pretty profitable at 750, so you you could imagine what it’s like. more or less at the botom, we brought our biggest competitor. shipping stocks are interesting. there is obviously domestically, our shipping stocks here in the

Apple’s cash ‘a little bit silly’: Wilbur Ross

While Apple stock isn’t quite a no-brainer, the company should put their cash on hand to good use, billionaire investor Wilbur Ross says.

Transcript:

we have had a number of notable investors. comment about apple. bill miller as well as carl icahn both saying that apple isa no-brainer trade. you name it. does it tempt you in anyway?i’m not so sure that no-brainer trades exist. i have a tough time finding no-brainer trades. there is usually a reason thatsomebody is on the other side. i think they should do something with the excess cash whether it’s to make some acquisition that fits or to pay it out the way that carl wants them to, i don’t know. i’m not into it. but surely they can find someclever way around it. i felt when hey did that big bond offering that that was going to be their indirect means repatriation. we talked about shipping and apple. you’re still in coal. i’m not in coal. i haven’t been in coal for two years. apologies for that.what are your best ideas right now in terms of new areas, newsectors, things on your radar. it is only a matter of time the president is gradually allowing the more export to comethrough. that will help solve quite a bit for a problem that we have. we have such an abundance of natural gas and we have had such reasonably warm weather that it has not been a good time from the point of view.