Max King, portfolio manager and strategist on Investec Asset Management's multi-asset team, presents his annual investment A-Z, reviewing the past 12 months in economics and markets.
Alibaba: Alibaba was the biggest stock market flotation of the year and the largest global IPO ever. It raised $25bn at $68 a share to give a total market value of $167bn, but the shares subsequently rose nearly 50%. Goldman Sachs led Alibaba's first round of financing in 1999, investing $3.3m out of a $5m total, which secured a 40% stake in the company. It sold its stake in 2004 for $22m. Billionaires: Knight Frank expects the number of dollar billionaires to rise from 1,682 in 2013 to 2,315 in 2023 while the number with a mere $100m rises from 37,104 to 48,473. A third of these future ...
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