LAS VEGAS (AP) — Las Vegas Sands chairman Sheldon Adelson will take a medical leave after recently resuming cancer treatments, the company announced in a statement on Thursday.
Adelson’s leave of absence will be effective immediately, the company said. President and COO Robert G. Goldstein will take the post of acting CEO and chairman.
Adelson first announced that he was being treated for non-Hodgkin’s lymphoma back in 2019.
The company owns the Venetian and Palazzo hotel and casinos on the Las Vegas Strip.
Adelson is a Republican megadonor who recently gave $75 million to a super PAC that attacked President-elect Joe Biden in the leadup to last November’s election. Adelson also owns the largest circulating newspaper in the Nevada, the Las Vegas Review-Journal.
7 Stocks That Will Help You Forget About the Fed
Normally when the Federal Reserve (i.e. the Fed) makes an announcement, the market reacts predictably. That’s due, in large part, to the nature of what the Fed normally announces. Will interest rates go up, down, or remain unchanged? And for their part, the markets have a pretty good idea what the Fed will do before they do it.
But the Fed’s announcement of August 26 was a little different. They talked briefly about interest rates (they’re staying really low for a long time). But they were more concerned about inflation. Well, the Fed is always concerned about inflation, but this time they really mean it. Basic economics says that low-interest rates should spur inflation.
However, the market has been defying conventional wisdom and the Fed is not getting the inflation they want. So the Fed has basically said that they’re letting inflation go rogue. If it goes above their target 2% rate, so be it. The Fed is done trying to hit a target.
At first, the markets cheered the news. Not only was the Fed not taking away the punch bowl, but they were also going to keep the low rate liquidity going for a long time!
But after a little while to digest things, investors are realizing they have to be grown-ups about this. And now investors are considering how to rebalance their portfolios for the remainder of 2020.
I don’t know about them, but if I were you I would target companies that have a high free cash flow (FCF). Whether it’s your personal finances or in evaluating a stock, cash flow is your friend.
When a corporation has high FCF, they have more strong growth in good markets and more flexibility during when the economy is weaker.
As institutional investors come back into the market, it’s time for you to reposition your portfolio for whatever comes next.
View the “7 Stocks That Will Help You Forget About the Fed”.