Finance
This is the most valuable car in the world
A unicorn within the collector automotive world simply went underneath the hammer, and bought for a record-breaking, astounding quantity.
Mercedes-Benz Group (MBG.DE) introduced it is bought a 1955 Mercedes-Benz 300 SLR “Uhlenhaut Coupé” from its assortment for $143 million (135 million euros) in a personal public sale. The earlier file for a automotive bought at public sale was $70 million, for a 1962 Ferrari (RACE) 250 GTO in 2018.
Generally known as the “Mona Lisa” of vehicles, the Mercedes sports activities automotive was designed for the street by Daimler-Benz motorsport chief Rudolf Uhlenhaut and primarily based on the W196 Grand Prix single seater race automotive. Solely 2 of the SLR Coupés have been ever constructed, and none have been meant to be bought by Mercedes.
Collector-car professional Simon Kidston claims to have lobbied Mercedes to promote one of many fashions at a personal public sale, which Mercedes agreed to do with all proceeds going to the Mercedes-Benz Fund, a world scholarship program arrange by the automaker. Kidston put within the successful bid of $143 million for a personal consumer.
“Should you had requested traditional automotive consultants and prime collectors over the previous half a century to call essentially the most fascinating automotive on the planet, there is a good probability that they’d have give you the identical mannequin: the Mercedes-Benz 300 SLR,” Kidston stated in an announcement. “It is a mixture of unique engineering, all-conquering racing historical past, the ability of the three-pointed star on its nostril and the truth that one had by no means, ever been bought.”
“The choice to promote certainly one of these two distinctive sports activities vehicles was taken with very sound reasoning – to learn an excellent trigger,” Mercedes Chairman Ola Källenius stated. “On the identical time, reaching the best worth ever paid for a automobile is extraordinary and humbling: A Mercedes-Benz is by far essentially the most worthwhile automotive on the planet.”
Certainly, with the 300 SLR now the file holder for costliest automotive purchased at public sale, the brand new prime 5 rounds out with all Ferraris — the aforementioned 1962 250 GTO, adopted by one other 1962 Ferrari 250 GTO by Scaglietti ($48.4 million), yet one more 1962 Ferrari 250 GTO Berlinetta ($38.1 million), and a 1957 Ferrari 335 Sport Scaglietti ($35.7 million).
Although collectors extremely covet Ferrari race vehicles just like the 250 GTOs, it isn’t shocking how a lot the 300 SLR went for given it’s distinctive heritage and intensely restricted amount.
“The once-in-a-lifetime alternative to accumulate this piece of Mercedes-Benz historical past can’t be missed. Its beautiful form, revolutionary interval options, and fearsome efficiency will likely be sufficient for many to understand this automotive as an all-time legend of automotive design—and its unbelievable historical past solely provides to its attraction,” public sale home RM Sotheby’s stated within the public sale itemizing for the automotive. “No different 300 SLR exists in non-public palms and the prospect to accumulate such a automotive, direct from years of firm possession, will certainly by no means be repeated.”
With this summer season’s huge auctions lined up across the Pebble Seaside Concours d’ Magnificence this 12 months in August, traditional automotive collectors and trade watchers will likely be anxious to see if extra Mercedes fashions get bid up versus their Ferrari rivals given the 300 SLR’s record-breaking bid. Public sale homes RM Sotheby’s, Gooding & Co., and Bonhams all are that includes uncommon Mercedes-Benz fashions on the market, with possible many extra added to their Monterey Automobile Week public sale catalogs within the weeks forward.
——
Pras Subramanian is a senior autos reporter for Yahoo Finance. You may observe him on Twitter and on Instagram.
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Finance
Harris's proposed unrealized capital gains tax is unlikely to pass: CIO
Unrealized capital gains tax proposals may be floating back into the zeitgeist as the Harris presidential campaign marches on, but for some, the noise around it is much ado about nothing.
“I don’t think this unrealized thing is going to have much momentum because it is a very onerous process to come up with those numbers,” Raymond James chief investment officer Larry Adam told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance’s Opening Bid podcast (see video above or listen here).
“You start putting biases of what you think [something] is worth versus the reality,” said Adam. “That becomes a very difficult equation to really put into a place.”
We’ve seen unrealized capital gains tax proposals before, but they’ve met plenty of resistance.
Most recently, the Biden administration proposed an unrealized capital gains tax for those with a net worth of over $100 million. The proposal could affect more than 10,600 people in the US, according to estimates.
But, unlike a capital gains tax, which is imposed on a sold item, deploying an unrealized capital gains tax is a trickier move.
Stifel chief Washington strategist Brian Gardner said in a recent client note that under an unrealized capital gains tax system, “ranking illiquid assets would not only be complicated but controversial,” adding that there would also need to be a way to provide taxpayers with “rebates for future losses.”
While analysts scratch their heads about the subject, an unrealized capital gains tax also has plenty of tomato throwers. Donald Trump called it “beyond socialism,” telling a crowd of small-business owners, “You will be forced to sell your restaurant immediately.”
Trump’s onetime US Commerce Secretary, Wilbur Ross, concurred.
“Frankly, I think it’s a ridiculous proposal,” Ross said on Opening Bid.
Tesla (TSLA) CEO Elon Musk also had negative statements to share on the topic, proclaiming an unrealized capital gains tax would lead to “bread lines and ugly shoes.”
While Trump and Musk might deliver their messages to pack a wallop and make voters think, concerns aren’t necessarily unfounded.
Raymond James’s Adam has considered tax proposals made by both candidates, and thinks that regardless of the administration in office, higher taxes could impact households by almost $2,000. “[It] could be a big impact and a drag on the economy,” he said.
Both Harris and Trump face challenges given the expiration of a significant portion of the 2017 tax cuts at the end of 2025. Trump has proposed an additional extension of provisions from 2017 and potentially more tax cuts.
Harris proposed expanding the child tax credit and supported no increase in the capital gains tax, while taxing those making over $400,000 annually more.
While the presidential race is anyone’s game at this point, Adam isn’t that worried about an unrealized capital gains tax and the potential market losses. “[There’s] a low probability of it passing,” he said. “It’s pretty hard to mark to market every single year for your taxes.”
Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service.
In the below Opening Bid episode, former Trump nominee to the Federal Reserve Judy Shelton shares her outlook for the economy.
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Finance
Insider Sale: President Brian Hole Sells Shares of Willis Lease Finance Corp (WLFC)
On August 30, 2024, President Brian Hole sold 1,187 shares of Willis Lease Finance Corp (NASDAQ:WLFC), as reported in a recent SEC Filing. Following this transaction, the insider now owns 96,589 shares of the company.
Willis Lease Finance Corp specializes in the leasing of spare commercial aircraft engines, aircraft, and other aircraft-related equipment to airlines, aircraft engine manufacturers, and maintenance, repair, and overhaul providers worldwide.
Over the past year, Brian Hole has engaged in multiple transactions involving the company’s stock, selling a total of 24,570 shares and purchasing none. This recent sale is part of a broader trend observed within the company, where there have been 82 insider sells and no insider buys over the past year.
Shares of Willis Lease Finance Corp were priced at $106.17 on the day of the transaction. The company currently holds a market cap of approximately $772.655 million. The price-earnings ratio stands at 8.41, which is below the industry median of 17.98.
According to the GF Value, the intrinsic value estimate for Willis Lease Finance Corp is $63.35 per share, making the stock significantly overvalued with a price-to-GF-Value ratio of 1.68.
The GF Value is calculated based on historical trading multiples, a GuruFocus adjustment factor, and future business performance estimates provided by Morningstar analysts.
This sale by the insider might be of interest to current and potential investors, providing insight into insider confidence and valuation perspectives at Willis Lease Finance Corp.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
Finance
Super Micro Confirms It Will Delay Annual Financial Filings
(Bloomberg) — Super Micro Computer Inc. said that it won’t file its annual financial report while a special board committee reviews internal controls, confirming a statement earlier this week that sent the shares on their worst drop in almost six years.
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The maker of computer servers said it would take “unreasonable effort or expense” to file on time its annual 10-K financial disclosures for the quarter and fiscal year ended June 30.
Super Micro first announced on Aug. 28 that it would delay the financial documents and confirmed its decision Friday in a regulatory filing. The San Jose, California-based company said a special committee is working diligently to assess the effectiveness of its internal controls over financial reporting.
Earlier this week, short-seller Hindenburg Research released a critical report alleging “glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.”
Super Micro repeated its assertion that it doesn’t expect the annual financial filing to contain any material changes to its results announced on Aug. 6.
After Friday’s filing, the shares gained about 2% in extended trading. Earlier, the stock suffered its worst week since October 2018, dropping 29% to $437.70 at the close in New York.
The company sells high-powered servers for data centers and has experienced an explosion in demand for its wares amid the artificial intelligence boom, making its shares a proxy for enthusiasm in the technology. Super Micro’s stock more than tripled last year.
–With assistance from Brody Ford.
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