Wilbur Ross Discusses Shipping, Real Estate and Unconventional Energy
- Discusses his acquisitions of Florida real estate in 2010 from a failed bank and a hotel that was a failed construction project, Ross is very happy with how the Florida market has turned and these investments are working well.
- 20% of all condos in Florida are being bought by Brazilian nationals.
- He has recently been buying some real estate in Little Rock, Ark., and Minneapolis, but it is getting very hard to find deep value.
- Ross thinks the shipping industry is near a bottom.
- What depressed the industry was the previous boom in the industry in 2000 when shipping rates were high banks provided enormous amounts of funding to build new capacity, now that capacity is coming on when rates aren’t high.
- Ross also has interested in shale gas through Exco (XCO). what excites Ross about shale gas is the sheer quantity of it as it can supply the U.S. for decades and that it is much cleaner than the coal alternative.
- Thinks natural gas will supplant coal as the primary source of power.