After Atlantic City made gambling legal, Donald Trump got his casino license from the New Jersey Casino Control commission on March 15, 1982 and purchased hotels from Holiday Inn, Hilton and Resorts International which became the Trump Taj Mahal, Trump Plaza Hotel and Casino and Trump’s Castle Hotel Casino. The Taj Mahal Casino opened in Atlantic City in 1990 at a cost of $1.1 billion. The hotel was financed with $675 million in junk bonds paying 14% in interest. Trump established Trump Hotels and Casino Resorts in 1995, granting it ownership of Trump Plaza, sold the Trump Taj Mahal to the company for $890 million and sold the Trump Castle for $485 million. The company also looked into opening casinos in Detroit and Kansas City and opened casinos in Coachella, California and in Gary, Indiana. On June 7, 1995, Trump Hotels and Casino Resorts went public, issuing 10 million shares at $14 using the symbol DJTC (Donald J. Trump Casinos) with Trump maintaining a controlling 56% interest. At first, the stock did well, reaching a high of $34 on June 5, 1996, giving the company a capitalization of $800 million, but there was just one problem. The company didn’t make any money. There wasn’t a single year of the company’s operation in which it made a profit, and the shares steadily declined in value as the losses piled up. By March 2005, shares were trading at 75 cents, and shareholders had lost over 95% of their investment. A chart of Trump Hotels & Casino Resorts, Inc. is provided below shows the nine-year decline in the price of its stock. The Class A Warrants allowed its holders to buy shares in the new company, Trump Entertainment Resorts, at $123.74 per share. Given the fact that shares in Trump Entertainment Resorts started trading at $14 on May 23, 2005, it doesn’t require a CFA degree to figure out the ultimate fate of these warrants. Although the restructuring cut interest expenses in half to around $130 million, the company still couldn’t cover its costs. Trump Entertainment Resorts lost money in every year of its existence. Between the two companies, they managed to lose money for 15 years in a row and never once made a profit. As illustrated below, Trump Entertainment Resorts shared the same experience as its predecessor. At first, the share price increased in value, rising from $14 t0 $21 on August 1, 2005, but as it became clear that the company would continue its loss-making ways, the price of the stock began to decline until the shares traded for pennies. The company filed for bankruptcy in February 2009 with $1.2 billion in debt. There were two groups competing for ownership of the company in bankruptcy court. One group of bidders was led by Andrew Beal and Carl Icahn while the other was led by Avenue Capital Management. Trump announced that he would oppose the Beal/Icahn group if they tried to use his name on the casinos. The bankruptcy court eventually sided with Trump and Avenue Capital Management and gave them ownership and the right to reorganize the company. On July 16, 2010, shares in Trump Entertainment Resorts, which were trading at 1 cent, were delisted and ceased to trade. Shareholders lost everything. On the other hand, if shareholders had put their money in an S&P 500 index fund between 1995 and 2010, they would have doubled their money. Instead, they were penniless. A graph of the stock is provided below.   During the 13 years that Trump ran Trump Entertainment Resorts, the company lost over $1.1 billion and wrote down or restructured $1.8 billion in debt. Between 1994 and 2010, Trump’s company lost over $1.8 billion. Trump Hotels & Casino Resorts paid out $1.96 billion in interest during its ten years in existence and Trump Entertainment Resorts paid out $920 million in interest according to its financial filings. Trump Entertainment Resorts sold off some of its assets to reduce its debt load, but this was insufficient to save the company. It sold the Spotlight 29 Casino in Coachella, California in 2005, the Majestic Star Casino in Gary, Indiana for $253 million in 2005, and the Trump Marina in Atlantic City to Landry’s Restaurants in 2011. The Trump’s World Fair Casino was closed in 1999 and demolished in 2000. Harrah’s at Trump Plaza was closed on September 16, 2014, and on October 10, 2016, the Taj Mahal closed down after losing money for its owners for 25 years. Nevertheless, the company still failed to make a profit. The company filed for bankruptcy a third time in September 2014 and exited bankruptcy in February 2016. Whether Trump goes public with any companies in the future remains to be seen, but if he does, only the short-sellers will be happy.

To make the data more useful, GFD has calculated price-weighted price indices for the St. Petersburg stock market as a whole, as well as for individual sectors and indices. The general share indices include both a Large Cap (Top 50 Most Active Shares) Index and an All-Share index. Since Imperial Russia included a number of different countries, separate indices are calculated for Russia, Ukraine, Poland and Latvia. Data on individual sectors include Consumer Discretionary, Consumer Staples, Energy, Finance, Industrials, Materials, Transports and Utilities & Telecommunications. Each of these sectors is broken down into individual industries for further analysis. Companies listed on the St. Petersburg stock exchange covered numerous industries and sectors, including Banks, Breweries, Oil, Machinery, Insurance, Metals, Shipping and Railroads. These 220 companies provide a goldmine of information on the Imperial Russian economy. Never before has such comprehensive coverage of sectors and industries listed on the Imperial Russian stock exchange been provided anywhere. GFD’s tools allow you to convert the data for individual stocks and indices from Russian Rubles into US Dollars or British Pounds Sterling to compare the performance of Russian Stocks and sectors with the performance of similar sectors and industries in other countries. There is much to be learned from these indices since Russia exists as an interesting case history for an emerging market in the period between 1865 and 1914. Not only does Russia provide an intriguing contrast to advanced economies of the time, such as those of the United States and United Kingdom, but it can provide insights into the performance of the Russian stock market and other emerging markets today. Information on individual companies that are included can be found by searching the UK Stocks Database and information on the Russian indices can be found by searching the GFD Indices. The data on the individual companies, as well as GFD’s proprietary indices are available to all subscribers to the UK Database. To get more information on these indices, or if you would like a list of the indices and the companies that have been added, call today to speak to one of our sales representatives at 877-DATA-999 or 949-542-4200.

What is particularly interesting about the Danish stock market during this period of time is the Shipping Stock Bubble that occurred during World War I when Danish shipping companies took advantage of the country’s neutrality to ship goods between European countries. Until now, this bubble was poorly documented. Now it can be analyzed in detail.   GFD has used the data on individual companies to calculate proprietary indices for the Copenhagen Stock Market. This includes a general index, sector indices and indices for individual industries. Sector indices include data for the Consumer Discretionary, Consumer Staples, Finance, Materials, Industrials, Transports and Utilities and Telecommunications sectors. GFD has also calculated indices for 19 different industries, including ones for Banking and for Shipping. Indices are price-weighted, and are provided both as price and return indices. Information on individual companies that are included can be found by searching the UK Stocks Database and information on the Danish indices can be found by searching the GFD Indices. The data on the individual companies, as well as GFD’s proprietary indices are available to all subscribers to the UK Database. To get more information on these indices, or if you would like a list of the indices and the companies that have been added, call today to speak to one of our sales representatives at 877-DATA-999 or 949-542-4200.

Before World War I, the London Stock Exchange was at the center of the global economy. The London Stock Exchange listed thousands of domestic companies that can be used to trace the rise of the British economy through the industrial revolution. From the Canal revolution of the early 1800s to the South American bubble of the 1820s to the railroad bubble of the 1840s and on to the rise of the industrial economy in the last half of the 1800s, the UK Stocks Database allows its users to document these changes. The London Stock Exchange was truly a global stock market. The UK Stocks database also includes data on over 2500 companies from 80 countries. Companies in British colonies, or former colonies, and in countries without developed local financial markets listed their securities on the London Stock Exchange because they could raise capital in London more effectively than they could anywhere else. Foreign securities traded in London because many countries had no local stock exchange. The first Canadian shares listed in London in 1825, but the Montreal Stock Exchange didn’t open until 1874. Australian shares first listed in London in 1834, but the Melbourne stock exchange didn’t open until 1861. Using data from the London Stock Exchange, GFD will provide global historical indices on emerging markets that otherwise would be unavailable. The US Stocks Database enables its users to study similar trends in the American economy during the 1800s. After World War II, the United States stock market represented almost half the capitalization of all the stock markets in the world. The US Stocks Database includes not only data from the New York Stock Exchange, New York Curb/American Stock Exchange, NASDAQ, and regional exchanges such as Boston, Philadelphia and Chicago, but also data on thousands of companies that listed over-the-counter. Global Financial Data is using this extensive database to put together its own set of proprietary indices that document the changes in the global economy over the past 300 years. The indices will include not only general, sector and industry indices for the United States and the United Kingdom, but also for the countries that had shares listed on the London and New York Stock Exchanges. As Global Financial Data collects data from other exchanges throughout the world, it will add indices for those countries as well. GFD Indices for Russia and for Denmark have already been added. The GFD Indices will include both bond and equity indices. The GFD Indices will be available both on a daily and a monthly frequency. Data on UK stocks is available daily back to 1693. Data on US Stocks is available daily through 1903 and from 1957 to date. Monthly data is available for more companies than daily data, so monthly indices will be used to supplement the daily indices and provide broader coverage than the daily indices. Global Financial Data has share outstanding information for most companies that are included in the US and UK Databases. This will enable GFD to calculate both cap-weighted and price-weighted indices. The databases also include extensive dividend information and by calculating the effect of reinvested dividends, GFD can calculate both price and total return indices. Since the GFD Indices rely upon data on individual securities that are included in the U.S. and U.K. Stock Databases, we will provide constituent membership information so users will know which shares are used in the indices at any point in time. Users can drill down to the individual securities to see how their behavior has impacted the indices we have calculated. A special tab in the search engine is set aside for the GFD Indices. Go to the GFD Indices tab and you can discover which indices are available to subscribers. Tabs for the U.S. Stocks Database, U.K. Stocks Database and Fixed Income Securities allow you to search almost 100,000 current and historical securities that GFD provides through these databases. The GFD Indices provide a unique set of data not available from any other source. The indices provide a motherlode of information on the history of stock markets over a 300-year period from throughout the world. GFD Indices that use the U.S. Stocks Database are available to all U.S. Stock Database subscribers. GFD Indices that use the U.K. Stocks Database are available to all U.K. Stock Database subscribers. GFD Bond Indices are available to all Fixed Income Database subscribers. If you would like more information on the indices and the US Stocks Database, the UK Stocks Database, or the Fixed Income Database, please feel free to contact one of our sales representatives at 877-DATA-999 or 949-542-4200.