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73-690: In 2006, after 10 years of negotiations, José Berardo signed an agreement with the Portuguese government to loan art from his collection on a long-term basis to the Centro Cultural de Belém in Lisbon. Under the partnership agreement the Portuguese state incurs the costs of displaying Berardo's collection. The art holdings themselves are owned and managed by a company known as the Berardo Collection Association. The museum

146-661: A commission for performing the trade. Proprietary or self-directed traders who use online brokerages (e.g., Fidelity, Interactive Brokers, Schwab, tastytrade) benefit from commission-free trades. Major stock exchanges have market makers who help limit price variation ( volatility ) by buying and selling a particular company's shares on their own behalf and also on behalf of other clients. Stock traders may advise shareholders and help manage portfolios . Traders engage in buying and selling bonds, stocks, futures and shares in hedge funds. A stock trader also conducts extensive research and observation of how financial markets perform. This

219-528: A stock broker such as a bank or a brokerage firm to access the stock market. Since the advent of Internet banking , an Internet connection is commonly used to manage positions. Using the Internet , specialized software, a personal computer or a smartphone , stock speculators/investors make use of technical and fundamental analysis to help them in making decisions. They may use several information resources, some of which are strictly technical. Using

292-411: A stock exchange . Stock shares in smaller public companies may be bought and sold in over-the-counter (OTC) markets or in some instances in equity crowdfunding platforms. Stock traders can trade on their own account, called proprietary trading or self-directed trading, or through an agent authorized to buy and sell on the owner's behalf. That agent is referred to as a stockbroker . Agents are paid

365-430: A Guinness World Record) in the following years. These wild changes on the net worth of big stock owners are expectable in the long term and are the end result of the volatile nature of the stock market, the shortcomings of financial risk and unavoidable changes in asset valuation. Smaller stockholders may experience proportionally equal changes in their stock market-based assets. In order to successfully address all

438-479: A blend of technical, fundamental and environmental factors to influence where and when they invest. These strategists reject the 'chance' theory of investing, and attribute their higher level of returns to both insight and discipline. Financial fail and unsuccessful stories related with stock trading abound. Every year, a lot of money is wasted in non-peer-reviewed (and largely unregulated) publications and courses attended by credulous people that get persuaded and take

511-401: A considerably high level of risk , uncertainty and complexity , especially for unwise and inexperienced stock traders/investors seeking an easy way to make money quickly. In addition, trading activities are not free. Stock speculators/investors face several costs such as commissions, taxes and fees to be paid for the brokerage and other services, like the buying/selling orders placed through

584-403: A different mindset for success than our more primitive brain has developed and a mindset that is successful in most other endeavors. This area of study clarifies the mental and emotional aspects that will dictate a trader's decision and is an important factor in determining his success or failure in the trading process. Certain emotions like greed , fear and regret play important roles in

657-780: A disciplinary procedure on whether the President of the Republic should or not strip Berardo from the ranks of the Order of Prince Henry. The Council's President appointed the former President of the Assembly of the Republic , Mota Amaral , to lead the investigation related to disciplinary procedure, which included collection of written and audio material from the Portuguese parliament's CDG Affair inquiry committee. The disciplinary procedure results are expected to be presented to Portuguese Orders National Council on 20 December 2019. Since

730-495: A listed company involved Satyam. On January 7, 2009, its chairman Raju resigned after publicly announcing his involvement in a massive accounting fraud. Ramalinga Raju was sent to the Hyderabad prison along with his brother and former board member Rama Raju, and the former CFO Vadlamani Srinivas. In Italy, Parmalat 's Calisto Tanzi was charged with financial fraud and money laundering in 2008. Italians were shocked that such

803-482: A loss of about €45 million. Tanzi was sentenced to 10 years in prison for fraud relating to the collapse of the dairy group. The other seven defendants, including executives and bankers, were acquitted. Another eight defendants settled out of court in September 2008. Day trading sits at the extreme end of the investing spectrum from conventional buy-and-hold wisdom. It is the ultimate market-timing strategy. While all

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876-510: A major stake in the Futebol, S.A.D., which could have been achieved within the 33% free float of publicly traded stock that was issued in the stock market in May 2007. Berardo, who is a paying member of S.L. Benfica ( sócio ) and a declared supporter of the club , failed to become the largest individual stockholder in the club's S.A.D., since only about 1% of the intended stock was sold to him as of

949-489: A more fluctuating basis. Stock traders just entering the field suffer since few entry-level positions exist. While entry into this career field is very competitive, increased ownership of stocks and mutual funds drive substantial career growth of traders. Banks were also offering more opportunities for people of average means to invest and speculate in stocks. The BLS reported that stock traders had median annual incomes of $ 68,500. Experienced traders of stocks and mutual funds have

1022-653: A paid (5€ minimum) exhibition of tiles, ethnographic art, ceramics, minerals and fossils in an unused tunnel on a winemaker's property in Sangalhos . In 2012, an exhibition of works from Berardo's Modern and contemporary collection, including pieces by Gerhard Richter , Francis Bacon and Andy Warhol , was on show at the Gary Nader Art Centre in Miami, Florida. Throughout his life, Berardo has been related to several controversial situations that have reached

1095-473: A regular basis. The permanent collection is valued by the auction house Christie's at €316 million. Piet Mondrian , Tableau (yellow, black, blue, red and grey), 1923 Admission was €5, visits to some of the temporary exhibitions may have an additional charge. The museum was located in the Belém Cultural Center, being the center of the modern cultural life of Lisbon. Across the street, is

1168-595: A reported value of $ 750 million. Much of his art collection has in the past been used as collateral to borrow from banks. Berardo went public with his collection in 1997, displaying works at an old casino in Sintra, and then at the Centro Cultural de Belém cultural center, in Lisbon . By agreement with the Portuguese Government , a foundation ( Fundação de Arte Moderna e Contemporânea—Colecção Berardo )

1241-479: A return on a stock price because no one has access to information not already available to everyone else. In efficient markets, prices become not predictable but random, so no investment pattern can be discerned. A planned approach to investment, therefore, cannot be successful. This "random walk" of prices, commonly spoken about in the EMH school of thought, results in the failure of any investment strategy that aims to beat

1314-409: A single individual that built his or her reputation by day trading. Even Michael Steinhardt , who made his fortune trading in time horizons ranging from 30 minutes to 30 days, claimed to take a long-term perspective on his investment decisions. From an economic perspective, many professional money managers and financial advisors shy away from day trading, arguing that the reward simply does not justify

1387-431: A stock broker stock exchange . Depending on the nature of each national or state legislation involved, a large array of fiscal obligations must be respected, and taxes are charged by jurisdictions over those transactions, dividends and capital gains that fall within their scope. However, these fiscal obligations will vary from jurisdiction to jurisdiction. Among other reasons, there could be some instances where taxation

1460-504: A strong inclination toward the principles of passive stock management on which he later built the Vanguard Group. Bogle felt that it would be virtually impossible for an investor to consistently beat the stock market , and that the potential gains made are usually diluted by the heavy cost structure associated with security selection - number of transactions - resulting in a below-average return. Based on this principle, he designed

1533-429: A trader may usually require an MBA for advanced stock market analysis . The U.S. Bureau of Labor Statistics (BLS) reported that growth for stock and commodities traders was forecast to be greater than 21% between 2006 and 2016. In that period, stock traders would benefit from trends driven by pensions of baby boomers and their decreased reliance on Social Security . U.S. Treasury bonds would also be traded on

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1606-704: A vast and established empire could crumble so quickly. When the scandal was made known, the share price of Parmalat in the Milan Stock Exchange tumbled. Parmalat had sold itself credit-linked notes , in effect placing a bet on its own credit worthiness in order to conjure up an asset out of thin air. After his arrest, Tanzi reportedly admitted during questioning at Milan 's San Vittore prison , that he diverted funds from Parmalat into Parmatour and elsewhere. The family football and tourism enterprises were financial disasters; as well as Tanzi's attempt to rival Berlusconi by buying Odeon TV , only to sell it at

1679-500: Is 20%. For short-term trades (stocks bought and sold within a 12-month period, capital gains are taxed at one's ordinary tax rate (e.g., 28%, 30%, 35%). Beyond these costs are the opportunity costs of money and time, currency risk, financial risk , and Internet, data and news agency services and electricity consumption expenses—all of which must be accounted for. Stock market volatility can trigger mental health issues such as anxiety and depression . This fits in with research on

1752-413: Is a risky and complex undertaking because the direction of the markets are considered generally unpredictable and lack transparency, also financial regulators are sometimes unable to adequately detect, prevent and remediate irregularities committed by malicious listed companies or other financial market participants . In addition, the financial markets are subject to speculation . This does not invalidate

1825-525: Is accomplished through economic and microeconomic study; consequently, more advanced stock traders will delve into macroeconomics and industry specific technical analysis to track asset or corporate performance. Other duties of a stock trader include comparison of financial analysis to current and future regulation of his or her occupation. Professional stock traders who work for a financial company are required to complete an internship of up to four months before becoming established in their career field. In

1898-489: Is already incorporated into the stock price through the differing legislation that companies have to comply with in their respective jurisdictions; or that tax free stock market operations are useful to boost economic growth . In the United States, for example, stock gains are generally taxed at two levels: For long-term capital gains (stocks sold after a minimum of one year's ownership, the tax rate currently (2024)

1971-576: Is its ability to return a small group of stocks for further analysis, among tens of thousands, that fit the requirements requested. There is criticism on the validity of using these technical indicators in analysis, and many professional stock speculators do not use them. Many full-time stock speculators and stock investors, as well as most other people in finance, traditionally have a formal education and training in fields such as economics , finance , mathematics and computer science , which may be particularly relevant to this occupation – since stock trading

2044-422: Is not an exact science, stock prices have in general a random or chaotic behaviour and there is no proven technique for trading stocks profitably, the degree of knowledge in those fields is ultimately neglectable. Although many companies offer courses in stock picking, and numerous experts report success through technical analysis and fundamental analysis , many economists and academics state that because of

2117-592: Is primarily focused on day trading conducted by individual investors and the mutual fund trading scandals perpetrated by institutional investors in 2003. Media coverage of these issues has been so prevalent that many investors now dismiss market timing as a credible investment strategy. Unexposed insider trading , accounting fraud , embezzlement and pump and dump strategies are factors that hamper an efficient, rational, fair and transparent investing , because they may create fictitious company's financial statements and data, leading to inconsistent stock prices. Throughout

2190-503: Is that greater regulation in financial markets is indispensable. Other contributions of his work for the study of stock market behaviour are the creation of new approaches to evaluate risk and avoid unanticipated financial collapses. Mandelbrot delves into several key principles of fractal finance in The Misbehavior of Markets: A Fractal View of Financial Turbulence: Outside of academia, the controversy surrounding market timing

2263-448: Is that the probability of experiencing extreme fluctuations (like the ones triggered by herd behavior ) is greater than what conventional wisdom wants us to believe. This of course delivers a more accurate vision of risk in the world of finance. The central objective in financial markets is to maximize income for a given level of risk. Standard models for this are based on the premise that the probability of extreme variations of asset prices

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2336-427: Is very low. These models rely on the assumption that asset price fluctuations are the result of a well-behaved random or stochastic process. This is why mainstream models (such as the famous Black–Scholes model ) use normal probabilistic distributions to describe price movements. For all practical purposes, extreme variations can be ignored. Mandelbrot thought this was an awful way to look at financial markets. For him,

2409-530: The 2010–2014 Portuguese financial crisis when both the Portuguese Republic finances and banking system collapsed, he has been involved in several controversies and legal issues which have led to the arrestment of his bank accounts, his companies' assets and himself due to ongoing legal investigations. Berardo was born in 1944 at Santa Luzia, Funchal , Madeira , Portugal, the son of Manuel Berardo Gomes and Ana Rodrigues. Berardo left school when he

2482-516: The Galleon Group . On Friday October 16, 2009, he was arrested by the FBI and accused of conspiring with others in insider trading in several publicly traded companies. U.S. Attorney Preet Bharara put the total profits in the scheme at over $ 60 million, telling a news conference it was the largest hedge fund insider trading case in United States history. A well publicized accounting fraud of

2555-512: The Mosteiro dos Jerónimos . Jos%C3%A9 Berardo José Manuel Rodrigues " Joe " Berardo GCIH , ComIH (born 4 July 1944), is a Portuguese and South African businessman, investor, and art collector. According to Portuguese magazine Exame , he had an estimated net worth of €598 million in 2010, making him one of the wealthiest people in Portugal at the time. Starting around

2628-510: The United States , for example, internship is followed up by taking and passing a Financial Industry Regulatory Authority -administered Series 63 or 65 exam. Stock traders who pass demonstrate familiarity with U.S. Securities and Exchange Commission (SEC) compliant practices and regulation. Stock traders with experience usually obtain a four-year degree in a financial, accounting or economics field after licensure. Supervisory positions as

2701-402: The efficient-market hypothesis (EMH) it is unlikely that any amount of analysis can help an investor make any gains above the stock market itself. In the distribution of investors, many academics believe that the richest are simply outliers in such a distribution (i.e. in a game of chance, they have flipped heads twenty times in a row). When money is put into the stock market, it is done with

2774-432: The 20 August 2007 deadline. After his failed attempt to bid on Benfica, Berardo refocused his attention on his hometown club Club Sport Marítimo , of which has also declared his support for and is a registered member also. On 17 November 2007, during the club's 97th anniversary celebration, he was honoured with a silver medal to commemorate his 25 years as a Marítimo member. He used the occasion to announce his interest in

2847-568: The above, the ultimate reason for their success involves making the right trades at the right time. In most cases, those decisions involve extended periods of time and are based on buy-and-hold investment strategies. Value investing is a clear example, as the strategy is based on buying stocks that trade for less than their intrinsic values and selling them when their value is recognized in the marketplace. Most value investors are known for their patience, as undervalued stocks often remain undervalued for significant periods of time. Some investors choose

2920-436: The aim of generating a return on the capital invested. Many investors try not only to make a profitable return, but also to outperform, or beat, the market. However, market efficiency, championed in the EMH formulated by Eugene Fama in 1970, suggests that at any given time, prices fully reflect all available information on a particular stock and/or market. Thus, according to the EMH, no investor has an advantage in predicting

2993-516: The attention that day trading attracts seems to suggest that the theory is sound, critics argue that, if that were so, at least one famous money manager would have mastered the system and claimed the title of "the Warren Buffett of day trading". The long list of successful investors that have become legends in their own time, where George Soros rivals Warren Buffett for the title of most successful stock investor of all time, does not include

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3066-454: The bill, hoping getting rich by trading on the markets. This opens the door to widespread promotion of inaccurate and unproven trading methods for stocks, bonds, commodities, or Forex , while generating sizable revenues for unscrupulous authors, advisers and self-titled trading gurus. Most active money managers produce worse returns than an index, such as the S&;P 500 . Speculation in stocks

3139-399: The bulk of the observations lies close to the mean (68% of the data are within one standard deviation). Instead, the data showed a great frequency of extreme variations. Second, price variations followed patterns that were indifferent to scale: the curve described by price changes for a single day was similar to a month's curve. Surprisingly, these patterns of self-similarity were present during

3212-584: The clubs' new stadium plans, the Estádio do Marítimo , and offer his aid as a "supporter with passion" for the club. Berardo is one of the leading contemporary art collectors in Portugal. An inveterate collector, he started as a schoolboy with stamps, postcards and matchboxes, and later transitioned to modern and contemporary art in the 1980s. His various collections, which include art deco and Chinese porcelain, encompass more than 40,000 works, of which some 1,200 are by well-known modern and contemporary artists with

3285-618: The disciplinary procedure was initiated, Berardo has publicly apologized for his conduct during the Assembly of the Republic's inquiry. Stock investor A stock trader or equity trader or share trader , also called a stock investor , is a person or company involved in trading equity securities and attempting to profit from the purchase and sale of those securities. Stock traders may be an investor , agent, hedger , arbitrageur , speculator , or stockbroker . Such equity trading in large publicly traded companies may be through

3358-541: The distribution of price movements is not normal and has the property of kurtosis , where fat tails abound. This is a more faithful representation of financial markets: the movements of the Dow index for the past hundred years reveals a troubling frequency of violent movements. Still, conventional models used by the time of the 2008 financial crisis ruled out these extreme variations and considered they can only happen every 10,000 years . An obvious conclusion from Mandelbrot's work

3431-464: The entire period from 1900 to 1960, a violent epoch that had seen a Great Depression and two world wars. Mandelbrot used his fractal theory to explain the presence of extreme events in Wall Street. In 2004 he published his book on the "misbehavior" of financial markets The (Mis)behavior of Markets: A Fractal View of Risk, Ruin, and Reward . The basic idea that relates fractals to financial markets

3504-404: The exact opposite to greed. It is the one that holds back a trader in taking the steps in the trading process. And like greed, it can be both destructive and useful depending on the situation of the market. Regret is another emotion a trader must take careful consideration. There are many traders who jumped into the trading process because of regret and finally finding themselves losing more money in

3577-400: The first index fund, allowing his investors to access the entire market in a simple, comprehensive way and at extremely competitive costs. Trading psychology is the study of human mindset and how it functions in terms of identity, beliefs and behaviors while actively trading regulated and non-regulated assets. This area of psychology can reveal core human inclinations because trading requires

3650-700: The gold extraction was performed using low-value waste lands that were apparently being ignored. Later, the mining company started to deal with diamond mining as well. Berardo returned to Portugal in 1986. As a very wealthy stock investor , Joe Berardo was a central personality on the Portuguese stock exchange in the 2000s, and became noted for his remarks as activist shareholder and the media frenzy it generated at times. His businesses included hotels, tobacco, animal food, telecommunications, banking and wines. Berardo's estimated total wealth, including stock in large Portuguese banking and telecommunications companies,

3723-458: The long term effects of the stock market on a person's mental health. Seasoned, experienced stock traders and investors generally achieve a level of psychological resilience able to deal with these detrimental factors in the long run or otherwise risk continuous suffering from some type of mental health issue during the course of their careers or financial activities which are dependent on the stock market. Stock speculators and investors usually need

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3796-427: The market consistently. In fact, the EMH suggests that given the transaction costs involved in portfolio management, it would be more profitable for an investor to put his or her money into an index fund. In 1963 Benoit Mandelbrot analyzed the variations of cotton prices on a time series starting in 1900. There were two important findings. First, price movements had very little to do with a normal distribution in which

3869-636: The media: In June 2021, Berardo became a named suspect ( arguido status in the Portuguese legal system) and was arrested by members of the Polícia Judiciária for alleged fraud committed against the bank Caixa Geral de Depósitos (CGD) and a number of other financial crimes . Under the CGD affair, the Portuguese Orders National Council was convened on 17 May 2019, presided by Manuela Ferreira Leite , to initiate

3942-430: The performance of an index (i.e. either upward or downward). As they are easy to use, they facilitate portfolio diversification through the acquisition of contracts backed by a stock index or industry (e.g. commodities). The two traders were very familiar to control procedures. They worked in the back office, the administrative body of the bank that controls the regularity of operations, before moving to trading. According to

4015-550: The pivot points calculated from a previous day's trading, they attempt to predict the buy and sell points of the current day's trading session. These points give a cue to speculators, as to where prices will head for the day, prompting each speculator where to enter his trade, and where to exit. An added tool for the stock picker is the use of stock screens . Stock screens allow the user to input specific parameters, based on technical and/or fundamental conditions, that he or she deems desirable. Primary benefit associated with stock screens

4088-426: The potential to earn more than $ 145,600 annually. Contrary to a stockbroker , a professional who arranges transactions between a buyer and a seller, and gets a guaranteed commission for every deal executed, a professional trader may have a steep learning curve and his ultra-competitive performance based career may be cut short, especially during generalized stock market crashes . Stock market trading operations have

4161-443: The problem was not with the trading strategy but rather with the unethical and unfair implementation of that strategy, which permitted some investors to engage in it while excluding others. All of the world's greatest investors rely, to some extent, on market timing for their success. Whether they base their buy-sell decisions on fundamental analysis of the markets, technical analysis of individual companies, personal intuition, or all of

4234-641: The report of the Inspector General of Societe Generale, in 2005 and 2006 Kerviel "led" by taking 100 to 150 million-euro positions on the shares of SolarWorld listed in Germany. Moreover, the "unauthorized trading" of Kweku Adoboli, similar to Kerviel, did not date back a long way. Adoboli had executed operations since October 2008; his failure and subsequent arrest occurred in 2011. A classical case related to insider trading of listed companies involved Raj Rajaratnam and its hedge fund management firm,

4307-536: The risk. Attempting to make a profit is the reason investors invest, and buy low and sell high is the general goal of most investors (although short-selling and arbitrage take a different approach, the success or failure of these strategies still depends on timing). The problems with mutual fund trading that cast market timing in a negative light occurred because the prospectuses written by the mutual fund companies strictly forbid short-term trading. Despite this prohibition, special clients were allowed to do it anyway. So,

4380-575: The shortcomings, doubts, fallacies, noise and bureaucratic bottlenecks associated with stock investing, like unchecked speculation and fraud as well as imperfect information , excessive risk and costs, stock investor John Clifton "Jack" Bogle (1929 – 2019) became world-renowned for founding the American investment fund manager Vanguard Group in 1975, and for designing the first index replication fund . Bogle studied economics at Princeton University, specializing in mutual funds , and early on demonstrated

4453-521: The stock markets history, there have been dozens of scandals involving listed companies, stock investing methods and brokerage. Jérôme Kerviel ( Société Générale ) and Kweku Adoboli ( UBS ), two rogue traders , worked in the same type of position, the delta one desk: a table where derivatives are traded, and not single stocks or bonds. These types of operations are relatively simple and often reserved for novice traders who also specialize in exchange-traded funds (ETFs), financial products that mimic

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4526-672: The team's fourth-place finish in the Portuguese Liga and the failure to make any great gains in European competition . Berardo's bid was not hostile, as reports said the Benfica management had been informed in advance and was generally in favor of the offer. Overall, the bid was worth some €31.5 million and was conditional on Berardo netting 50% of the company plus one share, to ensure control. The bid valued S.L. Benfica - Futebol, S.A.D. at €52.5 million. However, Berardo did not exclude

4599-449: The time) to the investor Berardo and PT's administrators Zeinal Bava and Henrique Granadeiro, failed. In June 2007, Berardo made a bid for 60% of Sport Lisboa e Benfica - Futebol, S.A.D. 's shares at €3.50 a share, a 30% premium to the recent share price. But the price was well below the €5 a share set at Benfica's IPO in May 2007, when after an initial flurry of optimism the shares fell steadily to below €3 apiece, hammered hard by

4672-399: The trading process. Greed is defined as excessive desire to accumulate more wealth. It can be both beneficial or destructing depending on how a trader utilize it in different situations. It has positive results in the bull market. The longer a trader stays on the game, the greater wealth he can gather. However, it is destructive when suddenly a bear market strikes in. Fear on the other hand is

4745-660: The well documented true and genuine stories of large successes and consistent profitability of many individual stock investors and stock investing organizations in history. Masayoshi Son was for many years the stock investor-shareholder who had lost the most money in history (more than $ 59bn during the dot com crash of 2000 alone, when his SoftBank shares plummeted), but he was surpassed by other billionaire investors and shareholders like Elon Musk (whose net worth peaked in November 2021 at $ 340 billion and then plunged to $ 137 million after Tesla shares have plummeted 65% in 2022;

4818-428: Was 13 years old and got a low-ranked job in the winery sector of Madeira wine . At the age of 18, he emigrated to South Africa where he worked in horticulture distribution and eventually set up large commercial ventures, becoming at the end of the 20th century one of the most renowned and wealthiest Portuguese entrepreneurs. In South Africa, he created Egoli Consolidated Mines Ltd , a gold extraction company. Initially,

4891-465: Was arranged in strictly linear fashion, leading visitors though a line of line of rooms with austere white walls on which are displayed examples of notable works of modern art with explanatory text offering a textbook-like survey of modern Western art from surrealism to pop art , hyper-realism , minimalist art to conceptual art in chronological order. The museum had an extensive permanent collection and also hosts temporary exhibitions that change on

4964-617: Was at a time at over €1.9 billion. Berardo made long-term investments in large companies such as Millennium BCP bank and Portugal Telecom (PT) telecommunications operator, which were both listed on the Euronext Lisbon. In 2006, he took a prominent part in the struggle against Sonae.com 's very publicized takeover bid over Portugal Telecom. Sonae.com's takeover bid opposing Belmiro de Azevedo (founder and historical chairman of Sonae holding company) and his son Paulo Azevedo (head officer of Sonae.com telecommunications operator at

5037-655: Was created to support the housing of his art collection of roughly 1,800 works at the Centro Cultural de Belém. Much as the Spanish state did with the Thyssen-Bornemisza Museum in Madrid, the government agreed to house part of his collection and took a 10-year option to buy 862 paintings and sculptures for 316 million euros, based on a Christie's valuation in 2006. The Museu Colecção Berardo

5110-487: Was formally initiated as the Foundation of Modern and Contemporary Art on August 9, 2006 (Decree-Law 164/2006). It was inaugurated on June 25, 2007 and is named after Berardo and his collection. At the time, auction house Christie's valued the exhibited works at around 316 million euros ( million). While the contract is still in force, however, the Berardo Collection Association may not sell cultural goods. The agreement

5183-739: Was inaugurated on 25 June 2007. Berardo's 35-hectare sculpture park in Quinta dos Loridos, north of Lisbon, opened in phases since 2006. When he read about the Taliban ’s destruction of Afghanistan's enormous stone Buddhas in Bamiyan in 2001, he bought a massive range of Buddhist statues, and created the Buddha Eden Gardens (about 45 minutes outside of Lisbon). In 2011, Berardo set up the Aliança Underground Museum ,

5256-489: Was renewed in 2017 giving the Portuguese government the option to purchase works from the collection until the agreements ends in late 2022. Since its opening, the collection was located at the Exhibition Center of the Centro Cultural de Belém , with over 1,000 works of art on permanent display and temporary exhibitions. From its opening until April 2011, the museum's art director was Jean-François Chougnet, who

5329-545: Was then replaced by Pedro Lapa. The Berardo Collection was seized by the Portuguese state in 2019 after Berardo failed to pay three Portuguese banks the more than $ 1 billion debt that he owed. The artworks were placed as collateral for the bank loans. From 2023, parts of the collection became part of the inaugural presentation at the Museum of Contemporary Art in the Belém Cultural Center (CCB). The collection

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