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Here is What Hedge Funds Think About Energy Transfer L.P. (ET)

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Peter Rathjens Arrowstreet Capital 394

Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds’ and successful investors’ positions as of the end of the second quarter. You can find articles about an individual hedge fund’s trades on numerous financial news websites. However, in this article we will take a look at their collective moves over the last 5 years and analyze what the smart money thinks of Energy Transfer L.P. (NYSE:ET) based on that data and determine whether they were really smart about the stock.

Energy Transfer L.P. (NYSE:ET) was in 31 hedge funds’ portfolios at the end of the second quarter of 2020. The all time high for this statistics is 36. ET investors should pay attention to a decrease in hedge fund sentiment of late. There were 33 hedge funds in our database with ET positions at the end of the first quarter. Our calculations also showed that ET isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings and see the video for a quick look at the top 5 stocks). Video: Watch our video about the top 5 most popular hedge fund stocks.

Why do we pay any attention at all to hedge fund sentiment? Our research has shown that a select group of hedge fund holdings outperformed the S&P 500 ETFs by 56 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that’ll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 34% through August 17th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.

Peter Rathjens Arrowstreet Capital 394

Peter Rathjens of Arrowstreet Capital

At Insider Monkey we leave no stone unturned when looking for the next great investment idea. For example, this “mom” trader turned $2000 into $2 million within 2 years. So, we are checking out her best trade idea of the month. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. We go through lists like the 10 most profitable companies in the world to pick the best large-cap stocks to buy. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. Now let’s review the latest hedge fund action surrounding Energy Transfer L.P. (NYSE:ET).

How are hedge funds trading Energy Transfer L.P. (NYSE:ET)?

At the end of the second quarter, a total of 31 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -6% from the previous quarter. On the other hand, there were a total of 29 hedge funds with a bullish position in ET a year ago. So, let’s examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Is ET A Good Stock To Buy?

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, David Tepper’s Appaloosa Management LP has the largest position in Energy Transfer L.P. (NYSE:ET), worth close to $107.7 million, comprising 1.9% of its total 13F portfolio. Sitting at the No. 2 spot is Abrams Capital Management, led by David Abrams, holding a $96.3 million position; 3.1% of its 13F portfolio is allocated to the company. Other peers with similar optimism comprise Louis Bacon’s Moore Global Investments, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital and Stuart J. Zimmer’s Zimmer Partners. In terms of the portfolio weights assigned to each position Kamunting Street Capital allocated the biggest weight to Energy Transfer L.P. (NYSE:ET), around 12.4% of its 13F portfolio. Raging Capital Management is also relatively very bullish on the stock, dishing out 12.35 percent of its 13F equity portfolio to ET.

Seeing as Energy Transfer L.P. (NYSE:ET) has faced falling interest from the entirety of the hedge funds we track, logic holds that there were a few fund managers who were dropping their full holdings in the second quarter. Interestingly, Seth Klarman’s Baupost Group dropped the biggest investment of the “upper crust” of funds watched by Insider Monkey, totaling close to $55.7 million in stock. Alec Litowitz and Ross Laser’s fund, Magnetar Capital, also sold off its stock, about $15.5 million worth. These transactions are intriguing to say the least, as total hedge fund interest was cut by 2 funds in the second quarter.

Let’s now review hedge fund activity in other stocks similar to Energy Transfer L.P. (NYSE:ET). These stocks are Church & Dwight Co., Inc. (NYSE:CHD), MarketAxess Holdings Inc. (NASDAQ:MKTX), Keysight Technologies Inc (NYSE:KEYS), Wipro Limited (NYSE:WIT), Entergy Corporation (NYSE:ETR), The Trade Desk, Inc. (NASDAQ:TTD), and Wayfair Inc (NYSE:W). This group of stocks’ market caps resemble ET’s market cap.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CHD,33,508177,-3 MKTX,33,918191,6 KEYS,47,564484,7 WIT,7,59120,0 ETR,32,953385,-2 TTD,20,513971,-5 W,41,3533920,7 Average,30.4,1007321,1.4 [/table]

View table here if you experience formatting issues.

As you can see these stocks had an average of 30.4 hedge funds with bullish positions and the average amount invested in these stocks was $1007 million. That figure was $552 million in ET’s case. Keysight Technologies Inc (NYSE:KEYS) is the most popular stock in this table. On the other hand Wipro Limited (NYSE:WIT) is the least popular one with only 7 bullish hedge fund positions. Energy Transfer L.P. (NYSE:ET) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for ET is 58.8. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 10 most popular stocks among hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks gained 23.8% in 2020 through September 14th and beat the market by 17.6 percentage points. Unfortunately ET wasn’t nearly as popular as these 10 stocks and hedge funds that were betting on ET were disappointed as the stock returned -13.1% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 10 most popular stocks among hedge funds as many of these stocks already outperformed the market so far this year.

Get real-time email alerts: Follow Energy Transfer Lp (NYSE:ET)

Disclosure: None. This article was originally published at Insider Monkey.

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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China name dispute moves from birds to climate change

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'Taiwan is Taiwan': China name dispute moves from birds to climate change

TAIPEI (Reuters) – The dispute over international organisations referring to Taiwan as Chinese has moved from wild bird conservation to climate change, after a global alliance of mayors began listing Taiwanese cities as belonging to China on its website.

China has ramped up pressure on international groups and companies, no matter how small or obscure, to refer to democratic Taiwan as being part of China, to the anger of Taiwan’s government and many of its people.

Beijing views the island as merely a wayward Chinese province.

This month a Taiwan bird conservation body said it had been expelled from a partnership with a British-based wildlife charity after they demanded the Taiwan group change their name and sign documents stating they did not support Taiwan’s independence.

Late on Saturday, the government of the southern Taiwanese city of Kaohsiung said the website of the Global Covenant of Mayors for Climate and Energy had begun listing Taiwan member cities like itself as part of China.

On Sunday, Taiwan’s government reacted with anger.

“Taiwan is Taiwan. China is China. Taiwan is not a city of China’s. If there is incorrect usage we think this is extremely improper,” Premier Su Tseng-chang told reporters.

“China hopes to make Taiwan part of it in the world, a city of its. This is not in line with the facts.”

Taiwan’s Foreign Ministry said it had asked the group to make a correction, while Kaohsiung Mayor Chen Chi-mai said his city was known globally as being in southern Taiwan, rather than as part of China.

The Global Covenant’s secretariat said in a short email to Reuters that they “may not be able to respond until business hours resume Monday”.

The Global Covenant says its mission is to “galvanise climate and energy action across cities worldwide”, representing a population of over 800 million. The only Chinese city it lists as a member is Hong Kong.

China’s Foreign Ministry did not immediately respond to a request for comment.

(Reporting by Ben Blanchard; Additional reportig by Ryan Woo in Beijing; Editing by Stephen Coates)

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Here’s Why We’re Wary Of Buying Consolidated Water’s (NASDAQ:CWCO) For Its Upcoming Dividend

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7 Sin Stocks To Buy That Will Outperform the S&P 500

While the S&P 500 and a wide range of stocks continue their September slide, many investors are understandably jittery, wondering if a second market crash is coming this year. In response, they’re searching for industries that can offer more stability, but also growth and income over the coming quarters. One such group are the so-called “sin stocks,” which benefit when humans indulge in vices.Although there may be different definitions of sin stocks, these businesses include those in alcohol, tobacco, cannabis, gambling, adult entertainment, weapons and defense industries. What is viewed as a sin stock today may also change over time.Recent research by David Blitzo of Robeco Asset Management in Rotterdam, the Netherlands, and Frank J. Fabozzi of EDHEC Business School in Nice, France, highlights how “various studies … [of] the historical performance of sin stocks … [show] they have delivered significantly positive abnormal returns.”InvestorPlace – Stock Market News, Stock Advice & Trading TipsThat is to say, sin stocks outperform the broader market time and again, and that isn’t based on one study; it’s based on many studies, by different researchers at different times.Sales figures from companies back up the anecdotal evidence that even in economically difficult periods, tobacco and alcohol consumption remain fairly stable. In fact, during the early weeks of the pandemic, alcohol sales in the U.S. increased by 27%. * 7 Hot Stocks to Buy on Robinhood Now Therefore, for investors whose convictions allow them to invest in these firms, such stocks can provide meaningful diversification during volatile market periods. On the other hand, some sin stocks, particularly casino stocks, have suffered greatly as gambling locations remain closed due to lockdowns.With all that in mind, here are seven sin stocks to invest for the long-run: * Advisor Shares Vice ETF (NASDAQ:ACT) * Constellation Brands (NYSE:STZ) * ETFMG Alternative Harvest ETF (NYSEARCA:MJ) * iShares U.S. Aerospace & Defense ETF (CBOE:ITA) * Smith & Wesson (NASDAQ:SWBI) * VanEck Vectors Gaming ETF (NASDAQ:BJK) * Vanguard Consumer Staples Index Fund ETF (NYSEARCA:VDC)Most sin industry stocks also bear juicy dividends. Thus, they could be appropriate for investors seeking passive income, especially in a low-interest environment such as this. Sin Stocks to Buy: Advisor Shares Vice ETF (ACT)Source: Shutterstock 52-Week Range: $16.16 – 26.95Dividend Yield: 2.41%Net Expense Ratio: 0.99 % per yearOur first choice is an exchange-traded fund (ETF), best for investors who would rather not risk capital on one company. The AdvisorShares Vice ETF concentrates mainly on U.S.-listed alcohol and tobacco companies. It may also hold stocks of firms conducting federally legal cannabis business, per the U.S. government.As regular InvestorPlace readers likely know, marijuana remains illegal at the federal level in the U.S. At the state level, legal status depends on the laws of the individual state. Outside of Canada, which was the first G7 country to nationally legalize cannabis, the size of the legalized marijuana industry remains very small. Yet that market is expected to reach $40 billion by 2023.In terms of ETF composition, cannabis-related firms top the list with a 40.9% weighting. Next are alcohol (27.1%), Restaurant & Entertainment (12.2%), and Tobacco with Cannabis Exposure (11.3%). Close to 80% of the companies come from North America, followed by Europe (13.3%).ACT’s top ten holdings comprise around 60% of total net assets, which stand close to $10 million. ACT’s top five companies are Boston Beer (NYSE:SAM), Thermo Fisher Scientific (NYSE:TMO), Abbott Laboratories (NYSE:ABT), Turning Point Brands (NYSE:TPB) and Abbvie (NYSE:ABBV). A closer examination of the holdings shows that there is considerable emphasis on life-sciences. For example, in Canada, Thermo Fisher undertakes cannabis compliance activities. Another holding is Scotts Miracle-Gro (NYSE:SMG), which is known for its fertilizer products, used by marijuana producers.So far in 2020, the fund is up around 3%. Yet since the lows seen in early spring, ACT is up around 55%. In fact, on September 16, it hit a 52-week high.Any decline toward the $22.5-level would make the fund more attractive for long-term investors. However, we’d like to underscore the high management fee as well as the fact that it is still a smaller size fund. Constellation Brands (STZ)Source: ShinoStock / Shutterstock.com 52-Week Range: $104.28 – $210.65Dividend Yield: 1.62%Victor, New York-headquartered Constellation Brands’ website highlights that it is the fastest-growing large consumer packaged goods (CPG) company in the U.S. at the retail level. And in addition to the U.S., the global alcoholic beverage company has operations in Mexico, New Zealand and Italy as well.The group produces and markets beer, wine and a diverse range of spirits. Several of its well-known brands include Corona, Modelo, Pacifico, Robert Mondavi, SVEDKA Vodka, Casa Noble Tequila and High West Whiskey.In 2018, Constellation Brands took a considerable stake in Canada-based Canopy Growth (NYSE:CGC), providing the company with managerial and financial backing. There may be investors who are hoping that Constellation Brands, which holds a 38% stake in the company, will acquire the remaining shares of Canopy Growth. Given the question marks surrounding the cannabis industry and the global economy, we don’t expect such an acquisition to happen in the near-term.Year-to-date (YTD) the stock is down about 2%. Part of the weakness in price may come from the fact that its wine and spirits business has seen lower shipments in 2020. But the beer business is strong, posting the tenth consecutive year of rising shipments. * 7 Hot Stocks to Buy on Robinhood Now Since the lows seen in March, the shares are up about 80%. As a result of the rapid increase, forward P/E and P/S ratios have also been pushed up, standing at 20.75 and 4.33 respectively. We’d look to buy the shares around $170. ETFMG Alternative Harvest ETF (MJ)Source: Shutterstock 52-Week Range: $8.81 – $23.44Dividend Yield: 10.76%Expense Ratio: 0.75%Our next choice is an ETF from the cannabis space. The ETFMG Alternative Harvest ETF tracks the Prime Alternative Harvest index. MJ stock invests in companies that have exposure to global medicinal and recreational cannabis legalization moves.Pharmaceuticals (56.4%), Tobacco (24.7%) and Biotechnology (9.1%) are the top 3 sectors for MJ, which has 35 holdings. The top ten holdings comprise about 60% of total net assets, which are around $550 million. MJ’s top five companies are GW Pharmaceuticals (NASDAQ:GWPH), Cronos Group (NASDAQ:CRON), Canopy Growth (NYSE:CGC), Corbus Pharmaceuticals (NASDAQ:CRBP) and Aurora Cannabis (NYSE:ACB).It’s important to note that U.K.-based GW Pharmaceuticals, a leading cannabinoid-focused biotech company, is MJ’s largest holding, accounting for 11.1% of its assets. Its drugs are widely used to treat spasms in multiple sclerosis patients. The fund also owns shares of the companies providing ancillary products and services to the cannabis companies.So far in 2020, Canada-based marijuana stocks have been plumbing new lows. Producing cannabis is capital-intensive, meaning pot firms make substantial initial and ongoing investments. These companies are also vulnerable to supply and demand issues.Over the past year, a wide range of Canadian regulatory logjams have resulted in supply problems for companies like Cronos, Canopy Growth, and Aurora Cannabis. Plus, most of the demand for cannabis is currently limited to Canada where there is still a resilient black market. As a result, the next few months may see consolidation in the industry north of the border.YTD, the fund is down about 36%. It is likely that MJ may re-test its lows seen earlier in March. Investors who are able to spare risk capital may consider investing for the long-run around $7.5. iShares U.S. Aerospace & Defense ETF (ITA)Source: Shutterstock 52-Week Range: $112.47 – $240.62Dividend Yield: 2.26%Expense Ratio: 0.42%The iShares U.S. Aerospace & Defense ETF provides exposure to U.S. companies that manufacture commercial and military aircrafts and other defense equipment. ITA, which has 35 holdings, tracks the Dow Jones U.S. Select Aerospace & Defense Index.The top ten companies comprise 75% of net assets under management, which stand close to $2.7 billion. Lockheed Martin (NYSE:LMT), Raytheon Technologies (NYSE:RTX) and Boeing (NYSE:BA) are the top three holdings for ITA. Put another way, investors are relying on a few major players for returns. * 7 Hot Stocks to Buy on Robinhood Now Many analysts concur that U.S. defense spending is likely to remain high. However, the headwinds affecting orders, especially for Boeing, may stay with us for some time. This fact is potentially already reflected in the price, which is down close to 30% YTD.Contrarian and dividend-seeking investors may find this fund appealing. Smith & Wesson (SWBI)Source: Supakorn Pe / Shutterstock.com 52-Week Range: $4.16 – $22.40Dividend Yield: 1.26%Springfield, Massachusetts-based firearms manufacturer Smith & Wesson is our next stock. The company was founded in 1852. Earlier in August, it spun off American Outdoor Brands (NASDAQ:AOUT) as a separate entity.In August, the company released FY 2020 annual report and highlighted that nationwide firearm demand remained extremely high. Sales numbers and anecdotal evidence suggest that guns have recently been flying off the shelves in many parts of the country.During the year, the group introduced 230 new firearms. A third of those were brand new products, while the rest were line extensions. Net sales for the fiscal year were $678.4 million, an increase of 6.3% from a year ago. The firearms segment gross sales represented a 10% increase over fiscal 2019 sales. The company’s gross margins have been climbing and now stand at a robust 40.2%.YTD, SWBI shares are up close to 70%. The upcoming U.S. Presidential election may bring volatility in the stock price. However, long-term investors may consider buying the dips. Its P/S and P/B ratios stand out, at 1.01 and 1.95 respectively. VanEck Vectors Gaming ETF (BJK)Source: Shutterstock 52 Week Range: $ 20.02 – 43.73Dividend Yield: 3.23%Expense Ratio: 0.65%The VanEck Vectors Gaming ETF provides exposure to companies in the global gaming industry. That includes casinos and casino hotels, sports betting, lottery and gaming services, and gaming technology and equipment.BJK, which has 42 holdings, tracks the MVIS Global Gaming Index. The top sector allocation is Consumer Discretionary (91.1%), followed by Real Estate (9.2%).The top ten holdings constitute over 55% of net assets, which stand around $53 million. Flutter Entertainment (OTC:PDYPY), Galaxy Entertainment Group (OTC:GXYEF) and Draftkings (NASDAQ:DKNG) are the top three firms in BJK.At present, in the U.S., DraftKings and FanDuel, which is part of Europe-based Flutter Entertainment, are the two main online platforms for sports and sports fantasy betting. DKNG stock, which went public in late April, is up over 400%. Flutter Entertainment, which is one of the largest gambling companies in the world by revenue, is also up about 23%. * 7 Hot Stocks to Buy on Robinhood Now However, the fund as a whole is down about 9% so far in 2020. Investors who want to capitalize on the potential of sports betting as well as the growth in fantasy sports both in the U.S. and worldwide may want to do further due diligence on the fund. We’d look to buy the dips. Vanguard Consumer Staples Index Fund ETF (VDC)Source: Shutterstock 52-week range: $120.70-$172.31Dividend Yield: 3.05%Expense Ratio: 0.10% per yearOur final pick is another ETF. However, it’s not a pure play on sin stocks. Instead the Vanguard Consumer Staples Index Fund ETF provides exposure to a range of large-, mid-, and small-cap U.S. stocks in the consumer staples sector. As a result, this fund is defensive in nature.VDC, which has has 94 holdings, tracks the Spliced US IMI Consumer Staples 25/50 Index. The most important sectors (by weighting) are Household Products, Soft Drinks, Packaged Foods & Meats and Hypermarkets & Super Centers. In total, these four sectors make up about three-quarters of the fund.The top ten holdings comprise 65% of total net assets, which stand at $6.5 billion. These are businesses with competitive positions and strong balance sheets and revenue streams. Among those ten companies are two businesses that would be considered sin stocks, i.e., Philip Morris International (NYSE:PM) and Altria (NYSE:MO).Phillip Morris International is a global cigarette and tobacco manufacturing company, whose products are sold in over 180 countries outside the U.S. The most recognized brand is Marlboro. Altria’s subsidiaries, on the other hand, include Philip Morris USA, which is engaged in the manufacture and sale of cigarettes in the U.S. as well as several other brands which manufacture, produce and market tobacco products and wine.In 2020, the fund has returned about 0.3%, i.e. it’s flat. Given the health and economic uncertainties due to the pandemic, market participants may consider allocating some capital into VDC. We’d look to buy the dips, especially around $155 or below.On the date of publication, Tezcan Gecgil did not have (either directly or indirectly) any positions in the securities mentioned in this article.Tezcan Gecgil has worked in investment management for over two decades in the U.S. and U.K. In addition to formal higher education in the field, she has also completed all 3 levels of the Chartered Market Technician (CMT) examination. Her passion is for options trading based on technical analysis of fundamentally strong companies. She especially enjoys setting up weekly covered calls for income generation. She also publishes educational articles on long-term investing. More From InvestorPlace * Why Everyone Is Investing in 5G All WRONG * America’s 1 Stock Picker Reveals His Next 1,000% Winner * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * Radical New Battery Could Dismantle Oil Markets The post 7 Sin Stocks To Buy That Will Outperform the S&P 500 appeared first on InvestorPlace.

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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An Irish tourist in Rome defaced the Colosseum by carving his initials into the walls of the ancient structure, according to a report

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An Irish tourist in Rome defaced the Colosseum by carving his initials into the walls of the ancient structure, according to a report
Italy’s Carabinieri police in front of the Colosseum on June 1, 2020.

  • Private security at Rome’s Colosseum caught a tourist carving his name onto a pillar on the ancient structure, CNN reported.

  • The tourist, identified as a 32-year-old man visiting from Ireland, used a metal point to inscribe his first and last initials on the structure’s first floor.

  • In Italy, damaging a historical or artistic landmark is a crime that could result in up to one year in prison or a minimum fine of $2,400 (€2,065), according to CNN.

  • One tourist who was caught carving a letter into the walls of the Colosseum in 2014 was fined more than $23,000 (€20,000) and charged with four months in prison.

  • Visit Insider’s homepage for more stories.

Private security at Rome’s Colosseum on Monday caught a tourist carving his first and last initials onto a pillar of the 2,000-year-old structure, CNN reported.

Italy’s Carabinieri police told CNN that the Colosseum’s security team identified the tourist as a 32-year-old man visiting from Ireland.

The tourist, whose name has not yet been released, used a metal point to carve his initials about 2 inches high onto a pillar on the Colosseum’s first floor. The Carabinieri police told CNN that the visitor is accused of damaging a historical and artistic landmark.

In Italy, damaging a historical or artistic landmark is a crime that could result in up to one year in prison or a minimum fine of $2,400 (€2,065).

Representatives for the Colosseum Archaeological Park, and Italy’s Ministry of Culture and Tourism, which oversees the preservation of artistic and cultural sites and property, did not immediately respond to Insider’s requests for comment.

“Carving one’s initials, in addition to being a crime, seems to be a gesture of those who want to appropriate the monument. Better take a selfie!” archaeologist Federica Rinaldi told CNN of the Roman amphitheater.

The Colosseum reopened to tourists on June 1 after being temporarily closed for three months due to the coronavirus pandemic.

The Colosseum pictured on March 19, 2020. <p class="copyright">Marilla Sicilia/Archivio Marilla Sicilia/Mondadori Portfolio via Getty Images</p>
The Colosseum pictured on March 19, 2020.

It’s not the first time a visitor at the Colosseum has inscribed their initials or name on the ancient walls

Monday’s occurrence at the Colosseum is not the first instance of a tourist writing on the walls of the Roman amphitheater, which is a UNESCO World Heritage Site.

For example, in 2017, a Colosseum tour guide reported a visitor from Ecuador to police after seeing them carve the names of their son and wife, as well as the year “2017,” on the walls of the monument, according to the Associated Press.

In 2015, two tourists from California were caught by police after they carved their initials onto a wall in the amphitheater and took a selfie of the inscriptions, the Guardian reported. A year prior, a tourist from Russia was given a four-month prison sentence and fined more than $23,000 (€20,000) after carving a letter into the Colosseum, according to the Guardian.

A view of writing inscribed on a wall inside the Colosseum, Tuesday, April 11, 2017. <p class="copyright">Alessandra Tarantino/AP</p>
A view of writing inscribed on a wall inside the Colosseum, Tuesday, April 11, 2017.

Other historic Italian landmarks and museums have been subject to damage by tourists

A recent example occurred in August, when an Austrian tourist at Italy’s Museo Antonio Canova sat on the sculpture “Paolina Borghese as Venus Victrix” for a photo and broke two toes off of the monument, according to a post on the museum’s official Facebook page.

Artnet News said that the tourist was attempting to take a selfie while sitting on the neoclassical sculptor Antonio Canova’s plaster “Paolina Borghese as Venus Victrix” at the museum in Possagno, which is just over an hour outside Venice.

Insider’s Monica Humphries reported that the tourist, whose name was not released to the public, apologized to the museum for the damage.

Surveillance footage shows a museum visitor sitting on the statue. <p class="copyright">Carabinieri Treviso/Handout/Reuters</p>
Surveillance footage shows a museum visitor sitting on the statue.

In recent years, officials in popular Italian tourist cities in Italy have enacted fines and rules in an attempt to control unwelcome tourism behaviors. In 2019, officials in Rome began implementing a fine of $450 for any tourists who sit on the iconic Spanish Steps, which were made famous in the 1953 film “Roman Holiday” starring Audrey Hepburn and Gregory Peck.

Tourists from outside of Rome were known to gather on the steps to eat and sit, but locals apparently weren’t fond of the crowds of people that would cover the staircase, which was built in the 1720s.

Officials in Rome also extended the ban on sitting, gathering, eating, and drinking to other well-known tourist spots in the city, including the popular Trevi Fountain.

Read the original article on Insider

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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