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"It is true . . . that I once danced -- or, to be precise, pogoed -- with Van Morrison in Bono's living room." -- Salmon Rushdie, 2001 |
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"It is true . . . that I once danced -- or, to be precise, pogoed -- with Van Morrison in Bono's living room." -- Salmon Rushdie, 2001 |
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U2's Bono called the worst investor in America
Irish Central,
March 24, 2010
Irish rock star Bono is being hailed as "the worst investor in America" as his five-person investment team Elevation Partners reels from a series of unprofitable investments. The U2 frontman has put significant money into Elevation Partners, which many investment trade papers are calling "arguably the worst run institutional fund of any size in the United States." Bono is listed as one of the five members of the firm's investment team, and their fund claims that its "mission is to help media and entertainment businesses develop and market great content." But in the process it has made an unprecedented string of disastrous investments, which, observers say, even bad luck could not explain. The most well known of the Elevation investments is Palm which made a completely unsuccessful run at the smartphone business dominated by Apple's iPhone, and handsets powered by the Google mobile operating system known as Android. Wall Street had hoped that Palm’s new line of Pre handsets would allow the company to be a modest competitor in the smart phone industry. Instead, it has burned through large amounts of money and by its own admission is now in trouble as it tries to reach what were fairly modest sales goals. Elevation was recently quoted in Reuters saying that it still has faith in Palm, a company in which it bought a 25% stake in 2007. It is astonishing, say observers, that Elevation would publicly say it still has faith in a company that is close to non-existence. Whitney Tilson, managing partner of T2 Partners, a New York-based hedge fund, recently told MarketWatch in reference to Palm, "There is a 90% chance that they go bankrupt or get acquired within a year." © IrishCentral LLC, 2010.
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