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  1. #1
    Sinner's Swing! Jesus H Christ's Avatar
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    12.11.17 @ 05:15 AM
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    Default Bono Named "Worst Investor in America"

    List of things Bono can't do:

    1- Sing
    2- Invest

    Why do I get so cheerful when pretentious one name celebrities fuck up?

    Bono’s out of tune with world of investment
    Dominic Rushe: Wall Street
    http://business.timesonline.co.uk/to...cle7079038.ece

    OH DEAR. Bono seems to be stuck in a moment he can’t get out of. The sun-shy rock legend was dubbed the worst investor in America last week after a series of spectacular blowouts at his investment company.

    Elevation Partners, in which Bono is a founding investor, is “arguably the worst-run institutional fund of any size in the United States,” according to the financial blog 247wallst.com.

    Its worst bet looks to be Palm, the battle-scarred loser of the smartphone wars. Bono and co took a 25% stake in it in 2007 and have since watched Apple and BlackBerry crush the firm. Last year, the shares were above $17 (€12.70); now they are below $4 and analysts are speculating they will go bust or be sold for a song.

    According to the firm’s website, Elevation’s mission is to “help media and entertainment businesses develop and market great content, take advantage of new platforms and channels, and address demand in new geographies”.

    They have Fred Anderson, the former chief financial officer of Apple, and a glittering array of tech investors from big private-equity firms. Yet despite all this fire power, Palm isn’t Elevation’s only problem.

    In 2006, the investment firm reportedly sank $300m into Forbes Inc, the owner of the storied business magazine. The money went into Forbes’s online business and, pre-Lehmans, the prestigious title probably looked like a great bet.

    How things have changed. Bloomberg bought BusinessWeek, Forbes’s larger competitor, for somewhere between $2m and $5m last October. BusinessWeek lost $40m in 2009. Forbes may have done a lot better than that, but it’s going to be a long time before Elevation’s stake is worth $300m again.

    Elevation is also building up negative equity in Move.com, owner of a series of home and real-estate websites. Elevation put $100m into Move in November 2005 and has about 15% of the firm. The property crash has done little good for Move, and its shares have roughly halved since then.

    Then there’s Yelp, the hugely popular website where people review restaurants, shops and local businesses. Elevation put $25m into the business in January. Google has reportedly tried to buy Yelp. Surely this one was going to be a winner?

    Er, no. The firm is now being sued for allegedly offering to scratch customers’ bad reviews if businesses paid for advertising. The original suit was filed by a vet in California, and now a Chicago baker has joined in. No doubt a butcher and candlestickmaker will follow.

    In a business based on dishing out reputations, losing your own couldn’t be more serious.

    Poor Bono. Warren Buffett he ain’t. Not that he should mind too much. That rock outfit he has should keep him in sunglasses for the rest of his days.
    "The less I needed, the better I felt." ~ Charles Bukowski.

  2. #2
    Atomic Punk ZeoBandit's Avatar
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    12.07.17 @ 02:51 PM
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    Default

    Poor Bono
    "What we are dealing with here, is a complete lack of respect for the law" - Jackie Gleason, Smokey and the Bandit

    www.geocaching.com - The site where you are the search engine.

  3. #3
    Good Enough brownnation's Avatar
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    So, he's probably only got what? Like $1billion left?
    Anonymous for fear of fatwa

  4. #4
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    12.10.17 @ 12:26 PM
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    These losses make for a good write off on his 2009 U2 income. Something he probably needs given that revenue stream probably made him many, many more millions than he lost in one company he happens to have a stake in.
    "People say Cream gave birth to Heavy Metal," says Baker. "If that's so, we should have had an abortion."

  5. #5
    Atomic Punk MF5150's Avatar
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    12.10.17 @ 12:20 PM
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    Default

    Quote Originally Posted by ZeoBandit View Post
    Poor Bono
    +1 Poor Bono.
    My man, when you are fantasizing, don't go for attainable, you can get attainable at the local Applebee's. - Dave's Dreidel

  6. #6
    Forum Frontman It's Mike's Avatar
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    12.11.17 @ 05:13 AM
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    Default

    how much money did he actually invest in this would be interesting to know. possible he merely lent his name to it.

  7. #7
    Good Enough pal1800's Avatar
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    06.02.16 @ 09:13 AM
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    Thats why I think rock stars should stick to what they do best, sing and play. Leave the investing and politics to those who are capable.

  8. #8
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    Quote Originally Posted by pal1800 View Post
    Thats why I think rock stars should stick to what they do best, sing and play. Leave the investing and politics to those who are capable.
    this is a pretty silly statement man. If only people who were really experts at investing or "capable" as you put it, invested money, there wouldn't be a whole lot of investments being made.

    So Bono started a company to invest some of his money and it didn't work out. What's the big deal? Everyone who makes the kind of money he makes has investment firms and picks out pet projects to dump money into...hell, people with a fraction of the money Bono has, invest their money, trust others to do it for them, etc etc etc.

    Bono I suppose is an easy target because of his very vocal and very visible involvement in various political endeavours but I don't see how that has anything to do with this.
    Stay out of it, dude.


    I am Van Halen.

  9. #9
    5150 adamvhcornell's Avatar
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    02.02.14 @ 01:29 PM
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    i dont know but i know one investment he did really well with and that was his dads investment in him and his other three bandmates! he/they aint hurting for money. the one major thing he has is that if he ever does find himself in a pickle is to come out with another U2 recording! problem solved. one other thing can a "rockstar" be any worse on politics than a politician??

  10. #10
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    Quote Originally Posted by adamvhcornell View Post
    i dont know but i know one investment he did really well with and that was his dads investment in him and his other three bandmates! he/they aint hurting for money. the one major thing he has is that if he ever does find himself in a pickle is to come out with another U2 recording! problem solved. one other thing can a "rockstar" be any worse on politics than a politician??
    no shit. I really don't care where ideas come from, who thinks of them or from what walk of life, industry, income bracket or background they come from.

    I'd much rather see a rockstar or athlete or movie star putting their reputation and earning potential on the line by speaking out about things they feel strongly about than just keeping their head in the sand and counting their money while we chant "dance monkey dance."
    Stay out of it, dude.


    I am Van Halen.

  11. #11
    Sinner's Swing! Wickett's Avatar
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    07.19.17 @ 06:30 AM
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    "Dance Monkey Dance" is a great band name...


    That is all..
    Don't drink the Jim Jones punch. They're called theToxic Twins for a reason...

  12. #12
    Good Enough pal1800's Avatar
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    06.02.16 @ 09:13 AM
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    Quote Originally Posted by broken9500 View Post
    this is a pretty silly statement man. If only people who were really experts at investing or "capable" as you put it, invested money, there wouldn't be a whole lot of investments being made.

    So Bono started a company to invest some of his money and it didn't work out. What's the big deal? Everyone who makes the kind of money he makes has investment firms and picks out pet projects to dump money into...hell, people with a fraction of the money Bono has, invest their money, trust others to do it for them, etc etc etc.

    Bono I suppose is an easy target because of his very vocal and very visible involvement in various political endeavours but I don't see how that has anything to do with this.
    I'm not saying he can't do it, it's just I'm not surprised that things didn't turn out so great. You are right, even the pros experience failure after years in the business.
    Overall, people should be careful not to assume that they can be sucessful in anything just because they have the means to play the game.

  13. #13
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    Quote Originally Posted by pal1800 View Post
    I'm not saying he can't do it, it's just I'm not surprised that things didn't turn out so great. You are right, even the pros experience failure after years in the business.
    Overall, people should be careful not to assume that they can be sucessful in anything just because they have the means to play the game.
    oh absolutely...and maybe Bono went into investment thinking "just because I'm a successful rock star I will be a successful investor." If he did, that's naive and arrogant on his part. That said, I'm sure he went into it like everyone else who invests does: "I've got some money, I'd like to invest. I think this sounds like a good deal. Let's do it."

    I'm no less surprised to hear that Bono's investments didn't pan out than I am when I hear anyone else's didn't pan out and I wouldn't have been any more surprised to hear he made a killing than I would be about anyone else.

    Hakeem Olajuwan made a killing in real estate and other investments. I don't think his success as a basketball player had anything to do with it. He's an incredibly bright individual who surrounds himself with incredibly bright people. The fact that he won and Bono lost really doesn't mean anything.

    So Bono's gamble didn't play out. I don't see how it's anything more than "huh...how 'bout that" kinda thing.
    Stay out of it, dude.


    I am Van Halen.

  14. #14
    Atomic Punk ziggysmalls's Avatar
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    12.11.17 @ 05:41 AM
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    I think why it is a story is because Bono has made a name for himself being critical of governments and policies since the early 80's. He is an activist on many fronts and when you consider yourself to be a know it all on a variety of subjects or at least want your opinion recognized, people are going to be waiting to knock him down a few pegs.

    It's not like Bono doesn't have an ego. He believes his ideals are correct and has voiced them.

    People have to realize that he is just a human being and his investments just like his ideas can be wrong.

  15. #15
    Good Enough VH Wahoo's Avatar
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    08.31.15 @ 02:01 PM
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    http://www.elevation.com/

    Granted this is a private equity firm (and thus way out of my pay grade), but...in looking through their site I see no mention of required minimum investment amounts or their historical rates of return since inception...funny.

 

 

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