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  1.    #1  
    I just noticed this article about Bono, of U2 named The Worst Invester in America. His company, Elevation investments, owns 25% in Palm, and gave more than 460 million to Palm. There are a lot of mistakes Bono made, but Palm is the biggest, according to the article. The article then went on to say, "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.”

    This is not good news for Palm or Bono.

    Here is the link to the article:

    Bono Becomes The Worst Investor In America – 24/7 Wall St.
  2. #2  
    Er, is "hedge fund" T2 trading in Palm?

    [edit] my point here is that they may have an interest in seeing the stock churn
    Last edited by bluenote; 03/25/2010 at 05:18 PM.
  3. Stihl's Avatar
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    #3  
    yeah YEAH!

  4. #4  
    I highly doubt Bono picks any of the companies that Elevation invests in. He's most likely just a source of money for them to invest with.

    Sounds like they just wanted a big name to put in the headline, so they blame Bono.
  5. #5  
    k first this is stupid.

    Bono is a rock star, not an investor.

    he has money probably in 100 different companies. But don't think for one second he's working in an office working with EI thinking on where to invest.

    Palm has more then a year. These are people just guessing. Maybe if palm does not sell 1 more phone then they would run out of money. But they got atleast 2 years more
  6. #6  
    Ectually, Elevation Partners is one of Bono's personal investments, he does indeed have fairly tight control over what he picks to spend money on. He's one of the five members of the actual investment team. About the only way he's ever managed to break even is he's an enormous public figure that can drive his choices upwards, to a point. If he were just a regular you and me type of guy, he'd be in the poorhouse several times over.

    U2's investments as a corportation......no, he has little control over those, and his favorite child Project RED, he's just a lobbyist with very little actual money invested.
  7. #7  
    Old news, been hearing it for days now.
  8. bruba's Avatar
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    #8  
    I thought Elevation Partners' loss wasn't that big since they invested when the stock was at an all-time low before webOS was announced?
  9. #9  
    how is Palm to "blame" for Bono/their making a bad investment?

    i guess this is the first im hearing of market investing being risky.
  10. #10  
    Quote Originally Posted by chud311 View Post
    how is Palm to "blame" for Bono/their making a bad investment?

    i guess this is the first im hearing of market investing being risky.
    well usually yea, but we're in this economy companies aren't suppose to do bad..
  11. #11  
    The guy who wrote that article is a joke. This quote is priceless:
    "...Palm... made a completely unsuccessful run at the smartphone business...."
    He's speaking as if it's all past tense. My own fanb0y-ism aside, Palm's still adding carriers. SFR, AT&T and China Mobile seem to think Palm's still a good idea. Knowing that PDK apps are coming out in a few months only adds to my confidence.

    Here's my next favorite quote:
    "...It is astonishing that Elevation would publicly say it still has faith in a company which is close to non-existence....”
    This is the twisted Wall Street logic that thinks stock price is the be-all, end-all of a company. The single thing the drop in share price could have done is light a fire under Palm's ****.

    There was a great tweet from Palm's Chuq von Rospach a couple days ago.
    @chuq: Remember, I was there for Apple's "glory days". This ain't nearly that bad. Lots of work to do, but if it was easy, it wouldn't be fun.
    The last thing that needs addressing is that 90% number the hedge fund manager pull from her behind. She likely needs for Palm to do bad or her short selling strategy won't work.

    Grrr. I hate the stock market. If I ever find out who decided that Wall Street should matter, I'll strangle their decedants.
  12. #12  
    Quote Originally Posted by bruba View Post
    I thought Elevation Partners' loss wasn't that big since they invested when the stock was at an all-time low before webOS was announced?
    Exactly. Right now, they're net loss is about 30 million. Easy story to write, doesn't take much thought or real knowledge to make doom and gloom predictions; especially when there's no date given on the coming "failure".
  13. #13  
    Well with google going out of China and Chinese government vetoing all android phones, all these prophets of doom probably will come out as ignorants at the end
  14. #14  
    It's also worth remembering that Elevation holds Prefs. They're not in a particularly bad position, having bought low.

    I hardly think they're going to worry about some two-bit blog.
  15. richc3's Avatar
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    #15  
    Quote Originally Posted by bruba View Post
    I thought Elevation Partners' loss wasn't that big since they invested when the stock was at an all-time low before webOS was announced?
    ^
    This.
  16. #16  
    Quote Originally Posted by Colonel Kernel View Post
    The guy who wrote that article is a joke. This quote is priceless:


    He's speaking as if it's all past tense. My own fanb0y-ism aside, Palm's still adding carriers. SFR, AT&T and China Mobile seem to think Palm's still a good idea. Knowing that PDK apps are coming out in a few months only adds to my confidence.
    I know. The author apparently thinks that Palm is a brand new company, never made a smartphone in their lives, therefore has no idea how to do it. I guess they slept through the last eight years or something.
  17.    #17  
    For those of you that missed this article yesterday. Here you go.
  18. cgk
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    #18  
    Quote Originally Posted by richc3 View Post
    ^
    This.
    When was this? because we are about 6 cents off a 52 week low...
  19. #19  
    Quote Originally Posted by fussnfeathers View Post
    I know. The author apparently thinks that Palm is a brand new company, never made a smartphone in their lives, therefore has no idea how to do it. I guess they slept through the last eight years or something.
    Exactly. If not for Palm, the modern day smartphone would simply be a shinier version of the OLD Palm devices (then copied by Apple and sold for $5,000 )
    Arthur Thornton

    Former webOS DevRel Engineer at Palm, HP, and LG
    Former webOS app developer (built Voice Memos, Sparrow, and several homebrew apps and patches)
    Former blogger for webOS Nation and webOS Roundup
  20. cgk
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    #20  
    Quote Originally Posted by hparsons View Post
    Exactly. Right now, they're net loss is about 30 million. Easy story to write, doesn't take much thought or real knowledge to make doom and gloom predictions; especially when there's no date given on the coming "failure".

    I'm a bit confused, as far as I can tell, they got in @ june 7th when the stock price was $16ish - how is that an 'all-time low'?
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