TLP: Bono the Investor Still Hasn't Found What He's Looking For

bono elevation apple google rimm
Once upon a time, Bono sang about Vorsprung durch Technik. That was when the Internet was the Interwhat? Technology has moved ahead and so have Bono's fortunes. Which is a good thing, since his investing skills, particularly in tech ventures, seem to be suffering from severe vertigo.

The full rattle and hum is in 24/7 Wall St:

Bono, the Irish rock star, has put significant money into Elevation Partners, 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. The fund claims that its “mission is to help media and entertainment businesses develop and market great content.” In the process, it has made an unprecedented string of disastrous investments which even bad luck could not explain.

The most well-known of the Elevation investments is Palm (PALM) which made a completely unsuccessful run at the smartphone business dominated by Apple (AAPL), RIM (RIMM), and handsets powered by the Google (GOOG) mobile operating system known as Android. Wall St. had hoped that Palm’s new line of Pre handsets would allow the company to be a modest competitor in the industry. It has, instead, burned through large amounts of money and, ,by its own admission, is in trouble as it tries to reach what were fairly modest sales goals. Elevation was recently quoted by Reuters that it still has faith in Palm, a company in which it bought a 25% stake in 2007. It is astonishing that Elevation would publicly say it still has faith in a company which is close to non-existence.

Good thing Bono has that other gig to keep him in Bvlgaris.

The Lazy Paperboy

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Anonymous said...

best to stick to singing about "Silver and Gold" rather than actually trying to obtain it I suppose.

Hindsight always being 20/20, this old news kinda puts a smirk on my face.

I suggest this guy instead.

Anonymous said...

I think it would be best if we let the Irish do what they do best and not much else. Singing emo ballads, making Harp’s, St. Patrick’s day parades, they make pretty good firemen, Lucky Charms – they’re magically delicious, original clog dancing. Play to your strengths I always say. But I think they would be best served to stay out of ventures that require a certain amount of realism. I mean as a culture, they are extremely superstitious carried down from one generation to another – firm believers of the candy crapping unicorns fucking beneath a rainbow. Leprechauns, pots of gold at the end of the rainbow, spitting through triangles when a black cat crosses their path to ward off “the hex”, etc. – It’s all very charming until it isn't anymore.

Anonymous said...

Finance minister Brian Lenihan yesterday lashed out at the Irish banking industry for the sound familiar? 'appalling lending decisions' it made during the credit boom.

Don't be too hard on yourself Bono - you're not the only Irishman who isn't too good with money. Just glad you didn't make it into the World Bank - no offense intended.