Friday , December 3 2021

his life and how he made his fortune


It operates the largest activist fund in the world, with $ 35,000 million in assets. He is also a diligent supporter of the Republican Party

Paul Elliott Singer (USA, August 22, 1944) leads the world's largest activist fund, with $ 35 billion in assets: Elliott Management Corporation, which has been described as a gas fund for investment in companies and government bonds in difficulty. He is also a fervent supporter of the Republican party, and at the same time the marriage of people of the same sex.

Singers grew up in New Jersey, in a Jewish family. He is one of the three children of a pharmacist and a housewife. He graduated in psychology from the University of Rochester in 1966 and in law from Harvard in 1969.

In 1974 he started working as a lawyer within the investment bank Donaldson, Lufkin & Jenrette.

In 1977 he created his own investment company, Elliott Associates. It started with $ 1.3 million from friends and family. In the early years, the company concentrated on convertible arbitration: generates income from the sale of short and long-term shares by buying interest-bearing securities. The loss of his first intrusion on the market caused him an aversion to the risk that still survives.

Since the stock market crash in 1987 and the recession in the early 1990s, the company has transformed into a multi-strategic hedge fund. Elliott is characterized by its relatively high yields, which generally exceeded the S & P 500, and its low volatility indicates five days.

In addition to companies with problems, since the mid-nineties, he buys debt from countries in difficulty, such as Peru and the Republic of Congo. He maintained a 15-year trial with Argentina to pay off his bonds, which ended in 2016 (2,100 million).

This policy to claim in court has earned him criticism, but he has always defended it as a "fight against charlatanans who do not comply with the laws of the market". Others defend it as a way to keep control of kleptocratic governments.

In the United States He is clear: he is the Republican. Among the politicians he has encountered are George W. Bush, Rudolph Giuliani, Mitt Romney and Marco Rubio, who lost in the prize against Donald Trump. It is a constant opponent to raise the treasure to the richest.

"Regrets are not morally superior to making money," he says.

In the conservative environment, Singer is a rare newspaper for his involvement in the causes of homosexuals, originating from his son Andrews wardrobe, 1998, with 21 years. As he told Bloomberg, he had to reflect on the issue and start financing the cause, initially anonymously and then open.

In his philanthropist profile, he has encountered several Jewish and Israeli reasons. He has also signed The Promise to Give, an undertaking to donate more than half of his wealth while he lives.

He has been divorced since 1996. With Andrew and his other son Gordon on guitar and drums, and with Andre's man on saxophone, he forms a family bandSinger (singer in English) began to study classical piano at the age of 10. He likes Led Zeppelin and has been playing on a private party with meatballs. Singers live in the Upper West Side of New York and have a house in Aspen (Colorado).

His friends, according to Fortune, say that he has an ironic sense of humor and a penchant for showing up in prayer details when offering his recipe or economic analysis.

Elliott has participated in the restructuring of the missing airline TWA and Enron, and more recently in Chrysler. In 2015, he opposed Samsung's own purchase subsidiary. Two years later, Jay Lee, the director in charge of the operation, was sentenced to change the president in Korea to allow the operation.

In July it took 99.9 percent of Milan shares. His son Gordon, who works at Elliott, is a fan of London's Arsenal football club, but it did not stop Milan from taking his executive director, Ivan Gazidis.

Elliott controls two-thirds of Telecom Italia's Board of Directors and on November 18, Luigi Gubitosi was appointed CEO, to the detriment of the candidate of the other major shareholder Vivendi. This week, it was also known that he had a stake in Bayer's pharmaceutical company for one year and bought 2.5 percent of the French company Pernod Ricard. Hyundai has in turn made changes in line with what Elliott claimed.

At 74, the old rocker Singer continues to monitor that companies are well managed and states pay what they owe: an unfriendly role that someone has to do.

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