A couple of ASU grads come up with a golden idea worth celebrating. It’s called 24 Karat Wines, a sparkling wine laced with gold. We were there for the big launch. “Tonight people are going to see what me and my partner Keagan love,” says Nicholas Cower, CEO of 24 Karat Wines. What they love is this sparkling wine created by the pair. “We looked at why do people go out and drink champagne, why do people go out and they buy these bottles of champagne. It’s the celebration it’s the fun it’s the excitement.” “This is the first product of its kind. American-made, we’re home grown Arizona boys.” And these Arizona boys see gold in their wine, literally. 24 Karat is made with flecks of gold, shimmering in each glass. “It’s the first, the first California sparkling wine with real 24 karat gold in it.” 24 Karat Wine is available in Tempe only. It’s a start off point for what they hope will become a huge phenomenon. [Fox10, Related re: John Paulson's documented love of all things gold]
‘Cause somebody’s recouped record losses in his Recovery fund, meaning somebody can start charging performance fees again! Read more »
Guy Who Spent All Of 2007 Telling People He Was Short Housing Vaguely Remembers Telling Someone He Was Short HousingBy Matt Levine
In testimony Wednesday, Paolo Pellegrini, the former Paulson & Co managing director, said he made clear to ACA Capital Holdings Inc that Paulson wanted to bet against the deal.
“As I told all collateral selection agents, we were interested in shorting a CDO, shorting subprime securities in a CDO,” said Pellegrini, one of the architects of hedge fund manager John Paulson’s bet against subprime mortgages in 2006 and 2007. …
Pellegrini, one of two people who worked on Paulson’s strategy to take the stand so far, testified Wednesday he believed he told the principal employee at ACA working on Abacus, Laura Schwartz, about Paulson’s strategy over drinks during a “shindig” for people in the CDO industry.
“I think there was some discussion of the portfolio and what we were trying to accomplish by shorting the market,” he said.
Why do people (investors, media, random passersby on the street, this lady) like to harp on all the money John Paulson has lost in the past couple years, despite the fact that they could be talking about his new hot-ish streak? Why can’t he get a little credit for all of his great investment ideas, instead of relentless bitching and negativity about the ones that haven’t yet panned out? It’s something the hedge fund manager has thought a lot about lately and while “I’m surrounded by fucking assholes” seems like it could account for some people’s behavior, he’s finally come up with what seems like a pretty good general explanation: it’s those damn gold funds. Sure, they’ll make money one day but first they’ve got to lose a lot and reading that “have lost forty seven percent for the year” distracts people from “up 3.4 percent!” So, there’ll be no more of that. Read more »
Billionaire John Paulson, the hedge- fund manager seeking to reverse two years of losses in some of his strategies, lost 27 percent in his Gold Fund last month after the precious metal and related securities plummeted, according to two people familiar with the matter. The loss brings the strategy’s decline to about 47 percent this year, said the people, who asked not to be identified because the information isn’t public. The fund is made up primarily of Paulson’s own money, one of the people said. The strategy has about $500 million, down from about $700 million at the end of March. [Bloomberg]