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FYI: He's Also Worked With Usher And Michael Jackson

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Let’s get serious for a second: You all love Boyz II Men. Maybe you’re not a die-hard fan, maybe you don’t have all nine of their albums, or lip sync “Motown Philly” in your bathroom mirror every night before bed, but at the very least, you can admit that every time they had a guest spot on Fresh Prince (the episode when they sang at Nicky’s christening obviously being the best), you got that warm, tingly feeling inside, and couldn’t help but smile. Which is why you’re not going to pretend not to care when we tell you the following: Boyz II Men’s longtime producer, Dennis Ross, is launching his own hedge fund this summer.
PBGB, a long/short fund, is hoping to have $20 million in initial capital, and will focus on investments in US technology and biotech healthcare.

“The best opportunities are going to be in technology, as the frequency of innovation has been replaced with the content-driven model,” Ross says. “We see short opportunities in the geriatric pharmaceutical space as corporate, government and global consolidation tightens margins for companies with only one horse in the race.”
“We like Apple and BEA Systems, and think benchmark biotechnology companies such as Amgen and Genentech will continue to develop innovative therapeutics, but not price appreciation,” says Ross, who has also worked with pop idols Michael Jackson and Usher. “We also believe that the new Clinton Global Initiative has quietly provided short opportunities for healthcare services in the geriatric space, such as Omnicare.”

Ross, who has served as the director of institutional trading for the Malachi Group and as director of equity research and trading for an Atlanta hedge fund, and believes without question that the “One Sweet Day” collaboration with Mariah Carey was what put B2M on the map, thinks his background in music uniquely qualifies him for his upcoming venture. “The non-linear, volatile nature of a great musical composition is very similar to security price action,” he told FINalternatives today. “Having this base understanding can greatly assist in accomplishing inerratic portfolio design.”
(BTW: We looked it up: 'inerratic' is, in fact, a word).
Former Boyz II Men Producer To Launch Tech-Focused Hedge Fund [FINalternatives]


Paulson and Co Investor Finds New And Interesting Way To Kick John Paulson When He's Down

As Paulson and Co employees, clients, and people named John Paulson do not need to be told, the past year and half has not been the most joyous of times for the hedge fund giant. After making billions shorting subprime mortgages, the firm ended 2011 down 55 percent, was down 16 percent through the first half of 2012, and as of July, saw assets under management decline 44.9 percent to $21 billion from $38.1 billion, due to a combination of unfortunate performance and redemptions by investors so angry at the fund that they've felt the need to repeatedly tell anyone who will listen that parting ways with P&C was among the best if not the best decision they've ever made. One investor that hasn't had to consider voicing its unhappiness to the press or even worry about losing money at all? The 92nd Street Y. Last November Paulson guaranteed that he would personally cover their losses, whatever they turned out to be, come year-end. And the generosity did not stop there: for this one investor only, Paulson offered his services pro-bono, waiving all fees. So while he probably didn't expect representatives of the Y to rent a skywriting plane to proclaim their love and appreciation for him over midtown, lobby the city of New York to get 92nd renamed Paulson Street, or have his face tattooed to their chests, he probably also figured they wouldn't turn around and hit him the mother of all slaps in the face. In this case the declaration that despite the highly favorable terms of their arrangement, any involvement with P&C still felt a tad too risky for everyone's comfort level. In the midst of the financial crisis, the 92nd Street Y came up with a sweetheart deal for its endowment: investments in funds run by the likes of John Paulson, Marc Lasry, and other hedge-fund luminaries that were fee-free and guaranteed against losses. The strategy performed well for several years, said people familiar with how it worked, as the Y benefited from risk-free investing in some of the fund industry’s most successful strategies. But, concerned about the impact of a catastrophe in which a money manager couldn’t repay losses and eager to construct a more diversified portfolio, the Y recently opted to redeem its hedge-fund investments, these people said, and rebuild its financial strategy from scratch. Paulson himself is worth $15 billion, so a catastrophe in which he couldn't repay the Y's losses would have to be a big one. And don't give him some line about how you're pulling out of all hedge fund investments and it's not personal. You could have let him have this. Despite Sweet Deal, 92nd Street Y Redeems Paulson Money [CNBC] Earlier: John Paulson: I’ll Get The Losses This Year, Next Year We Go Dutch?