How dare you.
Wall Street has us many great men and women of letters. But few missives excite us as much as those of Paul Singer. Sure, the Elliott Management chief perhaps lacks the flair and panache of a Bill Gross. Dan Loeb is the superior put-down artist. There’s no hint of the playful workings of the dirty mind á la Warren Buffett. But for pure, unadulterated grumpy vitriol, the quarterly-letter equivalent of the mean old next-door neighbor who won’t give you your ball back and has the cops on speed-dial for when he sees kids on his lawn, you just can’t beat Singer. He’s not afraid to call the biggest public pension fund on earth stupid, or companies that displease him liars, or Argentine officials stupid, or bitcoin a childish flash in the pan, or gold skeptics stupid, or to warn of impending death from the sky, or to call everyone in a position of authority everywhere frighteningly stupid.
Unfortunately, he’s also not afraid to pull out all the stops to make sure we can’t read these things unless we’re paying him.
In a quarterly letter sent to clients last week, Elliott wrote that it had “learned the identities of certain individuals who breached their confidentiality obligations” by sharing Elliott’s quarterly investor letters with “unauthorized recipients.” “We are taking action against and seeking monetary damages from violators of the agreement, and we will continue to take measures to protect the confidentiality of our information,” the letter said…
The people Elliott identified are not the firm’s own investors, a person familiar with Elliott said, but fall into other demographics of people that Elliott includes in its distribution list of thousands. Still, some investors said the language could have a chilling effect on clients’ willingness to share Elliott’s dispatches going forward.
Paul Singer’s Latest Target: ‘Certain Individuals’ Who Shared His Letters [WSJ MoneyBeat blog]