Elliott powers through 2010, waits for its “meat and potatoes”
By Lawrence Delevingne
Mon Aug 2, 2010
In his most recent investor letter, Paul Singer remains downbeat on government and the economy even as the firm is up for the year and recently raised another $1.1 billion.
Paul Singer is a hard man to please. In his most recent investor letter, the typically cynical Singer takes a dim view of his own performance. Recent economic uncertainty has created an environment that “is not yet providing the kind of complicated new large restructuring situations we find appealing,” he wrote.
The firm’s performance isn’t quite as lackluster as those words might convey, though it trails Elliott's stellar 2009 gains.
Last year’s government bailouts provided a boon for Singer, whose 33-year-old Elliott Management turned in a more than 30% return in 2009. Flagship fund Elliott Associates was up 0.4% in the second quarter of 2010 and 5.3% for the first half of the year, according to the investor letter.
The AR Composite Index was up just 1.26% for...
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