(Not So) Poor Little Paul
It seems that Paul Allen has apparently squandered away nearly a third of his wealth, mainly through bad investments in unproven technology markets. Now he’s apparently doing the smart thing and diversifying his portfolio, and pursuing a sensible investment strategy. Not that he’s not already wealthy, but anybody has to invest sensibly to maintain wealth, as a finite fortune, however large, will only hold up to consistent losses for so long. He’s also apparently developed new discipline with his investing:
The best prospects got a 30-page report that went to Vulcan’s investment committee. For those that made the cut — just 30 in 2003 — the advisers compile 300-page reports, complete with forensic accounting and background checks on management. Only then could a company get money from Vulcan; just a dozen or so did last year. “We’re just so much more thorough, meticulous, demanding, and focused now than we were just a few years ago,” says Allen.
Hopefully his basketball team can develop something similar, albeit in a different arena.
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