Joe Montana is a partner in an investment firm called HRJ Capital LLC (Ronnie Lott and Harris Barton are also a partners) and he, like thousands of other far more poor souls, was adversely affected by the collapse of subprime mortgage lending industry. The firm's Legends Multi-Strategy Plus Fund has a pool of $1.75 billion but lost 12.3% of its equity in just the first two weeks of August (Standard & Poor's 500 Index lost 6.7 percent) attributable mostly to the repercussions of this major financial crisis.Let us all cry a little river for Mr. Montana as we all know that this guy loves his money. He might have to cut back on the caviar and Cristal for a little bit while his financial peoples sort this all out. Perhaps he should do what he has done before and give his name to a brand of wine and sell case of it for $210,000?
From Bloomberg.com and BloggingStocks and California Wine and Food Magazine
9 comments:
Let's take a trip back to fourth grade math and percentages: the only way your headline would be accurate is if Montana had 100% of his assets invested in HRJ Capital, which he obviously does not.
Hey buddy, cut us a break here, its just not that interesting to title a story "Joe Montana lost 12.3% in some fund he invests in". Allow us to make an interesting headline without questioning our math skills.
Fair enough, but wouldn't he be 12.3% richer last month? You know, before he lost the 12.3%?
nope, the fund took its nose-dive in the 1st two weeks of august.
Okay...I see what you're saying now...I read it as:
Joe was 12.3% less wealthy last month than he is now.
Instead of:
Joe, at some point last month, lost 12.3%.
bingo! I guess i shoulda stuck with our normal headline style for less confusion...next time, i'll just write "Joe Montana Will Suck Your Dick 4 Cash!" Hellz yea!
What would cheer Joe up? Going upstairs to masturbate!
I am with Cramer, if Joe "likes his money" as much as you say he does and you've already shown with the wine photo that he's diversified, then why skew the headline like the normal media outlets would.
And back to Investment-101: the markets are circular, so even if he did lose 12.3%, it will balance out in the end, especially if Congress green-lights the mortgage buyout.
why not skew the headline? i hate Joe Montana...fuck that money losing motherfucker.
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