I admit I had not heard of this fellow until I saw this interview on Zerohedge, but apparently this is the key brain behind the massive bet against subprime mortgages that made John Paulson both famous and one of the wealthiest men on the planet.
The man who made billions of dollars for John Paulson shorting real estate, Paolo Pellegrini of PSQR LLC, discusses his economic outlook and investment strategies.
Pellegrini, born in Milan, worked for investment bank Lazard Ltd. from 1986 to 1995, according to Paulson & Co. marketing materials. Like Paulson, he has a master’s degree in business administration from Harvard University.
Now he has moved out into his own fund; not only is it a good interview but I am struck we have reached a point that a hedge fund manager has to go on Bloomberg to argue for a fair economy for the masses. Ummmm.... are there words for what has happened to the U.S system? I never thought in the argument of the elite versus the masses, that hedge fund managers would be joining the cause of the masses AGAINST our so called representatives and their top donors.
All I can say is (a) it is surreal and (b) I am glad to hear some prominent and bright minds agreeing with what we have been preaching for a few years. I used to sit alone (or only with a few others) on this park bench, in the trenchcoat, with this brown bag in hand - talking crazy. Now I see guys in $6000 suits talking crazy like me too - welcome to the park bench fellas.
If you don't give a hoot about social issues or the bankrupting of our country by a small band of thieves, he also has some investing tips. 8 minutes worth your time: