Feature on Harbinger Capital's Philip Falcone ~ market folly

Monday, July 21, 2008

Feature on Harbinger Capital's Philip Falcone

I want to give thanks to reader Alex for tipping me to this specific piece on Harbinger Capital's manager, Philip Falcone. I most likely would have never even seen this piece because its from a local Minnesota paper. Harbinger Capital is a successful activist hedge fund notable for making a ton of money by shorting the housing market. Additionally, they heavily shorted Bear Stearns before its subsequent meltdown. And, year to date, their fund is up 42.8% as of June.

The article covers Falcone's background and talks about Harbinger's activist ways. And, speaking of activism, our boy at Harbinger is up to no good once again, just recently opposing Cleveland Cliffs (CLF) takeover bid for Alpha Natural Resources (ANR). (Harbinger owns 18.4% of CLF and is opposed to the merger, as noted here).

At any rate, check it out because its an interesting profile for those curious about how Harbinger/Falcone operate. You can find the Minneapolis / St. Paul Star Tribune piece on Falcone here.


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