Hedge-fund mogul Paul Singer, after an 11-year battle to collect on defaulted Argentine bonds — a fight that included three huge legal victories and a global hunt for assets — stands weeks away from possibly collecting $832m on an estimated $48m investment.
The New York Post reports that’s a 1,608% return — a huge payday, to be sure, but not even the biggest in Singer’s 37-year career.
It’s the kind of investment acumen that has helped Singer’s $23m Elliott Management post an annualized return of 14% since 1977 — outpacing the 11.3% return for the S&P 500 during that time.
As if that weren’t enough for the 69-year-old investor, the Argentine investment could ultimately bring Elliott $3bn if he is paid every cent he claims he is owed, according to Argentina.
The victory over Argentina that Singer stands to realize further validates a business strategy that has been widely disparaged as 'vulture investing' — picking at the carcasses of bankrupt companies or countries in default by buying their bonds for pennies on the dollar and then litigating for profit.
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