Many on Wall Street wonder why John Paulson bought Steinway. Paulson says he hopes to be an owner for a long time.
Paulson video and transcript below
for the first time paulson explains why he considers himself the guardian of this american icon. i grew up in a family of pe yan mo players. both my sisters were serious piano players. they both as they became more accomplished players, aspired tobuy a steinway and kept asking my father to buy a steinway.and we at that time they were playing on an upright piano. my father did his shopping. at the end of the day it’s not something we could afford. he did do a big thing, he bought a baby grand piano and brought it home but it wasn’t a steinway. i remember my sister crying at that time and i realized, youknow, how powerful the draw was for musicians to play onsteinway. steinway has found a home. i hope to be an owner for a long period of time. i’m under no pressure in terms of meeting any particular financial goals or earning goals. my goal in owning steinway is to first of all preserve it and toensure the greatness is continued in the particularly the quality of the instrument.