We just got some breaking news about Phil Falcone.
CNBC reported that Phil Falcone was preparing to go public with his Harbinger hedge fund. The fund has taken huge losses on an investment in Lightsquared. Lightsquared planned to develop a 4G LTE wireless communications network. The plan was turned down by the FCC over concerns of interference with GPS systems.
Yost Partners was up 0.8% for the first quarter, while the Yost Focused Long Funds lost 5% net. The firm's benchmark, the MSCI World Index, declined by 5.2%. The funds' returns outperformed their benchmark due to their tilt toward value, high exposures to energy and financials and a bias toward quality. In his first-quarter letter Read More
Now…. FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports Harbinger Capital Partners’ Philip Falcone has no intention to make Harbinger a publically traded company. Contrary to a CNBC report, Falcone dismisses any talk of an IPO for the firm, telling Gasparino “What the @#$! would I IPO?”