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Billionaire Stays in Shadows
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including dividends.
WSJ's Rob Copeland profiles David Abrams, the
hedge-fund world's one-man wealth machine, whose
main funds have averaged a 15% annualized return
over the past 15 years. Photo: Abrams Capital.
The firm invests in a relatively small number of beaten-down companies at a time, mostly through stocks
at present, though it has also dipped into some of the more-talked-about fixed-income deals of recent
years, including the unwinding of bankrupt Enron Corp. Among its recent stockholdings have been
bookseller Barnes & Noble Inc., retailer J.C. Penney Co. and money-transfer firm Western Union Co.,
securities filings and investor documents show.
Mr. Abrams also is among the small group of investors that has taken a big bet on governmentcontrolled mortgage companies Fannie Mae and Freddie Mac, wagering that the Obama
administration's plan to wind down and replace the entities will fail, according to investor documents.
The Boston Billionaire
David Abrams has earned billions for his wealthy
investors.
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