Pianos: Hedge-fund Billionaire Paulson buys Steinway - good patronage???

[WordMan]

NY Times article behind paywall: To His Collection of Steinways, Hedge Fund Titan Adds Their Maker - The New York Times

First paragraphs:

John A. Paulson, the hedge fund billionaire, already owns three Steinway & Sons pianos: the medium model M grand, the larger model O and the nearly seven-foot-long model B, together worth tens of thousands of dollars.

But Mr. Paulson, in investing parlance, was looking to increase his exposure. On Wednesday, his firm, Paulson & Company, agreed to buy the company that makes the pianos, Steinway Musical Instruments, for $512 million.

He’s a Steinway fanboy, which is good. He’s stated that he doesn’t want to change things, which also can be good. A pure craft-and-culture company like Steinway should probably NOT be publicly-traded, so being privately held is likely better.

I am not a pianist, but pay attention to stuff like this, with an eye to Martin Guitars, the histories of Gibson and Fender, etc. This move kinda freaks me out - HFB’s (hedge fund billionaires) are modern robber-barons - but I also see the argument for patronage across history…

[svd678]

I thought Columbia owned Steinway. It hasn’t been an independent company in years, has it?

[WordMan]

@svd678

I thought Columbia owned Steinway. It hasn’t been an independent company in years, has it?

It was bought by CBS around the same time as they bought Fender. Steinway’s been public, I think, for a bit.