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Class ClownsHow the Smartest Investors Lost Billions in Education$
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Jonathan A. Knee

Print publication date: 2016

Print ISBN-13: 9780231179287

Published to Columbia Scholarship Online: January 2019

DOI: 10.7312/columbia/9780231179287.001.0001

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Curious George Schools John Paulson

Curious George Schools John Paulson

Chapter:
(p.90) Chapter Three Curious George Schools John Paulson
Source:
Class Clowns
Author(s):

Jonathan A. Knee

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231179287.003.0004

John Paulson made billions by identifying mortgage bubble before the inevitable crash and put at least one of those billions into the leading US school textbook publisher, Houghton Mifflin Harcourt. It is a billion that he will never see again. Paulson was one of a number of fortunate investors who lost a fortune as the fabled publisher changed hands repeatedly starting in 2001, following a relatively stable and prosperous century of operations. The failure to understand the structure of this industry and these markets, led to repeated insolvency. Poor strategies and execution combined with far too much debt being placed on the business were the culprit in this completely preventable disaster.

Keywords:   John Paulson, Publishing, Textbooks, Houghton Mifflin Harcourt

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