Johnny Caito 7:07 p.m., July 28
Brandes Gets Mug in Newspaper, but Moneywise Gets Mugged by Newspapers
Charles Brandes, the billionaire San Diego money manager, loves to be photographed in the newspapers with his lovely new bride, Tanya. In the Union-Tribune June 8, Charles and Tanya were pictured in a Burl Stiff column about David Copley's friends at Cannes. (David had taken his yacht to the annual cinematic event.) But today (June 17), Brandes got more ugly news about newspaper chains he has invested in. McClatchy Co. revealed that its May revenues are down 16.6 percent from a year earlier. The company is slashing 10 percent of its jobs; it previously whacked 13 percent of them. Brandes's investment firm, Brandes Investment Partners, owns 7.57 percent of McClatchy. It once had 14.63 percent. It began buying at $44.50.The stock today is at $7.81. Brandes also owns 11.27 percent of newspaper chain Gannett. He bought in in at $53 to $58 and the stock is now $25.57. He also has a loss in New York Times. Brandes has other losers that show up frequently in the newspapers. He bought into Countrywide, the troubled mortgage seller, at $19.74. It's at $4.79. He has 9.10 percent of its shares. He has 4.98 percent of Washington Mutual, another troubled lender, purchased initially at $27.84. Its at $6.22. Brandes and Tanya have built the most expensive home in the county, said to be worth $60 million, although he insists it's worth less than that.