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After the gold rush

25 November 2020 By Liam Proud

Hipgnosis, set up by bigwig Merck Mercuriadis, has spent $1.8 bln on hits by artists from Rihanna to 50 Cent. A fat yield and low returns elsewhere explain the fund’s pull. Investors must close their ears to poor disclosure, manic dealmaking and a rapidly changing industry.

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