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“I don’t listen to tips from friends as much anymore,” Gorelick joked. Not long afterward, the company announced that sales of its prostate cancer vaccine Provenge were not meeting expectations. Gorelick began buying shares around $35 in early 2011. Nearly the opposite happened with his stake in biotech Dendreon Corp, recommended by a friend. “I made a lot of money on that stock,” he said. Gorelick sold on the way back down, at $60 and below. The shares shot up to a split-adjusted $62 per share the following year as the company fought off unsolicited takeover bids. He watched the stock for two months, and bought significantly when it dipped one day to around a split-adjusted $30 per share in 2010. The friend was a successful stock picker and that “made his advice easy to follow,” Gorelick said. He heard about the company from a friend in Canada. One of his biggest recent winners was a stake in Potash Corp of Saskatchewan Inc, one of the world’s largest fertilizer exporters. If he comes across a company that looks promising, he watches it for a while, reading coverage of the companies and doing other research, and then might buy on a dip. He asks people he considers smart about what is happening in their fields. His next solo album is due later this year.Īs far as stock performance goes, “I have a good batting average but I’m definitely not perfect,” Gorelick said.
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His 2010 album, “Heart and Soul”, sold nearly 12,000 copies in its first week, with an unusually high 86 percent of sales coming in higher-priced compact discs, according to figures from Nielsen SoundScan, which tracks music purchases. Gorelick has been more fortunate than other musicians when it comes to the income he’s lost to streaming and digital downloads. I’m going to put myself in the normal category of a music person who has been successful.” “You have your 1 percent of Beyonce and U2, who are playing stadiums, who are going to make tons of money.
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KENNY G ALBUM SALES CRACKED
“Most people in the music business don’t make as much money as we used to,” said Gorelick, who topped the contemporary jazz sales charts for several years running in the 1990s and whose 2010 album cracked jazz’s top ten. Over the last decade, he has earned about as much money from stock trading as from music, he said.
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These days, Gorelick spends his mornings in front of his computer screen, trading blocs of shares of the approximately 30 companies in his portfolio. That success helped spark a stockpicking habit that consumes his attention as his music earning potential is eaten away by digital music, which pays less than physical album sales, and online piracy. Shares are up more than 12,000 percent since beginning public trade. He was introduced to Starbucks chief Howard Schultz through an uncle, before the company went public, and soon bought a stake. Gorelick was one of the first investors in the Seattle-based chain. Instead, the man whose real name is Kenny Gorelick obsessively checks the company’s stock price. Musician Kenny G performs at a fund-raising reception before a fundraiser chaired by then first lady of California Maria Shriver in Monterey, in this Septemfile photo.