Clearly no one warned Bono before he sank a significant amount of money into Elevation Partners. The fund, which states its "mission is to help media and entertainment businesses develop and market great content," is arguably one of the worst institutional funds in the United States—and Bono is one of the five members of its investment team. By its own admission, the fund is in trouble shape, due in large part to its commitment to Palm, which has floundered in the smartphone market and is unlikely to be in existence in a year’s time. Palm shares are currently trading around $3.65, down nearly $15 from their price 12 months ago. It's likely Bono has lost of millions of dollars.