John Paulson admitted in his quarterly conference call that he had made a bad bet on a recovery in the domestic economy, according to Dealbook's Azam Ahmed.
And - he said he plans to reduce the firm’s exposure to the stock market more broadly, according to several people on the call who spoke to Ahmed.
Paulson had been one of the biggest bulls on the economy. Now it sounds like he's remaining bullish, investing in a recovery, but he's dialing it back.
Most of Paulson's funds are long a recovery -- the Recovery fund invests in assets that will benefit from a recovery, in real estate for example, Credit Opportunities invests in distressed debt, and his Advantage funds are long/short equity funds, which have heavy exposure to the stock market...
More? Turn to http://www.businessinsider.com/john-paulson-i-made-a-mistake-betting-on-a-recovery-in-the-us-2011-10
No comments:
Post a Comment