Europe's bans on short selling cast hedge funds in their usual role as shadowy bogeymen, profiting from the misfortunes of others, but some of the world's biggest funds have taken a bath amid the wreckage, it has emerged, according to the Independent
The biggest name to suffer is John Paulson, the US investor who made billions by taking short positions against US sub-prime mortgages before the credit crunch erupted. Mr Paulson's Advantage funds, which oversee about $17bn ($10bn), are down about 10 per cent this month and 31 per cent this year. After making his fortune by betting against the financial sector, Paulson is losing money for his clients because he invested in a US recovery with big holdings in Bank of America and Citigroup...
Read more at http://www.independent.co.uk/news/business/news/hedge-funds-make-wrong-calls-on-market-mayhem-2336913.html
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