Bloomberg reports that John Paulson, the billionaire who is betting on an economic recovery by the end of 2012, lost 11 percent in the first week of August in his largest hedge fund, according to a person familiar with the firm.
The decline leaves the Advantage Plus Fund, which tries to profit from corporate events such as takeovers and bankruptcies, down 31 percent since the start of the year, said the person, who asked not to be named because the fund is private.
Paulson, 55, has scaled back bullish bets after losses this year and told clients in June that he reduced his stake in Bank of America, where he was the ninth-biggest holder with almost 124 million shares as of March 31. The bank's shares have tumbled 47 percent since then. Paulson would have to return about 45 percent in the remainder of the year to break even in the Advantage Plus Fund.
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