John Paulson may not have enough buckets to catch all his leaky investments. According to the Wall St Journal, first, his bank stocks went kaboom. Then he bought Hewlett-Packard at exactly the wrong time. The gold mining investments went south. And now: Coal.
One of the stocks in Paulson’s portfolio, Alpha Natural Resources, is getting clobbered today after the company and rival Walter Energy warned that output for steelmaking-coal will fall short of expectations. (The warning also is whacking railroad stocks today. Given Paulson’s luck this year, he probably bought a bunch of those stocks recently.)
Paulson’s bet on Alpha Natural Resources is a relatively small chunk of his portfolio, but it is another ill-timed wager this year from the man who made a fortune from smart wagers against subprime bonds. Paulson started buying Alpha Natural Resources stock during the first quarter of this year, according to regulatory filings….
Find out more at http://blogs.wsj.com/deals/2011/09/21/another-losing-investment-for-john-paulson/
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