John Paulson, the billionaire who is betting on an economic recovery by the end of 2012, has lost 34 percent this year in his largest hedge fund, according to two people familiar with the firm told Bloomberg.
Paulson’s Advantage Plus Fund, which seeks to profit from corporate events such as takeovers and bankruptcies, lost 15 percent last month, said the people, who asked not to be identified because the fund is private. That compares with a 5.7 percent decline last month in the Standard & Poor’s 500 Index. The fund’s gold-denominated share class has lost 17 percent this year, after declining 7 percent in August.
Paulson, 55, whose New York-based firm Paulson & Co. manages $35 billion, has scaled back bullish bets after losses this year. He reduced his stake in Bank of America Corp. (BAC) to 60.4 million shares as of June 30 from 124 million shares on March 31. The bank’s shares have tumbled 44 percent so far this year….
http://www.bloomberg.com/news/2011-09-07/paulson-s-largest-hedge-fund-said-to-lose-34-this-year-after-august-rout.html
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