There will be no holiday cheer for hedge fund manager John Paulson this month, as his dismal performance in 2011 is capped off by another miserable performance so far in December.
The Paulson & Co.'s Advantage Plus fund, which has been the firm's worst performer all year, is down another 9 percent through December 16, sending yearly losses to about 52 percent, according to a person familiar with the numbers.
The Paulson Advantage fund, the firm's largest portfolio, is also hurting again this month, declining about 6 percent. The fund is down about 36 percent year-to-date.
For Paulson, one of the $2 trillion dollar hedge fund industry's biggest stars, 2011 has been a year in which nothing has seemed to work. His funds have suffered badly from big bets on Bank of America , Hewlett Packard and Hartford Financial Services and Sino-Forest .
However, if somehow Paulson turned this whole thing around, you could say you witnessed a Christmas Miracle, and how great would that be? Six trading days to go. Don’t count him out yet.
Read more at http://www.chicagotribune.com/business/sns-rt-us-hedgefunds-paulsontre7bl1ly-20111222,0,1472881.story
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