surviving the market comes first, making money is the last. BTW, guys from UBS say Paulson is in big trouble.
UGUST 4, 2011, 5:48 PM ET Paulson’s Hedge Fund Falls 4% In July As Citi, BofA, CIT Keep Sinking By Murray Coleman Hedgie John Paulson’s firm is reportedly facing the loss of billions of dollars in assets as big bets on financials and a Chinese forestry company continue to drag on performance. In July, The Paulson Advantage Plus fund fell 4.63%, sources tell Reuters. The fund wound up down 21.6% for the year through last month. The Paulson Advantage Fund is off some 15% on the year. Assets in the two Paulson Advantage funds have now dropped to about $15.7 billion, off $3.4 billion from their peak in March, according to the report. Paulson & Co. has about $35.2 billion in assets under management. A good deal of that loss came from Paulson’s big bets on Sino-Forest (SNOFF), Bank of America (BAC), Citigroup (C) and CIT (CIT). Last month, Paulson termed BAC “a disappointment” and admitted he’d been too aggressive with some of his moves. The first-half of 2011 turned into a humbling experience for many of the biggest names in hedge funds. Paulson, for one, has made it clear he’s ready to make some changes. Whether those will be enough remains to be seen. Paulson says he’s now favoring Capital One (COF) and Wells Fargo (WFC), two names he owned at the end of the first-quarter.
August 5, 2011 12:32 am Paulson’s flagship fund down 21.6% By Dan McCrum in New York Paulson & Co, the hedge fund that made billions from betting on a collapse in mortgage-backed securities during the financial crisis, has lost 21.6 per cent of the value of its flagship fund so far this year as its losing streak continued into July. The flagship Paulson Advantage Plus fund lost 4.6 per cent in the month, to stand down 21.6 per cent for the year to date, according to a person familiar with the firm. The Paulson Advantage Fund, which follows the same strategy but without leverage, is down 15 per cent in the year to date. The losses are a high-profile example of the challenge that investors in hedge funds face when selecting a manager based on past performance. The fund’s founder, John Paulson, personally made $5bn last year alone, helped by big bets on US banks and the price of gold. This year, however, sentiment towards shares in financial institutions has reversed amid doubts about the strength of economic recovery, weighing on performance. Mr Paulson also suffered a loss of more than $500m in his flagship funds on a stake in Sino-Forest, a Chinese forestry company fighting allegations of fraud. Assets in the two funds have fallen to less than $16bn, from $19bn in March. Paulson & Co has about $35bn under management. Mitigating the losses was a rise in the gold price in July. About 40 per cent of Paulson & Co investors have chosen to denominate their holdings in gold, rather than dollars. Paulson’s merger arbitrage fund is up 2.4 per cent in dollar terms this year, but the gold share class is the hedge fund’s best performer, up 14.7 per cent. Hedge funds generally have continued to struggle in uncertain markets. The average hedge fund lost 0.1 per cent in July and is down 2.7 per cent in 2011, according to a daily index compiled by Hedge Fund Research that captures daily performance reported by about 5 per cent of hedge funds. http://www.ft.com/cms/s/0/ca626272-bedf-11e0-b69f-00144feabdc0.html#axzz1UYSvkuE3 内情人士：避险基金Paulson & Co旗下旗舰基金7月为止蒸发21.6% http://cnews.cnyes.com/content/20110805/KDYJHIVSWM4AQ.shtml
they are in even deeper shit this month. good thing their lockup is the year end. also a lot of funds are scared to death while holding their positions because they can't afford missing the next leg up. it aint gong be pretty.
but where's the official website of Paulson & Co http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4532548