Saturday, 25 October 2014
Last updated 12 hours ago
Jan 25 2011 | 1:56pm ET
Paulson & Co.'s flagship hedge fund was still down by double-digits in August. It ended the year up double-digits. How? With (more than) a little help from Citigroup.
John Paulson's hedge fund had been hard-hit by his potentially premature bet on the U.S. economic recovery in the early going of 2010. But his big investment in Citi turned a $1 billion profit for the firm in the second half of the year, Paulson's most profitable bet of the year.
Paulson's Advantage Plus Fund soared 13% in December to end the year up 17%. It's Recovery Fund was perhaps the biggest beneficiary of Citi's turnaround, rising 14% last month and 24% on the year.
"We believe the U.S. economy is recovering, and we anticipate continued growth," Paulson wrote to investors.
"In addition to maneuvering our investment strategy based on where we are in the economic cycle, a large part of our success has been based on anticipating market events before they are generally recognized," he gloated.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.