Monday, 25 May 2015
Last updated 2 days ago
Oct 27 2011 | 6:46am ET
Paulson & Co. can't win for losing this year.
The New York-based hedge fund, burned badly by falling stocks all year, finally began cutting its exposure to equities—just in time to see the stock market rally this month, The Wall Street Journal reports. Paulson's decision to reduce risk in its funds means that the firm's largest fund, Paulson Advantage, which lost almost 47% during the first nine months of the year, is up less than 1% this month—while the Standard & Poor's 500 Index is up almost 10%.
The news couldn't come at a worst time for the $30 billion firm: Investors have until the end of the month to file redemption requests from its flagship Advantage and Advantage Plus funds, which are down between 30% and 47% this year after a brutal September.
Paulson has enjoyed an enviable track-record of double-digit returns over the past four years. But the firm will have to almost double investors' remaining money in November and December to simply break-even this year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…