Sunday, 29 March 2015
Last updated 1 day ago
Jul 11 2012 | 1:10pm ET
A former John Paulson lieutenant is being punished for his belief in his former boss.
Paolo Pellegrini, who helped engineer the subprime mortgage strategy that put Paulson & Co. on the map, left Paulson to start his own hedge fund three years ago only to pull the plug on that effort less than a year later. Then, a year-and-a-half ago, he invested "a significant portion of my personal money" in Paulson's Advantage Plus Fund.
Pellegrini did so just in time to see that fund lose more than half its value last year. And the fund, Paulson's largest, continues to lose ground this year, having shed a further 16%.
"I'm disappointed but I don't fault them for not doing their work," Pellegrini told The Wall Street Journal. "This is a very difficult market to predict… as an investor, it's like a game of Russian roulette."
But, Pellegrini said, "among global fund managers, John's one of the most talented." And his team works "very hard on their investment ideas and generally get things mostly right."
The Journal reports that Pellegini invested between $10 million and $20 million with Paulson, and that he redeemed half of what was left at the beginning of this year.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…