Monday, 20 October 2014
Last updated 7 hours ago
Nov 22 2013 | 11:46am ET
For years, and in the face of huge losses, Paulson & Co. founder John Paulson has been arguably the biggest of the gold bugs. Even as his dedicated gold fund, which manages primarily his own capital, posted double-digit declines, the hedge fund billionaire stuck by the precious metal, convinced that a coming period of inflation would reward his faith.
Paulson still isn't giving up on gold—even as his PFR Gold Fund has lost 63% this year after falling a further 1.2% in October. But his faith has been shaken a bit.
Paulson told investors that he won't be putting any more of his own money into the Gold Fund because he is not sure when inflation will begin to rise, Bloomberg News reports. The fund will maintain its positions in gold stocks, but it will let its options on the metal expire, Paulson said at the firm's annual meeting in New York.
Paulson opened his bet on gold in 2009 as a hedge against inflation, which he expected would soar due to central-bank quantitative easing programs. He even created gold-denominated share classes of his other hedge funds. But the precious metal is set to suffer its first losing year in more than a decade, down 26% this year, and the Gold Fund has been the only black mark in what has otherwise been a fabulous year for New York-based Paulson, whose other funds are up by double-digits.
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...