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’John Paulson vs Hartford Financial
You’ll have to imagine how it sounded.
But here’s an interesting demonstration of John Paulson at work… stepping onto Hartford Financial’s earnings conference call to lambast the insurer’s performance.
Where’s a good crisis when you need it? [updated]
Tough news for both the prophet and the profiteer of doom.
John Paulson, who made his name and fortune shorting the sub-prime bubble, on Tuesday said he was reducing the leverage of his Advantage Plus fund to 1.1 from 1.5 times.
What price the banks’ FHFA lawsuit losses?
The lawsuits filed on Friday by the Federal Housing Finance Agency against 17 global banks involved nearly $200bn of mortgage-backed securities but the regulator refused to put a figure on the total losses it was seeking to recover.
Paulson’s BofA-Citi-Wells switcheroo
John Paulson’s quarterly 13F filing was released late on Monday and the headlines make for interesting reading. We may go through it in more detail later but we thought this portfolio change-up was worth noting right away:
Sino-Forest as Russian love story
FT Alphaville caught up on its Sino-Forest reading over the weekend and enjoyed the latest post by John Hempton of Bronte Capital. It looks at Paulson & Co.’s loss from the perspective of a fellow portfolio manager,
Dear Sino-Forest investors: Sorry. Love, John Paulson
Here are extensive extracts from the memorandum sent by John Paulson, Michael Waldorf, and James Wong of Paulson & Co. Inc. to investors on Thursday:
It begins:
On June 20, 2011, Paulson & Co.
Fact or fiction, Sino-Forest edition
Only one of these exhibits is real:
Exhibit A:
BriefingWire.com, 6/21/2011 – Washington, D.C., June 21, 2011 — The Securities and Exchange Commission has charged Carson Block and Muddy Waters LLC in a stock manipulation ring that allegedly published false information,
Paulson, lumbered with Sino-Forest
FT AlphaTilt, the swashbuckling blogging portmanteau, noticed on June 2 that Paulson & Co was listed as owning by proxy 14.13 per cent of the outstanding shares in Sino-Forest Corporation.
The timber firm’s troubles were more bad news for the world’s third-largest hedge fund,
John Paulson’s real 2010 success: Gold
Paulson & Co may well have made more than $1bn from its long position in Citigroup, but the firm’s really big bet — the one that has seen the firm’s assets swell by around $8.4bn over the past 12 months (before,
Dear Paulson & Co investor… happy September
Those Paulson & Co September performance numbers in full:
Advantage Plus: +12.41%
Credit Opportunities: +3.94%
Recovery: +8.47%
Gold: +5.67
Related links:
Paulson and the bulls bounce back – WSJ
Paulson &
Dear Paulson investor… et al
Boing. This month, through to the 10th:
Paulson Advantage +5.03%
Paulson Advantage Plus +7.5%
Just in… some more ambulance chasing August equity market victims:
Lansdowne UK Equities – $7.5bn - (3.03%) ytd:
Paolo Pellegrini’s painful July
As Absolute Return reported on Friday, Paolo Pellegrini – the Stan Druckenmiller to John Paulson’s Soros – is winding down his hedge fund, PSQR Capital.
PSQR has only been going since 2008, when Pellegrini (who masterminded Paulson &
Dear Paulson & Co investor…
Totemic hedge fund manager John Paulson may be dialing down his long-US positions, though irritatingly it might just have been the wrong time to do so.
After a brutal May and June for the Paulson funds,
[Abacus] Dear Paulson investor…
On Monday night, Paulson & Co held a conference call with around 100 investors in the wake of the SEC lawsuit against Goldman Sachs.
(Obviously) we weren’t on the conference call, but we have obtained a copy of the letter Paulson sent to investors (reproduced in full below).
[Abacus] The Goldman defence documents
A big hat tip to the FT’s Francesco Guerrera here.
Presenting Goldman Sachs’ detailed defence of Abacus 2007-AC1 CDO — Part I and Part II
—-
There’s so much here worthy of discussion,
[Abacus] Fisking Goldman’s latest rebuttal
Goldman doth protest too much, we think, in the statement it issued on Sunday on the SEC’s complaint against it and its trader Fabrice Tourre. We note that Goldman is already on its third rebuttal since Friday.
[Abacus] ‘Goldman Sachs is disappointed…’
There’s got to be a sick squid joke in here somewhere.
Goldman Sachs, late on Friday, issued a fresh statement on the SEC/Paulson CDO pumping affair.
Highlights:
- Goldman Sachs lost $90m on this transaction
- IKB and ACA Capital Management “were among the most sophisticated mortgage investors in the world.”
[Abacus] Paulson: ‘It’s our money now’
Well, in so many words…
If ABACUS 2007-AC1 is proved to be a fraud on Germany’s IKB and Britain’s RBS (née ABN Amro), then John Paulson’s hedge fund will be braced for compensatory claims.
Here’s the Paulson &
[Abacus] Formerly The Greatest Trade Ever
The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History, Gregory Zuckerman
<<"Tres hedge funds con más de 500.000 millones bajo gestión son los responsables del ataque a España">>
Okay, we don’t think this needs to be put through the Google Translator.
Reportedly, Moore Capital, Brevan Howard and Paulson & C0 are behind the “murky maneuvers” that have seen Spanish CDS and bond yields blow out.
A Minskian roadmap to the next gold mania
It’s making headlines, so here’s what all the gold at $6,300 fuss is about.
Selected highlights of the latest ‘Popular Delusions’ note from Société Générale’s Dylan Grice:
Central bank hoarding of gold in 1970 ushered in the famous gold bull market.
Paulson to launch gold fund
Billionaire hedge fund manager John Paulson is launching a new gold fund from Jan 1 that will include $250m of his own personal investment, reports the WSJ. The fund will focus on shares of gold miners and other bullion-related investments,
Hedge funds bite into Cadbury
Paulson & Co, the New York hedge fund run by John Paulson, has disclosed a 2.08% stake in Cadbury following Kraft’s £9.8bn ($16.4bn) hostile bid this week, signalling growing hedge fund interest in the UK confectionery group following Kraft’s hostile bid.
Paulson takes another bite of Cadbury
We all know revered hedge fund manager John Paulson has been buying gold this year, but he also appears to have something of a sweet tooth, as this regulatory disclosure released on Tuesday afternoon shows:
John Paulson’s ‘success-breeds-success’ strategy
Once again, John Paulson is suggesting by his actions that he knows something we don’t. The zillionaire hedge fund manager – who made billions betting against subprime mortgages and shorting bank stocks over the past two years – has gone big on Bank of America.
Paulson bets big on BofA
John Paulson, the renowned hedge fund manager, has bought close to 2% of Bank of America. The price of BofA stock nearly doubled in the second quarter – when Paulson purchased 168m shares – bringing the value of his holding to $2.2bn as of June 30,
Paulson goes for gold
That’s John not Hank, of course. And the scourge of the banking industry has just made a big bet on the yellow metal.
This statement was released by Anglo American on Tuesday afternoon. (emphasis ours)
John Paulson buys into mortgage securities
John Paulson, the hedge fund manager who went before Congress last week to discuss hedge fund practices, has started to buy securities backed by residential mortgages. His move marks the latest example of a famously bearish investor shifting gears to profit from depressed prices in the global credit markets.
Hedge fund chiefs speak
Some of the world’s top-earning hedge fund managers told Congress on Thursday that they broadly agreed that largely unregulated financial vehicles ought to be subject to greater disclosure, though they warned of excessive regulation.