Europe's failure to suffer a sufficiently dismal economic year doomed Paulson & Co. to that fate itself.
Firm founder John Paulson told clients this week that most of the firm's losses were due to its bets against Europe, notably Paulson's conviction that the continent's sovereign-debt crisis would worsen and that the euro currency would eventually collapse. But with things looking up across the pond, they are looking grim for Paulson, which is poised to suffer its second-straight year with double-digit losses. The firm's Advantage Plus Fund is down 17% this year after a 3% loss in October, and its flagship Advantage Fund is also down by double-digits.
Those funds lost 51% and 36%, respectively, last year.
At the firm's annual meeting in New York, Paulson said he had cut his bets against Europe in July, after the European Central Bank said it would do what it took to save the euro.
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Firm founder John Paulson told clients this week that most of the firm's losses were due to its bets against Europe, notably Paulson's conviction that the continent's sovereign-debt crisis would worsen and that the euro currency would eventually collapse. But with things looking up across the pond, they are looking grim for Paulson, which is poised to suffer its second-straight year with double-digit losses. The firm's Advantage Plus Fund is down 17% this year after a 3% loss in October, and its flagship Advantage Fund is also down by double-digits.
Those funds lost 51% and 36%, respectively, last year.
At the firm's annual meeting in New York, Paulson said he had cut his bets against Europe in July, after the European Central Bank said it would do what it took to save the euro.
Read Full Article>>>