Doing some quick maths, it looks like John Paulson could already be up 40% on his Bank of America (BAC) buy, given he bought 168 million shares of BAC from $8.69 to $14.16 in the second quarter, and assuming an average price of $11.4.
Did he simply benefit from a rising tide in financials? Well to some extent certainly, but let’s give him some credit. The S&P 500 Financials Index is only up 23% from its second quarter average price. With the purchase, he becomes BofA’s fourth largest shareholder.
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