John Paulson has been losing money all year, with his flagship Advantage Plus fund down around 40%.
In a WSJ interview, Paulson admits that he was “too overconfident” in the U.S. economy, but he insists that now is a good time to buy. A few quotes from the interview:
“Price-earnings ratios are at historic lows. This has created many buying opportunities where companies are trading at extremely low valuations irrespective of strong performance.”
“The problems in the U.S. can be solved… Banks are trading at massive discounts. They will rebound.”
“Many investors make the mistake of buying high and selling low, while the exact opposite is the right strategy.”
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