Billionaire asset manager Howard Marks, who runs Oaktree Capital, was on Bloomberg TV this morning. Anchors Stephanie Ruhle and Matt Miller ask him to reveal his biggest investment mistake.
“My biggest investment mistake was not being John Paulson,” he answered. “John Paulson had the most profitable trade in history. George Soros got famous for making a billion off the weakness of the pound and Paulson made $US15 billion.”
Back in 2007, Paulson made a grand slam when he famously bet against the subprime housing crisis and became a household name. It was also called the greatest trade ever.
However, in 2011 and 2012, Paulson was criticised for his funds’ lackluster performance. Paulson was able to do well in 2013, while many money managers struggled.