Paulson scooped up tons of bank shares last quarter, continuing a trend we’ve seen for a while now.
Paulson said back in the fall that Bank of America was a double from there, and that was when BAC was at around $16 per share. The stock is up slightly now, but was up significantly mid-April.
Check out the chart:
Here’s what Paulson bought and sold last quarter, according to his 13F:
Bank of America: ~170 million shares, up from ~150 million for a total investment of $3 billion
CIT Group: ~4.5 million shares for ~$170 million
Wells Fargo: 17.5 million shares for ~$550 million (he bought into Wells Fargo in Q4 and upped his stake about ~$100 million)
Kraft: Paulson sold out completely
MGM: 40 million shares for ~$500 million
Paulson also bought up (he owned some in Q4 too) Lear Corp, the car seat and car power manufacturer we mentioned Eric Mindich bought a stake in last quarter. And he upped his stake in SPDR slightly.