John Paulson has released his third-quarter investor letter. In it he discusses his huge arb on Pepsi and Pepsi Bottling Group, and the amazing opportunities in defaulted debt. (via DealbBook)
Market Folly: As per the letter, Paulson executed many arbitrage and event driven plays given their background in that strategy. In particular, they reference the Wyeth/Pfizer deal which we’ve noted as a play that was ripe with hedge funds. Interestingly enough, Paulson & Co also had been playing arbitrage with Pepsi (PEP) and Pepsi Bottling Group (PBG). We highly recommend reading the letter above. And if you’re looking for more material out of John Paulson’s hedge fund, check out their 2008 annual investor letter as well.
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