We all know John Paulson, the founder of Paulson & Co., had a crappy year in 2011 and now Reuters has the results of the hedge fund manager’s first quarter in 2012.
His flagship fund, the Paulson Advantage fund, is still in the red, according to Reuters.
The Paulson Advantage fund fell 3.96 per cent in March to stand 1.05 per cent lower for the year while its Paulson Advantage Plus fund fell 5.45 per cent in March and was off 2.23 per cent for the quarter. Last year these funds suffered double-digit losses.
Last year, some of Paulson’s fund lost between 30% and 50%. What’s more is the legendary investor, who famously bet against the subprime housing market in 2007, did so poorly last year that he lost $3 billion compared with a payout in 2010 $4.9 billion.