Browsing articles tagged with " john paulson"
John Paulson has had a tough year, and that’s probably a bit of an understatement. Ever since he made the prescient call that the housing market would collapse, and the sub-prime mortgage market would implode, everything he’s touched has turned to coal. Paulson’s Advantage Plus hedge fund was down over 53% this past year and then there was his disastrous call on the Chinese timber company Sino-Forest, which over stated its timber holdings and Paulson’s hedge fund sold their entire stake at a $468 million loss. Most recently, Paulson sold his stakes in Bank of America and Citi, only
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"More Money Than God", about history of hedge funds, and Paulson features towards the end of the book. It's a brilliant read, touching on all the major hedge funds and their various strategies. What jumped out though was John Paulson putting on his big bet via the
$8.5 billion in a settlement. I wonder if he bailed out before this news....? The stock popped on this news after all. Well, CNBC's Kate Kelly is also saying that Paulson may regret selling his BAC shares after this news. Is this odd? Yes. Doesn't really seem like much of a story. Seems more like waffling on the
CNBC has the details:
"Due to the uncertainty over Sino-Forest's public disclosures and financial statements, we have sold our stock and await the results of the independent committee's investigation," a spokesman for Paulson & Co said in an e-mail on Monday. While it wasn't immediately clear how much Paulson lost on the sale, his 14.1 percent stake in Sino would have been worth C$897.4 million as of the end of March. The same
here. Sino-Forest is a Chinese lumber and forest plantation company, basically they buy and sell forests in China. Buying Chinese stocks has always been a risky business, as too much is unknown and their rules
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