Wednesday, July 10, 2013

Billionaire Paulson loses Midas touch

OMG how dare John Paulson keep 2% of his managed funds in gold, of which most of the funds were his own money. Gee maybe he just keeps that pathetically small gold allocation as portfolio insurance to protect his fund from, to quote BS Benanke "really bad things happening". Hell I lost 100% on my life insurance policy last year, same goes for the car insurance and most of my medical insurance and I couldn't be happier!

From smh.com.au

Hedge fund manager John Paulson's gold fund has lost 65 per cent of its worth so far this year after the portfolio declined 23 per cent last month, two people familiar with the fund said on Monday.

With roughly $US300 million ($330 million) in assets, the gold fund is the smallest portfolio in his New York-based firm's line-up with less than 2 per cent of its assets and it invests mostly Paulson's personal money, the people familiar with the fund said.

The fund's assets have fallen from roughly $US700 million at the end of the first quarter, according to those people. They did not want to be identified because the information is private.

The gold fund, which at one point managed almost $US1 billion, rose 35 per cent in 2010 and contributed to Paulson's estimated $US5 billion payday that year.

Read more: http://www.smh.com.au/business/markets/billionaire-paulson-loses-midas-touch-20130710-2pp33.html#ixzz2Ydjfhybo