Hedge fund legend John Paulson apologized to investors for what he is calling a year that has been “the worst in the firm’s 17 year history.” “We are disappointed and apologize,” the Paulson Funds said in a letter to investors obtained by CNBC. Hedge fund legend John Paulson apologized to investors for what he is calling a year that has been “the worst in the firm’s 17 year history.” “For 17 years, we have been generally correct in these macro assessments. This year we were clearly wrong in our judgment regarding the potential for the negative conditions mentioned above to create a toxic mix of fear in the markets,” the report says. The hedge fund company is now “wholly focused” on returning investors to their high-water marks. The report says Paulson is confident that “many of our position will recover as fear subsides.” [NetNet]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
[youtube BeP6CpUnfc0 http://www.youtube.com/watch?v=BeP6CpUnfc0 youtube]
"The hedge fund company is now “wholly focused” on returning investors to their high-water marks"
So they weren't before?
Broker:
"Bob, you just don't understand. You are not the only client i put into this…I also put my dad and my wife's parents in, plus half the firm loaded the boat too. The phone is ringing off the hook and I just don't know what I'm going to do….."
Broker's italian sales assistant (knocks loudly on wall):
"This is the FBI. You are to cease all activities and step away from the desk."
Broker:
"ummm, I gotta go, bob….<click>"
We FADE OUT as the broker and sales assistant howl with laughter, and collapse to the floor in a passionate embrace.
Every comment you leave is worse than the last. Congrats on that.
The style of the above joke is commonly known as a "Matt Levine one-liner"
[raising finger to point something out, deciding not to]
Kill your elf!
Blaming "Europeans leaders were, as yet, unable to deal with the escalating sovereign debt crisis" for your crappy performance is like saying you're a .200 hitter in baseball because your bat is "as yet, unable to deal with Justin Verlander's fastball"
Get them to their high water mark; that's original!
What a pussy.
-P. Falcone
I bet your mom had to send you a lot of new under ware at camp.
Verlander's BAA this year was .192
– Guy that takes DB comments very seriously
Great use of the editorial "we" to shun some of the blame.
Like paulson's clients, my 'high water mark' looked more like a skid mark.
But at least I could spell….sheesh!
"as fear subsides"
I have the feeling things are only going to get more interesting for Paulson & co.
RE: "Paulson’s gold funds slightly improved this year, up just over 1 percent."
One percent? In a gold fund? In 2011?
"Everybody's buying? Then sell, sell!"
Jesus, if this guy owned a funeral parlor nobody would die!
- GG
I wish he would be honest with everyone and just admit that one year he got lucky, then more recently got unlucky. Then we could move on.
He should have invested in lottery tickets.
–Gregg
Maybe he bought the miners, not the metal- check out the ytd chart on GDX.
Where's my money Paulson??
I'm gonna be honest–I gave my comment about a 10% effort
It's uh…. uh… it's down there somewhere, let me take another look.
he just got in and got out, over and over and over, until his P & L puked
"Well, your money's in Joe's house … that's right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and, and a hundred others…."
“For 17 years, we have been generally correct in these macro assessments."
-Pompei volcanic activity committee
Yes I believe the proper spelling is "underwhere"
- MF Global, Editor in Cheif
Lucky??
- Abacus LPs
Turn those machines back on!!
I'm sorry, I'm not sorry. Okay? I'm not gonna apologize, I'm a cocksman!
-JP
I'm trying the kardashian approach: if everyone who hates me gives me money, hey, I'm rich. So first – get people to hate me. Then – ???? Finally – PROFIT!!!!
This has all the makings of a Matt Levine time-weighted vs. money-weighted returns analysis post. God help us.
What are they putting into my portfolio this week?
Easy come, easy go….
-late to Web 1.0 party
It's "under were" cause it changes shape when he wears it
or they would decide to be cremated
Practically all this discussion on Siri amazes me. How can anybody rightly refer to a fairly uncomplicated voice recognition software program as artificial intelligence?