Some of the questions focused on Mr. Paulson’s flagship fund’s performance, which he admitted was disappointing, though the tone of the call wasn’t “agitated or aggressive, even though some people were frustrated,” said a person familiar with the discussion. One person asked Mr. Paulson for a timeline of how long it would take to turn things around. He declined to specify a timeline, but said his objective was to win back the losses the fund had suffered. Mr. Paulson said the fund didn’t need a broad market rally. Instead, he noted, some specific investments would need to perform better. [WSJ, related]
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