Investors in Paulson & Co.’s Advantage funds did not have a great year. It wasn’t quite 2011, but a 36% loss in no less unpleasant just because you suffered a 51% loss three years earlier.
On the other hand, losing 51% and surviving—nay, thriving—does mean that a 36% loss won’t necessarily kill your confidence. And old J.P., he’s as confident as ever, and has a message for those who lost 36% with him last year or who are having second thoughts about investing with him this year on account of said loss: Read more »
Just in time for Valentine’s Day comes the romantic story that the the 83 year-old hedge fund manager made a ton of money in 2013, and about 80%* it before his September 21st nuptials and can therefore keep to himself,** should this marriage should end in a similar manner to his first two. Read more »
Baupost Group, Paulson & Co. and Cargill’s hedge fund unit think it’s awfully fishy that the corpse of Lehman Brothers is so eager to sell almost $3 billion in bankruptcy claims to Elliott Management and King Street Capital Management for a little over $1 billion. Especially since CarVal would like to pay almost $1.5 billion for the same claim.
U.S. Bankruptcy Judge James Peck thinks it’s all a little strange, too. But, to use the parlance of our times, tough shit. Read more »