The bad news, if you're a Paulson & Co investor that doesn't have a special situation worked out with JP on the side, is that the firm's funds are down by a lot. A whole lot. The good news is that you've all now been offered a unique opportunity.
There will be no holiday cheer for hedge fund manager John Paulson this month, as his dismal performance in 2011 is capped off by another miserable performance so far in December. The Paulson & Co.'s Advantage Plus fund, which has been the firm's worst performer all year, is down another 9 percent through December 16, sending yearly losses to about 52 percent, according to a person familiar with the numbers. The Paulson Advantage fund, the firm's largest portfolio, is also hurting again this month, declining about 6 percent. The fund is down about 36 percent year-to-date.
Ergo, if Paulson turned this whole thing around, you could say you witnessed a Christmas Miracle, and how great would that be? Six trading days to go. Don't count him out yet.
Paulson Funds Down Again [Reuters]