Having not much money to manage or funds to run, John Paulson’s got some time on his hands these days. Rather than spending it on the beach he owns and consoling himself with the fact that $6 billion is really all a man needs in the twilight of his life, he’s chosen to pick some fights: specifically, with a Canadian gold miner whose market cap is less than the amount Paulson’s net worth has dropped over the past year, and more generally with everything of its ilk. To the latter point, Paulson and his team have spent the better part of a year finding other people whose losses on gold are also not their own fault, some of whom (four of the 16 are choosing to remain anonymous, presumably out of fear of being called crybabies) are publicly joining Paulson’s fight against his chosen scapegoats.
John Hathaway -- who is a general partner at Tocqueville Asset Management LP -- and activist fund Livermore Partners are among those who have agreed to join the group, according to an emailed statement from the newly formed Shareholders’ Gold Council. Egyptian billionaire Naguib Sawiris’ La Mancha Group is also on the council….
“Since last year, the gold price has crept lower and shareholder returns have been poor,” Marcelo Kim, a partner at Paulson, said in a separate email. “Interest in the sector has continued to languish, and you have seen capital leave the space and notable fund closures.”