Friday, August 26, 2011

Paulson Down 38.7% After Rough Third Week Of August

Well we got caught in consecutive gap up when we were short GLD and lost $700. That is the biggest loss on this blog. But I don't think anything like this is happening! Maybe Paulson should start reading.
With every passing day, Paulson & Co.'s August—and its 2011—is looking bleaker and bleaker.

The New York-based hedge fund giant's largest offering, Advantage Plus, extended its losses last week to 38.7% on the year. The fund had been down 34% through two weeks of the month and is now down 21.7% on the month through Friday, The Wall Street Journal reports.

Worse still for Paulson, one of its relative bright spots on the year, its merger arbitrage fund, took a big hit last week. Paulson Partners was down just 3% through the middle of August; it's now down 11.8% on the year, plummeting 14.4% in August.

This week isn't looking any kinder to Paulson, either: The firm's gold holdings, which have performed strikingly well this year, may have suffered amidst the week's gold selloff
Don't worry about poor Paul, you can be sure that only his clients are losing money.

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