One of Wall Street’s brightest stars of the last decade is taking it on the chin this year.
The New York Post reports that John Paulson, the hedgie who famously earned about $4bn in 2007 when he shorted the collapsing US housing market, has rung up losses of 22.3% through September 30 in his merger fund, according to a report on Tuesday.
A second Paulson fund, the advantage fund, which focuses on corporate events, is down 18.5% over the same period, the report said.
Paulson’s weak performance, which was first reported by Bloomberg, is due in part to the firm’s holdings of scandal-ridden pharmaceutical companies such as Valeant Pharmaceuticals, Mallinckrodt, and Mylan.
To access the complete New York Post article hit the link below: