‘Stop caring so much about my gold bets’: Paulson
Billionaire bullion investor, John Paulson, said Thursday he is planning to stop regularly reporting his Gold Fund and gold share class returns, with the purpose of shifting the spotlight away from his smallest fund to his larger and better performing portfolios, WSJ.com reports.
In a letter to investors, the hedge-fund manager has a clear message: “Stop caring so much about my gold bets.” He reportedly wrote that, from now on, updates on his bullion fund’s performance will be issued separately and will not be included in the shares monthly updates.
The businessman’s Gold Fund, the firm’s smallest strategy and comprised mostly of the billionaire’s own money, has dropped 47% this year through April.
Paulson, 57,introduced his gold thesis in April 2009, right after the Federal Reserve, the gatekeeper of the US economy, announced plans to add $1 trillion to the financial system by purchasing longer-dated Treasury bonds and mortgage-backed securities. Gold was trading at less than $1,000 at the time.
Paulson made billions betting on the sub-prime mortgage crisis and in 2010 had a record pay day of $5 billion.
(Image courtesy of BlackSwanInsights)