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Paulson Said to Cut Risk in Main Funds Amid Europe Crisis

John Paulson, the billionaire hedge-fund manager having his worst year, is cutting risk in his hedge funds further as the European sovereign-debt crisis roils markets, according to two people briefed on the matter.

Paulson & Co., which has $28 billion in assets, has cut the so-called net exposure in its main hedge funds to 30 percent, Paulson told investors on Nov. 14, according to the people, who asked not to be identified because the New York-based company is private. It was 60 percent about four months ago.