John Paulson Doesn’t Need Your Money Anymore
Picking winners and losers among hedge fund managers is a mug’s game.
Going it alone.
Photographer: Jared Siskin/Patrick McMullanJohn Paulson, who built a personal fortune worth $4.4 billion from managing other people’s money, is returning all of his investors’ capital. Whether you’d actually want him, or any other hedge fund manager, to be looking after your cash is an interesting question, given the wildly disparate returns the industry has generated during recent market volatility.
More than three-quarters of the hedge fund community failed to make money when markets whipsawed in March, as shown by the chart above compiled by my Bloomberg News colleague Mark Glassman. Ray Dalio and Michael Hintze were among some of the most storied investors in the industry who suffered their worst-ever losses that month.