Businessweek has an epic smack down of Paulson in it's latest issue, including the cover shot below with the title "The Big Loser." AUM at Paulson Capital has dropped to $22B from a peak of $38B and the Advantage Plus fund is down 10% YTD through May. However, Paulson is still sticking with gold miners (AngloGold Ashanti and Goldfields) believing them to be underpriced vs. the gold that they mine.
From the article:
“We view gold as a currency, not a commodity. Its importance as a currency will continue to increase as the major central banks around the world continue to print money.” He adds that as the market keeps shuddering, demand for gold will stay high, and soon enough all of his depressed gold holdings should shoot up. He also thinks that anyone in Greece, Italy, and France should pull all their money out of the banking system and purchase gold bars before the Continent collapses.
“Some people like playing chess, some like backgammon. This is like a game, and playing games is fun. It’s more fun when you win.”
From the article:
“We view gold as a currency, not a commodity. Its importance as a currency will continue to increase as the major central banks around the world continue to print money.” He adds that as the market keeps shuddering, demand for gold will stay high, and soon enough all of his depressed gold holdings should shoot up. He also thinks that anyone in Greece, Italy, and France should pull all their money out of the banking system and purchase gold bars before the Continent collapses.
“Some people like playing chess, some like backgammon. This is like a game, and playing games is fun. It’s more fun when you win.”
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