AlterEgo
08-14-2009, 09:56 AM
So, John Paulson (for those of you who don't know, he's pretty much the f*cking man in the hedge fund world... he shorted sub-prime using credit default swaps, a product he helped create starting in 2005 when he concluded the housing market was a bubble and he wanted a way to short it, in 2007 and got paid $3.4 billion, he also subsequently shorted financials in 2008 and got paid $2.7 billion (hence, the guy made over $6 billion dollars for himself in 2 years)) has taken a large position in Bank of America (NYSE: BAC), over $2 billion actually. I can't tell what price he paid for it, but on a down day like today it could be a good move to follow his step, the guy clearly knows WTF he's doing when it comes to financials.
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