Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Paulson profits $5 billion in 2010: Report

john_paulson.gi.top.jpg By Aaron Smith, staff writer


NEW YORK (CNNMoney) -- What recession? Hedge fund honcho John Paulson profited more than $5 billion in 2010, possibly the largest haul in investing history, according to a news report.

This means that Paulson was making $158.55 per second last year.

In 2010, more than $4 billion of his profits came from fund investments. Most of his funds contained bets on gold, due to Paulson's wariness of the dollar's long-term weakness, based on the Wall Street Journal's report. He placed much of his own money in gold-focused funds, which rose as much as 45% because of gold's meteoric rise last year.

Paulson's take from last year exceeds the $4 billion that he raked in from short bets against subprime mortgages in 2007, according to the news report.

The founder and president of investment firm Paulson & Co. achieved fame and notoriety, for betting against subprime mortgages on the eve of the market crash in 2007. His funds scored gains of as much as 590% from this subprime wager, the news report states.

Other elite hedge fund profiteers in 2010: David Tepper, founder of Appaloosa Management; Ray Dalio, founder of Bridgewater Associates; and James Simons, founder of Renaissance Technologies. Each made between $2 billion and $3 billion last year, reported the newspaper.  To top of page

Index Last Change % Change
Dow 22,349.59 -9.64 -0.04%
Nasdaq 6,426.92 4.23 0.07%
S&P 500 2,502.22 1.62 0.06%
Treasuries 2.26 -0.02 -0.70%
Data as of 5:35pm ET
Company Price Change % Change
Bank of America Corp... 25.02 -0.14 -0.56%
Advanced Micro Devic... 13.30 -0.11 -0.82%
Apple Inc 151.89 -1.50 -0.98%
General Electric Co 24.87 0.12 0.48%
Ford Motor Co 11.84 0.12 1.02%
Data as of Sep 22
Sponsors

Sections

The shutdown, which raised protests from navigator groups, will occur from midnight to noon on on all but one Sunday. More

As if Uber's new CEO didn't already have his work cut out for him, Dara Khosrowshahi has to deal with losing London. More

When you're making big career decisions, you turn to your mentors and your trusted peers. But how do you find these mentors and trusted peers in the first place? More