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

Search for Jobs

Index Last Change % Change
Dow 19,204.22 -12.02 -0.06%
Nasdaq 5,320.62 11.73 0.22%
S&P 500 2,204.80 0.09 0.00%
Treasuries 2.39 0.00 0.00%
Data as of 10:04am ET
Company Price Change % Change
Bank of America Corp... 21.86 0.02 0.11%
Chesapeake Energy Co... 7.51 0.03 0.45%
Kinder Morgan Inc 20.80 -0.66 -3.08%
Apple Inc 110.03 0.92 0.84%
Citigroup Inc 57.39 0.11 0.19%
Data as of 9:49am ET
Sponsors

Sections

Donald Trump wants to cancel Air Force One order from Boeing, citing 'out of control' costs topping $4 billion. More

Without knowing more about Republicans' plans for replacing Obamacare, many insurers may drop out or jack up prices even further for 2018. More

Billionaires, they're just like us. Except they own an average of nine overseas homes, have 10 vehicles and possess nearly $20 million in fine art, according to a new report. More