Paulson Adds JPMorgan Chase, Wells Fargo, Others to Portfolio
Coming off savage losses in 2011, John Paulson's eponymous Paulson & Co. hedge fund initiated new positions in several stocks, including JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC), during the second quarter. The two Dow components are the largest U.S. banks by market cap.
Paulson previously rose to acclaim for betting against sub-prime mortgages before the onset of the financial crisis. However, his company would later endure rocky returns in 2011 for heavy long side bets on bank stocks that were ill-timed.
Positions that Paulson added to during the quarter included the SPDR Gold Shares (NYSE: GLD), the largest ETF backed by physical gold. Paulson's gold funds have been among the lone bright spots for the firm over the past year. Other positions that were added to included HCA (NYSE: HCA), Gaylord Entertainment (NYSE: GET), Quest Software (NASDAQ: QSFT) and Hillshire Brands (NYSE: HSH).
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