John Paulson at Ira Sohn: Bullish on Caesars Entertainment, AngloGold Ashanti and CVR Energy

Hedge fund billionaire John Paulson spoke at the Ira Sohn Investment Conference on Wednesday after the market close. The founder of Paulson & Co. said that he is long shares of Caesars Entertainment CZR, which went public in February. He said that the company's social gaming platform Lakita is worth $8 per share alone. On Wednesday, the stock closed at $13.48. Caesars went public at a price of $9.00 per share. While IPO investors have been rewarded, the stock is actually down a little more than 12% since its first day of trading on NASDAQ when it rose 71% and closed at $15.39. Paulson also spoke about the stock's extremely low float, saying that only around 7% of the company is publicly traded. Due to the few number of shares that are freely traded on NASDAQ, rising demand for the stock could cause a sharp price increase. The other stock that Paulson discussed is AngloGold Ashanti Limited AU, which has been a longtime holding of his hedge fund Paulson & Co. He said that the company is "firing on all cylinders" and that current prices make for an attractive entry point. He also added that it is cheaper to get exposure to gold through AU than through an ETF or futures. Paulson said that he thinks AU may have as much as 75% upside from current levels. The final stock that he spoke about was CVR Energy CVI, a company in which his hedge fund recently bought a 9.9% stake. Paulson thinks that CVR could be worth as much as $36.00 per share. The stock closed Wednesday's trading session at $30.35.