It’s hard to feel bad for a guy who cashed a $5 billion paycheck last year. But we are feeling mild twinges of pity for hedge-fund billionaire John Paulson.
His hedge fund this year is getting crushed by falling stock prices of financial stocks. He was taking it on the chin thanks to declines in mining shares, though many of those stocks are perking up lately. And now — sorry, John — his Hewlett-Packard investment is blowing up in his face.
Paulson made a surprise disclosure in May that he started buying Hewlett-Packard shares during the early part of 2011. His Paulson & Co. hedge fund is hardly known for plowing money into tech stocks, so the buying binge was eye-opening.