Paulson Investment Company
Paulson & Co | Hedge Fund Notes
The following piece on Paulson Investment Company is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.
Resource #1: (3.11.09) Paulson & Co., the hedge fund run by billionaire John Paulson, may have made 311 million pounds ($428 million) since September by short selling Lloyds Banking Group Plc and HBOS Plc.
The firm took short positions in London-based Lloyds and HBOS that were valued at 367 million pounds in September, based on the holdings and share prices on the dates they were reported. The stake fell below the reporting threshold on March 9, regulatory filings show. source
Resource #2 (1.7.08) Paolo Pellegrini, who played a crucial role in helping to implement bets against subprime mortgages that netted Paulson & Co about $15 billion in 2007, resigned from the hedge-fund firm on December 31, the Wall Street Journal said.
Pellegrini, who along with John Paulson was the co-portfolio manager of the two Paulson Credit Opportunities funds, is expected to start his own hedge fund, the paper said.
The departure was amicable, the paper said, citing people close to the matter.
Paulson & Co could not immediately be reached for comment by Reuters. source
Resource #3: (12.8.08) While the hedge fund industry saw its losing streak continue in November, John Paulson extended his winning streak.
New York-based Paulson & Co.’s largest hedge funds both added to their year-to-date gains last month, and while the average hedge fund stumbles toward 2009 with double-digit losses, Paulson’s are following up their triple-digit 2007 with a double-digit 2008.
The firm’s $10 billion Advantage Plus Fund added 3.19% in November, bringing its year-to-date returns to 33.52%. The $5 billion Advantage Fund returned 2.04% last month, and is up a more modest 21% on the year, Reuters reports. source
Resource #4: (12.2.08) here’s not a lot of light in Paulson & Co.’s 28th-floor headquarters on a drizzly November afternoon. The Alexander Calder sculpture and multicolored prints have been shipped to the firm’s new offices six blocks south. Darkness envelops the New York skyline.
The Dow Industrials have lost a total of 929 points over two days, and the jobless rate is poised to hit 6.5 percent. And John Paulson, who oversees $36 billion in hedge fund assets, isn’t exactly Mr. Sunshine either.
“You have deterioration in almost every asset class,” Paulson says. “You’re looking at declines in housing prices, the health of manufacturers and the earnings of various companies. There are rising delinquencies in auto loans and commercial real estate.”
Paulson, 52, peers over his tortoiseshell glasses. “There’s more to come,” he warns. Source
Resource #5: (11.17.08) Last year, John Paulson started cutting back on his mortgage-backed securities investments after the subprime slide had his Paulson & Co. hedge funds posting triple-digit returns. Now, he’s getting back in the game in a big way.
Paulson reduced his exposure to mortgages in expectation that the market was nearing its nadir. But with the financial crisis continuing and deepening—and with the U.S. Treasury backing away from a plan to buy the toxic mortgage securities weighing down Wall Street’s balance sheets—he has begun to buy residential mortgage-backed securities, the Financial Times reports.
Paulson reentered the market last week, he told investors, as MBS prices began to fall again in the wake of the decision by his unrelated namesake, U.S. Treasury Secretary Henry Paulson. According to the FT, he held a dinner and wine tasting at New York’s Metropolitan Club last night to reveal his plans. He has been mulling the move back into MBS for several months, it reports. Source
Resource #6: Paulson Capital Corporation is the parent company to Paulson Investment Company, Inc. Headquartered in Portland, Oregon, Paulson Investment Company, Inc. is the Northwest's largest independent brokerage firm and a national leader in public offerings of small and emerging growth companies with capital needs of $5 million to $45 million. Founded by Chester "Chet" Paulson in 1970, it has managed or underwritten 163 securities offerings and has generated more than $1.2 billion for client companies. The firm's enduring success stems from its ability to recognize emerging industry trends and from supporting emerging companies pioneering positive change and advancements in those related markets. source
Resource #7: Paulson Investment Company, Inc., a wholly owned subsidiary of Paulson Capital Corp. (PLCC), brings together 21 companies to present at Paulson Investment's 31st Annual Westergaard Conference beginning at 7:00 AM EST at the Waldorf-Astoria Hotel in New York City.
Noted as one of Wall Street's most widely anticipated micro/small cap events of the year, the Conference will showcase select small and emerging growth companies focused on establishing leadership in a broad range of industry sectors. Founded in 1978 by noted small cap analyst John Westergaard, this Conference provides a venue for invited companies to share detailed insight into their business operations, short and long term growth strategies and industry vision. source
Resource # 8: Paulson Investment Company, Inc. (Paulson), a wholly owned subsidiary of Paulson Capital Corp. (Nasdaq: PLCC), has named James (Jim) Kennedy as Senior Vice President, Sales. In this role, Kennedy will be a key member of Paulson's Northeast Regional Sales Team.
"Paulson Investment Company is proud to have Jim Kennedy as a leader on our sales team," said Trent Davis, Chief Executive Officer of Paulson Investment Company, Inc. "Jim's exceptional reputation and proven track record of excellence in client service make him an important addition to our sales force."
Prior to joining Paulson, Kennedy had a successful, 25 year tenure at McLaughlin, Piven, Vogel Securities, Inc. (MPV), where he served as National Sales Director and oversaw six branch locations and 150 representatives nationwide. In addition to his more than two decades of experience, Kennedy brings to Paulson a book of business with approximately $90 million in assets under management. source
Resource #9: Paulson Investment Company, Inc. (Paulson), a wholly owned subsidiary of Paulson Capital Corp. (Nasdaq: PLCC), has named James (Jim) Kennedy as Senior Vice President, Sales. In this role, Kennedy will be a key member of Paulson's Northeast Regional Sales Team.
"Paulson Investment Company is proud to have Jim Kennedy as a leader on our sales team," said Trent Davis, Chief Executive Officer of Paulson Investment Company, Inc. "Jim's exceptional reputation and proven track record of excellence in client service make him an important addition to our sales force." source
Resource #10: Paulson Investment's 31st Annual Westergaard Conference, hosted by Paulson Investment Company, Inc., will showcase small and emerging growth companies focused on establishing leadership in a broad range of industry sectors, including domestic and alternative energy, environmental responsibility, healthcare, consumer products, financial, security and technology. More than 800 investment professionals are expected to attend. Founded in 1978 by noted Small Cap analyst John Westergaard, this Conference provides a venue for select companies to share detailed insight into their business operations, short and long term growth strategies and industry vision. source