The markets are proving once again that most hedge fund managers are more lucky (or fraudulent) than smart and that's if they made any money at all.
John Paulson's greatest trade (shorting the subprime market) was an exercise in fraud with the help of Goldman Sachs.
Since that rigged trade, Paulson's "genius" bet was to load up on gold and short the Treasury market because he believed that Fed "money printing" was going to create hyperinflation. (Obviously taking his cues from that moron Peter Schiff now.)
And Kyle Bass has been telling us for three years running how the Japanese bond market is going to implode. He keeps betting against the Japanese bond market and, not surprisingly, he loves gold.
And let us not forget some of the other prominent morons like Jim Rogers, Nassim Taleb and of course the biggest loser of them all, Peter Schiff.
These guys are useless, like most of the entire hedge fund community, but we told you that here at MNE a long time ago.
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Call it Schadenfreude, if you will. I don't care.
Shout in my face that I am mean. I don't care, either.
Truth be told, this makes me smile:
"Billionaire Paulson the biggest loser after precious metal falls.
"Billionaire John Paulson lost more than $US300 million ($285 million) of his personal wealth on his gold bet, as the precious metal fell to its lowest price in almost two years."
http://www.smh.com.au/opinion/politics/why-the-wealthy-are-not-the-enemy-20130414-2hti8.html
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