Hedge Fund Managers Who Fell Off 'The Rich List'
By: "When you play the game of thrones, you win or you die.”
? George R.R. Martin, A Game of Thrones
A memorable quote that could easily apply to the hedge fund industry as well.
Every year is a battle and last year’s victors can quickly become this year’s victims — and in the hedge fund industry, many did.
“Absolute Return + Alpha” magazine released its annual ranking of the top earning hedge fund managers Friday – The Rich List .
The magazine’s goal is to bring transparency to the secretive space of the hedge fund industry.
Here’s a look at some who fell off The Rich List in 2011 — in a reversal of fortune from 2010.
John Paulson, founder and president of Paulson & Co.
It wasn't a good year for hedge fund heavyweight John Paulson , founder and President of Paulson & Co.
After earning $4.9 billion in 2010, Paulson lost $3 billion last year. Most of his funds fell 30 to 50 percent because of huge losses on bank and other financial stocks, according to the "AR" list.
These losses were offset, in part, by a winning investment in gold .
In addition to apologizing to clients , Paulson may be paying bonuses out of his own pocket this year. With assets under management of about $23 billion, Paulson is best known for his successful bet against the housing market in 2007, which earned him more than $3.7 billion.
Paulson & Co. declined to comment.
David Tepper, founder of Appalossa Management.
Investing in banks, David Tepper, founder of Appaloosa Management was the best of the best in 2009, number four in 2010 and fell off the “AR” list entirely in 2011.
