John Paulson spoke with investors last week, presumably in order to address his poor performance recently.
We have notes of the call and have summarized the key points below. We'll embed the document in a moment.
Bottom line: his thesis hasn't changed despite his being down 20.9% YTD in his Advantage Fund.
He says the biggest macro risks out there are:
He's got some short positions "in banks exposed to these issues, also trading CDS. [He] was in this trade in early 2010 before it was in the headlines."
The complete notes are below.
This story originally appeared on Business Insider
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