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It’s Good to Be John Paulson, But Then Again...

Who wouldn't want to be a billionaire hedge fund manager? Well, most of them anyway. Maybe not John Paulson.

According to the WSJ, the September selloff in gold has taken a toll on Paulson, who is famed for betting against the housing market.

According to journalist Greg Zuckerman “Mr. Paulson saw his fund dedicated to gold investments lose 16.4% in September, according to investors. That is worse than the 11% fall for gold prices. The Paulson gold fund now sports a gain of just over 1% in 2011, through September, compared with a 16% year-to-date gain in gold—a difference likely attributable to the fund's investment in gold-mining companies, whose shares haven't kept pace with gold's rise.

Mr. Paulson's Recovery fund, which wagers on investments deemed likely to do well as the U.S. economy improves, lost more than 14% in September and is down 31% in 2011, investors familiar with the figures say. Paulson also posted losses last month in the merger-focused fund, they say.

Get all the details. Watch our exclusive conversation with Greg Zuckerman now!

Zuckerman is also the author of "The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History"


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Trader disclosure: On Oct 10, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns AKS; Seymour owns BAC; Seymour owns INTC; Seymour owns POT; Terranova is long VRTS; Terranova is long LQD; Terranova is long MUB; Terranova is long FCX; Terranova is long TBT; Terranova is long OXY; Terranova is long HOS; Terranova is long F; Terranova is long LULU; Terranova is long OIH; Terranova is long CAT; Terranova is long AXP; Terranova is long EMC; Terranova is long WFC; Terranova is long AAPL; Terranova is long IBM; Terranova is long Silver December $40 puts; Weiss is long RIMM; Weiss is long QCOM; Weiss is long HPQ; Weiss is long EUO; Weiss is long NIHD; Weiss is long COP; Weiss is long KEG; Weiss is long YHOO; Kinahan is short SPY thru options; Kinahan long CSCO; Nations is long SPY

For Brian Kelly
Funds managed by Brian Kelly are long IBM
Funds managed by Brian Kelly are long QCOM
Funds managed by Brian Kelly are long GLD
Funds managed by Brian Kelly are long AAPL
Funds managed by Brian Kelly are long LO

For Chris Verrone
No disclosures

For Dennis Gartman
Gartman is short S&P
Gartman is long gold
Gartman is long of gold/short of the EUR
Gartman is long of gold/short of the Sterling
Gartman is long of gold/short of the Yen
Gartman is long wheat
Gartman is long soybeans
Funds managed by Gartman are long gold
Funds managed by Gartman are long Canadian dollar
Funds managed by Gartman are long Aussie dollar/short of the EUR
Funds managed by Gartman are long Aussie dollar/short of the Sterling

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CNBC.com with wires.