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Paulson & Co Dec. 31 2009 13-F Released, Major Additions To Citigroup And Suntrust, Six New Names In Top 20 Holdings
Paulson & Co's December 31, 2009 13-F was just released. The disclosure for the fund's equity longs (shorts are not disclosed, neither are credit cash nor CDS and other holdings) reveals $19.8 billion in positions. The fund's top position continues to be GLD at a value of $3.4 billion (unchanged from September 30). Notable is the addition of 206.7 million shares to the fund's Citi position which is now worth approximately $1.7 billion. Other notable financial additions include SunTrust Bank, in which Paulson added 28.8 million shares, Wells Fargo, a new 17.5 million position worth $472.3 million, JPMorgan common, in which the fund added 5 million shares to 7 million for $291 million, as well as JPM Warrants worth $250 million (a new position). Other new positions in the top 20 include Comcast (44 million share), XTO Energy (10 million shares), IMS Health (18 million shares), and Pfizer (15.6 million shares). A primary reduced holding is the fund's exposure in Bank Of America - Common stock, which declined by 8.8 million shares to 151 million, or $2.27 billion. This was offset by the purchase of 13.8 million BAC "Units" worth $205 million.
The top 20 holdings, as well as the change from the prior period, are shown below (green denotes new position):
Other reduced positions include Liberty Media (-41.5 million) and Regions Financial (-15.7 million). Full dispositions include the funds previous holdings in Wyeth, Varian, Ultrashort Fins, Schering Plough, Cemex, and People's United.
Unchanged Top 20 holdings were GLD, Anglogold Ashanti, Boston Scientific, Sun Micro, Capital One, Philip Morris and Capital One.
Paulson initiatied a merger arb position in Burlington Northern for 1.5 million shares worth $150 million, and has arb exposure in 5 million Kraft shares for $136 million.
We, for one, would be much more interested in Paulson's sovereign CDS holdings.
Full table of holdings and changes from prior period.
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C? BAC? WFC?
Obviously not a Zero Hedge reader.
Why do you publicize his book?
I joined ZH after reading a few articles and the manifesto :
our mission:
- to widen the scope of financial, economic and political information available to the professional investing public.
- to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become.
- to liberate oppressed knowledge.
- to provide analysis uninhibited by political constraint.
- to facilitate information's unending quest for freedom.
Would you feel differently if he had added to his Gold position? or if it was bigger? I find many of TD's articles interesting and the color commentary makes me laugh my ass off sometimes. Paulson's book is not something a lot of folks are going to take the time to see unless they dig through EDGAR. The fact that it doesn't jibe with your outlook is the absolute reason to post it... I would think. Somebody else will follow up with a "gold bitchez's" post I am sure- and then you will feel better.Just the fact that Paulson is a billionaire makes it clear that he is not a Zero Hedge reader. LOL. You guys have been calling for about 10 different full blown disasters for the past 18 months. You are in serious need of a "win."
God damn it Kneale, how in the fuck did you get out of your cage?
:)
many thanks. that's interresting. Go 4 Gold !
GLD != Gold
Yes, yet it is PAPER gold and not the real thing imho. Read GLD's 10-k filing at www.spdrgoldshares.com/media/GLD/file/10k_Sept08.pdf and pay special attention to pages 54 to 62. ASK YOURSELF: do you really trust that these ETFs have the gold they claim and GLD's counterparties that store said gold are not leasing it out or creating/forming/leveraging some other paper gold on top of their paper gold. As an example, GLD can hold NOT GOOD bars for proper delivery to the market and they do not insure their gold holding. Add to that, there are many other serious situations one should consider before choosing GLD or other ETFs.
Bottom line, if you want to invest in gold i would do as GLD's largest shareholder did months ago.... they sold their GLD holdings and purchased physical metal and took delivery. In this day and age counterparty risk is to be avoided imho.
If you do not hold it you do not own it.
So, would you go as far as to say that there is risk involved in buying stock? Wow, Paulson probably overlooked that.
Paulson is big enough to make sure he gets his money back first if something goes wrong - enforced liquidation preference (due to his lawyers and "advisors"). Remember...good old Greenspin himself is on the payroll: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2782593/...
I love that Paulson buys the banks all you ZH haters have been bashing. Did it ever occur to all of you pessimists that the time for pessimism has passed? Everyone's incentives are aligned to have stable, well capitalized and profitable big banks. Ha ha! You lose.
So one hedge fund owns almost 9% of the GLD shares? This won't end well...
Another billionaire Jim Simons of Renaissance Tech accumulates Titanium Metals
http://www.prlog.org/10535703-titanium-metals-up-trending-channel-and-ac...
The media is obsessed with John Paulson earning $2 billion, but James Simons of Renaissance Tech earned $2.5 billion, more than Paulson.
Simons Deposes Paulson as Top-Paid Hedge Fund CEO
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0OfuYxe7n7g
And Paulson's real estate short strategy came from a guy who left the firm: Paulo Pellegrini: http://uk.reuters.com/article/idUKN0537743120090105
Ties That Bind
If Paulson is the hedge fund king behind the parapet, as rumored in English and reported in Greek, then it would seem fairly likely that Paulson and Goldman partnered -- colluded? -- to build profitable short positions against Greek debt. That Goldman was shepherding hedge fund client Paulson around Athens in recent weeks would seem to suggest that the bank and hedge fund are working together in Greece.
http://www.huffingtonpost.com/kevin-connor/what-is-john-paulson-doin_b_4...
So he own's every piece of junk stock known to man that is annointed too big to fail or too important to national security or too important to "dollar integrity". He's going to find trouble and co-locate his ass to it.
But it is very weird.. for the type of deals that Paulson likes to make money off.. to go for Citi. This side of the dilution, not only is global loan growth is still somewhat shaky, but there are so many places on the balance sheet which can pop a surprise to bankrupt the company.
As for being insured by the government, a la Hephasteus, I'd really love to know how he gets his faith in the future of the USA
I know there are exclusions but based on the 13F Q4 09 was not so great compared to Q3
Q3 09 $20,463,490
http://www.secinfo.com/dvJcw.s6.htm
Q4 09 $19,795,476
http://www.secinfo.com/dvJcw.rd.htm
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