Here Is Who Is Getting Creamed On Today's Hewlett Packard Bloodbath... And Why It Just Is Not Paulson's Year
A quick look at the top 40 holders of HPQ stock, which has tumbled 20% today (as ZH predicted yesterday), shows that i) it will be a very unpleasant weekend for a lot of people but ii) none more so than Paulson & Co, which was already down 33% or something YTD in Advantage Plus and which is eating another $141 million loss today alone. If there was any doubt that the once legendary hedge fund has become the punching bag of 2011, this should eliminate it all. Which is not to say we feel bad for JP: with billions in his checking account, we doubt he will lose much sleep over what is increasingly appearing like an inevitable unwind of the fund. We do feel bad however for holders of paper gold, as the day of the gold share class unwind draws nearer by the day. And with 31.5 million GLD shares for a total of $5.5 billion, the unwind will be, for lack of a better word, epic. The only question is when.
PS. Adding insult to injury, Moody's just revised its outlook on HPW to negative.
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