John A. Paulson had a simple message on Tuesday to investors in his ailing hedge fund: “We made a mistake.”
Mr. Paulson, the money manager who made billions during the financial downturn betting against the subprime mortgage market, admitted in his quarterly conference call that he had made a bad bet on a recovery in the domestic economy, the linchpin of the firm’s investment thesis this year.
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Mr. Paulson, the money manager who made billions during the financial downturn betting against the subprime mortgage market, admitted in his quarterly conference call that he had made a bad bet on a recovery in the domestic economy, the linchpin of the firm’s investment thesis this year.
