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John Paulson Buys Citigroup Inc., Varian Inc., Cemex, Sells Centex Corp., State Street Corp., Goldman Sachs

Hedge fund giant John Paulson made money shorting financials in 2007 and 2008. Now he is buying heavily into the big banks. He also bought a lot of hotels. This is his Q3 portfolio update.

John Paulson buys Citigroup Inc., Varian Inc., Cemex S.a.b. De C.v., Starwood Hotels & Resorts Worldwide Inc., The Hartford Financial Services Group In, Sunstone Hotel Investors Inc., Starwood Property Trust Inc., Conseco Inc., Old National Bancorp, Felcor Lodging Trust Inc., Ashford Hospitality Trust Inc., sells Centex Corp., State Street Corp., Petrocanada, Kimco Realty Corp., Humana Inc., Goldman Sachs Group Inc. The, Market Vectors - Gold Miners Etf, Data Domain, Inc., Centennial Communications Corp., At&t Inc. during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, Paulson & Co.. John Paulson owns 39 stocks with a total value of $20.5 billion. These are the details of the buys and sells.

For the details of John Paulson's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=John+Paulson

This is the sector weightings of his portfolio:

Financials 27.8%
Health Care 25.4%
Basic Materials 13.6%
Consumer Services 7.2%
Consumer Goods 4.7%
Technology 3.3%
Utilities 1.5%
Industrials 0.9%
Oil & Gas 0.1%


These are the top 5 holdings of John Paulson

  1. Spider Gold Shares (GLD) - 31,500,000 shares, 15.22% of the total portfolio
  2. Bank Of America Corp. (BAC) - 159,794,229 shares, 13.21% of the total portfolio
  3. Wyeth (WYE) - 51,694,300 shares, 12.27% of the total portfolio
  4. AngloGold Ashanti Ltd. (AU) - 42,849,864 shares, 8.54% of the total portfolio
  5. ScheringPlough Corp. (SGP) - 57,621,600 shares, 7.95% of the total portfolio


Added: Liberty Media Corporation - Series A Liberty Enter (LMDIA)

John Paulson added to his holdings in Liberty Media Corporation - Series A Liberty Enter by 123.75%. His purchase prices were between $24.82 and $30.91, with an estimated average price of $27.79. The impact to his portfolio due to this purchase was 3.76%. His holdings were 44,750,000 shares as of 09/30/2009.

Liberty Media Corporation - Series A Liberty Enter has a market cap of $17 billion; its shares were traded at around $34.35 .

Added: The Pepsi Bottling Group Inc. (PBG)

John Paulson added to his holdings in The Pepsi Bottling Group Inc. by 19.45%. His purchase prices were between $32.9 and $36.82, with an estimated average price of $35.12. The impact to his portfolio due to this purchase was 0.29%. His holdings were 10,000,000 shares as of 09/30/2009.

The Pepsi Bottling Group, Inc., is the world's largest manufacturer, seller and distributor of Pepsi-Cola beverages. Pepsi-Cola beverages sold include PEPSI-COLA, DIET PEPSI, MOUNTAIN DEW, LIPTON BRISK, LIPTON'S ICED TEA, 7UP outside the U.S., PEPSI MAX, PEPSI ONE, SLICE, MUG, AQUAFINA, STARBUCKS FRAPPUCCINO and KAS. The Pepsi Bottling Group Inc. has a market cap of $8.15 billion; its shares were traded at around $37.83 with a P/E ratio of 17 and P/S ratio of 0.6. The dividend yield of The Pepsi Bottling Group Inc. stocks is 1.9%. The Pepsi Bottling Group Inc. had an annual average earning growth of 7.1% over the past 5 years.

Added: First Horizon National Corp. (FHN)

John Paulson added to his holdings in First Horizon National Corp. by 133.33%. His purchase prices were between $11.3273 and $13.9991, with an estimated average price of $10.08. The impact to his portfolio due to this purchase was 0.26%. His holdings were 7,111,307 shares as of 09/30/2009.

The First Horizon National family of companies provides financial services to individual and business customers through: First Horizon Home Loans, FTN Financial, First Tennessee Bank, and First Horizon Merchant Services. First Horizon National Corp. has a market cap of $2.67 billion; its shares were traded at around $12.23 with and P/S ratio of 1.2. First Horizon National Corp. had an annual average earning growth of 1.4% over the past 10 years.

New Purchase: Citigroup Inc. (C)

John Paulson initiated holdings in Citigroup Inc.. His purchase prices were between $2.59 and $5.23, with an estimated average price of $3.85. The impact to his portfolio due to this purchase was 7.1%. His holdings were 300,000,000 shares as of 09/30/2009.

Citigroup Inc. has a market cap of $92.6 billion; its shares were traded at around $4.05 with and P/S ratio of 1.8. Citigroup Inc. had an annual average earning growth of 5.1% over the past 10 years.

New Purchase: Varian Inc. (VARI)

John Paulson initiated holdings in Varian Inc.. His purchase prices were between $35.71 and $51.85, with an estimated average price of $47.52. The impact to his portfolio due to this purchase was 0.5%. His holdings were 2,000,000 shares as of 09/30/2009.

Varian, Inc. is a leading worldwide supplier of scientific instruments and vacuum technologies for life science and industrial applications. The company provides complete solutions, including instruments, vacuum components, laboratory consumable supplies, software, training and support through its global distribution and support systems. Varian Inc. has a market cap of $1.47 billion; its shares were traded at around $50.99 with a P/E ratio of 25.4 and P/S ratio of 1.8. Varian Inc. had an annual average earning growth of 5.1% over the past 5 years.

New Purchase: Cemex S.a.b. De C.v. (CX)

John Paulson initiated holdings in Cemex S.a.b. De C.v.. His purchase prices were between $7.79 and $14.2, with an estimated average price of $11.05. The impact to his portfolio due to this purchase was 0.44%. His holdings were 7,000,000 shares as of 09/30/2009.

CEMEX is one of the largest cement companies in the world, with close to 78 million metric tons of production capacity. Through operating subsidiaries in four continents, they are engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker. They are also the world's leading producer of white cement and the world's largest trader of cement and clinker. Cemex S.a.b. De C.v. has a market cap of $9.35 billion; its shares were traded at around $11.57 with and P/S ratio of 0.4.

New Purchase: Starwood Hotels & Resorts Worldwide Inc. (HOT)

John Paulson initiated holdings in Starwood Hotels & Resorts Worldwide Inc.. His purchase prices were between $18.92 and $34.18, with an estimated average price of $26.85. The impact to his portfolio due to this purchase was 0.42%. His holdings were 2,600,000 shares as of 09/30/2009.

Starwood Hotels & Resorts Worldwide, Inc. is one of the world's largesthotel operating companies. The company conducts their hotel business both directly and through the subsidiaries, including ITT Sheraton Corporation, Starwood Hotels & Resorts and CIGA S.p.A. The brand names include Sheraton, Westin, St. Regis/Luxury Collection, W and Four Points. Through these brands, the company is represented in most major markets of the world. Starwood Hotels & Resorts Worldwide Inc. has a market cap of $6.27 billion; its shares were traded at around $33.58 with a P/E ratio of 34 and P/S ratio of 1. The dividend yield of Starwood Hotels & Resorts Worldwide Inc. stocks is 2.6%.

New Purchase: The Hartford Financial Services Group In (HIG)

John Paulson initiated holdings in The Hartford Financial Services Group In. His purchase prices were between $10.18 and $28.62, with an estimated average price of $18.92. The impact to his portfolio due to this purchase was 0.36%. His holdings were 2,750,000 shares as of 09/30/2009.

The Hartford Financial Services Group In has a market cap of $8.1 billion; its shares were traded at around $24.68 with and P/S ratio of 0.9. The dividend yield of The Hartford Financial Services Group In stocks is 0.8%. The Hartford Financial Services Group In had an annual average earning growth of 7.2% over the past 10 years.

New Purchase: Sunstone Hotel Investors Inc. (SHO)

John Paulson initiated holdings in Sunstone Hotel Investors Inc.. His purchase prices were between $4.37 and $7.42, with an estimated average price of $5.96. The impact to his portfolio due to this purchase was 0.14%. His holdings were 3,976,000 shares as of 09/30/2009.

Sunstone Hotel Investors, Inc. is a Southern California-based lodging real estate company that expects to qualify as a real estate investment trust for federal income tax purposes. The Company owns hotels primarily in the upper-upscale and upscale segments primarily operated under franchises owned nationally-recognized companies, such as Marriott, Hilton, InterContinental and Hyatt. Sunstone Hotel Investors Inc. has a market cap of $594.5 million; its shares were traded at around $7.91 with a P/E ratio of 6.2 and P/S ratio of 0.6.

New Purchase: Starwood Property Trust Inc. (STWD)

John Paulson initiated holdings in Starwood Property Trust Inc.. His purchase prices were between $19.4 and $20.04, with an estimated average price of $19.79. The impact to his portfolio due to this purchase was 0.1%. His holdings were 1,046,000 shares as of 09/30/2009.

Starwood Property Trust, Inc. is a newly formed company that is focused primarily on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate-related debt investments. Starwood Property Trust, Inc. will be externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group and intends to elect to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes. Starwood Property Trust Inc. has a market cap of $829.8 million; its shares were traded at around $19.5 . The dividend yield of Starwood Property Trust Inc. stocks is 0.2%.

New Purchase: Conseco Inc. (CNO)

John Paulson initiated holdings in Conseco Inc.. His purchase prices were between $1.84 and $6.04, with an estimated average price of $3.47. The impact to his portfolio due to this purchase was 0.09%. His holdings were 3,600,000 shares as of 09/30/2009.

Conseco, Inc. is one of middle America's leading sources for supplemental health insurance, life insurance and annuities. Conseco Inc. has a market cap of $968.9 million; its shares were traded at around $5.24 with a P/E ratio of 5.5 and P/S ratio of 0.2.

New Purchase: Old National Bancorp (ONB)

John Paulson initiated holdings in Old National Bancorp. His purchase prices were between $9.08 and $12.66, with an estimated average price of $10.64. The impact to his portfolio due to this purchase was 0.05%. His holdings were 900,000 shares as of 09/30/2009.

Old National Bancorp is a bank holding company that operates banking offices and ATMs throughout Indiana, Illinois, Ohio, Kentucky, and Tennessee. Through various subsidiaries, Old National provides a broad range of banking services as well as trust and investment management services, insurance brokerage services for both individuals and companies, and investment products. (Company Press Release) Old National Bancorp has a market cap of $923.3 million; its shares were traded at around $10.93 with a P/E ratio of 28 and P/S ratio of 1.6. The dividend yield of Old National Bancorp stocks is 2.5%. Old National Bancorp had an annual average earning growth of 5.7% over the past 5 years.

New Purchase: Felcor Lodging Trust Inc. (FCH)

John Paulson initiated holdings in Felcor Lodging Trust Inc.. His purchase prices were between $1.87 and $5.1, with an estimated average price of $3.27. The impact to his portfolio due to this purchase was 0.02%. His holdings were 862,500 shares as of 09/30/2009.

FelCor Lodging Trust Inc. is a real estate investment trust. FelCor's hotel portfolio consists of hotels that are concentrated primarily in the upscale and full-service segments. FelCor is the owner of a large number of Embassy Suites, Crowne Plaza, Holiday Inn and independently owned Doubletree-branded hotels. Other leading hotel brands under which FelCor's hotels are operated include Sheraton Suites, Sheraton and Westin. (Company Press Release) Felcor Lodging Trust Inc. has a market cap of $224.6 million; its shares were traded at around $3.47 with a P/E ratio of 3.8 and P/S ratio of 0.2.

New Purchase: Ashford Hospitality Trust Inc. (AHT)

John Paulson initiated holdings in Ashford Hospitality Trust Inc.. His purchase prices were between $2.52 and $4.1, with an estimated average price of $3.08. The impact to his portfolio due to this purchase was 0.01%. His holdings were 782,500 shares as of 09/30/2009.

Ashford Hospitality Trust Inc is a self advised Maryland corporation and real estate investment trust organized to pursue opportunities in the lodging industry. Initial assets consist of six hotels comprised of four Embassy Suites and two Radisson properties as well as eight asset management and consulting agreements. Ashford Hospitality Trust Inc. has a market cap of $301.1 million; its shares were traded at around $4.44 with a P/E ratio of 3.8 and P/S ratio of 0.2. Ashford Hospitality Trust Inc. had an annual average earning growth of 73.6% over the past 5 years.

Reduced: JPMorgan Chase & Co. (JPM)

John Paulson reduced to his holdings in Jpmorgan Chase & Co. by 71.43%. His sale prices were between $32.34 and $46.47, with an estimated average price of $40.41. The impact to his portfolio due to this sale was -0.31%. John Paulson still held 2,000,000 shares as of 09/30/2009.

JPMorgan Chase & Co. has a market cap of $168.71 billion; its shares were traded at around $42.9 with a P/E ratio of 40 and P/S ratio of 2.5. The dividend yield of Jpmorgan Chase & Co. stocks is 0.5%.

Sold Out: Kimco Realty Corp. (KIM)

John Paulson sold out his holdings in Kimco Realty Corp.. His sale prices were between $8.22 and $15.26, with an estimated average price of $11.16.

Kimco Realty Corp. together with its subsidiaries, is a self-administered real estate investment trust and is one of the nation's largest owners and operators of neighborhood and community shopping centers. The company's portfolio of property interests includes neighborhood and community shopping center properties, regional malls, retail store leases, parcels of undeveloped land, and projects under development. Kimco Realty Corp. has a market cap of $4.69 billion; its shares were traded at around $12.45 with a P/E ratio of 11.6 and P/S ratio of 6.1. The dividend yield of Kimco Realty Corp. stocks is 1.9%. Kimco Realty Corp. had an annual average earning growth of 1.6% over the past 10 years.

Sold Out: At&t Inc. (T)

John Paulson sold out his holdings in At&t Inc.. His sale prices were between $23.38 and $27.43, with an estimated average price of $25.57.

At&t Inc. has a market cap of $154.88 billion; its shares were traded at around $26.25 with a P/E ratio of 11.7 and P/S ratio of 1.2. The dividend yield of At&t Inc. stocks is 6.2%. At&t Inc. had an annual average earning growth of 12.7% over the past 5 years.

Sold Out: State Street Corp. (STT)

John Paulson sold out his holdings in State Street Corp.. His sale prices were between $43.66 and $54.45, with an estimated average price of $50.63.

State Street Corporation is the world's leading specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. Customers include mutual funds and other collective investment funds, corporate and public pension funds, corporations, unions and not-for-profit organizations in and outside of the United States. State Street Corp. has a market cap of $20 billion; its shares were traded at around $40.45 with a P/E ratio of 9.3 and P/S ratio of 1.6. The dividend yield of State Street Corp. stocks is 0.1%. State Street Corp. had an annual average earning growth of 12.6% over the past 10 years. GuruFocus rated State Street Corp. the business predictability rank of 3-star.

Sold Out: Market Vectors - Gold Miners ETF (GDX)

John Paulson sold out his holdings in Market Vectors - Gold Miners ETF. His sale prices were between $35.14 and $47.78, with an estimated average price of $40.44.

Sold Out: Goldman Sachs Group Inc. The (GS)

John Paulson sold out his holdings in Goldman Sachs Group Inc. The. His sale prices were between $138.55 and $185.52, with an estimated average price of $163.8.

Goldman Sachs Group Inc. The has a market cap of $90.37 billion; its shares were traded at around $176.76 with a P/E ratio of 20.5 and P/S ratio of 1.7. The dividend yield of Goldman Sachs Group Inc. The stocks is 0.8%. Goldman Sachs Group Inc. The had an annual average earning growth of 24.5% over the past 10 years.

Sold Out: Humana Inc. (HUM)

John Paulson sold out his holdings in Humana Inc.. His sale prices were between $28.28 and $40.21, with an estimated average price of $34.5.

Humana, Inc. is a health services company that facilitates the delivery of health care services through networks of providers to its medical members. Humana Inc. has a market cap of $6.97 billion; its shares were traded at around $41.1 with a P/E ratio of 7.2 and P/S ratio of 0.2. Humana Inc. had an annual average earning growth of 18.7% over the past 10 years. GuruFocus rated Humana Inc. the business predictability rank of 2-star.

Watch this CNBC Video on Paulson's Trading Activities:


























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