Paulson admits "mistake" after Advantage fund plummets

10/18/2011 | New York Times (tiered subscription model), The

Hedge fund manager John Paulson told investors on a conference call that his firm had "made a mistake" betting in favor of a U.S. economic recovery. The firm's Advantage Plus fund has lost nearly 50% of its value this year. Nevertheless, many investors have reportedly chosen to remain invested in the fund, which is expected to reduce its exposure to the stock market.

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