JP KOs WB - maybe

20 November 2008 By Richard Beales Follow @richardbeales1

Not Hank, the US Treasury boss, but John of hedge fund fame. He has been around for 15 years, but has most famously made big money so far through the current financial crisis. Meanwhile shares in Buffett s Berkshire Hathaway are tumbling. But it s risky to write the old guy off.

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John Paulson, founder of Paulson & Co, runs hedge fund assets of approximately $36bn. Most of his funds were up roughly 2030% for the 10 months to October, including a 30% gain for the Advantage Plus eventdriven fund.

Paulson's firm won "Management Firm of the Year" and two other awards at Absolute Return's 2008 awards dinner on November 18. He appeared before the House Oversight Committee on November 13.

Warren Buffett chairs Berkshire Hathaway, the insurance and investment group with a $120bn market capitalisation as of November 20. Shares closed that day at around $77,500, down about 45% in 2008.

At September 30, Berkshire's book value was $120bn or $77,558 a share, 1% below where it began the year, partly due to marktomarket losses on derivatives.

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