John Paulson Quotes
104 John Paulson Quotes
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[In 2009] Because of our confidence in Mr [Carlos] Ghosn’s ability, the Paulson Funds have become one of the largest shareholders in Renault and we’re excited about it’s future prospects.
John Paulson
[In 2012] We clearly stumbled last year. We became overconfident as to the direction of the economy and took a lot of risk.
John Paulson
I avoid the media. I’m not sure that actually helps me. Not participating might make the media more interested.
John Paulson
[In 2012] I think we’re back on track and I’m actually quite excited about our portfolio.
John Paulson
[In 2012] Sometimes it’s difficult to interpret the markets, so we’re not going to play a winning hand every day. Our goal is not to outperform all the time – that’s not possible. We want to outperform over time.
John Paulson
[In 2012] We had built up a great track record - in 18 years, we only had two down years, one of which was last year.
John Paulson
[On his greatest trade ever performance] We were only able to do that because it was a very asymmetrical return, so we could take a very large position, and if we were right it could produce extraordinary profits, but if we were wrong, we’d barely notice the cost of the premium. Those types of investments don’t come around very often.
John Paulson
Achieving our investment goals for ourselves and our investors felt great.
John Paulson
[On being asked that he made a billion dollars but his tax rate could be as low as 15 percent –‘Do you think that’s fair?’] I believe our tax situation is fair.
John Paulson
If you’re going to come in and then leave, come in and leave, I don’t think you’ll reap the benefits of investing with us. Investors that do the best, and have done the best, are those that stay and compound at above-average rates over the long term.
John Paulson
[In 2012] We view gold as a currency, not a commodity. It’s importance as a currency will continue to increase as the major central banks around the world continue to print money.
John Paulson
[In 2012] We’ve gone back to our traditional strategy, which is operating with smaller amounts of net exposure, and hedges in the portfolio.
John Paulson
I don’t think hedge funds belong as public companies.
John Paulson
[On retirement which won’t be soon.] I’m still relatively young, you know, being 56. If you look at Soros – he’s 81, I think. Buffett, he’s 81… How old is [Carl] Icahn?
John Paulson
[On hedge fund investing] Some people like playing chess, some like backgammon. This is a game, and playing games is fun. It’s more fun when you win.
John Paulson
I realized that there’s a limitation on what you can earn from fees and that the highest rewards would come from investing your own money, where there are no limitations on your earnings.
John Paulson
[In 2007 on his investment philosophy] I really picked up my investment philosophy from Marty [Gruss] and his father, Joseph Gruss. He had two sayings that guided me going forward. The first was: Watch the downside, the upside will take care of itself. That’s been a very important guiding philosophy for me. Our goal is to preserve principal, not to lose money. Our investors will forgive us if our returns don’t beat the S&P in a given year, but we are not forgiven if we have significant drawdowns. The other saying really drives the same point from a different angle: Risk arbitrage is not about making money, it’s about not losing money. If you can minimize the downside, you get to keep all your earnings and that helps performance.
John Paulson
It’s only when you have a substantial allocation to a high-return (security) that you can influence the overall portfolio.
John Paulson
[In 2003] Our goal is to produce above average returns with low volatility and low correlation with the equity markets.
John Paulson
[In 2003] We tend to be in about thirty to forty deals at any given time.
John Paulson
[In 2003] We try to minimize the impact of market risk by being fully hedged on the merger arb positions and by eliminating deals that have financing contingencies, market-outs, walk-away clauses or other type of market related outs.
John Paulson
[In 2003] The only year when we lost money over the past nine years was 1998 when we lost about 4%. We got caught in August 1998 in the Long Term Capital debacle when we had too great an exposure to event arbitrage situations.
John Paulson
[In 2003] We think merger arbitrage is a very attractive long term alternative investment strategy and can produce good returns, with low volatility and minimal correlation. We want to be one of the top performers in our category.
John Paulson
Our goal is to preserve principal, not to lose money.
John Paulson
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