jacobwolinsky Posted November 30, 2011 Share Posted November 30, 2011 Enjoy. No one has actually posted the full letter until I have-http://www.valuewalk.com/2011/11/full-john-paulson-q311-shareholder-letter/#.TtVziWMr2so Link to comment Share on other sites More sharing options...
ragnarisapirate Posted November 30, 2011 Share Posted November 30, 2011 There are a lot of charts in there that make me think that things are not so bad... Thanks for posting. Link to comment Share on other sites More sharing options...
Rabbitisrich Posted November 30, 2011 Share Posted November 30, 2011 Thanks for sharing. Link to comment Share on other sites More sharing options...
jacobwolinsky Posted November 30, 2011 Author Share Posted November 30, 2011 Your welcome. Sorry if its blurred. I had to remove a watermark. Link to comment Share on other sites More sharing options...
Guest Posted November 30, 2011 Share Posted November 30, 2011 Thanks, Jacob! Are his returns net of fees? If not, I would think the S&P 500 would've done close to as well, if not better, on a after tax basis for the Advantage funds (at least for the nonPlus versions). Link to comment Share on other sites More sharing options...
jacobwolinsky Posted November 30, 2011 Author Share Posted November 30, 2011 Thanks, Jacob! Are his returns net of fees? If not, I would think the S&P 500 would've done close to as well, if not better, on a after tax basis for the Advantage funds (at least for the nonPlus versions). Which fund are you referring to? Flagship? Let me know and Ill check the original version and tell you what I find. Link to comment Share on other sites More sharing options...
MrB Posted November 30, 2011 Share Posted November 30, 2011 tnx Link to comment Share on other sites More sharing options...
Guest Posted November 30, 2011 Share Posted November 30, 2011 Thanks, Jacob! Are his returns net of fees? If not, I would think the S&P 500 would've done close to as well, if not better, on a after tax basis for the Advantage funds (at least for the nonPlus versions). Which fund are you referring to? Flagship? Let me know and Ill check the original version and tell you what I find. I'm looking at the Paulson Advantage Ltd and LP. According to the letter, the returns are about 14% since inception. If that is over a 17 year period, I would imagine that isn't too much better than the S&P 500. Thanks again, Jacob! Link to comment Share on other sites More sharing options...
MrB Posted November 30, 2011 Share Posted November 30, 2011 1994.09 SP500 466.96 2011.09 SP500 1,136.90 Rate 5.4% Paulson 14.0% Outperformance 8.6% I assumed with 14% you meant compounded. Further, assuming my quick numbers are correct then it is actually outstanding. The SuperInvestors of GD ville outperformed by just over 6% and Buffett double that. Link to comment Share on other sites More sharing options...
Guest Posted November 30, 2011 Share Posted November 30, 2011 1994.09 SP500 466.96 2011.09 SP500 1,136.90 Rate 5.4% Paulson 14.0% Outperformance 8.6% I assumed with 14% you meant compounded. Further, assuming my quick numbers are correct then it is actually outstanding. The SuperInvestors of GD ville outperformed by just over 6% and Buffett double that. Don't forget to add dividend reinvestment on that, too. I could be off, but let's say that adds 3% to total return. That brings up to 8.4% If 14% is net, it's very good. If it is before fees, then it's not all that impressive. For instance, 14% - 2.8 % (performance fee) = 11.2% - 2% (management fee) = 9.2%. I'm assuming that after taxes it would be less than S&P 500 after taxes. Link to comment Share on other sites More sharing options...
MrB Posted November 30, 2011 Share Posted November 30, 2011 LOL - Great point! Link to comment Share on other sites More sharing options...
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