Hundreds of the industry's elite players attended the 2008
Absolute Return Awards dinner in New York on November 18 as
they took time to celebrate those that were able to deliver
strong returns in a year that has been the most difficult ever
for fund managers.
Paulson & Co. was the evening's big winner, as firm
founder John Paulson took home three awards, including the
prestigious Management Firm of the Year, which he won for the
second year in a row. By anticipating problems in the credit
markets early on and repositioning his portfolios to focus on
short opportunities, Paulson's event-driven and distressed
credit funds both racked up the best returns in their
"Light will shine in this industry again," Paulson said in a
pep talk to colleagues while accepting the management firm
award. "There will be better times. So I encourage everyone
that may not be doing as well...