By Pete Gallo
Market turmoil left even star hedge fund managers playing
defense this holiday season. But one of the best - not to
mention cleverest - such portfolio plays came from Paulson
& Co., which held a winning, jumbo-size investment in
As markets struggled in November, Paulson's massive position
in Kinross roughly doubled in value. Filings with the
Securities and Exchange Commission show that as of November 1,
the hedge fund had roughly 28.4 million shares in the
NYSE-listed Canadian mining company.
Even as the broader market strained, Kinross shot from $7.66
per share at the start of November to $14.75 at the close of
the month. With 28.4 million shares, Paulson's position was
poised to bloom to $418.9 million, representing a stellar
profit of $201.4 million in just one month. (Filings also show
that Michael Einhorn's Greenlight Capital held a smaller...