Kick'em While They're Down

John Paulson, of hedge fund firm Paulson & Company, in recent investor communications has lambasted his competitors for blocking investor redemption requests, something his firm has not done. His firm has actually fared well in 2008, thus hasn't been pressured by substantial redemptions.

“We think it’s a mistake for managers to use gates and other tools to limit investor access to their funds,” Mr. Paulson wrote, according to Bloomberg. “While we recognize the difficulties of the current environment, we think it is a manager’s responsibility to raise liquidity to meet the redemption needs of their investors.”

Of course, Mr. Paulson’s funds are showing profits this year, even as many of his rivals’ funds are flailing, and his investors are unlikely to be pounding the door for their money back. In November, Mr. Paulson’s firm, Paulson & Company, held an opulent dinner in New York to celebrate his funds’ returns and outline his strategy for the coming year.

In his recent investor letter, Mr. Paulson also said that he was “especially surprised” by managers who blocked or limited withdrawals in cases when the requests accounted for a quarter or less of assets under management, Bloomberg said, and where “the managers have the cash and one of the stated reasons for restricting withdrawals is so the manager can continue to invest in new opportunities.”

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