Hedge fund chief pessimistic about UK property

Financial Times- John Paulson, the US hedge fund manager who made a fortune for his investors by anticipating the debacle in subprime mortgages, said on Wednesday it was too early to look for bargains in the financial sector and predicted the worst was yet to come for the UK housing market.

Mr Paulson, who founded Paulson & Co 14 years ago and has $33bn in funds under management, said he was “preparing to switch” to long positions on distressed mortgages and banks, but added that such a change could be months – or even a couple of years – away.

He said financial companies could wind up losing as much as $1,300bn in the credit crisis.

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