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Paulson Funds Fell in June as Rally Undercut Euro Wager
John Paulson, the billionaire hedge- fund manager seeking to reverse record losses in 2011, is digging himself into a deeper hole with a bet that Europe is facing a financial crisis. The $22 billion firm had losses in all its funds last month as stock markets rose. The losses were led by a 7.9 percent drop in his Advantage Plus Fund, according to an update to investors obtained by Bloomberg News. That leaves the fund, which seeks to profit from corporate events such as takeovers and bankruptcies and uses leverage to amplify returns, down 16 percent this year. Armel Leslie, a spokesman for New York-based Paulson & Co., ... (full story)