Paulson & Co. Reduces Long Exposure

From FT.com today:

Paulson & Co, the world’s third-largest hedge fund manager, is scaling down its bullish positions on the US economy.


Amid increasing uncertainty over the sustainability of the US recovery and a vicious second quarter that saw many funds hit hard by a spike in market volatility, Paulson & Co has cut its net long bets across almost all its funds.

This is awesome, Paulson was sitting across the table from Credit Bubble Stocks, looked like maybe he was going to push his chip stack all-in... and then folded.