market folly

Big hat tip to Zerohedge for posting this one up recently. Paolo Pellegrini, John Paulson's former colleague who helped him craft his large bet against subprime, is now out on his own. PSQR Capital is his discretionary global macro fund that invests all over the world and across the full spectrum of asset classes. When we last checked in on Pellegrini, we saw he had been shorting treasuries and longing oil. Below we get an update as to what he's been up to via his quarterly investor letter and hedge fund performance report. Given Pellegrini's essential role in hedge fund Paulson & Co's big bet that netted them billions, we found it prudent to track him and we started covering him right as he started his own hedge fund.

To get an update as to what he's been up to, embedded below is PSQR Capital's investor letter (RSS & Email readers come to the blog):




Also, below is PSQR's performance report:




You can download the letter .pdf here and the report .pdf here. For more insight from the hedge fund manager, head to our most recent post on Pellegrini's positions & thoughts.