Some Of John Paulson's Investors Are So Angry At His Gold Bets They Want Out

Closely followed hedge fund manager John Paulson, who famously bet against the subprime housing market in 2007, had a disastrous year during a volatile 2011 with some of his funds falling 30 to 50%.
This year his Advantage funds, which invest heavily in gold, are in the red again.
The New York Post's Michelle Celarier is reporting that some of Paulson's investors are so ticked off over his massive gold positions that they are considering leaving.
Here's why.
His Paulson Advantage and Paulson Advantage Plus funds ($8.5 billion AUM) have a portfolio comprised of about 25 percent in gold bets and both are down in the high single digits, according to the Post's report.
One investor told the newspaper if it weren't for the gold investments Paulson would have been up 4 percent in the first quarter.
What's more is Paulson's huge bet on South African mining company AngloGold Ashanti, which he has a 9% stake in, is down 20% this year.