John Paulson, manager of $20 billion in hedge funds, told investors that the bulk of his losses this year came on bets that the European sovereign-debt crisis would worsen, according to a person familiar with the matter.
Paulson, speaking to clients at his firmâ€™s annual meeting yesterday in New York, said he has reduced those positions following European Central Bank President Mario Draghiâ€™s comments in July that the ECB was committed to preserving the euro, said the person, who asked not to be identified because the meeting was private.
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