You’ve heard the name John Paulson. Maybe you remember the headlines from 2007 when he basically "broke" the housing market. He bet against subprime mortgages and walked away with billions while the rest of the world watched the economy crumble. It’s the stuff of financial legend. But honestly, if you think Paulson and Co Inc is still just a high-octane hedge fund swinging for the fences, you’re looking at a ghost.
The firm is different now.
In 2020, Paulson did something that shocked the casual observer but made perfect sense to the pros. He stopped managing other people's money. He turned the firm into a family office. That’s a fancy way of saying he’s just managing his own massive fortune now. No more outside investors to please. No more quarterly calls explaining why a certain gold bet didn't pan out. He’s playing his own game, and that game is surprisingly concentrated.
The Reality of Paulson and Co Inc Today
Most people expect a billionaire’s portfolio to be spread across thousands of stocks. Paulson? Not so much. As of early 2026, the filings for Paulson and Co Inc show a portfolio that is incredibly focused. We’re talking about a handful of names carrying the heavy lifting. He isn't diversifying for the sake of safety; he’s betting on conviction.
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Gold and Biotech. That’s the core.
It sounds like an odd mix, right? One is a prehistoric store of value, and the other is cutting-edge science that often fails in a lab. But for Paulson, they both represent the same thing: asymmetric upside. He’s looking for the "pop." Whether that’s a gold miner finally hitting the motherlode or a pharmaceutical company getting FDA approval for a liver drug, he wants the big wins.
Why the "Greatest Trade" Still Casts a Shadow
You can't talk about Paulson and Co Inc without mentioning the $4 billion win in 2007. It defined him. It also created a bit of a curse. When you do something that brilliant, everyone expects you to do it again. Every single year.
But the markets changed.
The years following the crisis weren't always kind. There were big bets on a recovery that took too long and gold trades that stayed flat for a decade. By the time he converted to a family office in 2020, his assets under management had dropped from a peak of roughly $38 billion down to around $9 billion. Much of that was his own cash anyway. Turning into a private investment office wasn't a retreat; it was a simplification. It allowed him to stop playing the "institutional" game and go back to his roots as an event-driven investor.
The Big Bets Right Now
If you peek into the current holdings, you'll see some familiar names if you've been following the sector.
- Madrigal Pharmaceuticals (MDGL): This has been a massive cornerstone. Paulson has held a significant chunk of this company, betting big on their treatments for NASH (a type of liver disease). It’s a classic Paulson move—find a company with a specific catalyst and wait.
- Perpetua Resources (PPTA): This is the gold play, but with a twist. It's about antimony too, a mineral used in defense and energy storage. It fits his "natural resources" theme perfectly.
- Bausch Health (BHC): He’s been a director here, and the firm holds a huge stake. It hasn't been a smooth ride—specialty pharma rarely is—but he’s doubled down recently, showing he’s not afraid of a turnaround story.
Misconceptions About the Firm
Kinda funny how the internet works. People still search for "how to invest in Paulson’s fund." You can't. Unless you’re part of the family or the inner circle, that door closed years ago.
Another big mistake? Thinking he’s just a "gold bug."
Sure, he loves gold. He’s famously said he views it as a currency rather than a commodity. But look at the 13F filings. He’s got tech. He’s got media. He’s even dipped into Alphabet and Juniper Networks recently. He’s opportunistic. If a merger is happening or a company is in distress, Paulson and Co Inc is likely sniffing around the edges, looking for the arbitrage.
The Puerto Rico Connection
You might have seen Paulson’s name in the news lately for things that have nothing to do with the NYSE. He moved to Puerto Rico years ago, taking advantage of Act 20 and Act 22 (now Act 60) tax incentives. He didn't just move his bank account; he bought the place up.
Literally.
He owns some of the most iconic hotels on the island, like the Condado Vanderbilt and La Concha. He’s become a massive real estate mogul there. It hasn't been without drama—legal battles with former partners and local controversies are part of the deal when you’re a billionaire reshaping a local economy. It shows that Paulson and Co Inc is no longer just about ticker symbols; it’s about tangible assets and long-term land plays.
What You Can Learn from the Paulson Style
So, what’s the takeaway for a regular investor? You probably shouldn't try to replicate a 30% concentration in a single biotech stock. That’s a recipe for a heart attack. However, Paulson’s career offers a few real insights.
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- Conviction over diversification: If you’ve done the work and the data is on your side, don't be afraid to size up.
- Wait for the catalyst: He doesn't just buy "good" companies; he buys situations. Mergers, bankruptcies, and regulatory shifts are where the real money is made.
- Know when to pivot: Moving from a public hedge fund to a private family office allowed him to ignore the "noise" of the market and focus on a 10-year horizon.
Actionable Insights for Your Portfolio
If you want to track what Paulson and Co Inc is doing, keep an eye on the quarterly 13F filings. Don't just look at what he bought; look at the weighting. If he’s putting 20% of the firm's capital into one name, he’s seeing something the rest of the market is missing.
Watch the gold miners too. Paulson often treats them as a levered play on the gold price. When he adds to positions like Novagold or Agnico Eagle, he’s usually signaling a macro view that the dollar is in trouble or inflation is stickier than people think.
Ultimately, Paulson and Co Inc is a masterclass in evolution. From an obscure merger-arb shop to the "king of the subprime" to a private family powerhouse, the firm has survived by changing its skin. It’s not about being right every time; it’s about being right when it matters most.
Keep an eye on the 13F filings through tools like WhaleWisdom or GuruFocus.
Look for "Event-Driven" opportunities in your own research—companies undergoing spin-offs or restructuring often provide the "Paulson-style" upside without the hedge fund fees.
Pay attention to the gold-to-silver ratio and macro-economic shifts if you're following his resource bets.
Check the SEC Form 4 filings for John Paulson's personal insider trades, especially in companies where he sits on the board, like Bausch Health.