John Paulson rocketed to hedge fund fame and glory last year, when his prescient bets against anything subprime-related paid off in spades. He's having another good year, though it's doubtful he'll make another $3 billion. Through the end of August, Paulson's $7.4 billion Paulson Advantage Plus fund returned 19.43 percent, according to Reuters. He stands apart in several respects. For one thing, his big-name hedge fund manager peers are suffering through a really bad year. For another, he's one of the few big winners (most of whom won on credit-related bets) from last year to extend that into 2008. His latest surge seems to be the result of some short bets again British banks.  

For more:
- here's the Reuters article

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