John Paulson, the man in the hedge fund industry for the last few years, has been loading up on financials, as of late. He made a huge bet on Bank of America recently, buying nearly 168 million shares for about $2.5 billion. Now comes word from the New York Post that Paulson has made a big bet on Citigroup as well, buying a stake that may represent 2 percent of all shares outstanding. 

Apparently, he believes the bank will at some point trade toward its book value, which could be up to $7 per share. The news ignited more buying, continuing a rally in Citigroup that some think is unsustainable. Paulson had a rough month back in April. But he's obviously astute on financial matters. If he can ride the financial wave the way he rode it on the way down, that will be something. 

For more:
- here's an article from TheStreet.com

Related Articles:
Paulson invests in Bank of America
John Paulson's bad month
In praise of John Paulson