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Hartford Financial Bought By Hedge Fund Giant Paulson

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While it doesn't really matter to the stock going forward, its nice to see that Hedge Fund Legend John Paulson loaded up on Hartford Financial (HIG) last quarter. Paulson was famous for betting against the sub-prime sector at the height of the housing boom. His dealings with Goldman Sachs (GS) are what got them into trouble.

Considering Paulson has already bought some 44M shares now worth nearly $900M it doesn't exactly portend the stock going up. Its not like he plans to buy more this quarter, but it is nice to see a financial expert back our opinion that HIG trading at 50% of book value is absurd. Otherwise it doesn't change our opinion one bit, but he possibly will bring to light the absurd valuation in this stock.

  • Shares of Hartford Financial Services rose Tuesday after the New York-based hedge fund run by billionaire John Paulson revealed that it had increased its stake in the insurer.
  • THE SPARK: On Tuesday, Paulson & Co. Inc. reported it held 44 million shares in Hartford Financial Services at the end of June, according to a Securities and Exchange Commission filing. The hedge fund owned 12.75 million Hartford shares at the end of March.

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