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.