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Tuesday, December 10, 2013

Soros Takes a One-Two (Three) Punch from Latest Bets

Today’s midday gainers are InterOil Corporation Inc. (NYSE:IOC), Alpha Natural Resources, Inc. (NYSE:ANR), Micron Technology, Inc. (NASDAQ:MU) and midday losers are Lumos Networks Corp (NASDAQ:LMOS), Restoration Hardware Holdings Inc (NYSE:RH), JinkoSolar Holding Co., Ltd. (NYSE:JKS).
InterOil is today’s top performing stock

Today’s midday gainer is InterOil Corporation (NYSE:IOC). The energy company is up +10.72% to $61.45. Billionaire John Paulson holds 1.1 million shares, representing 0.55% of his fund. The investor paid an average price of $66.64.

Following Interoil is Alpha Natural Resources, Inc. (NYSE:ANR). The coal company shot up +8.83%, reaching $7.15, after  selling its 50% stake in  Alpha Shale Resources Joint Venture for $300 million to Rice Energy. This was again good news for John Paulson, who owns four million shares, representing 0.15% of his fund. Paulson paid an average price of $8.10 per share.
GEORGE SOROS BLOG

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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.