United States

The funny timing behind John Paulson’s ‘family office’ announcement

I thought it was funny that John Paulson, the hedge fund billionaire, suddenly announced that he was turning his operation into a “family office” the day after I called his office because I had a question. A family office is where someone simply manages his own family’s wealth and doesn’t handle outside money. There are fewer regulations on family offices, as there should be. You probably also have a family office. It’s when you and your spouse meet at the kitchen table to discuss whether to pay the phone or the cable bill this month. The funny part is that I wasn’t calling Paulson about the conversion he was about to make. I was calling to ask if he was planning to move his hedge fund — or family office, whichever — ...