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3. Weyerhaeuser ( WY)

Company Profile: Weyerhaeuser is a timber-products company. It primarily grows and harvests trees, and then builds homes and manufactures other forest products.

Paulson's Investment: Paulson & Co. purchased almost 32 million shares of Weyerhaeuser during the first quarter, a position worth about $780 million as of March 31.

Shares of Weyerhaeuser are up more than 15% this year, as the timber company announced last year it would convert into a real estate investment trust, or REIT.

2. Lubrizol ( LZ)

Company Profile: Lubrizol is a specialty chemical company, producing additives, ingredients, resins and other compounds used in engine oils, specialty driveline lubricants, over-the-counter pharmaceutical products, performance coatings, medical products and compressor lubricants.

Paulson's Investment: Paulson & Co. snatched up 6 million shares of Lubrizol during the first quarter, which carried a market value of $803 million as of March 31.

Lubrizol's stock is up 25% this year, thanks to a takeover bid from Warren Buffett's Berkshire Hathaway ( BRK.B). Investments in Lubrizol would eventually force David Sokol, one of Buffett's leading lieutenants at Berkshire, to resign. Since then, Buffett has been criticized for first defending Sokol's investments in Lubrizol before condemning them more than a month later during Berkshire's annual meeting of shareholders.

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