Hedge fund manager John Paulson, a 56-year-old billionaire, is having the fight of his investment life this year. His Advantage Plus fund, for example, fell 47% in the first nine months of the year, and had disappointing results in October as well. He lost big on bets on financial stocks, which continue to underperform. That led to speculation that pension funds and other institutional investors may decide to redeem their stakes, forcing him to sell investments to meet those demands, but recent reports say that hasn't happened. Paulson built his reputation by by betting against subprime mortgages in 2007 and 2008 and his funds profited by about $20 billion. His firm now manages roughly $30 billion, but he and his investment team control about half that.