Late gains let Paulson funds race ahead in 2010

Hedge fund manager John Paulson's main portfolios realized double digit gains in 2010 after bets that the economy would begin to recover helped fueled a late year recovery that rescued the year's terrible start.

Since earning $15 billion in 2007 on a bet that the U.S. housing market would crumble, Paulson has become one of the world's most closely watched investors. This year's performance cements his reputation.