The Rich Getting Richer

It's a case of the rich getting richer for John Paulson of Paulson & Co.

In a note to clients obtained by Bloomberg, Paulson said that he made more than $1 billion on his investment in Citigroup (NYSE: C) since the middle of 2009.

While a remarkable trade, it's not Paulson's greatest trade ever, which would be the $6 billion + profit he made from shorting the housing market and securities linked to mortgages during the financial crisis last decade.

“Citigroup demonstrates the upside potential of many of the restructuring investments we have added to our portfolio and our ability to generate above-average returns in large positions,” Paulson said in the letter.

“We believe the U.S. economy is recovering and we anticipate continued growth,” he continued in the letter.