In 2008, hedge funder John Paulson was deemed one of the greatest traders of all time for his wager against the housing market. It generated $20 billion for him and his investors. In 2011, Paulson looked more like a one-hit wonder after betting that the economy would stage a big recovery. Even if you are not one of the 14 million unemployed in the U.S., you know that hasn't happened. Paulson also got stung this year by an investment in Chinese firm Sino-Forest, which has been dogged by allegations of fraud. All told, that has left one of Paulson's largest funds down as much as 47% for 2011, meaning he has gone from the market's best performer to one of its worst in just three years.