John Paulson is really interesting in that he really played the entire credit cycle. He shorted it and then turned long at the right time and has been profiting from the recovery.

Most of the other guys who shorted the bubble got the part after wrong. They expected these doomsday/cataclysmic scenarios which never arrived.

I think the underlying lesson is that as an investor, when you are thinking of big picture themes, you really have to keep an open mind and have a willingness to change positions. Soros demonstrated that with his career.

There are tons of one hit wonders in the investment world because they let their egos get the better of them.