Below please find John Paulson (aka Paulson & Co) Q3 2011 letter. The quality is not what I would like but its bettter than no letter at all. In the letter they touch on their YTD miserable performance. They walk through a couple of positions. I found the discussion on the upside at Hartford Financial particularly interesting - they have a price target of $45.
It also has a nice chart at the end that walks through the historical performance of all their funds. Pretty interesting stuff.
Paulson q3 11 Report: Downloads Disabled for legal reasons