The Motley Fool - On Wednesday, the Financial Times reported that uber-successful hedge fund manager John Paulson had reduced his exposure to stocks. This is the same person who told his investors in a conference call at the beginning of May that "there is a lot of upside in U.S. markets," citing rising corporate profits. When an investor of this caliber changes his outlook in a market that is driven by macro considerations, what are the lessons we can learn?