John Paulson made big money betting against the banks in 2008, becoming a rock star hedge fund manager in the process.

Now the billionaire investor says he has no short positions in the credit markets. In fact, he's long on stocks like never before.

His biggest position is in Bank of America (BAC). He's also buying Comcast (CMCSA) and HeidelbergCement AG (HLBZF), he told a luncheon gathering, according to Reuters.

Wait, before we go any further here: HeidelbergCement? That's a German producer of concrete and other building materials. The stock is soaring, reports the Economic Times, on word that the company may acquire cement facilities in India.

But even though Paulson seems to have turned bullish, he said he still holds gold. That suggests he remains negative about the dollar's future, according to the Financial Times.

"It will be difficult for the government to withdraw the economic stimulus," said Paulson, who by the way is not related to former Treasury Secretary Hank Paulson. "An increase in the monetary base leads to an increase in the money supply which then leads to inflation."

Paulson predicted the sub-prime credit meltdown in 2007, Reuters reports, and the investments he made in response netted him a $3 billion profit. And because of that astute call, people watch his investments closely.

Now, he says he likes the yields on GMAC bonds due in September of 2011. The government bailed out GMAC last year, and Paulson looks at that as a guarantee on the company's finances, according to Reuters.

A Treasury bond only yields 84 basis points, he said, but a GMAC bond is equivalent to a government bonds, and offers 11%. "That is why we have allocated so much money to this particular security," he said.