"Markets Not Cheap" & "Not Enough People Paid The Price For 2008" - SALT Day 2 Post Mortem
'Not' as exciting and headline-making as Day 1, as damage control was loud and proud after Tepper's "dangerous markets" call. The number of times we heard "what he meant to say was..." made us laugh but day 2 of the SkyBridge Alternatives Conference (SALT) varied from Leon Cooperman's "S&P to 2000" exuberance to Rubinstein's "markets are not cheap" disappointment and everything in between... with Nassim Taleb's "not enough people paid the price for 2008" conclusion summing it all up nicely.
Carlyle’s David Rubenstein:
Sees modest interest rate increase next year;
China 2nd place to invest after U.S;
markets are not “cheap”;
difficult to find deals in buyout world.
Fortress’s Mike Novogratz:
Likes emerging market carry trades;
likes Argentina down the road;
says he missed Bernanke dinner hint on Treasuries.
Marathon’s Bruce Richards:
Says Europeans banks having “fire sale”;
very involved in TXU in all parts of capital structure;
sees good value in restructuring of IVG in Germany;
bought big “chunks” of Repsol debt.
Pine River’s Steve Kuhn:
Likes boring stocks, especially ConAgra, Rock-Tenn and Agco.
Visium’s Jacob Gottlieb:
Likes Freescale Semiconductor;
doesn’t like handset makers;
reiterates he likes Patterson-UTI Energy;
sees compelling shorts in healthcare/biotech sector
Omega’s Leon Cooperman:
expects S&P to end year ~2,000;
Passport’s John Burbank:
betting on Chinese Internet cos., specifically reiterating Qihoo, SouFun, VipShop
KLS’s Jeffrey Kronthal:
best idea European CLO equities
Former Treasury Secretary Larry Summers:
says not at end of financial instability;
says Glass-Steagal can’t be blamed for 2008 financial crisis
NYU Professor Nassim Taleb:
calls value at risk a “scam”;
says not enough people paid the price for 2008;
if you want to take risk go to a hedge fund
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