While the days when hedge funds could make or break stocks with a single whisper of a ticker at various public venues are long gone, now that the hedge fund myth has been mostly exposed for being a cocktail of good timing and better luck after 7 years in which the average hedge fund has failed to generate any incremental alpha...
... there will still be a crowd at today's Ira Sohn conference, as assorted hangers on and portfolio copycats scramble to jump onboard various hedge-fund bandwagons.
Courtesy of RanSquawk, here is the full schedule of today's Ira Sohn speakers (h/t @RanSquawk), with notable presentations by Gundlach, Robbins and Einhorn.
- 9:00-9:05: Next Wave Opening Remarks, Graham Duncan
- 9:25-12:0: Oleg Nodelman, Founder EcoR1 Capital
- 9:15-5:0: Alexander Captain – Managing partner Cat Rock Capital management
- 9:40-10:00: Tim Garry: CIO Pelorus Jack Capital, L.P.
- 10:00-10:15 : Morning Stretch
- 10:15-10:35 Rashmi Kwatra – Founder Sixteenth Street Capital
- 10:35-10:55 Patrick McCaney – Managing Director Oak Tree Capital Managment
- 10:55-11:15 Scott Goodwin – Co Founder Diameter Capital Partners
- 11:15-11:20 Next Wave Sohn Closing Remarks: Keith Johnson
- 11:15-12:00 Lunch
- 12:00-12:05 The Sohn Investment Conference Opening Remarks, Douglas Hirsch
- 12:05-12:25: John Khoury Founder Long Pond Capital
- 12:05-9:245: Li Ran – Half Sky Capital
- 12:45-1:05 Jeffrey Gundlach – CEO Doubline Capital
- 1:05-1:25 Chamath Palihapitya – Founder CEO social Capital LP
- 1:25-2:05 Intermission
- 2:05-2:25 Glen Kacher – Founder Light Street Capital
- 2:25-2:45 Seth Stephens Davidowitz Visiting Lecturer at the Wharton School
- 2:45-3:05 Scott Ferguson
- 3:05-3:20 Sohn Special Guest: Bryan Fletcher and Gavin Shamis
- 3:20-340 John Pfeffer – Partner Pfeffer Capital
- 3:40-4:20 Intermission
- 4:20-4:40 Bill Gurley with Chamath Palihapitya
- 4:40-5:00 Larry Robbins – founder Glenview Capital Managment
- 5:00-5:15 The Sohn Idea Contest Winner
- 5:20-9:435 Nathaniel August – President Mangrove partners
- 5:35-5:55 David Einhorn – President Greenlight Capital
- 5:55-? Sohn Conference closing remarks Daniel Nir
- 5:55-7:15 Cocktail Reception
Meanwhile, courtesy of Bloomberg, here is how some of the more prominent 2017 picks did.
- David Einhorn, Greenlight Capital
His call: Short oilfield-service company Core Laboratories NV. Low oil prices were crimping its business opportunities outside the U.S. and hurting revenue. The stock, which closed on May 8 at $110.75, was really worth $62.30 with the company poised to miss earning estimates for the next several years, Einhorn said at last year’s conference.
What happened: Core Laboratories shares ended up returning 11 percent since the event, including dividends. They closed at $121.50 on April 20 in New York. The company’s earnings beat or matched Wall Street estimates over the rest of 2017, though management guided down forecasts for this year’s first quarter.
- Jeffrey Gundlach, DoubleLine Capital
His call: A pair trade going long the iShares MSCI Emerging Markets exchange-traded fund and short the SPDR S&P 500 ETF with one turn of leverage. The widespread thinking that rising interest rates would surely lead to a stronger dollar was a myth, he said, adding that the S&P 500 Index was underperforming emerging markets. His call was a relative-value play -- not a forecast that the S&P 500 would fall -- he later told CNBC.
What happened: The MSCI ETF returned 20 percent, including reinvested dividends, and the SPDR ETF rose 13 percent. Gundlach’s trade would have produced a gain of 13 percent through April 20, not including costs.
- Larry Robbins, Glenview Capital Management
His call: Buy post-merger companies DXC Technology Co., FMC Corp. and Quintiles IMS Holdings Inc. Their growth potential was being overlooked by the market, as they had been “left for dead” in a regulatory environment that hampered merger activity, Robbins said. DXC’s share price could double, from about $78, in the coming years, he added.
What happened: Looks like a win-win-win, with all three stocks up double digits. DXC rallied 33 percent, with dividends, to about $103.51. FMC gained 14 percent and Quintiles, renamed Iqvia Holdings Inc., returned 16 percent.
- Bill Ackman, Pershing Square Capital Management
His call: The billionaire reiterated his bullish view on real estate group Howard Hughes Corp. -- one of his longest-held positions. Stock of the company, of which Pershing Square is one of the largest shareholders, traded at a big discount to the underlying net asset value, he said. “This is one of the most attractive times in the history of the company to invest.”
What happened: The stock has risen about 8 percent.