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Here Are The Hedge Funds Speaking At Today’s Ira Sohn Conf, And How Their 2017 Ideas Did

Courtesy of ZeroHedge. View original post here.

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.


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