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Alternative Market Briefing

Regulators, top hedge fund managers weigh in on Dodd-Frank, gold, housing

Thursday, July 18, 2013

Bailey McCann, Opalesque New York:

Financial industry regulators and blue chip hedge funds gathered at the Pierre Hotel in New York City for the Delivering Alpha Conference on Wednesday, 17 Jul 2013. The day opened with Treasury Secretary Jack Lew making news on Dodd-Frank, saying that the remaining parts of the law will be implemented by the end of this year. Panels throughout the day included big names in the industry ranging from Leon Cooperman to John Paulson.

Panels covered topics ranging from China to manager's best ideas. Early panels focused on the continuing opportunities in credit. Manager's bullishness on credit opportunities was surprising, given how long credit has been a story. "I think you're still getting paid well to take mortgage risk," said Pine River's Steve Kuhn of opportunities in RMBS.

Jim Chanos, president and founder of Kynikos Associates, made market moving news in the midday sessions by announcing he was short Caterpillar. In remarks, he said that the company's exposure to China through mining, along with some accounting irregularities following its purchase of mining equipment firm Bucyrus, made the company less than appealing. "I believe that the commodities super cycle which has been built on the back of the Chinese construction boom is coming to an end," Chanos said. The news sent the company's stock tumbling from previous session highs losing around 2% at one point.

Later in the day, John Paulson, m......................

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