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Alternative Market Briefing

'We aren't an ETF' hedge funds push back on pressure at SALT

Thursday, May 18, 2017

Bailey McCann, Opalesque New York:

The annual gathering of hedge funds and the investors that love to hate them - the SkyBridge Alternatives Conference or SALT, is currently underway in Las Vegas. As usual, the schedule is dominated by celebrities and investment managers, but this year attendees may have also come to hear directly from SALT's creator Anthony Scaramucci, just what happened with his all but promised White House job.

Scaramucci kicked off the conference with a few brief comments noting that the White House role he sold SkyBrige for "failed to materialize." He also said that he remains loyal to the administration and is ready to serve at any time.

Scaramucci wasn't the only market participant on the defensive in the morning sessions. Just as the first panel was getting underway, markets were in the midst of one of the more significant down days in recent memory, as investors started to lose hope of any meaningful policy reform in the wake of a cascade of scandal emanating from the White House. "We've basically got a two percent economy here and it doesn't take much to knock you off track," commented former Fed chairman Ben Bernake from the stage.

Bernake was followed by a panel of investment managers including Joshua Friedman of Canyon Partners, Sir Michael Hintze of CQS, Marc Lasry of Avenue Capital and Bruce Richards of Marathon Asset Management. The title of the panel was "Converting Economic Theory int......................

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