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Alternative Market Briefing

Hedge fund managers offer domestic investment ideas at SALT

Friday, May 19, 2017

Bailey McCann, Opalesque New York:

While hedge fund managers used the first day of the SkyBridge Alternatives Conference (SALT) to spotlight investments abroad, the second day offered a few ideas for the US.

The Carlyle Group's David Rubenstein opened the day by voicing what many investors have started to suspect as evidenced by yesterday's selloff - that US tax reform isn't on the horizon. Rubenstein noted that Republicans don't have the votes in the Senate to prevent a filibuster and that it will be difficult to craft a tax package similar to the revenue-neutral bill that was passed during the Reagan administration, in part because of the likely cuts to the corporate tax rate.

Rubenstein's presentation was followed by a panel including Jim Chanos of Kynikos Associates, Jason Karp of Tourbillion Capital Partners, John Lykouretzos of Hoplite Capital and Ricky Sandler of Eminence Capital, which offered some of the managers best ideas.

Jason Karp made a long call on biotech firm Sarepta. Karp sees as much as a "200% upside" for the company, noting that Sarepta's treatment for Duchenne muscular dystrophy appears to work well and will continue to take revenue share as doctors realize the treatment potential.

Hoplite's Lykouretzos gave a long call on Nike, saying that the company had been unfairly hurt by a narrow understanding of trends by investors and analysts. He also noted that the company is number one in Asia - a key intern......................

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