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Bailey McCann, Opalesque New York: Some of the biggest names in asset management weighed on the state of world affairs and world markets, at the Delivering Alpha Conference held yesterday in New York. Panelists were generally gloomy, but tucked in among the worry were a few of their best ideas.
"Alpha’s not gone, alpha hasn’t disappeared," said J.P. Morgan Asset Management CEO Mary Callahan Erdoes said during a panel, when asked if recent underperformance from investment managers was indicative of a long-term downward trend. Erdoes said now is not the time to put pressure on portfolio managers and cautioned investors to let them work through the unique issues in the market right now. "The strong will survive," she said. "And, by the way, it’s not a bad time to have a weeding out of people who aren’t the best stock pickers in the world."
Her comments teed up a panel with, arguably, some of the best stock pickers in the world. Bill Miller, Founder, Chairman and Chief Investment Officer, LMM,
Robert Bishop, Founder, Impala Asset Management and Jim Chanos, Founder and Managing Partner, Kynikos Associates each brought new ideas to the stage. Miller led off the panel, going long the S&P 500/short the 10-year Treasury. He also made bullish calls on Valeant and Amazon.
Miller called Valeant a "busted roll up" adding that "busted rollups effectively turn into public leveraged buyouts." He expects to see 25-30 percent upside for investors over the near term based on the...................... To view our full article Click here
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