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Bailey McCann, Opalesque New York: Hedge fund greats came together again in New York for the annual Delivering Alpha conference. This year's event had a different tone than years prior - there was less of an emphasis on markets and a greater focus on politics and headlines. Still, a few calls were made from the stage. Below is a roundup of best ideas.
Longs:
Uber & Lyft
Rideshare companies Uber and Lyft have had a tough time since their respective IPOs. Both stocks are down 25% since their IPO date. But, Glen Kacher of Light Street Capital was positive on both names. Kacher said that there is significant growth potential in services like Uber Eats. Both Uber and Lyft have raised prices for rides recently in the US, which is leading to some margin growth as well.
Enterprise Software
Andreessen Horowitz's Scott Kupor was positive on enterprise software companies like Salesforce. "I think the market size for these companies is materially bigger than we expected," he said from the stage.
Leon Cooperman, former head of Omega Advisors, who now oversees a family office, also announced a few buys from the stage including Cigna, New Media Investment Group, and WPX Energy. Cooperman said that the stock market in the US was largely overvalued, but noted that a few opportunities were still out there if investors were willing to hunt for them.
On the credit side, emerging market debt was popular with panelists throughout the day.
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