Several hedge fund titans shared their insights for the best investment opportunities to thrive in today’s volatile economic environment.They spoke at a panel discussion Wednesday called “Best Ideas & Alpha” at the CNBC/Institutional Investor Delivering Alpha conference at the Pierre A. Taj Hotel in Manhattan.
According to Clusterstock’s Courtney Comstock, who’s at the conference (read her Tweets here), this is what they said.
Leon Cooperman, chairman and chief executive of Omega Advisors, said he’s bullish on the U.S. equity market.
“Every manager I had lunch with had 30 to 40% less equity exposure. Then again, maybe this is the fall of the Roman empire again.”
What’s more is he doesn’t foresee a recession in 2011 or 2012.
As presidential elections approach, he expects President Barack Obama “to soften his anti-wealth sentiments” for political reasons.
Cooperman, who admitted that he did not vote for Obama, said if Rick Perry is the candidate he won’t vote. He added that he has no problem with Mitt Romney though.
“If the Republicans have a viable candidate, he’ll be gone. So I’m not worried about Obama’s anti-business sentiment,” he said.
Phil Falcone, founder of Harbinger Capital Investments, said his top pick is Spectrum Brands.
“It’s not a telecom company,” he joked.
J. Tomilson Hill, chief executive of Blackstone Marketable Alternative Asset Management, said JPMorgan is the only bank in the U.S. that can hold onto its mortgage services rights. The reason, he explains, is because of its strong Tier 1 capital ratio.
Dan Loeb, founder and chief executive at Third Point, said his investment pick is Yahoo!.
Loeb said Yahoo! has great assets, but “one of the most horrendous management teams” he’s seen in his 16 year history.
He said the problem at Yahoo! was the company was lead by “people who didn’t know what they were doing.”
In order to turn it around, he said Yahoo! needs to get into “sexy areas” on the net and implement a new management team.
“No one wants to work with clowns onboard,” he said.
Loeb added that Yahoo! is a small portion of the company’s value. He said Yahoo!’s logo “sucks” and that it’s “stupid.”
Kyle Bass, the founder and principal at Hayman Advisors, and Anne Popkin, president of Symphony Asset Management, also spoke at the panel.
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