Billionaire investors take aim at Fed’s policies (Moneycontrol.com)
Wealthy money managers bashed Federal Reserve Chairman Ben Bernanke’s easy money policies at a closely watched annual investment conference and charitable event on Wednesday. This year’s Sohn Investment Conference was sprinkled with criticisms of the Fed’s $85 billion in monthly purchases of Treasuries and mortgage securities in an attempt to stoke the economy. “Ben Bernanke is running the most inappropriate monetary policy in the history” of the developed world, said Stanley Druckenmiller, the retired head of Duquesne Capital Management.
The Anti-Ackman Effect: Herbalife Surges Then Plunges As Hedge Fund Billie Omits It From Ira Sohn Speech (Forbes)
As Bill Ackman took the stage on Wednesday at the Ira Sohn Conference in New York, the audience erupted in applause expecting to hear one of the day’s best ideas. Instead, they spent their time checking emails as the chief of Pershing Square ignored Herbalife Ltd. (NYSE:HLF) and J.C. Penney Company, Inc. (NYSE:JCP), and chose pitch The Procter & Gamble Company (NYSE:PG) as an underpriced, yet amazing company. Hot shot hedge fund managers are known to have a huge impact on stock prices, particularly when they speak in high profile conferences like Ira Sohn. Ackman, who everyone was aching to listen to, disappointed the audience sitting at New York City’s Lincoln Center.
Golden Fleeced – Paulson looking to salvage reputation (New York Post)
But for hedge-fund billionaire John Paulson, yesterday it became a place to tell people he’s not all about the gold. That’s the message the billionaire investor sent to the 2,000 attendees at the SALT hedge-fund conference here, as he talked about the investments in his New York-based $18 billion firm that were more successful than the huge gold fixation that has cost him so dearly. Paulson rehashed his famous subprime short trade and reminded the crowd that he has a 19-year record of profitably investing in merger deals, according to attendees at the off-the-record session who said they were disappointed in the talk.
Hedge funds bet against Chipotle (CNNMoney)
Hedge fund managers might like Chipotle Mexican Grill, Inc. (NYSE:CMG)’s burritos, but some are betting against the company’s stock. Last October, Greenlight Capital’s David Einhorn revealed a bet against Chipotle Mexican Grill, Inc. (NYSE:CMG). On Wednesday, bond fund manager Jeffrey Gundlach joined him in talking down the fast food chain. “I like the products,” Gundlach admitted. Yet, he said, “A gourmet burrito is an oxymoron. All you need to compete with its core business is a taco truck.” Gundlach made his last minute, seemingly offhand reference to the restaurant chain at the end of a presentation denigrating the Federal Reserve’s monetary policy tactics.
Credit: Chipotle Mexican Grill, Inc. (NYSE:CMG)
Zen Capital Management Delivers the World’s Highest Risk Adjusted Return for April? (NewsMaker)
The Zen Capital Management Global Fund SP rose 2.67% (gross) for the month of April, significantly outperforming the HFRI Fund Weighted Composite Index which rose 0.69%. What is remarkable about this return is that was delivered with a daily volatility 60% lower than that of the S&P500 over the same period. The combination of strong returns and low volatility meant Zen achieved an…