|Michael Novogratz, principal of Fortress Investment
||Go long Brazil if President Dilma
Rousseff loses her reelection bid later this year. His
slidedeck was titled "Brazil: It's so bad, it's good."
All bets are off if Rousseff wins, however.
|Chris Shumway, founder of Shumway Capital
||Short CNH, a "deliverable forward
version of China's currency." Shumway believes China
will grow at about 6%, versus the 7-7.5% that the
Chinese government predicts.
Long Moody's Corporation (MCO).
Moody's benefits from a strong business model in an
industry with high barriers to new entrants. Unlike
Standard & Poor's, it hasn't faced legal challenges
from the U.S. Department of Justice. It is undervalued
based on long-term growth estimates.
|Jeffrey Gundlach, CEO and CIO of DoubleLine
||Short XHB, the SPDR S&P Homebuilders
ETF. "Single family housing is overbelieved
and overrated," Gundlach said. Housing optimists point
to measures that mask the reality: homownership rates
won't go higher, affordability isn't rising, and new
home sales are flat. "In the rest of my career, we will
never see a year of 1.5 million housing starts again,"
|Dan Ariely, Professor of Psychology and Behavioral
Economics at Duke University
||Ariely beleives humans make three fundamental
mistakes with money: 1) "We think about money in
relative terms and not in absolute terms," 2) "The
method of payment actually influences the way we think
about money," and 3) Because we have difficulty
assigning a monetary value to work, we create false
comparisons. "If we see people sweat, we feel okay
about paying them," Ariely said, whereas we might feel
less satisfaction in paying more efficent workers.
|Philippe Laffont, founder and portfolio manager of
||Long telecommunications company Liberty
Global (LBTYA). Liberty benefits from
tailwinds in European telecommunications, a strong
business model, and a management team that cares about
its stock price.
|Larry Robbins, founder and portfolio manager of
Glenview Capital Management
||Long Humana (HUM) and Wellpoint
(WLP). HMOs are on the up-and-up, and will
benefit from an increased customer base of old
Long Monsanto (MON). "We simply cannot solve world
hunger on an organic basis," Robbins asserted. "Of the
options that are not utopian, we think GMOs
[genetically modified organisms] are here to stay." As
a pioneer in genetically modified crops, Monsanto is
poised to benefit, particularly if it increases its
leverage and invests more in its business.
|Zach Schreiber, CIO of PointState Capital
||Short WTI/Long US refiners, particularly
Valero (VLO) and Marathon Petroleum (MPC). An
oversupply in U.S. crude oil in the middle of the U.S.
will scuttle the cost of WTI crude contracts, which
deliver in Cushing, Oklahoma. That supply gets sent to
Gulf Coast refiners and has been forcing them to run at
capacity. The U.S. government isn't likely to ease the
buildup via policy changes anytime soon.
|James Grant, founder and editor of Grant's Interest
||Long Gazprom (OGZD). After calling
the company "the polar opposite investment of Tesla"
and "Herbalife without Carl Icahn," Grant argued that
Gazprom was undervalued. "Gazprom may or may not be a
bad company. At 2.5 times earnings, its imperfections
would seem to be priced in," Grant said.
|Bill Ackman, founder of Pershing Square Capital
||Long Fannie Mae (FNMA) and Freddie Mac
(FMCC), entities he called "more important
today in the mortgage market than they've ever been."
Ackman proposed a plan to recapitalize the companies
and make them more stable. He also argued that the U.S.
government will not be able to raise sufficient capital
for an alternate system.
|Paul Tudor Jones II, co-chairman and CIO of Tudor
||"Wait until you see the whites of their eyes before
you sell fixed income," Jones told the audience. He
noted that fixed income typically hasn't sold off until
about three months before an interest rate hike.
|Michael Guichon, student at Columbia Business
School and winner of the Sohn Investment Idea
||Long Fiat (F.IT). Guichon argued
that the company's share price doesn't factor in its
businesses from Europe, South America, and Asia, as
well as its planned expansion in those markets.
|Mariko Gordon, founder and CIO of Daruma Capital
||Long Electronics for Imaging
(EFII), a digital printing company. Gordon
believes the company stands to benefit from the
increasing importance of inkjet printing on all
surfaces, including ceramic tiles.
Long HB Fuller (FUL), a specialty
adhesives company. Management changes have made the
company more efficient, and internal investment will
finally deliver economies of scale, Gordon
Long Pacira Pharmaceuticals (PCRX).
The start-up drugmaker has developed a long-lasting
pain-treatment drug called Exparel, which reduces the
need for opiates after surgery. Gordon believes this
drug is bound for greatness.
|David Einhorn, president of Greenlight Capital
||Short athenahealth (ATHN), a
healthcare software company. Einhorn believes the
company has been overhyped by analysts and management
and is part of a "Bubble Basket" of overvalued stocks.
He also believes the company is likely to be
overshadowed by Epic, another healthcare software
developer that is better positioned in the market.