Hedge Funds

Lasry, Briger, Perry say how to play Europe

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At the Delivering Alpha conference, investment picks from Chanos, Ackman, Cooperman and others run the gamut; short H-P and long P&G.

A host of big name U.S. hedge fund managers looked across the pond July 18 at the second annual Delivering Alpha Conference, as many said they are positioned to profit handily from the European economic tumult and overblown fears of fiscal calamity.

Some agreed on how to make money: Richard Perry of Perry Capital and Marc Lasry of Avenue Capital said on separate panels that they were buying European debt because the risk premium was so high. Perry recommended owning Spanish and Italian sovereign debt, likening their low prices and high yields to oversold residential mortgage backed