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May 19, 2004 - A dozen managers with lots of hedges but no shorts. |
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Tomorrows Children’s Fund held its Ninth Annual Investment Research Conference yesterday. A dozen professional investors made presentations at this year’s conference. Among them were the legendary Boone Pickens and the well-known mutual fund entrepreneur Michael Price. The presenters seemed for the most part to view the market with caution. Several of the presenters complained about the difficulty of finding bargains in the market. In other words, they hedged on their predictions convictions. Yet from what we have heard, not one of the participants mentioned a single short idea. In fact, there was a columnist and newsletter writer among the presenters who comments on short ideas. And not even he offered a single short idea. |