I was going to do some live blogging from the VIC this week in Pasadena until I found out the conference didn’t have wireless. Instead, I took a bunch of notes to post later (ie did you know Lebanon has 30% of their GDP in gold?), but then noticed that Zain at The Manual of Ideas did a far superior job of live blogging the conference. I’ll link to their blogs below, and then chat a bit about my take on things.
I love going to these conferences, and the concept of tracking the smart money is one of the reasons we started AlphaClone. Wayyyy back at the end of 2006 we started tracking a group of 10 hedge funds I like (Baupost, Berkshire, Blue Ridge, Eminence, Greenlight, Lone Pine, Maverick, Okumus, Private, and Tiger).
The portfolio of the 10 most popular ideas amongst these funds has outperformed the market by 14% a year since 2000, and is beating the market by over 25% YTD in 2009. That is astonishing to me (and even includes one fund imploding). At the end of the year we replaced Okumus with Appaloosa – and their clone is absolutely destroying the market this year.
Summaries below (I’m trying to get the guys to let me post the PowerPoints as well). More later.
David Nierenberg, D3
David Chu & Igor Lotsvin, Soma Asset Management
Zeke Ashton, Centaur Capital
Charles de Vaulx, International Value Advisors
Brian Gaines, Springhouse Capital
John Burbank, Passport Capital
Gus Spier, Aquamarine Capital
Jed Nussdorf, Soapstone Capital
Dave Rabinowitz, Kirkwood Capital
William Waller & Jason Stock, M3 Funds
Scott Klein, Beach Point
J. Carlo Cannell Cannell Capital
Whitney Tilson & Glenn Tongue, T2 Partners, Presentation here