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Ackman: We Own All We Can

Hundreds of investors packed into the Time Warner Center on Wednesday for the annual Ira W. Sohn Investment Research Conference. Our invitation must have been lost in the mail. Anyway, Reuters got the invitation and has a good rundown of who went and what they said.

*Bill Ackman, Pershing Square Capital: Wendy's International (WEN.N: Quote, Profile, Research), which has agreed to be bought by Nelson Peltz's Triarc Cos (TRY.N: Quote, Profile, Research), the Arby's restaurants owner. "We own all we can, a share less than the poison pill," said Ackman.
*Bill Miller, Legg Mason Capital Capital Management: buy AES Corp (AES.N: Quote, Profile, Research), Freddie Mac (FRE.N: Quote, Profile, Research) and Health Net (HNT.N: Quote, Profile, Research), which he hopes will merge with Aetna (AET.N: Quote, Profile, Research), which the fund also holds.
*David Einhorn, Greenlight Capital: sell Lehman Brothers (LEH.N: Quote, Profile, Research) short, because they haven't written down structured investments enough. see separate story [N22503654]
*Chris Hohn, Children's Investment Fund: support his firm's proxy battle at railroad company CSX Inc (CSX.N: Quote, Profile, Research).
*Richard Pzena, Pzena Investment Management: buy Citigroup Inc (C.N: Quote, Profile, Research). "This is classic value. There is lots of stress. When we come out of this, the upside is huge."
*Bill Browder, Hermitage Capital: buy Aldar Properties Co ALDR.AD, the largest Abu Dhabi real estate developer. "Abu Dhabi is the richest country in the world and this is the cheapest real estate company in the world."

Stock picks from Sohn Investment conference


How Should Bill Ackman And Carl Icahn Settle This Thing Once And For All?

When Mark Hughs founded a multi-level marketing company called Herbalife in 1980, he probably thought it had the power to do a lot of things. Help people lose weight. Makes others rich. Shake up the diet industry. What he mostly likely did not expect, however, was that his li'l company that could would reignite a feud between two billionaires that would devolve into a flurry of press releases quibbling over who was dying to be friends with whom, shouting matches on live TV, and, we predict, someone telling someone else he has a right mind to "Rip the eyes out of your head and piss into your dead skull! You messed with the wrong hedge fund manager!"