Live-Blogging The Ira Sohn Conference, Part II

Author:
Updated:
Original:

And we're back. To recap, Erez Kalir likes MBIA, Dinakar Singh likes Zhongping Inc and Sprint, Jeff Aronson likes CIT, Robert Howard likes WABCO and HSNI, Phil Falcone likes Crosstex Energy Inc, Jim Chanos dislikes First Solar and Michael Price, who's not a speaker but has ideas, says Goldman Sachs is a buy “if you’ve got guts."

2:49 Speaker 7: Steve Feinberg, CEO of Cerberus Capital Management

2:50 There are "a lot of opportunities" in Residential Mortgage-Backed Securities

3:10 Speaker 8: Peter May, Trian Fund founder, presenting on Tiffany & Co

3:08 Peter loves Tiffany. His lawyers want you to know none of the info you'll hear today is "inside information" (everyone nods gravely)

3:09 Everyone loves Tiffany! From 12 year-olds buying their cheapest necklaces to Anne Hathaway [flashes slide of Hathaway at the Oscar's this year, looking ravishing]

3:22 SPEAKER 9, STEVE EISMAN, Frontpoint Partners

3:23 Cross every single one of your fingers and toes that he brings the thunder

3:24 He's not going to talk about for-profit education, except to say that he hates the picture the kid from Indiana flashed of him earlier.

3:29 Eisman "sees opportunity in the property casualty sector-commericial lines" (yes, I fell asleep while typing that line)

3:31 Revenue growth has occurred in P&C Insurance and will extend to the rest of the sector.

3:33 "It takes time to turn an ocean liner, but once it turns, it will move in that direction for years"

3:35 How to play it? "You need to ask yourself, how much risk are you willing to take," as getting involved with P&C can be "a wild ride"

3:37 Guy introducing Jeff Gundlach says The Pope wanted you to tell him that "half the lies you've heard about me are half true"

3:38 Jeff Gundlach, CEO of Doubleline

3:39 Jeff Gundlach's first slide is a Picasso depicting 5 prostitutes. This is happening.

3:45 Art history with Professor Gundlach: next up, a Warhol "whose gruesomeness is a metaphor for the housing market"

3:48 "BofA is basically Countrywide"

3:48 "Investment Cubism is putting together a mix of assets that will protect you"

3:50 Gundlach is into energy, natural gas, gold because of "its biblical street cred," and most of all, "gem stones"

[Gundlach could be an auctioneer or an announcer at a high-brow dog track]

3:54 Speaker 10, Marc Faber, Boom, Doom And Gloom

3:55 "Thank you for having me; I'm not going to be very optimistic"

4:02 "If Ben Bernanke were here right now, he would drop $1 trillion into this room" [bottom of the slides reads Pause for laughter.]

4:05 Bernanke's biggest achievement from 2002-2008 was "creating a bubble in everything"

4:13 Faber: PREPARE FOR THE NEXT WAR

4:15 "If you lay in the middle of the desert and offer someone a painting in exchange for water they'll laugh at you. If you offer them gold, they'll give you the water. You have to prepare for war...with things like gold."

Related