Are You Inexperienced?

摘要

In the summer of 1967, at the peak of the Monkees' popularity, the thousands of fans filling stadiums for their live tour had the option of arriving early to catch an obscure opening act. It was a guitarist named Jimi Hendrix, and he was weeks away from releasing one of the best rock albums of all time. With the five money managers kicking off the 20th annual Sohn Investment Conference on May 4, the principle is largely the same: Always give the warm-up gigs a chance, since they just might ultimately overshadow the main event. The Sohn conference may be the biggest date on the hedge fund world's calendar-a benefit in New York for pediatric cancer research at which billionaire fund managers present investment ideas to a crowd of 3,000 peers, clients, and journalists. (The event this year is produced in partnership with Bloomberg LP, which owns Bloomberg BusinessWeek.) Tickets cost $5,000 and come with the chance to hear elite investors like Bill Ackman, David Einhorn, and Paul Tudor Jones talk about their stock bets before regular investors hear them. Last year, for the first time, conference organizers added to the lineup a morning slate of speakers they dubbed Next Wave Sohn-five managers with lower profiles and fewer assets under management than the A list and, theoretically, fresher perspectives on the markets. Each speaker had 15 minutes to present a distinct investment idea that audience members could imitate-typically, a bet on or against a stock.