SALT Conference Wrap Up
This was a terrific conference. Mad props to Anthony Scaramucci & Skybridge for a top notch show.
I really enjoyed my panel — Austan Goolsbee is a very interesting guy — moderate, intelligent, sharp. FCIC vice chair Bill Thomas was fascinating in the green room (but practically filabusted on stage!). (Faber is always a pro).
Some of the highlights of the rest of the conference:
The lunch speaker Wednesday was Frank Abagnale, the subject of the Spielberg movie,“Catch Me if You Can.” He gave a fascinating speech — the first half of which was about how he became this wild teenage fraud/counterfeiter/impersonator, was fantastic. The ease in which he scammed people as a 16 year old runaway was astonishing. (The second half, which kinda rationalized his own bad decisions, coated in gooey wrapping of familial love, wasn’t resonant for me. It was too defensive, too rationalizing, too exculpatory). Regardless, it was quite a barnburner.
The Hedge fund panel was excellent: James Dinan of York Capital, Glenn Dubin of Highbridge, Ken Griffin, Citadel and Marc Lasry, of Avenue Capital. How often do you get to watch 4 superstars discuss running funds?
Michael Milken gave an interesting speech — though he played way too fast and loose with the facts for my taste. No, Mike, the 18 states with non recourse mortgages did not cause the credit crisis. Overall, he gave a pretty good presentation, but he repeatedly set my bullshit detector off. Milken’s speech had lots of good points, but it would have been MUCH stronger if he simply stuck to hard, proven facts.
Bill Clinton gave a very strong speech — no notes, extemporaneous, just standing and speaking. I was surprised and impressed. The audience of hedge fund managers gave him a standing O when he came out, and when he was finished. (That was even more surprising).
On Thursday morning, the Macro Panel took place. Nouriel Roubini, Jeremy Siegel, Paul Kasriel, and Scott Minerd (of Guggenhiem Funds). Roubini and Siegel got into it, but it was the same shtick I’ve heard from each of them for the past 5 years. Three years ago, Siegel was the aggressor and Roubini was sheepish; Now, it was the same story, but the roles were reversed. BTW, Paul Kasriel was terrific — funny, dead on, and reality based. Scott Minerd was a fish out of water . . . I got the sense he is from a long only, fully invested shop. He was outgunned on the panel — silly rhetoric, political talking points, mostly empty buzzwords. If he ran a fund, I would go 2 to 1 short. Kasriel disemboweled him.
The Bellagio is a nice joint — made you wonder if there is any more granite left on the planet. My hotel room was huge — tastefully decorated, well appointed — and $159 a night. Same room in a NY hotel would have been $800 – 1,000 per. Someone should tell the builders in Vegas about the laws of Supply & Demand.
I walked through the casino, and was stunned at the people there. Imagine an entire industry built upon the innumeracy and stupidity of Humans. (I guess you can say the same thing about Wall Street).
The night life here is pretty whack. The crowd moved to Tao, but I got pulled somehow into one of the villas — just enormous, 5,000 sq foot hotel suite, with its own terrace and pool. Lots of hotties; I apparently, missed the long trade in silicone. As a happily married man, I steered clear of trouble, and spent the evening speaking to a delightful women who runs a pile of cash thru a Canadian bank . . . (I let the other boys do the Vegas 2 step).
I kept thinking, in this giant suite filled with all manner of potential temptations, that if this was 1987, or even 1997, the room probably would have spent the night snorting blow off of some dancer’s ass. Funny how things change when you grow up.
Anyway, I am off today to San Diego for a StockTwits weekend event. More on Lindzon-palooza later . . .
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May 20th, 2010 at 7:52 pm
Bill Clinton is an Excellent speaker. Spoke to Medical Device Confrence a few months ago….He’s Everywhere.
He and Hillary are really the “Presidents in Absentia” because the voters..voted for someone else.
Bill is the ultimate “Silver Tongued Devil in Disguise.” When you hear him …you want to jump to your feet and APPLAUD…and we always do.
But, look at what happened under his administration with Deregulation…and then look at Obama…who can rise folks from the CROWD TO …”YELL AND SCREAM and CLAP….HELL YEAH!”
Then come back to REALITY of what is going on in America…and do that “check.”
I’m a Democrat…and I’m tired of the “Silver Tongued Devils” on both the Middle and Right. When will we get over this “reinvention of history.” Yes…Clinton did CUT THE DEFICIT! And his payment for doing that was “Monica” which allowed the Deregulation.
What is going on now?
“
May 20th, 2010 at 7:57 pm
BTW, Barry…don’t miss the “Car Gals” from CNBC all dressed in ELECTRIC BLUE…and one with CLEAVAGE…talking about your passion of Antique Cars for INVESTMENT.
http://www.cnbc.com/id/15840232?video=1499332046&play=1
It’s an Eye Popper for the BABES IN BLUE…but the CARS were the BEST Part of the whole thing. Some really cool models there!
As an Antique Car Guy (channeling Jeff Mackey) you should find it fun! (Remember when Jeff went on his rant about “The Car Guys” and was never seen on CNBC again. Just humor..
ENJOY! Good “Car History!” …..but don’t forget the CNBC BABES!
May 20th, 2010 at 8:38 pm
So the conference had ex-cons as speakers and almost impeach president and a “gambling” theme. Yeap that pretty much sums up the financial world here in the US
~~~
BR: He was impeached (its a Congressional accusation), but he was not removed from office.
May 20th, 2010 at 8:50 pm
“So, I am off on Friday to La Jolla and San Diego for a StockTwits weekend event. ”
Not too far north of La Jolla is Pipes Cafe in Cardiff-by-the-Sea:
http://www.pipescafe.com/Locations.htm
AWESOME breakfast place! Love the “Big Breakfast Platter w/ French Toast” and large glass of fresh-squeezed OJ. Some time ago, when Herb Greenberg was trying live blogging from outdoor locales (3 years ago) I suggested he try Pipes. My guess is it was too busy for such an undertaking. Anyways, Pipes: good food and large portions.
Fidel’s in Solana Beach (it’s between La Jolla and Cardiff, by the way) for lunch and/or dinner = excellent authentic Mexican! http://www.mapquest.com/maps?city=Cardiff&state=CA&address=121+Liverpool+Dr&zipcode=92007-1823&cat=Fidel‘s+Solana+Beach%2C+CA&country=US&latitude=33.02121&longitude=-117.282282&geocode=ADDRESS#mqPgSt3
My understanding is Fidel’s began as a barber shop which added food. The food became soooo popular, they did away with the hair cutting.
May 20th, 2010 at 8:51 pm
Robespierre………
Bill Clinton is an excellent speaker for the Common Person…and he can charm your socks off with his intellect.
The thing is… he really knows his STUFF…and it’s sad how his administration managed to F**K so much up with Greenspan and Rubin.
Still he did manage to cut the deficit (I know it was the Dot Com Boom) but he left a treasure trove that was wasted away by the person who managed to get the Supreme Court to get in the “Legacy Candidate.”
Lots of bad judgement everywhere. But, I don’t see much movement to FIX or RE-REGULATE anything that would be important to getting our country back on the track to growth and independence from the Banksters.
May 21st, 2010 at 1:45 pm
Barry, did you wake up with a tiger in your bathroom this morning? If Roubini is missing, be sure to check the roof. :-)
May 21st, 2010 at 2:05 pm
Bill Clinton is a rock star. The man has buckets of charisma and can definitely give one hell of a talk. I think he’s too slick by half, but the handful of times I’ve been in a room with him, the guy is impressive.
Vegas is an interesting place to host a conference on finance. Ok, it’s an interesting place for anything. On behalf of wives everywhere, I’m glad you behaved (like you’d be blogging the truth if you hadn’t).
May 21st, 2010 at 2:08 pm
Where can I find SALT videos? Any1?
May 21st, 2010 at 2:11 pm
“I apparently, missed the long trade in silicone.” – Barry
Still a growth industry, bud. Never too late to get long and strong there.
May 21st, 2010 at 2:23 pm
Well it is often said that Clinton was the best Republican president we ever had…
May 21st, 2010 at 2:26 pm
And enjoy San Diego — gorgeous here now, but supposed to get a little chilly for the weekend.
May 21st, 2010 at 2:27 pm
Sounds like a good conference.
BR, any chance you will be up in Orange County over the weekend? I’d love to get my copy of BN signed. I live in south Orange County right near the “Real Housewives” – speaking of silicone.
Thanks,
DG_Allen
May 21st, 2010 at 2:29 pm
Vegas is fun for maybe two nights, tops. It’s better going this time of year when it’s not too hot to sit by the pool. The Bellagio and Wynn are very nice. After two nights, it gets a little depressing, IMO. Definitely an “interesting” place though.
May 21st, 2010 at 2:32 pm
I think City Center is the place to go in LV these days. BR, did you make it there? You’ll see plenty of silicon in SD as well, not as much as we have here in LA but plenty.
Donna, it’s been one hell of a cold spring in SOCAL hasn’t it?
May 21st, 2010 at 2:37 pm
It seems like we get the June Gloom around May 1 these days. Very cool spring.
May 21st, 2010 at 2:52 pm
I live in SD, enjoy our city! I am sure the the topic of real estate will come around during convos. Its a mess out here…
May 21st, 2010 at 2:58 pm
BR,
Sorry I missed you. We were just across the street in the VIP villa with Tiger, Jordan, and Barkely. And we were snorting some blow off a dancer’s ass. You would have had a great time. Bill Clinton stopped by to smoke some cigars and explain how he likes the girls to bite the tip off (the cigars you filthy man)
May 21st, 2010 at 3:34 pm
San Diego sucks!
May 21st, 2010 at 3:35 pm
Thor, indeed it has. But as soon as it gets warm, we’ll miss it. ;^) My garden has been amazing this year but I’m ready for the tomatoes and peppers now!
May 21st, 2010 at 3:36 pm
Question regarding Dow 10,000 hat ettiquite…
Market plunged below Dow 10,000 on the open today. Down 150 points at the low it was looking a little bleak. If we hold the late recovery (cannot call this a bounce or a rally) and close above 10,000, are we supposed to break out the Dow 10,000 hats and the champaigne?
Oh Oh! My screen is starting to turn red again….can’t have a strong feeling about that Dow 10,000
May 21st, 2010 at 3:55 pm
I used to work at Northern Trust Bank and read “The Econotarian,” a more or less monthly article that Paul Kasriel writes… reality based – that about sums it up. Check it out…
http://www.northerntrust.com/pws/jsp/display2.jsp?XML=pages/nt/0601/1138283681241_6.xml
May 21st, 2010 at 4:00 pm
I wonder when the small “investor” is going to figure out that these “markets” are no place for them to truly “invest”. Manic.
May 21st, 2010 at 4:14 pm
@Robespierre………
“Bill Clinton is an excellent speaker for the Common Person…and he can charm your socks off with his intellect.”
May be if we picked our leaders based on substance and not “Madison Avenue” Charisma we would be in a much better shape. I rather be charmed from public figures by their deeds and not their words. As for Rubin and the others “the company you keep kind of thing…”. I have background in sales so very hard for any “charming” speaker to convince me of anything unless there is a follow up in deeds.
May 21st, 2010 at 9:07 pm
billy boy is the man! amazing how he lit up the room at the four seasons at mcauliff’s book signing part. definitely had several glasses of wine but smartly ditched it when he realized i was on to him with the camera. wont forget his end of the evening discussion with the 3 secret service folks there, “just keep that woman way from me” hmmm total stud, is there a male version of the phrase the lady doth protest too much?
May 21st, 2010 at 9:32 pm
Saw this, pasting it below. Is this a backward glance at ‘Puberty’, with reminiscing, & ‘Found the Light’ kind of thing.
I wouldn’t mind if someone could send the Extract pasted below to the Writers & or the re-run folk at TBS, for a proper ‘Post Mortem’ on what has had to be one of the most ‘Trapped in Puberty’ kind of sit-coms, namely -’Friends’.
Perhaps even the Author of this rambling report, may feel now Solidly in the Era of their ‘Mature years’, & agree that it is time for the ‘Sit-com’ Friends to be be given a decent burial. Posting:
———————————————————————————
“The Bellagio is a nice joint — made you wonder if there is any more granite left on the planet. My hotel room was huge — tastefully decorated, well appointed — and $159 a night. Same room in a NY hotel would have been $800 – 1,000 per. Someone should tell the builders in Vegas about the laws of Supply & Demand.
I walked through the casino, and was stunned at the people there. Imagine an entire industry built upon the innumeracy and stupidity of Humans. (I guess you can say the same thing about Wall Street).
The night life here is pretty whack. The crowd moved to Tao, but I got pulled somehow into one of the villas — just enormous, 5,000 sq foot hotel suite, with its own terrace and pool. Lots of hotties; I apparently, missed the long trade in silicone. As a happily married man, I steered clear of trouble, and spent the evening speaking to a delightful women who runs a pile of cash thru a Canadian bank . . . (I let the other boys do the Vegas 2 step).
I kept thinking, in this giant suite filled with all manner of potential temptations, that if this was 1987, or even 1997, the room probably would have spent the night snorting blow off of some dancer’s ass. Funny how things change when you grow up
May 21st, 2010 at 9:35 pm
Maybe TBS, if they’re gonna continue with the ‘Friends’ re-runs, they should think of Re- naming it ‘Arrested Development’.
People on Wall Street are of that ‘Era’, as ‘Friends’, which may explain why they decided to ‘Peddle Counterfeit Derivatives’ (meaning worthless) to whom they considered ‘Idiots’ in the Investing Community primarily outside of the U.S.
When Tres. Sec., at the time, Hank Paulson pulled on all of the ‘Emergency Panic Buttons’, how come these ‘Bright Youngsters’ on Wall Street, never just simply said ‘Buyer Beware’. Was that the ‘Puberty Factor’ at work then.
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May 21st, 2010 at 10:06 pm
eeeuuuuhhh,
scam people, yeah good, watch yourself you may like it!
really they,HFundMg like Mr C, well these is the only president that got a BJ in house trthat we know of,DUH.
for roubini and else shit happen and we are not prepare, but themarket do not work like that. It works more like shit happen, let’s make $.
hopefully you get the link between casino and wallsteet. the difference is the AMOUNT PLAYED.
a question now will be as a only 5-10 years maket palyers what is the best bootcamp to get the shot i need to survive the game and continue?
Merci.
May 22nd, 2010 at 1:42 am
“As a happily married man, I steered clear of trouble, and spent the evening speaking to a delightful women who runs a pile of cash thru a Canadian bank .”
Even in Vegas BR gives good financial advice. I don’t know first hand, but I’ve heard divorce is expensive.
May 22nd, 2010 at 1:49 am
Wanna know why divorce is so expensive ?
Because its worth it!
May 22nd, 2010 at 10:07 am
That’s why so many folk stick ‘It Out’. That is usually passed-off as seeming maturity, but in fact can soon turn into six-pack couch potato withwrawal, with a bunch of other ‘Arrested Development’ folk to make up the chorus section.
There are some other delightful women who if you pay their bills here, will give a great time in somewhere like Tangiers.
May 22nd, 2010 at 10:09 am
Or versa vicey!
May 22nd, 2010 at 10:29 am
I recall about 3 or 4 years ago, at one of those ‘World Economic Round-Table Round-ups’, at Davos, Bill Clinton, on the Podium, gave an ‘Impassioned Speech’, about lack of Funds for certain 3rd World Countries. (please forgive the politically incorrect ‘Euphimism’)
He was very eloquent on the matter of corruption with particular regard to ‘Development Money’ in certain 3rd World, or ‘Developing Countries’.
He was saying that the ‘Disappearance of large sums of those Funds’, should not ‘Influence folk from continuing to pour ad-finitum, more ‘Good money’ on the Bad money probably already in ‘Swiss Bank Accounts’.
One of the folk in the front row seats at the time, & who gave a ‘Rousing Applause’ to that expressed sentiment of ‘Clinton’s', was no other than Ted Turner.
I guess one could rationalize that this was the ‘Guilt Money’ for having spent so many years looking at life like the Crew on the sit-com ‘Friends’.
May 22nd, 2010 at 10:47 am
Maybe all those folk like ‘Tom Hicks’ from ‘Hicksville’, who paid all kinds of money to some ‘Itenerant Side-Walk
Vendors’, for the ‘Brooklyn Bridge’, & having never take receipt of said ‘Bridge’, should now be asking for some of
that ‘Troubled Asset Relief Program’ (TARP), in lieu of the non-delivery, to date, of Bridge in question.
May 22nd, 2010 at 1:32 pm
“I kept thinking, in this giant suite filled with all manner of potential temptations, that if this was 1987, or even 1997, the room probably would have spent the night snorting blow off of some dancer’s ass. Funny how things change when you grow up.”
Sorry, Barry. It’s not that boys have grown up, it’s twenty five more years of female hormones in our beef.
May 25th, 2010 at 8:32 am
[...] left Vegas on Friday, but before I split, I took one final lap around the Skybridge Alternative Investment conference to say goodbye to a few [...]