I attended the EurohedgeSummit in Paris for the second time and it was again an interesting and thoroughly enjoyable event. Speakers on the equity side with some interesting ideas included Chris Hohn of TCI, David Herzberg of BTG Pactual and Vernon West of Skyline Capital. I also enjoyed Anatole Kaletsky's global perspective and some useful debt insights from people like Loic Fery of Chenavari and Geraud Charpin of Bluebay.
Eurohedge will do a far better job of summarising the content than I can but a few notable points emerged:
Audience had mixed views on the outlook, but slightly in favour of equities continuing to do well - that was before Japan fell 7% overnight.
Kaletsky's macro view was that markets have switched from being last year constrained by political uncertainty to focusing on fundamentals; two markets will continue to be political - Japan, for obvious reasons, and the UK as we approach an uncertain election.
The debt consensus was that most of the juice has already been squeezed out, but pockets of value in structured credit like UK mezzanine.
In equities, Chris Hohn made a strong case for EADS and Porsche, in spite of having already made good money this year in both. Veron West tipped Brazilian education provider Entacio.
A good conference, worth attending.