This year’s line up includes celebrity star power with will.i.am, Andre Agassi, General Keith B. Alexander, Sir Richard Branson, Mohamed El-Erian, Michael J. Fox, Chuck Hagel, Rob Reiner, and General David Petraeus. The financial star power included Ben Bernanke, John Paulson, T. Boone Pickens, Dan Loeb & more.
Daniel Loeb, manager of the $17.4 billion hedge fund Third Point, took advantage of the sizable stage to comment on Warren Buffet’s criticism of hedge funds and activist investors.
“I love reading Warren Buffett’s letters, I love how he criticizes hedge funds, yet he had the first hedge fund. I love that he criticizes activists, yet he was an activist.” Mr. Loeb continues, “He criticizes financial services companies, yet he invests in them. He thinks we should all pay more taxes but loves to avoid them.”
Warren Buffet’s criticism of hedge funds is not warrentless and as he continues to put his money where his mouth is. Warren Buffet is in the 7th year of a 10-year bet with New York based money manager Protégé Partners, in which the performance of an S&P index fund is put up against the performance of five hedge fund of funds which were picked by Protégé. As of the beginning of the year, Warren Buffet is leading by over 40%.
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