"I would say we have a different approach, but what I respect about Carl [is] there aren’t a lot of people willing to stand their ground, speak their opinion..that’s important," Ackman said onstage.
Applause filled the room as Ackman was revealed as the conference’s “surprise” guest.
Delivering Alpha stars behind the scenes
When they’re not running Wall Street or predicting the stock market, these famous figures take a break to relax outside the spotlight.
Click through the photos to see who’s who.
New Jersey Governor Chris Christie gave a keynote interview this afternoon at the Delivering Alpha luncheon, discussing the highs and lows of his time in political office as well as plans for the future.
Christie resisted some questions, refusing to comment on certain issues he felt were out of his jurisdiction as governor.
"If and when there’s a time that comes that I need to be telling people my views on this, then I will,” he told Harwood in response to one line of questioning.
Christie shot back at accusations that the “Bridgegate” scandal created a negative atmosphere in his office.
"Someone went rouge on my watch. Listen, I’m accountable for that…there’s been a decent amount of accountability thrown my way that I’ve accepted…but don’t give me this garbage about ‘he created an atmosphere’," he said.
Though his leadership style has been described as bullying by some, Christie defended his commanding attitude, saying it has led to clear, direct leadership.
"I’m not going to take responsibility for all of the stupid stuff that my predecessors did," he said, referring specifically to his state’s struggle with pension reform. "What I can’t afford to do this year is to pay for the sins of my predecessors.”
Christie appeared on CNBC earlier this month to discuss the state budget and elaborated on his plans for the pension system at that time. He was adamant that pension reform must be a priority for his administration, after years of neglect by previous administrations.
Christie said he will make a decision about running for presidential office at the end of this year or beginning of next year.
“Everyone will keep asking and its pretty nice to be asked… if you’re really awful, no one’s asking,” he said. “But being flattered isn’t enough of a reason to run.”
Cooperman’s stock picks
Stock genius Leon Cooperman gave his annual recommendations to the audience at the Delivering Alpha conference today.
“I’m not as optimistic about my list this year…it has a lot to do with my view of the market,” he admitted. In the past, 80 to 100 percent of Cooperman’s picks at the conference have been correct.
Here’s what Cooperman says investors should buy now:
4. Atlas Energy
5. Gaming and Leisure Properties
6. KKR & Co.
8. QEP Resources
10. Louis XIII Holdings
12. SandRidge Energy
#DeliveringAlpha- Panel #1
Delivering Alpha’s first panel of the day rallied with discourse around credit stability, the Federal Reserve, and China’s influence on the global economy.
Lee Ainslie of Maverick Capital, Mary Callahan Erdoes of JP Morgan, Paul Marshall of Marshall Wace and Jane Mendillo of Harvard Management Company joined CNBC’s Kelly Evans for the panel.
With credit card spending up, delinquency rates down, and stability in European markets, possibilities of either an economic boom or a credit bubble may loom in the future.
“It’s not a bubble if we grow into it, it’s a bubble if we stop right now,” Erdoes said.
“At some point this band aid needs to come off,” Mendillo said in response to questions about Federal Reserve Chair Janet Yellen’s remarks to the Senate yesterday. “We’ve had the training wheels on for a long time in this economy… allowing rates to increase, seeing markets react…I think most of us are prepared for that.”
Ainslie, however, warned of market volatility if the Fed moves too quickly.
In response to a teasing question, Mendillo said Callahan would be a “great choice” for JP Morgan’s next CEO.
Follow #DeliveringAlpha on CNBC’s live blog.
76th Treasury Secretary of the U.S. Jack Lew gave opening remarks this morning at the fourth annual Delivering Alpha conference. He focused his remarks on cyber attacks, a real and serious danger, with a “growing intensity and increasing sophistication.” He referenced more than 250 attacks against banks and credit unions since 2011.
Lew said the treasury is working with law enforcement and financial regulators to boost resistance to these attacks.
He criticized past unwillingness of firms and hedge funds to share information with the government for security purposes. “This reluctance has to be put aside,” he said.
Lew also emphasized the need for firms to improve information sharing within their organizations. “If you’re the leader of a business, you should know how strong your defenses are,” he said.
Lew closed with a message of hope for future collaboration between financial institutions and government.
“One back door is all a malicious actor needs,” he said. “When it comes to cyber related risks, our financial institutions are only as strong as the protections put in place.”
The fourth annual #DeliveringAlpha conference begins now! Let the investment inspiration begin.
Hardware + Software = ?
Apple and IBM announced a partnership today that will make over 100 business apps available exclusively for iPhones and iPads. Security will be a priority in these platforms.
The partnership may negatively affect Blackberry, which has declined in popularity but was once the primary choice of business clients.
Apple CEO Tim Cook said the partnership was “a couple of years” in the making.
"It takes the best of Apple and the best of IBM and puts those together…they’re totally complementary," Cook said. "This is all about transforming enterprise."
Leon Cooperman’s career officially began at Goldman Sachs the day after he earned his MBA from Columbia Business School in 1967. But his infatuation with the market and knack for value investing began long before.
"What I enjoy is to hunt—finding something somebody else doesn’t see, making a bet and having Mr. Market prove me right," he said in an interview earlier this month.
Humble beginnings in the South Bronx didn’t stop Cooperman from achieving a net worth of approximately $3.5 billion. A self-proclaimed workaholic, Cooperman consistently works well over 12-hour days, starting at 5:15 a.m. and usually ending around 11:00 p.m. He famously has only taken one two-week vacation in his entire career. While on that vacation, he also happened to make about $100 million from a profitable acquisition.
“I don’t expect others to work harder or longer hours than me. I try to lead by example,” he said.
Cooperman’s stock picks are astonishingly accurate- his fund has gained about twelve percent since January 1998. The Absolute Return U.S. Equity Index has gained just over nine percent. Cooperman made ten stock pick recommendations at the 2012 Delivering Alpha conference in New York City- all ten gained in value over the next year. In 2013, eight of his ten recommendations gained in value once again.
"I find over the years, if I buy something at the right price, invariably I get lucky," he said.
Cooperman will present once again at the fourth annual Delivering Alpha conference tomorrow.
Finance twitter exploded today with Rick Santelli’s epic rant on inflation, naysayers and everyone else.
What would you do if you happened to walk by Warren Buffett and Paul McCartney casually hanging out on a bench in Omaha, Nebraska? If you’re 16 year-old Tom White, you take a selfie.
Posted last night to his Instagram account, @speeeeeeed_of_white, the photo has been liked more than 400 times, and made White famous for a day.
(Photo credit: Tom White)
The sun was shining, skies were clear, and big ideas were rolling into the annual Sun Valley conference in Idaho this week.
Kayla Tausche headlined CNBC’s coverage of the event, hosted by the investment firm Allen & Company. The conference draws business leaders, politicians, sports moguls and other well-known figures. Bill Gates, Sheryl Sandberg, Warren Buffet and Rupert Murdoch made their way to Idaho along with dozens of other CEOs. Even Diane von Furstenberg made a fashionable appearance, sporting her original Google Glass design.
A select few startups are invited to the exclusive event every year as well. This year, special guests Cloudera, Udacity and Lending Club were in attendance.
Late night chats between power players were the subject of speculation on Twitter. New Jersey Governor Chris Christie was spotted at a wine bar with Mark Zuckerberg. AOL CEO Tim Armstrong was seen having a “deep conversation” with Yahoo! CEO Marissa Mayer. Many notable business deals have been hashed out at the conference in the past.
- Photos courtesy of Geoff Nelson.
James announced today that he will return to Cleveland to play for the Cavaliers.
"Before anyone ever cared where I would play basketball, I was a kid from Northeast Ohio. It’s where I walked. It’s where I ran. It’s where I cried. It’s where I bled. It holds a special place in my heart,” he told Sports Illustrated.
In an interview last August with CNBC, James said, “being in Miami has been great to me.” But in today’s announcement, he admitted, “I always believed that I’d return to Cleveland and finish my career there. I just didn’t know when.”
In light of the shocking reveal, he said “I’m not having a press conference or a party. After this, it’s time to get to work.”
Lebron’s announcement echoed across social media, generating emotional responses of joy- and for some, disappointment. Within the hour around his announcement, nearly 384,000 tweets mentioned his name, according to Topsy.
White House Press Secretary Josh Earnest followed the announcement with a briefing. He said President Obama considers James to be “a fine young man.”
His projected salary for the 2014-2015 season with the Cavaliers is $22.2 million, according to ESPN.