$$ Key Takeaways From 2010 NYC VIC

• Posted by toby
• on October 14th, 2010

As I sit here and think about the themes from this year’s Congress, here is what I come up with:

1. Sovereign debt is screwed. Short them (US, Japan, Europe)
2. Last year the overwhelming theme was buy gold……that worked out
3. Look international (except for the activists….they want to be in US)
4. Valuations are still very cheap across many sectors
5. Value investors should not ignore tech just because Buffett does (he doesn’t understand it, doesn’t mean you cant)
6. “Missing” a purchase (not buying something that goes up) matters not, making a bad purchase really does
7. There is a sea-change happening politically this year.
8. Japan equities are cheap….three different investors are looking there (doesn’t mean the whole market is cheap, just that there are big bargains there)…. “net-nets” abound
9. Not a single speaker backed the current economic path taken in Washington despite several admitting they voted for those in power.
10. Best speakers? Burbank, Bass, Einhorn, Ackman, Roepers
11. Worst Speaker? Pabrai hands down (refused to give a pick when asked by Tilson and his presentation simple parroted his recent book….no specifics…those in audience thought he “copped out”… I agree)
12. The remaining speakers were excellent, the above are just the extremes
13. All in all another great Congress. Several very good ideas and very a thought provoking two days. Special thanks to all those who introduced themselves and for the kind words. It was wonderful meeting and talking. I look forward to seeing you all again next year.

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