In a meeting of 800 trustees of pension plan boards and hedge funds, most said that the global economy, while having a gloomy outlook, is relatively stable.

The eighth annual EnTrust Investment Summit was a conference closed to the press. However, the fund featured names such as Daniel S. Loeb from Third Point, Nelson Peltz from Trian and Bill Ackman from Perishing Square, among others.

Hedge fund “stars” have attended the gathering. One insider gave BusinessInsider.com the scoop of things happening inside.

Despite capital markets selling off this year, there was no talk of doom and gloom. The US economy is growing, maybe not as rapidly as people would like, but growing nonetheless. There’s job creation happening. Companies are still earning money. It was that sort of assessment.

“It was OK. You know when you come back from a party and it was like, ‘It was OK’? That was the general theme,” the attendee told us.

The consensus is that everyone’s strategy is “wait.” The fund managers feel the US market is strong. The headwinds are China and commodities. The view is that the US market and economy is still strong relative to the other parts of the world. It’s a good place to be.

Yes, there are pockets of concern, with any weakness mostly having to do with energy. If oil stays low that’s a problem. No one there was forecasting $20 though. Some of the fund managers are seeing opportunities in credit, particularly for oil services companies.

As for the election, the consensus was that it’s a scary thing that folks appear to be in favor of Donald Trump, the Republican frontrunner. To the fund managers, it shows how disenfranchised American people are feeling.

Toward the end of one of the panels, the conference was momentarily interrupted by the Hedge Clippers, a group that wants to tax the wealthy elite. It didn’t really faze anyone, though. They took a coffee break while the protesters were escorted from the premises.

Source: BusinessInsider