Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Flagship Wall St conference sees record attendance, run on steak

Stock MarketsSep 15, 2021 11:37AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: Sreeni Prabhu, co-founder, Managing Partner and Group Chief Investment Officer of Angel Oak Capital, speaks during the Skybridge Capital SALT New York 2021 conference in New York City, U.S., September 14, 2021. REUTERS/Brendan McDermid/File P 2/2

By Svea Herbst-Bayliss

NEW YORK (Reuters) - A flagship Wall Street conference returned this week, attracting so many fund managers and investors who were hungry for in-person interactions that organizers ran out of a steak and lobster entree and seats at its first lunch on Monday.

    The three-day SALT event, long one of the hedge fund industry's biggest conferences, took a break during the pandemic last year but its host, Anthony Scaramucci, was determined to bring it back this year with strict safety protocols, a different kind of agenda and much closer to home for many.

    The roughly 2,300 people who came in person needed to show proof of vaccination and the venue changed to the Jacob K. Javits Convention Center in Manhattan, from the Bellagio Hotel & Casino in Las Vegas.

Initially, guests roamed the spacious hallways wearing masks, bumping elbows and leaving distance between seats in the cavernous conference rooms. But within a few hours early nervousness had melted away and there were handshakes and hugs aplenty between longtime business associates, many of whom had not seen each other in over 18 months. The lunch area was so crowded on the first two days that there was a mad race for seats and boxed lunches had to be served to those standing at the back of the room.

    "In New York, people have more of a game face on," Scaramucci told Reuters in an interview. "There isn't the kind of frivolity that we have in Vegas."

    He joked that more people were sitting in the darkened conference rooms actually listening to presenters than in Las Vegas, where they might be playing slots.

    Many of the prominent investors who had appeared in the past were back, including Steven A. Cohen, Daniel Loeb, Marc Lasry, Mike Novogratz and Ray Dalio. Sports legends Joe Torre and Bobby Valentine also appeared, as did media personality Paris Hilton.

    But there was a heavier focus on cryptocurrency investments, which have soared in popularity, as well as how the pandemic has changed society in investable ways than the human interest elements that made the Vegas destination popular. There was plenty of talk about how funds survived enormous volatility during COVID-19, how they are handling back-to-work arrangements - hedge fund manager Cohen says he likes working from home and doesn't have to be in the office five days a week - and what may happen with inflation.

    "It was great to see people again and to have so many conversations," said Milind Sharma, chief investment officer at QuantZ Capital. "That alone was worth the price I paid to come."

   In addition to the 2,300 people who showed up in person, 700 signed up to view the program remotely, making it the best attended conference ever, SALT organizers said.

    Many attendees who spoke to Reuters said they were given tickets for free rather than pay the entry fee, which totaled $8,000 a ticket for some.

    Scaramucci launched the SALT event in 2009 when he ran hedge fund investment firm SkyBridge Capital. He left in 2017 to become communications director for former President Donald Trump for just 11 days, eventually returning to SkyBridge. At the conference he joked that his firing might have been the best thing that happened to him, saving his career, his firm and his marriage.

    The pandemic, which has so far killed 4.8 million people globally, prevented Scaramucci from organizing SALT in its usual three-day in-person format last year. Although the Delta variant sparked concerns about the New York event and even some talk of postponing it, it appears to have gone off without a hitch.

    As for SALT's future, Scaramucci wasn't ruling anything out, including a return to the Vegas strip.

    "You have to come up the risk curve in order to get back to normal," he said.

Flagship Wall St conference sees record attendance, run on steak
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Saroop Calvete
Saroop Calvete Sep 15, 2021 11:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
80 million people die worldwide every year. 4.8 million in 20 months is not significant, further with a doubtful cause of death in many cases or who have perished anyway given their existing maladies.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email