Tips from Wall St hedge fund gurus fail

According to a report in the Financial Times: Advice from the gurus of Wall Street may be rather less valuable than their fans would like to believe. Investors who bought on the basis of top tips from one of New York’s most celebrated hedge fund conferences last year spectacularly failed to beat the market.

But a Financial Times analysis of last year’s tips shows decidedly mixed results. An investor who followed every top idea from the 12 speakers last year would have made 19 per cent, less than the 22 per cent gain available from a passive index fund tracking the US stock market. Many of the ideas have proved woefully miscued, including some from the most high-profile managers who will return to the stage on Wednesday: David Einhorn of Greenlight Capital and Bill Ackman of Pershing Square….

Wait...wait...there's more at http://www.ft.com/intl/cms/s/0/f64ec9e4-b725-11e2-841e-00144feabdc0.html#axzz2SR82hL6J