Reuters – It\u2019s the\u00a0Value Investing Congress today and tomorrow, I\u2019m not sure whether I\u2019m going to be able to make it at all, but you can be sure that lots of financial journalists will be filing breathless reports about various celebrity hedge fund managers\u2019 investment ideas, and that the actual delegates at the conference will be even more excited about the prospect of getting to be in the same room as these multimillionaire investment stars.<\/p>\n
It\u2019s a highly artificial environment, where fund managers get to present their best case for why a given stock is undervalued. And if there\u2019s one lesson to learn from going to this event, it\u2019s that successful fund managers are also highly-accomplished salesmen. They\u2019re fantastic at telling stories, and by the time their presentation is over, you\u2019re all but phoning up your broker on the spot, telling him to buy as much as he possibly can.<\/p>\n