From Market Folly:

... We've been covering the Delivering Alpha conference, and we conclude with the Best Ideas & Alpha panel featuring Kyle Bass (Hayman Capital), Leon Cooperman (Omega Advisors), Philip Falcone (Harbinger Capital), Dan Loeb (Third Point), J. Tomilson Hill (Blackstone Alternative), and Anne Popkin (Symphony Asset Management).

Each presented their best current idea:

Kyle Bass (Hayman Advisors)

Bass is well-known for his subprime short and prediction of sovereign defaults. At the conference, he said that the sovereign debt crisis is unlike anything seen in history.

Bass believes Japan is in the worst position, saying, "Japan spends almost half of their revenue on debt service. So a minute move can put them literally into check-mate... We see a structural anomaly creating the cheapest option in the world."

Simply put, Bass says to buy...

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