Hedge-fund manager John Paulson presented three stock picks at his maiden appearance at the Ira Sohn conference: Caesars Entertainment Corp. (>> Caesars Entertainment Corp), AngloGold Ashanti Ltd. (AU, ANG.JO) and CVR Energy (>> CVR Energy, Inc.).
He said Caesars Entertainment's valuation is low as the company has assets, like its online gaming platform, that are essentially not valued in its current share price. The manager of Paulson & Co. said Caesars's revenues may grow further on its Asian and online gaming businesses.
On AngloGold, Paulson said the company is a good business whose earnings grow at a faster pace than the rise in gold prices. He added AngloGold's valuation today presented an attractive entry point and that it is cheaper to have gold exposure through the stock than through exchange-traded funds, as the latter charges for the handling and management of the underlying assets.
Noting he owns 9.9% of CVR Energy, Paulson said the company has potential to be acquired at $36 a share. CVR Energy closed down 5 cents at $30.35 Wednesday.
-By Amy Or, Dow Jones Newswires; email@example.com
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