Reuters: US Dollar Report: JPMorgan's Erdoes-shorting euro is good idea-CNBC conference

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JPMorgan's Erdoes-shorting euro is good idea-CNBC conference Jul 18th 2012, 14:15 NEW YORK, July 18 | Wed Jul 18, 2012 10:15am EDT NEW YORK, July 18 (Reuters) - As Europe's debt crisis continues to dominate investors' minds, JPMorgan Chase & Co's Mary Callahan Erdoes said on Wednesday that her single best investment idea is to short Europe's common currency. "Shorting the Euro," Erdoes, chief executives of JPMorgan Asset Management said, when asked for her single best investment idea at CNBC's Delivering Alpha Conference. Having just spent time in Europe, Erdoes, however, also said that there are investment opportunities in undervalued European companies. She did not name any of them. On the same panel, hedge fund manager Richard Perry, who runs roughly $8 billion Perry Capital, said he likes Italy's and Spain's sovereign debt. He noted that everyone else seems to be piling into the stronger European nations' debt but said there will be value in Italy and Spain. On a lighter note, when asked for his single best investment idea, he joked "shoes," urging the conference attendees to rush to nearby high-end retailer Barneys in midtown Manhattan and check out the fifth floor shoe department.

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