John Bailey, founder and chief executive officer of Spruce Private Investors LLC, from second left, Gideon King, president and chief investment officer at Loeb Capital Management, and Jeffrey Smith, chief executive officer and chief investment officer at Starboard Value LP, participate in a panel discussion moderated by Dominic Chu, markets reporter for Bloomberg Television, left, during the Bloomberg Hedge Funds Summit in New York, U.S., on Wednesday, December 5, 2012. The Bloomberg Hedge Funds Summit convenes managers and investors to discuss the impact of the European debt crisis on the global markets and break down the fundamentals driving volatility in the equity markets. Photographer: Michael Nagle/Bloomberg via Getty Images
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