In the past, hedge fund managers' publicly-voiced opinions at investors' conferences held much more sway and market influence than they do now. For instance, in 2015, hedge fund managers like Anthony Bozza had the power to make Universal Insurance Holdings Inc.'s shares fall by up to 30%. Bozza, the manager of Lakewood Capital Management, achieved this by giving a negative speech filled with attacks against the insurance company at the Robin Hood Investors Conference in New York. The aftermath? UIHI's shares fell within the hour and never fully regained their original value.

Historically there has been a consistent correlation between hedge fund managers' recommendations and a movement in the shares of the companies they mention. However, in recent years, that correlation has been on the decline, from 76% recommended stock movement to 34%. In the case of certain ideas, if attendants sell short 1,000 shares of a pinpointed company during the conference and close trades by the end of the day, they stand a chance of earning back at least their ticket price for the conference, with some profits to spare, but this is much smaller-scale than what came before.

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The annual Robin Hood Investors Conference funded by JP Morgan (JPM  ) is the most prominent idea-sharing venue for hedge funds. This year it took place on October 19 and 20 at Manhattan's Spring Studios. All of its proceeds go towards anti-poverty charities, and have since the conference's inception five years ago. At the conference, hedge fund stars trade recommendations; those in attendance put those recommendations into their own practice. Those who attend the conference must pay a minimum of $7,500 to the anti-poverty charity. This initial payment affords them the advantage of being the first to access the managers' pitches during the conference. In comparison to other conferences, like the Sohn Investment Conference and the SkyBridge Alternatives Conference (SALT), Robin Hood's pitches tend to have more of a short-term impact than long-term impact on the market. As for the managers with the most impact, Keith Meister takes the lead, followed by David Einhorn.

The diminished market influence of the insights given by "hedge fund stars" suggests that the value of attending investors' conferences will gradually diminish as well. This shift raises the question of whether an alternative, centralized source of information will replace such conferences, or if "good" sources of investment advice will become more widely dispersed and less establishment-centric. As the sense of prestige typically attached to these conferences erodes, the market influence these stars wield will continue to decrease.