Money managers including David Einhorn and Bill Ackman descended on New York’s Lincoln Center on Monday where about 3,000 people gathered at the annual Sohn Investment Conference, one of the hedge fund industry’s marquee events, to hear the latest trade picks. Jeffrey Gundlach, who at last year’s conference told attendees to prepare for a Donald Trump presidency, said to buy the iShares MSCI emerging markets exchange-traded fund and bet against the SPDR S&P 500 ETF. “What the heck, let’s have some fun,” he said. “Let’s leverage it one time.” Davide Serra said investors should short U.K. rates ahead of Brexit, while Josh Resnick sent shares...