They held the inaugural Value Investing Congress, a gathering of antsy hedge fund managers, at the Time Warner Centre in New York this week. It was a nice choice of venue.

As Bill Ackman of Pershing Square Capital was on stage outlining his plan to push McDonald's into taking on $9bn (£5.2bn, €7.7bn) of new debt and selling most of its company-owned restaurants, Time Warner's bosses were at work 30 floors above. Carl Icahn, their own hedge fund irritant, has pressured them into increasing a $5bn share buyback to $12.5bn and still wants them to sell its cable division.