One of Europe's best-regarded hedge fund managers, Chris Hohn, told a conference yesterday that investors could as much as treble their money buying "really detested stocks" such as Porsche, where he has a long position, while he is short Italian car manufacturer Fiat.

In a rare public appearance, Hohn, who founded UK hedge fund management firm TCI nine years ago and who has given £1bn to the children's charity he co-founded with his wife, said investors could make money if they were prepared to buy stocks that were unloved by the market, provided they had reason to believe the market was wrong and were prepared to hold their positions for some time.