NEW YORK ( TheStreet) --The Ira Sohn Conference was chock-full of investment ideas from hedge fund luminaries such as Bill Ackman, Stan Druckenmiller, Jeffrey Gundlach, David Einhorn and others.

Pershing Square's Ackman, in the news because of his battle with Herbalife ( HLF), recommended Procter & Gamble ( PG - Get Report), saying he thinks it could go to $125 a share in a few years.

Jeffrey Gundlach, known for his prescient call to short Apple ( AAPL) from last year, took a shot at another highflier, Chipotle Mexican Grill ( CMG - Get Report).

DoubleLine Capital's Gundlach said that Chipotle is a good short, as he hates the chart but loves the product. Gundlach, who made several jokes during the presentation to the crowd's delight, also said to avoid insurance companies because of quantitative easing.

Gundlach also had other short ideas, including French bonds, saying "the French are a basket case" avoiding bank deposits, and gold.

Keith Meister from Corvex Capital recommended TW Telecom ( TWTC), saying the company could be acquired since the industry is consolidating. He noted that Corvex filed a 13-D on TW Telecom, as the hedge fund owns 6% of the company.

The company could see a 36.5% return on invested capital in the next few years, something that an acquirer, such as Level 3 Communications ( LVLT), would like. Corvex owns 3% of Level 3. He also mentioned other companies that could acquire TW Telecom including Verizon ( VZ), Google ( GOOG), and AT&T ( T).

In the past, the industry has seen on average 22% worth of synergies from mergers, which could be worth $14.50 a share in upside on TW Telecom. He believes the shares could trade as high as $38 a share by the end of 2014.

Steve Eisman, who rose to fame betting against the U.S. housing market, recommended several housing-related names, as he believes the U.S. housing market has a long way to go. He noted home affordability levels are the best they've been in decades, and shadow inventory is not the problem the bears are making it out to be. Blackstone and others have been buying up the shadow inventory, and since we"still fairly close to the bottom," single-family housing starts will rise; he believes they will grow 20% for few years.

He mentioned homebuilders that are land rich, building products and land as the best ways to play the housing recovery. Lennar ( LEN - Get Report), Standard Pacific ( SPF), Pulte Homes ( PHM - Get Report), Fortune Brand Home & Security ( FBHS), and Forestar Group ( FOR) are ways to play the recovery, he said.

Regarding Forestar, he noted the book value is $15.29, and shares trade around $23 a share. It has 136,000 acres of entitled and undeveloped land carried at cost, and if that land was valued at mark-to-market shares are worth $30 easily.

-- Written by Chris Ciaccia in New York

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