Speedcast International affirmed guidance of $US155 million only last May. But announcing its half-year results on Tuesday, that guidance fell by at least $US10 million, sending its shares crashing 37.4 per cent.

This marks a rare upset for an investment idea presented at the annual Sohn Hearts & Minds conference, where the country's most illustrious fundies present their favourite long or short ideas to raise money for charity. Caledonia, Regal and VGI Partners are way ahead on their ideas for 2017. And until Tuesday, Greencape Asset Management's Matthew Ryland probably figured he also had a success on his hands. At the 2017 event, Speedcast shares were at $4.60, and by Monday had risen to $6.71, almost to Ryland's $7 prediction. By Tuesday though, they closed at $4.20.