Today we present notes from the 2013 Ira Sohn Conference in New York. The 18th annual event featured top hedge fund managers presenting investment ideas and the proceeds from the event benefit pediatric cancer research and treatment via the Sohn Conference Foundation. Summaries of each speaker's talk are linked below.
Notes From Ira Sohn Conference 2013
Stanley Druckenmiller (Druckenmiller Family Office) on commodities, short Australian Dollar
David Einhorn (Greenlight Capital) on Oil States International (OIS)
Steve Eisman (Emrys Partners) on housing plays: OCN, LEN, PHM, FBHS, FOR, CLNY, AMWD
Paul Singer (Elliott Management): a financial overview & history of markets
Jim Chanos (Kynikos Associates): short disk drive makers Seagate & Western Digital
Kyle Bass (Hayman Capital) on Dex Media (DXM) and Japan
Bill Ackman (Pershing Square): long Procter & Gamble (PG)
Jeffrey Gundlach (DoubleLine) on quantitative easing, short French bonds, short Chipotle
Jonathon Jacobson (Highfields Capital): Short Digital Realty Trust (DLR)
Mitchell Julis (Canyon Partners) on Clear Channel Outdoor (CCO) & Apple (AAPL)
Keith Meister (Corvex Management): long Time Warner Telecom (TWTC) & Level 3 (LVLT)
David Stemerman (Conatus Capital): short African Bank (ABL:SJ)
Li Lu (Himalaya Capital) on Korean preferreds (Samsung, Hyundai)
Clifton Robbins (Blue Harbour Group) on CACI & Akamai
Tor Olav Troim (Seadrill) on opportunities in cyclical industries
Simeon McMillan (Columbia MBA, investment contest winner) on Tribune Company
Thursday, May 9, 2013
Notes From Ira Sohn Conference 2013: Einhorn, Druckenmiller, Eisman & More
Mitch Julis' Sohn Conference Presentation: Clear Channel Outdoor (CCO), Apple (AAPL)
We're posting up notes from the Ira Sohn Conference 2013 in New York. Next up is a summary of the presentation from Mitchell Julis of Canyon Partners. He presented Clear Channel Outdoor (CCO) and wandered into other topics throughout his talk.
Long Idea: Clear Channel Outdoor (CCO)
Stub equity. Says depressed multiple. So his bull case needs multiple expansion. And he expects some EBITDA growth. Complex story, litigation, etc.
Apple. (AAPL) Long. Cites their bond at 1.5% interest rate, says the discrepancy between the debt and equity is significant. "Capital structure matters." - quote from Michael Milken.
He also touched on how tons of CUSIPs have been bought by CB's since 2007 and you don't want to fight them. Julis says "if you don't do macro, macro will do you."
While everyone is just going long in this environment, he said to look for earnings power and staying power (Warren Buffett's great at this).
Check out the rest of the hedge fund presentations from the event: notes from Ira Sohn Conference 2013.
