Below are notes from the 19th annual Sohn Investment Conference in New York, produced in partnership with Bloomberg LINK. As always, top hedge fund managers pitched their latest investment ideas to benefit pediatric cancer research. Here's this year's edition.
Sohn Investment Conference Notes: New York 2014
David Einhorn (Greenlight Capital): Short Athena Health
Bill Ackman (Pershing Square): On GSE's Fannie/Freddie
Philippe Laffont (Coatue Management): Long Liberty Global
Chris Shumway (Shumway Capital): Short the CNH, long Moody's
Larry Robbins (Glenview Capital): Long Humana, WellPoint, Monsanto
Paul Tudor Jones (Tudor Investment Corp): On the macro environment
Michael Novogratz (Fortress Investment): The case for Brazil
James Grant (Grant's Interest Rate Observer): On Russia and Gazprom
Jeff Gundlach (DoubleLine): Short homebuilders
Zach Schreiber (PointState Capital): Long refiners Valero & Marathon
Mariko Gordon (Daruma Capital): 3 long ideas
Dan Ariely (Duke University): On the psychology of money
Investment Contest Winner: Michael Guichon: long Fiat
And if you missed it earlier, we also posted up notes from the Next Wave Sohn Conference. This was the mini-conference that took place before the main event where emerging managers pitched their latest ideas.
Tuesday, May 6, 2014
Sohn Conference Notes New York 2014: Einhorn, Tudor Jones, Shumway, Laffont & More
Mariko Gordon: Long Electronics For Imaging, H.B. Fuller, Pacira Pharmaceuticals (Sohn Conference Presentation)
We're posting up notes from the Sohn Investment Conference in New
York, produced in partnership with Bloomberg LINK. Next up is Mariko Gordon of Daruma Capital who pitched three ideas: Electronics For Imaging (EPII), H.B. Fuller (FUL) and Pacira Pharmaceuticals (PCRX).
Mariko Gordon's Sohn Conference Presentation
Talked about how everyone has short holding periods of stocks now. Three ideas.
Long: Electronics for Imaging (EFII). Conversion from analog to digital printing. Company makes large-scale inkjet printers for printing tile, facades, even surfboards. Razor/blade model. They were not selling ink, but will be soon. $60 PT, 20x $3/share in 2016.
Long: HB Fuller (FUL). Specialty adhesives company. Cut 13 plants down to 7, 1400 employees down to 1000. Reduced SKUs by 45%. Only 15% EBITDA margin target though. $70 PT, stock is $45 now. Bull case target is $90, needs more growth.
Long: Pacira Pharma (PCRX). Pain killer medicine.. Costs 100x more than the generic. Lasts up to 72 hours, vs other up to 8 hours. Drug is Exparel. PT $150, stock is $70 now. Early stage company now, based on 10% market share. $250 bull case PT on 20% market share.
Be sure to check out the rest of the presentations from the 2014 Sohn Investment Conference.
