Notes From Sohn New York Investment Conference 2019: Einhorn, Robbins, Sundheim & More

The 2019 Sohn New York Investment Conference concluded and as usual it featured an excellent array of speakers sharing investment ideas all to benefit pediatric cancer research.  Click the links below to go to notes from each talk.


Sohn New York Conference Notes 2019

David Einhorn (Greenlight Capital): Long Aercap, Short GATX

Larry Robbins (Glenview Capital): Buy HMOs and hospitals, short pharma index, short 3M and Chemours

Daniel Sundheim (D1 Capital): Long Netflix & Disney, bearish Canadian pot stocks

Ryan Heslop (Firefly Value Partners): Short Community Health Systems

Gabe Plotkin (Melvin Capital Management): A few ideas

Christopher R. Hansen (Valiant Capital Management): Long Zillow

Jeffrey Gundlach (DoubleLine Capital): Buy interest rate volatility on long bond

Scott Goodwin (Diameter Capital Partners): Short PlastiPak unsecured bonds, long Constellium equity

Bihua Chen (Cormorant Asset Management): Long Reata Pharmaceuticals

Sohn Idea Contest Winner: Short Lamb Weston



Next Wave Sohn New York Notes 2019


Todd Westhus (Olympus Peak Asset Management): WDC long bank debt/short bonds

Matthew J. Smith (Deep Basin Capital): Long Cabot Oil & Gas 

Parvinder Thiara (Athanor Capital): Long Brazilian bonds

David Einhorn Long Aercap, Short GATX: Sohn New York Conference

We're posting up notes from the Sohn New York Investment Conference.  Next up is David Einhorn of Greenlight Capital who presented long Aercap (AER), short GATX (GATX).


David Einhorn's Sohn New York Presentation

•    Companies that lease airplanes have better businesses than companies that lease railcars (long Aercap, short GATX)

o    Airline leases are usually at least 10 years with a 25 year life
o    Railcar leases are 5 years when it’s new or less when it is used. Useful life is around 45 years
o    Airlines in cyclical growth
o    Railroads are more cyclical
o    Airplane utilization much higher than railcar
o    Can move airplanes around easier
o    Credit has cost airline leasing companies 0.1%. Cost railcar leasing companies nothing
o    Railroads becoming more efficient and using less railcars
o    Aercap- airline leasing in growing industry. Average age 6 years. Sells 15 year old planes. Longer leases
o    GATX-Railcar leasing. 14% market share. Cyclical and secular headwinds. Provides maintenance to customers. Average 20 year age. More dependent on releasing rates. Recent leases are shorter term
o    Aercap trades at a 50% discount to GATX even though it’s a better business both on P/E and P/B
o    Aercap is buying back stock. Reduced shares outstanding by 36%. Will continue to buyback stock


Be sure to check out the rest of the Sohn New York conference presentations.

Larry Robbins Long HMOs/Hospitals, Short 3M & Chemours: Sohn New York Conference

We're posting up notes from the Sohn New York Investment Conference.  Next up is Larry Robbins of Glenview Capital who talked about the healthcare industry and shared a myriad of ideas, including long HMOs and hospitals, short pharma index, and short 3M (MMM) and short Chemours (CC).


Larry Robbins's Sohn New York Presentation

Buy HMOs and hospitals. Short pharma index.  Hospitals trading at discount despite superior growth.  Buy Cigna (CI), Humana (HUM), UnitedHealth (UNH), HCA (HCA), Tenet Health (THC), UniversalHealth (UHS). 

•    Medicare For All is dead on arrival. Need President and Congress in order to get Medicare For All. Too high of a hurdle. Only 3 presidential candidates support this and they are not the favorites. Democrats in House and Senate not all on board. Need 60 senate votes to do this because it requires spending money.
•    Multiples are compressed relative to the market in HMO sector and have over 50% upside
•    President can act unilaterally to lower drug costs due to provisions of ACA. Drug revenues at risk
•    Same drug cost 3 times more in the US as in other OECD countries
•    Both sides (Dem and Republican) agree on drug prices
•    People under appreciate coming biosimilars

Short 3M (MMM) on PFAS (chemical that causes cancer that has ended up in drinking water) risk. Lawsuits have gone up 87 fold. Reserves for liabilities have only gone up 8%. They are not reserved. They have at least  $3 to $6 billion liabilities on this.

Short Chemours - is also exposed to these PFAS lawsuits.  Each time DowDuPont (DWDP) loses a lawsuit, he says you should assume this also hits CC.

Be sure to check out the rest of the Sohn New York conference presentations.

Daniel Sundheim Long Netflix & Disney, Bearish on Canadian Pot Stocks: Sohn New York Conference

We're posting up notes from the Sohn New York Investment Conference.  Next up is Daniel Sundheim of D1 Capital Partners.  He talked about being bullish on Netflix (NFLX) and Walt Disney (DIS) and was bearish on Canadian pot stocks. 


Daniel Sundheim's Sohn New York Presentation

- Overall cautious saying valuations are a concern and especially so if inflation picks up and Fed expectations are impacted or China trade talks fall, there's not enough cushion.

- Bullish on Walt Disney (DIS) and Netflix (NFLX).  Both will be the leading direct-to-consumer video companies in the future.  Sees the latter breaching $1,000 in the next 4-5 years.

- Bearish on Canadian pot companies: "Growing marijuana is inherently not a good business." Says Canadian weed industry has enormous downside due to huge supply.  Business models are challenged and the valuations are 'absurd.'  Closest thing to a bubble since bitcoin.

- Unlike other hedge funds, has not shorted Tesla because Elon Musk is 'hard to bet against.'

- Advised not to sell out of positions where you have a ton of conviction.  Cited Mastercard which he bought at IPO and sold once it doubled, only for it to jump 10x its IPO price.  "Great businesses don't come around that often ... Time is your friend when you have a great business."  He emphasized compounding capital over years instead of months.


Be sure to check out the rest of the Sohn New York conference presentations.

Ryan Heslop Short Community Health Systems: Sohn New York Conference

We're posting up notes from the Sohn New York Investment Conference.  Next up is Ryan Heslop of Firefly Value Partners who presented a short of Community Health Systems (CYH).


Ryan Heslop's Sohn New York Presentation

•    Short Community Health Systems (CYH): levered rollup of rural hospitals

o    Company will file for bankruptcy and equity will be worthless
o    CYH grew from 8,000 to 30,000 beds through acquisitions since 2000’s. Paid 600k per bed
o    Net debt grew to $16 billion from less than $2 billion since 2005
o    Management compensated on revenue and EBITDA. Ignores debt
o    Admissions have been declining. Patients are choosing to go to urban hospitals. Trend towards outpatients
o    Rising unit costs
o    Declining profitability per bed
o    Slashed capex by 50% per bed over 10 years. Under-investing in new technologies which fuels patient declines
o    CYH charging more and gauging out of network patients and uninsured. Top in the industry in gauging. Desperate for cash
o    Over 4 years has sold 1/3 of hospitals. Paid top dollar buying them at 600k. On sale has received 250k per bed and might be getting worse
o    Debt per bed has increased to over 700k per bed
o    Company doesn’t generate any cash. Including items the company categorizes as one-time costs they are burning a few hundred million a year.


Be sure to check out the rest of the Sohn New York conference presentations.

Christopher Hansen Long Zillow: Sohn New York Conference

We're posting up notes from the Sohn New York Investment Conference.  Next up is Christopher R. Hansen of Valiant Capital Management who presented long Zillow (ZG).

Chris Hansen's Sohn New York Presentation

Long Zillow
•    $7 billion market cap, $6 billion EV
•    70% market share
•    Currently sells leads. Potential to move to taking part of the commission
•    $1.2 billion in revenue. $350 million in EBITDA
•    Huge potential in flipping homes. Has all the data. Has all the traffic of people looking to buy homes. Some people willing to sell for a little less in order to get cash quick and not deal with selling their house
•    Will get into mortgage origination business. 50% to 75% attach rates
•    Will get fees on this flip. Don’t even need to make money on the actual flip. Will turn over inventory 6 times (30 to 90 day holds) a year which will make it a good margin business


Be sure to check out the rest of the Sohn New York conference presentations.

Jeffrey Gundlach: Buy Interest Rate Volatility on the Long Bond (Sohn New York Conference)

We're posting up notes from the Sohn New York Investment Conference.  Next up is Jeffrey Gundlach of DoubleLine Capital who talked about markets.


Jeff Gundlach's Sohn New York Presentation

•    Public debt about to explode and interest costs will explode. Especially once we hit a recession
•    He thinks there is more of a chance of recession
•    Interest rates will see more volatility
•    Fed Chair Powell has completely changed his tune and is moving towards MMT
•    Buy interest rate volatility on the long bond. Thinks volatility could double


Be sure to check out the rest of the Sohn New York conference presentations.

Gabe Plotkin Bullish Las Vegas Sands & Worldpay: Sohn New York Conference

We're posting up notes from the Sohn New York Investment Conference.  Next up is Gabe Plotkin of Melvin Capital Management who talked markets.


Gabe Plotkin's Sohn New York Presentation

- Sees US growth looking stable, says this is a "good environment for stocks."
- Bullish on Las Vegas Sands (LVS) and Worldpay (WPAY)
- Most of his fund's profits have come from shorting and betting against companies.  He's skeptical about mall REITs and Tesla (TSLA).

Be sure to check out the rest of the Sohn New York conference presentations.

Scott Goodwin Short PlastiPak, Long Constellium: Sohn New York Conference

We're posting up notes from the Sohn New York Investment Conference.  Next up is Scott Goodwin of Diameter Capital Partners who presented a short of PlastiPak unsecured bonds and a long of Constellium equity.


Scott Goodwin's Sohn New York Presentation

•    Credit investor - Secular shift in plastic packaging. 50 year bull run in the use of plastic packaging.
•    Many single use plastics being banned. Creating huge problems in oceans and landfills. Not easy to recycle. Thinks use of plastic will decline and will be a secular decline. Cliff is coming
•    Short PlastiPak unsecured bonds. 4% EBIT margins. Peer group has 10% to 12% margins. Bond trades at 95 cents. Heavily levered. Likely to be worth close to zero in bankruptcy
•    Long Constellium equity (aluminum). Much easier to recycle aluminum and higher recycling rates


Be sure to check out the rest of the Sohn New York conference presentations.

Sohn New York Idea Contest Winner: Short Lamb Weston

We're posting up notes from the Sohn New York Investment Conference.  Next up is the Sohn idea contest winner who presented a short of Lamb Weston (LW).

Sohn Idea Contest Winner: Short Lamb Weston

•    Lamb Weston(LW) – (Short idea) Lamb will miss estimates by 30% to 40% in next few years as margins are at peak.

o    Buys potatoes and sells them as french fries to restaurants.
o    Lots of new supply coming online. Was an unexpected boom in demand which sent margins in the business way up but a supply response is coming
o    People don’t realize that their current pricing power is cyclical and not secular. Stock is priced like a consumer staple
o    Would cost $5 billion to recreate Lamb’s assets. Company's EV is well more than double that


Be sure to check out the rest of the Sohn New York conference presentations.

Bihua Chen Long Reata Pharmaceuticals: Sohn New York Conference

We're posting up notes from the Sohn New York Investment Conference.  Next up is Bihua Chen of Cormorant Asset Management who presented a long of Reata Pharmaceuticals (RETA).


Bihua Chen's Sohn New York Presentation

•    Reata pharmaceuticals (RETA) - stock can be a ten bagger if it works. Has an experimental drug targeting kidney disease with good results. Can be a $25 billion company on $5 billion peak sales. Current market cap is $2.3 billion
•    Current data is so good that some people believe the data is fake
•    Some safety concerns on heart safety (now excluding patients with heart disease and slowly moving patients dose up) Since changes there have been no problems. No liver problems or any warning signs. No actual muscle loss. They think the safety profile is good


Be sure to check out the rest of the Sohn New York conference presentations.

Todd Westhus's WDC Trade: Long Bank Debt/Short Bonds (Sohn New York Conference Presentation)

We're posting up notes from the Sohn New York Investment Conference.  Next up is Todd Westhus of Olympus Peak Asset Management who presented a Western Digital (WDC) trade: long bank debt / short bonds.


Todd Westhus's Sohn New York Presentation

•    Western Digital (WDC) - negative cyclical and secular headwinds. Capital structure arbitrage. Long bank debt/short bonds. 2 points downside with 50 points upside.

o    HDD is losing share over time to SSD where WDC is a smaller player. HDD is in secular decline.
o    SSD has cyclical and competitive issues. WDC is losing market share in SSD
o    SSD inventory bloated and prices falling. Cycle is early and WDC has worst balance sheet in industry
o    HDD industry revenue expecting to decrease 15% over 4 years. Melting ice cube
o    WDC SSD has been growing 2% a year while industry grew 24%.
o    WDC has an inventory issue
o    Margins going to get worse. Gross margins likely to go flat or negative in a recession
o    China will be entering SSD market and will create more supply.
o    $11 billion of debt and EBITDA can go negative in a recession from $4 billion today


Be sure to check out the rest of the Sohn New York conference presentations.

Matthew Smith Long Cabot Oil & Gas: Sohn New York Presentation

We're posting up notes from the Sohn New York Investment Conference.  Next up is Matthew J. Smith of Deep Basin Capital who presented long Cabot Oil & Gas (COG).


Matthew Smith's Sohn New York Presentation

•    Energy focused investment firm
•    Cabot Oil & Gas (COG) - Currently $25 a share. Base case $35/Bull case $45/Downside to low 20’s
o    Acquisition candidate. Management incentivized to sell
o    Acreage in Marcellus shale. Marcellus generates 1/3 of natural gas used in the US
o    COG is in the best place in the country for nat gas
o    Productivity of COG wells 75% better than industry average
o    18 years of inventory in prime acreage
o    Atlantic Sunrise pipeline built to take COG gas into premium markets. Realize higher prices on nat gas. Own 10% of Atlantic Sunrise
o    40% higher margins than peers and growing
o    Over next 8 years will generate market cap in FCF
o    Based on current curve COG worth mid-thirties. On 50 cents higher curve worth bull case
o    Doesn’t like AR RRC because they are levered and are competing with free gas from oil production (associated gas)
o    COG will soon be a tax payer. Through an acquisition the profits can be shielded from taxes
o    COG share of Atlantic Sunrise worth $300 million and likely to sell and repurchase stock
o    Average management age at Cabot is in the sixties so think they will look to exit in a sale


Be sure to check out the rest of the Sohn New York conference presentations.

Parvinder Thiara Long Brazilian Bonds: Sohn New York Conference

We're posting up notes from the Sohn New York Investment Conference.  Next up is Parvinder Thiara of Athanor Capital who presented long Brazilian bonds.


Parvinder Thiara's Sohn New York Presentation

•    Worked at DE Shaw for 8 years before setting up fund; Chemist
•    Uses macro for relative value trades
•    Brazil- Long Brazilian bonds (currency hedged) as too much policy tightening is being priced in.

o    Went through a painful economic cycle and too much policy tightening is being priced in.
o    Real output still 5% below previous peak. Inflationary pressure should remain low as there is slack in the economy. There is currently low inflation. Easing is more likely than tightening being priced in.
o    Balance of payments is good and has money to defend currency. Not vulnerable to current account shocks. This isn’t Turkey or Argentina
o    Bolsonaro wants lower rates and tweets about it like Trump


Be sure to check out the rest of the Sohn New York conference presentations.

24th Annual Sohn Investment Conference New York

The 24th annual Sohn Investment Conference in New York is fast approaching.  Supporting the Sohn Conference Foundation's mission to treat and cure pediatric cancer, this is always a great event and supports a great cause.  In partnership with CNBC, the conference features top investors and industry thought leaders sharing investment ideas and more.

You can learn more about the event and register by clicking here.


2019 Sohn New York Speakers List

·         Bihua Chen, Founder and Portfolio Manager, Cormorant Asset Management, LP
·         Patrick Collison, Chief Executive Officer, Stripe
·         Laura Deming, Managing Director, Longevity Fund
·         David Einhorn, President, Greenlight Capital, Inc.
·         Tim Ferriss, Investor, Best Selling Author, and Top-Ranked Podcaster
·         Spencer Glendon, Concerned empiricist and Founder, Probable Futures
·         Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP
·         Christopher R. Hansen, President and Founding Partner, Valiant Capital Management, L.P.
·         Ryan Heslop, Co-Founder & Portfolio Manager, Firefly Value Partners, LP
·         Sir Michael Moritz, Partner, Sequoia Capital
·         Gabe Plotkin, Chief Investment Officer and Founder, Melvin Capital Management LP
·         Larry Robbins, Founder, Chief Executive Officer, Portfolio Manager, Glenview Capital Management, LLC
·         Daniel Sundheim, Founder and Chief Investment Officer, D1 Capital Partners
·         Josh Waitzkin, Extreme Athlete, Peak Performance Specialist
·         Ariel Warszawski, Co-Founder & Portfolio Manager, Firefly Value Partners, LP
·         Dr. Joon Yun, President, Managing Member, Palo Alto Investors LP


Click here to register for the conference.


Event Details

When: May 6th, 2019

Where:  Lincoln Center in New York City


Next Wave Sohn 2019

In addition to the main event, the conference will again feature the 6th annual Next Wave Sohn segment earlier in the day, which showcases emerging managers presenting their latest investment ideas.  Here's the speaker's list:

·         Angela Aldrich, Managing Partner & Portfolio Manager, Bayberry Capital Partners LP
·         Matthew J. Smith, Chief Executive Officer & Chief Investment Officer, Deep Basin Capital LP
·         Parvinder Thiara, Chief Investment Officer, Athanor Capital, LP
·         Todd Westhus, Founding Partner, Chief Investment Officer, Olympus Peak Asset Management LP
·         Lauren Taylor Wolfe, Managing Partner, Impactive Capital LP


As usual, this figures to be a full day of interesting market ideas and thought provoking discussion, all benefiting pediatric cancer research.  If you're interested in attending, we'd recommend signing up quickly before the rest of the seats disappear. 

David Einhorn's Sohn Presentation: Short Core Labs

We've posted up notes from the Sohn Conference New York and today are also posting the slideshow presentation from David Einhorn of Greenlight Capital.  He pitched a short of Core Labs (CLB) with the thesis that it's a cyclical company disguised as a secular grower.

He thinks fair value is $62, or around 40% lower as the company has exposure to international oil field capex budgets that won't recover.

Embedded below is David Einhorn's Sohn conference presentation on Core Labs:



You can download a .pdf copy here.

For more from this conference, we've also posted up Bill Ackman's presentation on HHC.

Sohn Conference New York Notes 2017: Ackman, Einhorn, Meister & More

Below we're posting up notes from the Sohn Conference New York 2017.  It featured top hedge fund managers sharing their latest investment ideas all to benefit pediatric cancer research.  We've also posted up the emerging manager presentations from Next Wave Sohn.


Notes From Sohn Conference New York 2017

Bill Ackman (Pershing Square): Long Howard Hughes (HHC)

He argued strong management and solid real estate locations as the main reasons to own the company.  Note that Ackman is the Chairman of the co.  We've posted up Ackman's slideshow presentation from Sohn here.



David Einhorn (Greenlight Capital): Short Core Labs (CLB)

Cyclical stock, expects earnings to disappoint.  Oil prices won't have a 'v' shaped recovery.  Company's annual report shows 65% decrease in oil prices over two years and then a 100% increase in price, a literal 'v' chart.  Says stock is pricey and that they're exposed to the least desirable parts of the market.  Exposure to international oilfield capex budgets which won't recover.  Fair value could be around $62, or over 40% lower.  Recall that Einhorn has also been short Pioneer Natural Resources (PDX) in pitch at previous conferences.



Larry Robbins (Glenview Capital): Long DXC Technology (DXC), FMC (FMC), Quintiles IMS (Q)

DXC has already doubled over the past two years but he thinks it can double again given the huge increase in earnings power.  FMC purchased businesses that Dow and DuPont dumped as part of their merger.  Thinks FMC benefits as the others had to divest this in order to get their big deal done.



Keith Meister (Corvex Management): Long CenturyLink (CTL)

Thinks the company's merger with Level 3 is a game changer.  Filing a 13D with the SEC today disclosing a 5.5% stake.  Says consolidation in telecom will continue due to more data.  If economy is doing well = more data growth which is good for CTL.  If economy doing bad = a 9% dividend yield versus a 10-year Treasury potentially falling back to 2%.  Would never have invested if it weren't for the merger.  Stock priced as if things are in decline permanently.  Sees 40% upside with dividends in base case, but potential return as high as 50-70% if there's corporate tax reform.



Clifton Robbins (Blue Harbour Group): Long Investors Bancorp (ISBC)

Has seen deposit and asset growth continue, should benefit from less regulations and tax reform as well.  They own around 9.9% of the company and one of their partners just joined the board.  Stock could be worth between $17 and $19.  Fortress balance sheet.  Have grown loans 22% CAGR.  Co has $1 billion in excess cash to allocate.  Could potentially be an acquisition target since it's a strong regional bank.  Has previously pitched this name at another conference a few years ago.  Also noted his firm is focusing more now on the importance of environmental, social and governance (ESG) in investing.



Chamath Palihapitiya (Social Capital): Long Tesla 2022 Convertible Bonds

He called Elon Musk this generation's "Thomas Edison."  Thinks playing the bonds means no money lost as long as the company is worth at least $15 billion.  Argues company will have 5% of car market in the next decade.  They don't spend on advertising or a dealer network, don't have unions, etc.  Very capital intensive.  Called TSLA "unmodelable."



Josh Resnick (Jericho Capital):  Short Frontier Communications (FTR)

Massive debtload and deteriorating EBITDA which is a bad combination.  Has been short for five years, from $4 down to $1.50, longest short of his career.  Thinks company goes bankrupt.  32% of revenue comes from voice (phones) and thinks it declines sharply.  Losing market share to cable as well.



Jeff Gundlach (DoubleLine Capital): Emerging market outperformance (EEM) vs S&P 500

Not very bearish on the US dollar, but also not a bull.  American stock market seems to be overvalued. Questioned the herd mentality around index funds.  Go long EEM short SPY and leverage it up 1x.  Also said he's now on Twitter: @TruthGundlach to fight back fallacious media reports.



Debra Fine (Fine Capital): Long DHX Media (DHX/B on TSE)

Creator, buyer and distributor of children's TV content in Canada.  Thinks fair value is C$20-C$30.  The change in how video is consumed has increased need for children's content.  Says new content buyers like Netflix, Amazon and YouTube are driving up prices.  Notes that children's content drives merchandise and licensing dollars.  Children's content ages well and is usually cheaper to produce.



Davide Serra (Algebris Investments): Short U.K. gilts (bonds), Long UniCredit (UCG:BIT)

Brexit doesn't really help the UK economy, thinks it costs U.K. around 7% of GDP (~$200 billion).  Thinks European stocks are at an inflection point.  Big gap versus S&P 500 over past eight years and that's about to change.  Also talked long UniCredit, thinks Europe is overdue for consolidation efforts.  Italian banks been penalized for high share of nonperforming loans which creates opportunity as the company is fixing this and then added tailwinds of interest rates normalizing.  We previously highlighted Dan Loeb & Third Point's thesis on UniCredit.



Brad Gerstner (Altimeter Capital): Long United Airlines (UAL)

Thinks skepticism of the airline industry that's been pervasive for years is too negative.  Led to lower multiples despite margins that were uptrending.  Sentiment shouldn't be that low.  Millennials are traveling more than their parents did so airlines can be a secular grower.  Altimeter settled proxy contest with UAL last year.  Sees 18% increase in EPS to around $16.75.  More conservative base case is $13 a share by 2020.  Consolidation of the industry cannot be overstated and has basically resulted in an oligopoly.  Planes are full and price wars are long gone so there's pricing power now.  We've also highlighted how Warren Buffett likes airlines now too. Shares could double.



Kevin Warsh (Former Fed Governor):

Thinks a lot about tail risks and tail outcomes.  Feels most assets aren't ready for downside surprise.  Says to watch capex going forward.  If companies are spending, the economy still has further legs.  If there's a cut, not so sure the economy can keep it in high gear to go forward.  Biggest question for him is if lower inflation continues with slow growth.  Thinks institutional credibility rather than the printing press will be biggest asset going forward.



Tal Ben-Shahar (Potentialife): General advice: Do less

If you want to be happier, do less as quantity affects quality.  Reduce multi-tasking and find time for play, for friends, for family.



Sohn Contest Winner Dylan Adelman: Long eBay


Be sure to also check out notes from Next Wave Sohn which featured emerging managers pitching their investment ideas.

Bill Ackman's Sohn Presentation on Howard Hughes: SimCities

We've posted up notes from the Sohn New York Investment Conference and at the event Pershing Square's Bill Ackman pitched a long of Howard Hughes (HHC).

He's actually the Chairman of the company and has been a longtime shareholder.  His pitch is included here in its entirety.

Embedded below is Bill Ackman's Sohn Conference presentation on Howard Hughes entitled 'SimCities':



You can download a .pdf copy here.

Be sure to also check out notes from the Sohn Conference New York as well as Next Wave Sohn.

Sohn New York Conference & Investment Contest 2017

Since 1995, the Sohn Investment Conference in New York has been the premier investing event.  It features top hedge fund managers sharing their latest insights and ideas in order to benefit the Sohn Conference Foundation's work to end childhood cancer.

This year's conference is coming up fast, so be sure to register for the conference before it sells out.

Sohn New York Event Details

When: May 8th, 2017

Where: David Geffen Hall, Lincoln Center, New York City


Sohn New York Speakers List 2017

David Einhorn, Greenlight Capital

Bill Ackman, Pershing Square Capital

Jeff Gundlach, DoubleLine Capital

Clifton Robbins, Blue Harbour Group

Josh Resnick, Jericho Capital

Larry Robbins, Glenview Capital

Davide Serra, Algebris Investments

Brad Gerstner, Altimeter Capital

Keith Meister, Corvex Capital

Debra Fine, Fine Capital Partners

Chamath Palihapitiya, Social Capital

Tal Ben-Shahar, Potentialife

Kevin Warsh, Hoover Institution


To hear the latest investment ideas from these top managers next month, sign up for the New York Sohn Investment Conference here.


Sohn Investment Idea Contest

Also, the Sohn Investment Idea Contest is now live.  Pitch your best idea with a 12-month horizon and have it judged by David Einhorn, Bill Ackman, Joel Greenblatt, Seth Klarman, and Larry Robbins.

The winner of the contest will then present their idea in front of 3,000 people at the Sohn Investment Conference in New York.

You can enter the idea contest here.