The 2024 Sohn New York Conference brought together some of the brightest minds in the investment world, including David Einhorn, Karen Karniol-Tambour, Seth Fischer, Michelle Ross, Scott Goodwin, and many others. During the conference, several notable investment ideas were presented by these individuals.
One standout idea came from rising star Michelle Ross of StemPoint Capital, who spoke about Crinetics Pharmaceuticals. Ross highlighted the potential of GLP-1 drugs and how Crinetics Pharmaceuticals is developing treatments for endocrine diseases with significant market potential in the U.S. She expects the company to achieve regulatory approvals and launch new treatments, predicting a target price of $88 per share and long-term growth.
Nikhil and Krish Daftary of NK Capital pitched Alimentation Couche-Tard, a convenience-store operator, as an undervalued stock with the potential to become a global retail giant. They discussed the success of the gas-station industry and the unique value proposition of convenience stores, emphasizing the role of time-saving services in driving consumer behavior.
David Einhorn presented his investment idea for Solvay, a Belgian chemicals company, as a prime example of the value investing opportunities available in the current market. He highlighted the company’s strengths, including its exposure to stable markets like soda ash and peroxide, as well as its strong management team. Einhorn sees Solvay as a less cyclical and undervalued option compared to its competitors.
Scott Goodwin of Diameter Capital discussed his long position on New York Community Bank, focusing on the distressed assets and potential opportunities for growth in the bank’s remaining portfolio. Goodwin highlighted the challenges faced by the bank and its strategic moves to address them, projecting a long-term investment horizon for the stock.
Jesse Cohn of Elliott Investment Management shared his thesis on Etsy, highlighting the company’s unique value proposition in the e-commerce market and its strong customer loyalty. He discussed Etsy’s performance during the COVID-19 pandemic and its growth trajectory under new leadership. Cohn sees Etsy as an undervalued stock with significant potential for growth, despite its current low EBITDA multiple.
Overall, the 2024 Sohn New York Conference featured a diverse range of investment ideas from some of the most prominent names in the industry, showcasing the ongoing innovation and talent in the investment world. These ideas provided insights into emerging trends, undervalued stocks, and long-term growth opportunities for investors looking to capitalize on the current market landscape.
