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Sohn 2018 - Discussion


Graham Osborn
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A big couple weeks coming up with Sohn, Fairfax, and Berkshire meetings!

 

Thought I'd start a thread for discussion of Sohn ideas and presenters this year.  Some of the perennials have been further ravaged over the past year.  Cash is the ultimate hedge - but it's hard to justify 2/20 on a "cash" fund lol.

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I was there.  Wrote a bit about my experience https://onbeyondinvesting.com/blogs/blog/ira-sohn-2018-investment-contest-finalist-short-genworth-mi-canada

 

My quick observations.  Was surprised how tech/growth focused it was.  Lots of comps to highly valued peers.  The companies may deserve those multiples, I have no strong view, just found it surprising how that was a recurring theme.  I will say that all ideas were thought provoking and I was impressed by the quality of the presentations (everyone appeared to be a natural at it).

 

Ideas this board may care about, DHI - apparently becoming a NVR-type builder.

 

Only two ideas that I found really compelling, Short EROS (Mangrove CEO made a compelling case).  Short Rallye debt (Diameter presentation), this idea appeared to be a no-brainer, little NAV coverage of holdco european high yield debt, from overlevered grocery company exposed to a more competitive environment.  Not something everyone can do, but compelling anyways.

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