Sohn Conference Stars are the “Little Guys”

April 23, 2018 James Heinsman Hedge Fund News

Another year has passed since the last annual Sohn Investment Conference, the highly anticipated event in which managers big and small present their investment ideas for the coming year. Once again, the most successful investment ideas come from the more modest sources, while the higher profile investors’ ideas are not as profitable.

According to a Reuters analysis, Josh Resnick, the founder of Jericho Capital Asset Management of New York, had the best overall performance of all the 11 presenters at the 2017 Sohn Conference. Resnick recommended to attendees last year to short Frontier Communications Corp. His bet against the company earned him 61 percent payoff since May 8, 2017, the date he made his recommendation.

Coming in second place was Larry Robbins, manager of Glenview Capital Management. His recommendation was a bullish bet on DXC Technology Company, which earned 33 percent since last year’s announcement.

This year’s conference, the 23rd yearly, will be held on Monday, April 23rd at the David Geffen Hall at Lincoln Center. Among the presenters will be Glen Kacher of Light Street, Chamath Palihapitiya of Social Capital, and Li Ran of Half Sky Capital.

Investing superstar David Einhorn of Greenlight is one example of a big name whose prediction turned to little gain. His recommendation last year was to short Core Laboratories NV. Sadly, for Einhorn, and anyone who followed his advice, the company gained 7.3 percent since May 8, 2017 and now, resulting in a losing position for anyone shorting the stock, like Einhorn recommended. In Just the first quarter of 2018 Greenlight was down by 14 percent.

This year’s conference will feature a stock-picking game, the Ira Sohn Stock Game. For a $100 entry fee, participants receive one million tokens to build a fantasy investment portfolio. The player with the best performance during the coming year will be declared winner and will receive two free tickets to the 2019 Sohn Investment Conference. The $100 entry fee will be used to fund the Sohn Foundation’s mission, to treat and find a cure for pediatric cancer.

For more details about the contest, go to the Sohn Conference web site.

David Einhorn, Ira Sohn Stock Game, Josh Resnick, Larry Robbins, Sohn Investment Conference,

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