Sohn Conference, Part II

All the shorts and the fireside discussions

Part II of Random Walk’s notes from the Sohn Conference.

Here’s Part I in case you missed it.

Note: Probably no Daily Data tomorrow.

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Notes from Sohn, Part II

Part I was all the longs.

Part II has:

(1) Short ideas (four of them);

(2) Fireside discussions with:

• Daniel Gross and Eric Sternberger of Magic AI [AI related]

• Josh Resnick (Jericho Capital) and Leon Shaulov (Maplelane Capital) [Mag7 and tech investing];

• Jawad Mian (who is a great interviewer) with Karen Karniol-Tambour - Bridgewater [Macro] & Greg Coffey - Kirkoswald Asset Management [Career reflections]

• Tom Morgan “The Most Offensive Idea.”

The first-half is ticker specific, the second-half is not.

They’re both interesting though.

Enjoy.

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Shorts

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Nate Koppikar - Orso Partners

GlobeLife GL 0.00%↑ : scammy multi-level marketing insurance brokerage

• Business is built around shady brokers, selling multi-level marketing, with fake paydays. See Simon Arias of Arias Agencies.

• Prey on union members, etc. fear mongering around health scares and then upsell supplemental insurance. Ongoing DOJ investigation. Should hurt recruiting, which is the life of the business.

• Massive Deferred Acquisition Growth line item that makes no sense.

RW: sounds super-sketchy, but never underestimate the enduring power of multilevel marketing. Too late though, because stock took a massive dive following another short report.

Chris Drose - Bleeker St. Research