The Robin Hood Conference is one of the top investment conferences of the year. While the gathering is closed to media (besides CNBC and/or Bloomberg) ValueWalk has some reliable sources who will enable us to provide coverage of the event. The conference has a real all star line up (see the full list below). We will be updating this post with all the info you need so stay tuned and bookmark this page or sign up for our free newsletter to ensure you do not miss anything important.
More on the event and speaker schedule below.
The event gathers some of the brightest and most influential policy experts, hedge fund managers, financial leaders, tech innovators and real estate investors to share market insights and give actionable, money-making ideas.
Since inception in 2013, the conference has raised $15 million to fund the best poverty fighting organizations in New York City.
Robin Hood Conference- Schedule
We have noes from the the Robin Hood Conference today – Here is the schedule of day 1:
* David Einhorn (Best Idea Presentation) – 1:10pm Also see David Einhorn Takes Swipe At Elon Musk In Q3 Letter To Investors
* Einhorn is long Bayer – I do not believe he mentioned this in his Q3 letter so this is new idea being presented. Remainder also that there is a big proposed merger between Bayer and Monsanto (NYSE:MON) but Einhorn likes the stock regardless or whether merger gets past anti trust or not. Not much new in this presentation but we hope to have the slides later. So far Bayer has moved slightly off the lows for the day probably on the Einhorn pitch.
In short, Einhorn believe that the stock goes up if the Monsanto deal breaks down or is blocked by regulators and Bayer is cheap if the deal does get completed.
Ray Dalio will be up soon!
NOTE – we apologize about lack of notes today something urgent came up with our main source and the conference is closed to all media – we will have more later and tomorrow! If anyone has notes they want to send anonymously please contact us at tips(@)valuewalk.com and if we can verify the notes it would help all our readers – thank you and stay tuned!
* Ray Dalio, Blue Ridge’s John Griffin - 2pm -- Also See Dalio Warns That Bond Investors Could Be Wiped Out
* Two Sigma’s David Siegel - 2:30pm
* Paul Tudor Jones - 3:30pm
* Einhorn, Suvretta’s Aaron Cowen, Triarii’s Miguel Fidalgo, Tourbillon Jason Karp - 4:00 pm -- Also See Aaron Cowen Long BKW,, Jason Karp On His Shortselling Process And Fundamental Longs
Suvetta Capital's Aaron Cowen allegedly pitched QSR yesterday but has also been long in the past if anyone has slides please send them.
* Jonathan D. Gray, Starwood’s Barry Sternlicht: 4:30pm
* Margate Capital’s Samantha Greenberg (Best Idea Presentation) - 5pm
Samantha Greenberg pitched long Walt Disney (NYSE:DIS) idea at the conference.
* Sachem Head’s Scott Ferguson, Meister, Smith, Robbins - 5:10pm
* Larry Robbins, Tudor Jones - 5:45pm
Day 2 speakers include Appaloosa’s David Tepper, Lakewood’s Anthony Bozza
* David Tepper, Appaloosa Management (Macro Idea) - 9:10 AM Also see David Tepper: A Presentation On Investing At Carnegie Mellon
Tepper likes Allergan (AGN) because it is "cheap"
* Anthony Bozza, Lakewood Capital Management (Best Idea Presentation) - 9:30 AM Also see Lakewood Capital Q3 Letter: Short ViaSat, 2U, Inc.
Lakewood Capital is short TherapeuticsMD Inc (NASDAQ:TXMD) - the stock is already down 17 percent on the news. Big move for a company with a market cap of about $1 billion. The basic thesis is that Bozza alleges the company promoted by stock promoters, has sketchy management, and that products wont sell. This short thesis has been pitched in past but we do not recall who it was. But if you look at short interest you can see this is a popular short.
* Stanley F. Druckenmiller, Duquesne Family Office (Fireside Chat) - 9:55 AM; Larry Kudlow, Kudlow & Company (Fireside Chat) - 10:30 AM
* Raymond Kelly, K2 Intelligence; General Ray Odierno, United States Army, Retired (Security) - 11:15 AM
* Mark B. Spiegel, Stanphyl Capital (Best Idea Presentation) - 11:45 AM = Also see Tesla Motors Inc (TSLA) Urging Employees To Inflate Numbers? And Stanphyl’s top small cap picks which are driving the strong returns this year
Mark pitches short Tesla - he has some great small cap ideas so the TSLA short which he is public about is slightly surprising - but stock is down very slightly from the time of the pitch. Tesla was already down close to 2% before the presentation.
* Peter Muller, PDT Partners (Are the Quants really Peter Muller PDT Partners taking over the world?) - 1:40 PM
* Guy Oseary, Maverick, Sound Ventures; Harvey Weinstein, The Weinstein Company (Fireside Chat) - 2:00 PM
* Pablo Salame, Goldman Sachs; Boaz Weinstein, Saba Capital Management (Credit) - 2:30 PM
* Whitney Tilson, Kase Capital Management (Best Idea Presentation) - 3:00 PM
Whitney Tilson is short Wingstop Inc. (NASDAQ: WING) here is the full presentation
* Ron Baron - Baron Capital, Baron Funds (Fireside Chat) - 3:45 PM
* Jamie Dimon, JPMorgan Chase & Co.; Jeff Immelt, GE (Fireside Chat) - 4:15 PM
* Lee S. Ainslie III, Maverick Capital; John A. Griffin, Blue Ridge Capital (Market Wrap) - 4:55 PM Also see Maverick Capital Warns Of S&P 500 Valuations
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WE have a lot more notes below finally please check it out!
Transformation into life science
High barrier to entry
Divestiture of Covestra is positive
Mkt didn't like merger
Obstacles to merger
Most waiting till approval hence the opportunity
Like both outcomes approved merger or each on a stand alone
Bayer solo is attractive
Key products in growth mode
No big patent cliffs soon
Good new pipeline
Not big price increases
Pharma biz under appreciated
Deserves premium mult
Attractive animal health underappreciated Best animal comp 21X
Leader crop protection
Immune to current down cycle
Pre deal 14x yet biz improved
Goes up if deal breaks
Not much geographical overlap
Huge discount to $128 deal price
Not much product overlap
Many large deals in works
Largest all cash deal
Bayer plans rights offering- fear overhang
If corn prices recovers
Cost cutting Opportunities
See Gains in R & D
1.5 bil synergies brings mult 28 down to 12
Combined basis 14-22x
Combo buy for 10x
Either way win