Zach Schreiber Presentation – Ira Sohn 2014 Investment Conference

Zach Schreiber is a founding partner, portfolio manager and the Chairman, Chief Executive Officer and Chief Investment Officer of PointState Capital LP, an investment management firm founded in January 2011 by a team of investment professionals that had previously worked together at Duquesne Capital Management L.L.C. Prior to PointState, Zach was a managing director and portfolio manager at Duquesne Capital, from 2002 through year-end-2010, where he managed a portfolio of investments in energy, power, utilities and related commodities. Prior to Duquesne, Zach Schreiber worked for the Bass Brothers investment operation from 1996 through 2002. Zach graduated from Brown University in 1995 with a degree in International Relations. Zach serves on the Board of Directors of the Washington Institute for Near East Policy and is a Trustee of the Harlem Children’s Zone.

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Zach Schreiber spoke at the IRA Sohn Investment Conference, also see Alternative Mutual Funds Suffer From ‘Persistent Performance Drag’. Below are notes from his presentation.

Highlights from Zach Schreiber’s presentation

Schreiber got a very nice introduction from famous hedge fund manager, Stan Druckenmiller. Zach worked for Stan, and Stan called him a rising star.

2:36 PointState’s Schreiber believes oil is going “much lower” — is long refiners. VLO

$33b are net long WTI crude, per Schreiber #SOHN2014. If you’re long, this could make you feel comfortable, bec “at least you have friends.” We had (hopefully over) some technical difficulties just up so H/T KAte Kelly and will Orten for these notes.

Schreiber: “Refineries on the gulf coast are running flat out. Can’t process anymore. Excess supply of crude can’t be exported. Schreiber: none of the options for offloading overabundant crude oil are going to mitigate the problem

“Crude strength has led to complacency. And complacency is a killer,” per Schreiber #SOHN2014. US oversupply has yet to be felt

Zach likes refiners VLO and MRO which are a key way to benefit between US & World benchmarks

Schreiber: crude strength had led to complacency. Longs think crude immune to shocks that have hit other communities

One could really ask why aren’t global oil prices lower…outages in middle east due to unrest have negated exports

we like $VLO, $MRO, sees fcf yields at 10-11% before wider spreads, debt/ev of 0.4…but even more “New refinery economics in this country do not work.”