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IRA Sohn Next Wave Conference Notes

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Next Wave IRA Sohn will bring the next generation of talent to the Sohn Investment Conference. Held during the morning hours just before the Sohn Investment Conference convenes, Next Wave IRA Sohn will offer an audience of 250 attendees a chance to hear up-and-comers share their best ideas.

ValueWalk will be covering the 19th IRA Sohn Conference 2014 produced in partnership with Bloomberg LINK – sign up for our free newsletter to ensure you do not miss our coverageYou can also find coverage via Twitter, Facebook, Linkedin, or RSS. Also see the 2014 Value Investing Conference here. Also check out our coverage of the Berkshire Hathaway conference here.

Chaired by Graham Duncan of East Rock Capital and David Z. Solomon of Goldman Sachs, the selected managers will present their best investment idea in the style for which the Sohn Investment Conference is famous.

Next Wave IRA Sohn Speakers list and presentations

Ethan Devine

Ethan Devine is a Partner of Indus Capital and the co-portfolio manager of the Indus Markor Fund, a concentrated portfolio of misunderstood securities. He has fourteen years’ experience investing. Mr. Devine joined Indus Capital in 2001, became a partner in 2005, and served as portfolio manager of the Indus Asian Recovery Fund and co-portfolio manager of the Indus Japan Fund.

Jason Karp

Jason Karp is the CIO and CEO of Tourbillon Capital Partners, L.P., a $1.3 billion global long/short equity fund that has low net exposure and aims to generate superior risk-adjusted returns while seeking lower volatility than, and limited correlation to, the equity markets. Mr. Karp has over 15 years of direct hedge fund investment experience and a successful track record of managing capital across various market cycles and conditions.

John Khoury

John Khoury is the Founder and Managing Partner of Long Pond Capital, a long/short equity hedge fund focused on Real Estate and Real Estate Related securities. Mr. Khoury has fifteen years of industry experience, leveraging positions at best-in-class firms focused on investment banking, private equity and hedge fund portfolio management.

Nitin Saigal

Nitin Saigal is a founding partner and the Chief Investment Officer at Kora Management. Prior to founding Kora, Nitin spent eight years at Bridger Capital, where he developed Bridger’s international research and investment capabilities across several global markets.

Will Snellings

Will Snellings founded the Marianas Fund, a global equities and commodities hedge fund, in 2013. Mr. Snellings has been a portfolio manager at Ospraie Management since 2012, a partner since 2009 and an equities and commodities research analyst since joining in 2006.

Below are some of our notes from the Conference. NOTE: Unlike the main conference itself where we will be doing both live coverage and analysis, we just have some VERY basic and brief notes for the Next Wave part of the Ira Sohn Investment Conference, the conference was a small part of the event.

John Khoury, Founder & Managing Partner of Long Pond Capital kicks off Next Wave Sohn. Idea John Koury from Long Pond Capital American Homes For Rent run by “REIT iconoclast” In an immediate reaction AMH shares rose 1.8% 

Jason Karp, CIO and CEO of Tourbillon Capital Partners at Next Wave Sohn. 

Tourbillion’s Jason Karp makes the case for Ctrip.com International Ltd. (NASDAQ:CTRIP), which he is bullish on as travel spending increases in China.  CTRIP shares are spiking, which of course is likely due to the  positive mention at Ira Sohn by Tourbillion Capital. The stock is a play on projected spike in Chinese Tourism. 


Snellings is bullish on JetBlue’s incremental growth, and believes that the company is not destroying value in the process. does not destroy value. Price target for the stock is $16, which is 100% increase from the current price of approximately $8 a share. He notes the large amount of operating cash flow. 

Ethan Devine of Indus Capital Partners & his play on Japan’s condo craze Goldcrest $8871. The ticker for the stock is 887.  Yasukawa of Japan’s Goldcrest “doesn’t bankrupt his company. That’s critical… Most of his peers are bankrupt, notes Devine.

His top pick is an Indian equity called Bharti Infratel. The stock has an EB over EBITDA of 7, and FCF growth rate of 15%, and FCF yield of 9% . He thinks the stock could double within the next two years.

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