Sohn Conference Foundation

Andrew Bellas × Eduardo Marques × David Rosen × Jonathan Lennon × Mitch Golden

Deep-value investors see “literally no buyers” in momentum-driven flows, supporting Viatris (VTRS) at 7x current and 6x forward earnings with 100% cash conversion, while Idorsia (IDIA SW) offers a leveraged pipeline trade.Carvana combines 1% share of a $1T, 40,000-player market with projectable 30%+ growth, but Idorsia’s 6-9-month readouts, QUVIVIQ descheduling, and AI-driven “service-level deflation” at REA remain decisive catalysts and risks.

David Einhorn

David Einhorn’s five US transition stories center on gaps between current perception and future business quality, including Acadia’s occupancy recovery and Centene’s Medicaid and ACA repricing.Fluor offers cost-plus backlog and buybacks, Versant combines a 19% last-year FCF yield with technical selling, and Victoria’s Secret depends on restoring margins toward management’s 10% target.

Jonathan Lennon

National Vision’s eyeglass replacement cycle is inflecting again, while its $90 average selling price versus up to $155 covered by insurers creates a managed-care monetization opportunity.Training, store checks, credit-card data, activist-led cost cuts, and a new CFO support potential EBITDA expansion, with strategic interest and countercyclical demand mitigating risks from execution and tariffs.

John Yetimoglu

Sea combines Shopee, Garena, and SeaMoney, with roughly $120B of Shopee GMV, 55% market share, a $1.5B Garena EBITDA run rate, and SeaMoney expected to reach $1B of EBITDA this year.Shopee Express gives the platform a logistics-cost advantage at low order values, while advertising could rise from about 2% to 5% of GMV at 50% margins.Free Fire’s India relaunch, 100M preregistrations, and Free City’s Argentina launch are near-term catalysts, while Yetimoglu projects EBITDA from $4B to $12.5B over 3–5 years.