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.

Sports franchises combine unusually durable fan loyalty with three monetization channels—tickets, sponsorship, and media—while Alexis is still buying women’s and emerging-sport properties at sub-$100M, seed-round-like prices.Mark says current basketball-team returns may be only “3 or 4%” because owners reinvest to win, but rising franchise values and potential streamer demand for guaranteed live attention over 5–10 years create upside to monitor.

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.

Gerard Piqué × Djamel Agaoua × Harley Miller

Kings League turns football into a 7v7, video-game-like product distributed free through 12 streamer-owned franchises, giving each club an audience from day one.Revenue doubled twice across three years, the business was profitable in its first two years, and leagues break even in their second six months, while the US launch planned for February 2026 will test franchise sales with partial equity.