2024 Sohn Conference Highlights
My on-the-ground reporting
Two weeks ago, I booked a last-minute trip to New York to attend the 2024 Sohn Conference. Thank you Patrick O'Shaughnessy, the GOAT podcaster, for giving me a free ticket!
Summary:
The first two morning presenters pitched Canadian companies, and the third presenter was Canadian. This could be coincidental, but it might tell you something about the valuation of the current U.S. equity market.
Two presenters pitched the same long idea within the aircraft parts industry. Looks like hedge funds are spending time on the themes of supply/demand imbalance in the plane manufacturing supply chain due to Boeing's issues and the post-COVID travel rebound.
Two pitches on semiconductors, not surprising when everyone is “AI-this, AI-that.”
This was the first in-person Sohn conference since COVID-19. Usually, it was held in the David Geffen Hall at Lincoln Center, but this time it was held in a smaller venue. Given the declining popularity of single-manager hedge funds, I wonder if the size of the Sohn Conference can be used to gauge where that asset class is headed. However, it’s also possible the committee is easing into relaunching the in-person event.
Investors I spoke with complained about the excessive number of college and MBA students at the event. I agree: especially when the overall attendee count goes down in a smaller venue, proportionally more students will only make the experience worse. As a result, the students ended up talking to themselves while investors only talked to other investors, creating a bifurcation of social circles at the event.
With that, let’s dive into the pitches and discussions.