market folly

We're posting up notes from the Sohn New York Investment Conference.  Next up is Daniel Sundheim of D1 Capital Partners.  He talked about being bullish on Netflix (NFLX) and Walt Disney (DIS) and was bearish on Canadian pot stocks. 


Daniel Sundheim's Sohn New York Presentation

- Overall cautious saying valuations are a concern and especially so if inflation picks up and Fed expectations are impacted or China trade talks fall, there's not enough cushion.

- Bullish on Walt Disney (DIS) and Netflix (NFLX).  Both will be the leading direct-to-consumer video companies in the future.  Sees the latter breaching $1,000 in the next 4-5 years.

- Bearish on Canadian pot companies: "Growing marijuana is inherently not a good business." Says Canadian weed industry has enormous downside due to huge supply.  Business models are challenged and the valuations are 'absurd.'  Closest thing to a bubble since bitcoin.

- Unlike other hedge funds, has not shorted Tesla because Elon Musk is 'hard to bet against.'

- Advised not to sell out of positions where you have a ton of conviction.  Cited Mastercard which he bought at IPO and sold once it doubled, only for it to jump 10x its IPO price.  "Great businesses don't come around that often ... Time is your friend when you have a great business."  He emphasized compounding capital over years instead of months.


Be sure to check out the rest of the Sohn New York conference presentations.