Sohn Conference Breakdown

Headline speakers at the Ira Sohn conference Monday rocked equity markets. Below is a summary of top speakers of the conference.

Michael Novogratz of Fortress Investment Group was the first speaker at the conference. The main argument of his presentation was for Brazil. Novogratz believes conditions and confidence regarding Brazil are so bad that investors have a good investment opportunity.

Chris Shumway presented the bull case Moody’s MCO. The company’s 81 percent return on capital is a key reasons why Shumway called the company a “a great business… which possesses a strong moat.” He went on to mention that the company has been growing 12 to 13 percent per year, but he sees 19 to 22 percent long term growth.

Jeff Gundlach jumped on the short boat and advocated selling housing. The specific position he mentioned is the SPDR S&P 500 Homebuilders ETF XHB. He pointed out that new homes are having a hard time selling and that most homes are being bought by investor pools. He also noted that baby boomer’s selling their homes will sharply increase supply.

Philippe Laffont gave a bullish argument for Liberty Global LBYTA and suggested shorting World Wrestling Entertainment WWE which is already down nearly 35 percent over the past month. Laffont gave three key reasons why he likes Liberty Global. First, cable internet is superior to fiber and DLS, demand for which will be further pushed by Netflix consumption. Second, growth looks good for the company because incremental margins are very high once it overcomes fixed costs. Third, Liberty Global is a takeover candidate by AT&T, Comcast or Vodafone.

Related: Ackman Sees Fannie Mae & Freddie Mac Rising More Than 400 Percent

Larry Robbins of Glenview Capital discussed Humana, Wellpoint, and Monsanto. His position in Humana HUM seems to be largely sectoral as he stated that HMOs are cheaper than they were in 2007. He also indicated that Humana is likely to buy its own shares. His one billion dollar position in Monsanto MON was justified by emphasising the quality of the business.

Zach Schreiber of PointState Capital likes oil companies Valero VLO and Marathon Petroleum MPC. The main reason for his bullish view are quickly growing North American supplies, which he argues investors have not yet realized.

Bill Ackman made very bold statements on Fannie Mae FNMA and Freddie Mac FMCC. His pitch sent the companies up almost ten percent, however they retreated Tuesday. Ackman put a $23 price target on the organizations that are currently trading just above four dollars.

Mariko Gordon of Daruma Capital Management gave bullish arguments on smallcap materials company HB Fuller FUL and Pacira Pharmaceuticals PCRX. Gordon put a bold $140 price target on Pacira which is currently trading at $74.52.

David Einhorn attacked Athenahealth ATHN sending shares of the four billion dollar company down 15 percent. Einhorn pointed out that he likes the company and the product, but that the company was dramatically overvalued. He put a $14 to $50 price target on the company.