The Ira Sohn conference -- one of the most closely-watched
investor conferences of the year -- kicks off Monday afternoon.
Some of the biggest names in the hedge-fund world -- Greenlight
Capital's David Einhorn, Omega Advisors' Leon Cooperman, Pershing
Square Capital Management's William Ackman, and many more -- will
take the stage to deliver a mix of stock picks, companies they're
betting against, and macro investment ideas. All of this is for the
benefit of the Ira Sohn foundation, which finances initiatives to
cure and treat pediatric cancer.
Stock prices will rise and fall as these investors state their
opinions. MoneyBeat will bring you all the presentations live from
Lincoln Center.
2:39 pm | by David Benoit
Speaking right now is New York Jets linebacker Trevor Reilly who
is talking about his own child's fight with cancer.
2:31 pm | Brookdale Activists | by David Benoit
On Brookdale: By far the easiest thing to bet on is the aging
population, Robbins says.
This is, essentially, a demographics investment. He says the
senior-living center has nice free-cash flow growth.
He said he supports management's spending to increase the
investments that have been announced to spruce up their
properties.
And in regards to a pitch from Sandell, an activist, to monetize
the real-estate, Robbins says he would like to see something like
that as well.
2:30 pm | Abbvie Deal Possibilities | by David Benoit
Robbins says there's a chance AbbVie could either be a target or
the Pac-Man, as in, it could buy a company or be gobbled up itself.
He thinks, in sum, the stock could double.
2:28 pm | Brookdale Capital | by David Benoit
He thinks there are lots of real-estate options that can add
value to Brookdale, and believes that can double its return on
capital rates, thereby driving up the value.
2:22 pm | Humira | by David Benoit
Robbins says he like Abbvie as a pharmaceutical company because
management is well disciplined and shares are trading pretty
cheaply. While some have suggested pharma companies should be
cutting R&D, he doesn't think they should.
He says the pipeline for AbbVie is underappreciated and could
have huge returns in the next couple of years, even after Humira
expires.
2:18 pm | AbbVie Thesis | by David Benoit
Robbins says he like AbbVie as a pharmaceutical company because
it is trading pretty cheap and that while some have suggested
pharma companies should be cutting R&D, he doesn't think they
should and are well disciplined.
He says they have the ability for a big debt borrowing and could
either buy back their own shares or strike another acquisition.
2:16 pm | AbbVie and Brookdale | by David Benoit
Robbins says he has a stake in AbbVie and he'll address his
thoughts on Brookdale Senior Living.
2:15 pm | A Joke | by David Benoit
Larry Robbins starts with best joke of the day: He says he got
his haircut and he used "hedge clippers" a sly reference to a group
that's begun protesting big hedge funds recently, something of an
Occupy Wall Street for the biggest hedge funds.
2:14 pm | Robbins taking stage | by David Benoit
The last time Larry Robbins appeared at an investment conference
earlier this year, he made a bit of a splash saying he had built a
position in McDonald's, which was the center of many rumors about
activism. Robbins doesn't consider himself an activist, but
something of a "suggestivist" and a friendly investor with some
ideas.
Some of the ideas he had listed for McDonald's included
franchising more stores and raising the possibility of a
real-estate spin off. Earlier Monday, McDonald's announced some
plans that matched his suggestions, though not the real estate
plans.
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