Brian Walker

David Einhorn walked onto the 2026 Sohn stage and pitched five US stocks with roughly 52% to 167% upside - including a cable spin-off trading at a 19% free cash flow yield: “Versant is supercheap, and we find that very sexy” this is him explaining why he’s looking where almost nobody else wants to look - businesses the market has treated as permanently broken even though the underlying economics are already changing. Fluor nearly went bankrupt in 2020, but more than 80% of its backlog is now cost-plus and the company is buying back roughly 20% of its shares; Victoria’s Secret is still running at about half its historical margins, while Einhorn sees around 74% upside if they normalize five companies. five different transitions. the same bet underneath all of them - the market is pricing today’s problems as if they never end full speech below ↓

Paul Singer told Jamie Dimon at Davos that the biggest banks were still impossible for outsiders to properly evaluate even years after the financial crisis: “too big, too leveraged, too opaque” this is him explaining why disclosure alone doesn’t necessarily make a bank understandable. Singer’s point was that complex balance sheets, leverage and derivatives made it extremely difficult for investors to know where the real risk actually sat Dimon pushed back by pointing to JPMorgan’s roughly 400 page 10-K and asking what else Singer wanted disclosed - then turned the argument around and asked why Elliott still traded with JPMorgan and used its research, execution, capital and pricing if the bank was really that opaque bookmark & watch the full breakdown below