Key insights and stock picks from the 2025 Sohn Conference in New York

The Sohn Conference was held in New York overnight, bringing together some of the finance industry’s heavyweights to raise money for medical research, the development of research equipment, and programs to help children with cancer and other illnesses.

Founded in 1995, the conference and associated foundation (The Sohn Conference Foundation) has raised tens of millions of dollars. The conference was founded in memory of Ira Sohn, a Wall Street professional, who died of cancer at the age of 29.

A similar event occurs in Australia every year – the Sohn Hearts and Minds Conference – which began in 2016.

One of the features of both conferences is the market insights and stock picks shared by some of the industry’s best and brightest. Below is a summary of some of the highlights.

Steve Cohen – Point72

Famed venture capitalist and owner of the New York Mets, Steve Cohen, was asked about whether or not the US is in a recession yet, to which he replied…

“We’re not in a recession yet. I think we are going to have significant slowing of growth. We think it will probably be a 45% chance of recession, so that’s not insignificant.”

Cohen added that Point72 doesn’t think the Fed is going to act right away, because they’re still worried about inflation and tariffs, and next year they think growth will be 0.5% or lower.

He further suggested that it’s possible the market revisits its recent lows, down 10-15% from current levels – not a calamity in Cohen’s eyes – and what Trump has done (presumably referring to the backing away from tariff escalation) eliminates the “dire scenario”.

Finally, markets are likely to be in a trading range for a while, according to Cohen and what worked in the past is not going to work in the year ahead.

STOCK PICKS

William Heard, Heard Capital
Investment idea: Adobe (NASDAQ: ADBE)

William Heard, CEO and CIO of Heard Capital, highlighted Adobe as a key player in the rapidly expanding artificial intelligence space. 

“Adobe’s total addressable markets are not fully penetrated. We believe Adobe is well-positioned to win the [generative] AI arms race,” he said. 

Heard emphasised that investors often misinterpret the company’s measured approach to monetising AI, overlooking how Adobe transforms raw AI capabilities into differentiated intellectual property through its creative workflows. 

With much of Adobe’s current product lineup being less than a year old, Heard sees the company approaching a pivotal growth phase. 

Lauren Taylor Wolfe, Impactive Capital
Investment idea: Wex (NYSE: WEX)

According to Lauren Taylor Wolfe, co-founder and managing partner at Impactive Capital, Wex is currently trading well below its intrinsic value, presenting the potential to more than double in value over the next three to five years. 

The company is a leading player across three specialised areas—mobility, corporate payments, and benefits—yet, Wolfe notes, it is trading at the lowest multiple in its history and at half the valuation of comparable firms. Impactive, which holds a roughly 7% stake in Wex, recently pushed for board changes by opposing the re-election of three incumbent directors.

“We can drive tremendous upside on just today’s valuation ... Wex doesn’t need to be reinvented, it needs to be realigned,” Wolfe said. 

She pointed to internal challenges like “complacency, complexity and lack of alignment” as key issues to address. Wolfe also highlighted the company’s high-margin administration of Flexible Spending Accounts and Health Savings Accounts as a promising avenue for growth.

Joseph Talia, VictoryArc Holdings
Investment idea: Tel-Aviv Stock Exchange (TASE.TA)

Joseph Talia, founder and CIO of VictoryArc Holdings, spotlighted the Tel-Aviv Stock Exchange as a compelling long-term opportunity, suggesting the stock could potentially triple in value over the next five years.

“TASE is a monopoly financial infrastructure asset that we think can compound intrinsic value in the mid-20s for many years to come, aided in part by a margin expansion opportunity,” Talia said. 

He attributes this growth potential to an ongoing margin expansion opportunity and that TASE services are still priced well below those of global peers.

Talia likened TASE to a “supermarket for the capital markets of Israel”, but one without competition. He highlighted that Israel has historically delivered robust real GDP growth, averaging around 4% annually over the past 35 years, despite having underdeveloped capital markets.

He also emphasised TASE’s diverse revenue streams and its resilience as a financial infrastructure asset, which often produces earnings that remain relatively insulated from macroeconomic fluctuations.

Kristov Paulus, Kultura Capital Management
Investment Idea: Robinhood (NASDAQ: HOOD)

Kristov Paulus, Managing Partner, CIO and founder of Kultura Capital Management, named Robinhood as his firm’s largest holding, characterising it as a “hypercompetitor” — a company with rapid product development, visionary leadership, and the capacity to outperform expectations.

“Even in a more negative macro situation, this is quite reasonably priced,” Paulus said.

“This organisation is executing better than they ever have before, and we see many different ways that they can be successful”, said Paulus, adding that the company has “considerable room to grow as they close the gap with incumbents”.

Paulus pointed to the acceleration in product rollouts since late 2022 and improved customer retention post-2021 as indicators of a stronger business. He also noted a structural tailwind in the form of intergenerational wealth transfers, which favours Robinhood's dominance among millennial and Gen Z investors.

In addition, the platform’s growth into crypto products, retirement solutions, and international markets offers what Paulus sees as significant upside. Shares of Robinhood have surged more than 65% this year, with a notable 25% gain in the past month alone.

Connie Lee, Felis Advantage
Investment Idea: nCino (NASDAQ: NCNO)

Connie Lee, Founder and CIO of Felis Advantage, delivered her investment outlook as part of the Next Wave lineup. Drawing on her experience as a former Partner at Tiger Global Management, Lee emphasised the importance of rigorous, research-intensive investing and outlined her thesis on a stock she considers significantly undervalued.

The stock she pitched is fintech firm nCino, positioning it as an undervalued gem at a strategic inflection point. The company, which delivers cloud-based banking software, is trading at a substantial discount relative to vertical SaaS peers - a gap Lee sees as temporary.

“nCino is a high quality business with a dominant position in a large underpenetrated market, yet it trades at a steep discount compared to peers due to a confluence of one-time events,” Lee said, adding that the company “presents a particularly asymmetric risk-reward.”

Despite being down 28% this year, Lee views the stock as recession- and tariff-resistant, and labelled it an “AI winner” thanks to its ability to adapt in a regulatory-heavy environment.

Alexandra Engler, Arene Capital
Investment idea: Celanese (NYSE: CE)

Alexandra Engler, managing partner at Arene Capital, highlighted Celanese as a high-conviction pick. Her firm seeks out “idiosyncratic dislocations” - moments when stocks face undue selling pressure from structural shifts.

Celanese holds the position as the leading global producer of acetic acid and is the most vertically integrated among major Western manufacturers of the chemical, which plays a key role in numerous industrial and life science applications. This integration, Engler noted, gives the company a lasting edge on costs.

Celanese shares are down nearly 24% this year, largely due to a prolonged spike in methanol prices - a key input - amid global supply shortages. But Engler is bullish on a recovery. She projects the stock could rise to $79, a 45.9% gain from recent levels.

Engler believes methanol supply constraints will persist, forcing the US to ramp up production - a development that should lift acetic acid prices by around 30% by 2028.

“We believe acetic acid capacity utilisation in the U.S. has bottomed,” Engler said, adding that “With capacity stabilised, we believe higher methanol will drive higher acetic acid prices.”

Larry Robbins, Glenview Capital
Investment ideas: Teva Pharmaceutical Industries Ltd (NYSE: TEVA) and Global Payments Inc (NYSE: GPN)

Larry Robbins, CEO of Glenview Capital, spotlighted two compelling investment opportunities: Both companies, with market capitalisations around $20 billion, are trading at approximately six times forward earnings and are projected to achieve mid-teens earnings growth.

Teva Pharmaceutical Industries

Teva, a leading global generic drug manufacturer, has been undergoing a significant transformation under CEO Richard Francis, who took the helm in January 2023. The company has been focusing on deleveraging its balance sheet, streamlining operations, and shifting towards more innovative treatments. In 2024, Teva reported revenues of $4.2 billion in Q2, reflecting an 11% increase in local currency terms compared to the same period in 2023.

Despite past challenges, including a significant debt load from the $40.5 billion acquisition of Allergan's generics business in 2016, Teva's strategic initiatives under Francis's leadership have started to pay off. The company has raised its 2024 revenue outlook to approximately $16 billion, indicating a positive trajectory.

Global Payments

A prominent player in the financial technology sector, GPN has demonstrated robust financial performance. In Q1 2025, the company reported earnings per share of $2.82, surpassing analysts' expectations of $2.73. This performance underscores the company's strong operational execution and its ability to capitalise on the growing demand for digital payment solutions.

Strategic acquisitions have been central to Global Payments' growth strategy. The company's recent $22.7 billion acquisition of Worldpay aims to enhance its international presence and expand its transaction capacity, enabling approximately 94 billion transactions and managing around $3.7 trillion in payment volume across over 175 countries.

Rob Citrone, Discovery Capital Management
Investment idea: América Móvil (BMV: AMXB)

Rob Citrone, founder of Discovery Capital Management, has spotlighted América Móvil as his top stock pick, citing its expansive footprint across Latin America. The Mexican telecom giant operates in 18 countries throughout the region, including major markets like Mexico, Brazil, and Colombia, serving over 265 million mobile customers and 19 million broadband users.

Citrone's bullish stance on Latin America aligns with Discovery Capital's strategic pivot away from U.S. equities. The hedge fund achieved a remarkable 52% return in 2024, driven by macro bets across emerging markets, particularly in financials and telecom sectors.

América Móvil's dominance in the region positions it to capitalise on the growing demand for digital connectivity. Despite recent challenges, including a 48% drop in Q4 net profit due to foreign exchange losses, the company's diversified revenue streams across Latin America offer resilience against localised economic fluctuations.