All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live

**Chamath** (0:00)
Maybe you could tell us a little bit about how you selected our presenters and your vision for this.

**Jason** (0:05)
I mean, for any of you guys who've been involved in Ira Sone, this is a gentleman that passed away from cancer far too young, and his family created this thing called the Sone Foundation, and they would host this event, and it started in Lincoln Center, and they would ask these managers, and so at the time, I was like a young venture investor, and I got this invite, and I showed up in New York at Lincoln Center in 2015, and I said Amazon is going to be a trillion dollar company, and I was laughed out of the room. David Einhorn, who is a friend of mine, but who is totally wrong, said I know trillion dollar companies, this is not a trillion dollar company, wrong. It turned out to be a great bet, I went back, I did Tesla in 2016, we picked the converts, and then in 2017, I was like, all right, this is it, this is my magnum opus, and I said AI is the future, and then I picked Box.
I was like, if I had just picked Nvidia, I would have been a legend, and I could have retired. Well anyway, so we wanted to recreate Irisone, and start to get these great managers who are making great picks, making a ton of money for their LPs, they don't get the distribution, and so it's just a chance to like get to know some of these names, you don't have to see them on CNBC, you'll see them here more and more often, and we can just get to O'Pine.

**Chamath** (1:24)
Roll the video.

**David Sacks** (1:26)
Ladies and gentlemen, welcome to the Best Ideas Pitch.

**Kyle Samani** (1:32)
Let's meet our contestants.
Anyone should be able to trade any asset, anywhere in the world, anytime 24-7, with just an internet connection and a phone in their pocket. We're building a new financial system from the ground up here.

**Aaron Cowen** (1:45)
People are gonna wanna own equities, and it's gonna be fun in the next couple of years. Companies are gonna innovate and create products and applications, and that's where hopefully long short managers like us can make a boatload of money.

**Oleg Nodelman** (1:57)
My fund EcoR1 Capital, which is based in San Francisco, thinks of investing in biotech in a slightly different way. We're looking for unfollowed, unloved, misunderstood biotech companies.

**Aaron Cowen** (2:05)
It's an amazing moment in time for those types of companies.

**Dan Dreyfus** (2:08)
There has been a structural and permanent perception shift where both sides of the aisle are going to be leaning into nuclear in a big way. I'm massively optimistic. You know, all of this leads me to just be maximum risk on.

**Aaron Cowen** (2:29)
Thanks to the Vestis for having me. And this is obviously a fabulous event you guys put on. I'm happy to be here. For those who don't know me, I run a four billion dollar firm in New York called Suvretta Capital. Before founding my firm, I ran the equities business for George Soros. I was then CIO for Steve Cohen. And I've been doing hedge funds now for 29 years. So definitely on the older edge of my peer group.
So I was thinking about, you know, I run a generalist fund and you know, we own a bunch of tech stocks, but you know, given this audience here for me to pitch a tech stock would be absolutely completely stupid. So I was thinking about what else and you know, obviously the theme of this conference besides tech is poker. So I'm going to pitch to you MGM. Now, most of you know MGM as you would think about it as the Vegas company. They own 13 properties in Vegas. They're one, they're, them and Caesar's are the two largest owners of casino assets in Vegas.
Now if you notice, the other day Caesar's got taken out.
And so we think Vegas is actually starting to improve.
But I'm not here to pitch MGM because of Vegas. What I'm going to tell you is there's a couple of things we noticed. One is, this company has been very aggressively, been, stocks been aggressively acquired by Barry Diller lately. Barry now owns 26% of the company. Now I put this presentation together two weeks ago.
Yesterday he actually bid for the company. Okay, so when I put the presentation together, the stock was about $37. It's now high 40s. He bid $48, okay? I would not sell my shares to him for a second.

**Jason** (4:19)
How did we get this presentation? Did we get it early enough to dress up?