Please forward this error screen to 72. We’ve already posted up notes from the Next Wave Sohn San Francisco Conference which featured emerging managers. Now it’s time for the main event presentations which featured top hedge fund managers sharing investment investment management san francisco to benefit the Excellence In Investing For Children’s Causes Foundation. Thesis:  Strong market position in bottoming cyclical industry.

A potential – lot of interest in the space from ‘smart money. Activist position that they haven’t spoken about publicly before. 2nd largest position in their fund. Business:  Multi-branded footwear and apparel company. Use proceeds of recapitalization and sale of brands to repurchase shares. Align management comp with margin, return and TSR improvement. Ugg has been cast as a fad but has continued to grow.

464 million with very modest topline expectations. 158 based on a multiple of 7. Operates across 18 countries in largest markets in Brazil, Argentina, and Mexico. 2T with long growth runway with more e-commerce adoption. Adoption should be supported by increasing broadband penetration and smartphone penetration. Created their own logistics marketplace to help with deliveries. Growth rates have begun to inflect.