Dan Sundheim of D1 Capital on the art of public market investing – Cheeky Pint

Dan Sundheim of D1 Capital on the art of public market investing – Cheeky Pint — Transcript

Market views

Bullish

SPACEX— SpaceX has a near-monopoly in the launch business with strong cost advantages and significant growth potential from Starlink satellite internet service
SIEMENS_ENERGY— Siemens Energy is positioned to benefit from AI-driven electricity demand growth and turbine shortages, trading at a 50% discount to GE Vernova with potential for multiple expansion over the next two years
CLH— Clean Harbors owns the majority of hazardous waste incinerators in the US with strong regulatory moats due to NIMBY restrictions on new construction, positioned to benefit from onshoring trends
GRID— Electrical grid infrastructure is underinvested and will see significant demand growth from AI and renewable energy adoption, with electricity demand expected to grow at 4% annually
REVOLUT— Digital banks like Revolut are taking market share from traditional banks globally, with low single-digit market share in most countries that is expected to continue growing

Bearish

CHINA— Chinese equities face structural challenges from excessive government intervention in resource allocation and lack of due process, leading D1 to stop investing in China three years ago despite cheap valuations

Not investment advice.