In 2002, Dan Sundheim was a young analyst at Bear Stearns when he discovered a website called Value Investors Club.
VIC was a community where professional investors posted investment ideas anonymously. But you have to submit a worthy idea just to get access.
His early writeups were on some of the most obscure stocks â a Canadian textbook publisher, an Indian state-owned bank, a cafeteria chain emerging from Chapter 11, a mortgage originator.
After six to twelve months of writing up ideas on VIC, Dan decided to go work at a hedge fund.
One of the funds he went to interview at was a healthcare-focused spinoff of SAC Capital. They gave him a case study to prepare before the follow-up interview. The company was called Orthodontic Centers of America.
Dan spent hours going through the financial filings, building a model, trying to make the numbers work. Nothing reconciled. He realized the company was capitalizing expenses that should have been expensed, in a significant way.
He could prove it was accounting fraud.
Before heading back for his follow-up interview, he decided to post the short thesis anonymously on VIC. Within hours, the stock started to move. By the next day it was down 30%.
He had told a few friends at hedge funds to look at the stock because he thought it was a fraud, and they should short it. Then mutual funds (Fidelity, T. Rowe Price) that owned the stock started calling him.
The stock went down 50%.
He walked into the interview and they just stared at him, âWhat did you do?â
He didn't end up taking that particular job and decided to join Viking Global instead. At Viking, he started as a banks analyst and deliberately pushed himself into every sector over the years â healthcare, industrials, TMT. If you love investing, he later said, it was an amazing place to be, because you got exposure to almost every industry.
By 2016, he was managing more than 55% of Viking's capital, an unusual concentration for a firm that is typically more diversified. But he recognized, almost regardless of how well he performed, the firm would naturally diversify over time. He had pretty much achieved what he could achieve there.
He was 40, which he acknowledged was relatively late to be starting a fund. But he still had the energy for it, so he left and started D1 Capital Partners.
D1 now manages over $30 billion. The public portfolio is full of esoteric international names most people wouldn't recognize while the private portfolio is composed of some of the most important and valuable companies like Ramp, SpaceX, OpenAI, and Anthropic.
đšINVESTMENT FIRM WARNS BTC COULD DROP 30%
Bitcoin is âfirmly in a deep bear marketâ and could fall another 30% in 2026, as per ZX Squared Capital.
He says Bitcoinâs 4-year boom-bust cycle keeps it a speculative asset rather than a safe haven like gold.
MOST LIKELY IRAN OUTCOME IS VERSION OF THE EXISTING REGIME EXISTS IN WEAKENED FORM.
SECOND MOST LIKELY IS IT DEVOLVES INTO CLUSTERFUCK AL LA SYRIA.
EITHER THESE ARE IMPROVEMENT OVER STATUS QUO ANTE SITUATION.
VERY LONG SHOT OUTCOME IS OPPOSITION TAKEOVER AND REAL REFORM.
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THE FINAL BULL RUN HAS ALREADY BEGUN.
MOST PEOPLE JUST DONâT KNOW IT YET.
BUT I'M ABOUT TO MAKE THE BIGGEST INVESTMENT OF MY LIFE.
WHEN I DO, I'LL SHARE IT HERE PUBLICLY LIKE I ALWAYS DO.
IF YOU WANT TO SUCCEED, ALL YOU HAVE TO DO IS FOLLOW ME.
Itâs SO INSANE this is allowed to continue
- Nancy Pelosi just bought Shares and Calls of a company called Tempus
- Just 17 days later the stock skyrocketed and her investment increased 213%
- Nancy Pelosiâs $75k purchase turned into $235k
Nancy Pelosi made $160,000 IN 17 DAYS
Toney originally planned to pursue investment banking, but while studying at the University of California, Berkeley, he discovered a passion for venture capital.
See the full ForbesBLK 50: Money Masters list:
https://t.co/8ifvQfQWik #ForbesBLK50 (Photo: Kimberly White/Getty Images)
Margaret Thatcher sold off the North Sea,
Instead of building a sovereign wealth fund like Norges Bank Investment Management for Norwegian Government Pension Fund Global.
Today Norway sits on a $1.5 trillion fund.
Britain sits on immense debt.
One country invested its natural wealth.
The other liquidated parts of it.
Stanley Druckenmiller:
âSizing is 70% to 80% of the equation. âŠItâs not whether youâre right or wrong, itâs how much you make when youâre right and how much you lose when youâre wrong.â