The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Ricky Sandler reads as a Navigator because he treats market structure as terrain to be charted, not weather to be endured. Tracking passive indexing's rise from 25% to 60%, he recalibrated Eminence's long-short strategy to match the new map, using structural mispricings as coordinates rather than provocations. Early crises did not knock him off course.
“And you need to say, you're providing no signal to me. And so I, as an investor, am I going to take advantage of that? And so it requires mindset adjustment. It requires some portfolio construction adjustments. We have to be a little more diversified because the volatility of individual stocks is quite high.”
“So I think that Netflix in certain ways got lucky early on and then capitalized that when I say lucky, the movie studios gave Netflix certain rights to online streaming that they didn't think were all that valuable. They had a Disney contract that allowed them to offer this product the...”
“Market junkies. Yeah, so GLP wanted they are the diabetes drugs that are helping people lose weight. This is Ozempic. This is Manjuro. Magovi is Ozempic, just a stronger version. It is an existing class of drugs applied to a new use and is applied to weight loss. And then there are a lot of downstream effects to weight loss.”
“It has been a good winner since 2021. We made back more than losses that we lost in January 2021. Having said that, it hurt us in the second quarter and we lost about one percentage point shorting GameStop. We're still shorted today. It's come back down.”
Masters in Business: “From GameStop to Meme Stocks with Ricky Sandler”
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