Welcome to the 3rd Wave of Innovation

Written by Charles Mizrahi
Posted April 29, 2018 at 8:00PM

"Any relation?" “Yes, he’s my son.”

My wife almost always took our children to their doctor's appointments.

I only took them whenever she couldn't. And that was very rare.

She also knows the right questions to ask. Because she’s a pharmacist, she knows  “medical talk.”

Everything was fine until 12 years ago. One of our sons had been having stomach problems, but we couldn’t figure out why he wasn't getting any better. After countless doctor's visits and tests, he was diagnosed with Crohn’s disease.

Crohn’s causes inflammation and irritation of the digestive tract. There is no cure, but the inflammation can be managed.

We used all the contacts we had to find the top doctor in the field.

And that’s how we found Dr. Norman Sohn.

Dr. Sohn is not only the top colorectal surgeon, but he's also one of the kindest and gentlest men you'll ever meet.

I first met Dr. Sohn in the fall of 2008 when my wife hadn't been able to take our son to his appointment.

After Dr. Sohn finished examining him, the nurse took me to his office.

I found Dr. Sohn and my son in the middle of a friendly conversation.

“Everything looks fine, and he’s doing great,” Dr. Sohn said with a smile.

After he filled me in on my son’s diagnosis, I asked, “Doc, there's a big hedge fund conference once a year. It’s called the Sohn Conference, named after Ira Sohn. Any relation?"

“Yes, he’s my son,” he answered...

Ira Sohn

A Private Meeting of Wall Street’s Smartest Minds

The Sohn Conference honors the memory of Ira Sohn, Dr. Sohn’s son.

Ira was a Wall Street trader. And everyone who knew him said he was “a very nice guy.”

Sadly, Ira passed away in 1993 at the age of 29 from cancer. He left behind a widow and a seven-month-old daughter.

In 1995, his friends, mother, and younger brother created a foundation to honor his memory.

They raise money for his foundation by holding an annual conference. The conference gives Wall Street professionals 15 minutes to pitch their best ideas and raise capital.

Over the past 20 years, the conference has raised more than $85 million globally for the foundation. The money is directed to fight pediatric cancer and other childhood diseases.

Each year, more than 3,000 investors and hedge fund managers pay more than $5,000 each to attend.

This is a top-notch conference that's widely followed and can move markets.1 In fact, at one of the past conferences, hedge fund manager David Einhorn predicted the failure of Lehman Brothers.

And a few days ago, on April 23, 2018, the conference was held at Lincoln Center in New York City.

Welcome to the 3rd Wave of Innovation

After each conference, I review all the notes. And trust me, there’s a lot to sift through. You never know if one of these companies could be the next Amazon or Apple. So, I’m always looking anywhere and everywhere to find you the next great investment ideas.

But going through my notes this year, there wasn't anything that really jumped out at me...

That was until I heard a pitch from a venture capitalist.

He runs a $2.6 billion technology venture capital firm in the heart of Silicon Valley. He was also an early Facebook executive.

At the conference, he talked about a company with a customer base that includes nearly 70% of the Fortune 500. That alone was enough to spark my interest.

He called artificial intelligence (AI) the third wave of innovation — the internet and mobile technology being the first two. He said the company is a “disruptive company... that lets you do things cheaper, faster, and better.” And he said the stock is “incredibly cheap and undervalued.”

I haven’t finished doing my research just yet. But when I do, this stock could very well find its way into our portfolio. We're still in the early innings of this third wave of innovation, but the future looks very profitable. Stay tuned for more of my research on this AI company.

All my best,

Charles Mizrahi signature

Charles Mizrahi
Founder, Park Avenue Digest

follow basic@Park_Ave_Digest

Charles cut his chops on the trading floor of the New York Futures Exchange before he moved on to become a wildly successful money manager on Wall Street.

And with more than 35 years of recommending stocks under his belt, Charles has knocked the cover off the ball. He's compiled an amazing record of success and posted gain after gain for his loyal readers. He's the founder of Park Avenue Investment Club and Insider Alert newsletters.

Charles is also the author of the highly acclaimed book Getting Started in Value Investing.

Click here to see highlights of some of the presentations at the Sohn Conference from the past 20 years.


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