Founder & CEO, Glenview Capital
5 dated public stances tracked since 2019-05-06, most recently 2019-05-06. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Larry Robbins's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Larry Robbins is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|
| 2019-05-06 | long HCA / long UHS / long THC | basket | +2.9% | +12.7% | -17.0% |
| 2019-05-06 | long CI / long HUM / long UNH / long ANTM (+1 legs) | basket | +2.0% | +6.8% | +24.9% |
| 2019-05-06 | MMM | bearish | +9.2% | +2.7% | +16.6% |
| 2019-05-06 | CC | bearish | +56.0% | +41.7% | +59.1% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|
| CC | 1 | | 1 bearish | 2019-05-06 |
| MMM | 1 | | 1 bearish | 2019-05-06 |
| PHARMA ETF / BIG PHARMA SHORTS | 1 | | 1 bearish | 2019-05-06 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2019-05-06
long CI / long HUM / long UNH / long ANTM (+1 legs)
basket
Sohn Investment Conference · video
Medicare for All is politically near-impossible requiring simultaneous alignment of the presidency, 60 Senate votes, and 15 Democratic holdout senators — so the multi-sigma de-rating in managed care stocks is mispriced; the group trades at 73% of market…
“over a two-year period you like to make fifty to eighty five percent if you buy the group”
90d +2.0% · 180d +6.8% · 1y +24.9%
Larry Robbins shares his best ideas at the Sohn Investment Conference
2019-05-06
long HCA / long UHS / long THC
basket
Sohn Investment Conference · video
Hospital stocks are wrongly penalized by Medicare for All fears; they trade at 6-10x forward earnings with capacity to buy back 30% of market cap by end of 2020, and international single-payer precedent shows hospital margins and multiples hold or expand —…
“between 64 and 200% price appreciation that's coming over the next couple of years”
90d +2.9% · 180d +12.7% · 1y -17.0%
Larry Robbins shares his best ideas at the Sohn Investment Conference
2019-05-06
MMM
bearish
Sohn Investment Conference · video
3M faces massive, unresolved PFAS liabilities — lawsuits up 87x since 2015, reserves are materially inadequate (paid an $840M settlement to Minnesota just 12 days after filing a 10-K with only a $53M reserve), and regulators are pushing to reduce acceptable…
“let's not kid ourselves that this company is fully reserved”
90d +9.2% · 180d +2.7% · 1y +16.6%
Larry Robbins shares his best ideas at the Sohn Investment Conference
2019-05-06
CC
bearish
Sohn Investment Conference · video
Chemours inherited DuPont's PFAS liabilities via spinoff and a structured settlement, with Robbins estimating four to six billion dollars of liability exposure against a market cap where that range equals 60-100% of equity value, making it potentially…
“facing a liability that we think is worth potentially substantially all of its market cap”
90d +56.0% · 180d +41.7% · 1y +59.1%
Larry Robbins shares his best ideas at the Sohn Investment Conference
2019-05-06
PHARMA ETF / BIG PHARMA SHORTS
bearish
Sohn Investment Conference · video
US drug prices are 3x OECD peers on identical drugs, making pharma a bipartisan political target; crucially the president can act unilaterally via CMMI to mandate price reductions without Congressional approval, so the risk is independent of election outcome
“we would recommend shorting either a Pharma index any kind of farmer ETF”
Larry Robbins shares his best ideas at the Sohn Investment Conference
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