Jennifer Wallace's notes from the 2019 Value Invest New York Conference. Jennifer is a founding partner of Summit Street Capital Management, LLC and serves as the firm’s Chief Investment Officer and Portfolio Manager.
Q3 2019 hedge fund letters, conferences and more

Jennifer Wallace: It Ain't What You Don't Know That Gets You Into Trouble
United Therapeutics Corporation (NASDAQ:UTHR)
- 21% cash on cash yield
- stock down 50%
- 50% margin
- 100% upside
Pulmonary Arterial Hypertension PAH
- pure play orphan drug
- blood vessels in lung
- 100k die b/c of no lung transplant
- 50% of rev cliff in 2018
- false pattern recognition because cliff is being delayed
- thesis around how generic threat is overplayed
- $13 net...

