2026 Sohn Montreal: Hudson Bay’s Sander Gerber on Risk, Intelligence and AI

Sander Gerber does not look like a Wall Street floor trader. He told the room at the 2026 Sohn Montreal Investment Conference that he used to stand at a post on the American Stock Exchange, yelling at people and trading options against a model, surrounded by ex-ball players who were not built like him. Three decades later he runs Hudson Bay Capital, a global multi-strategy firm that manages about $22 billion.

In conversation with Mario Therrien of La Caisse, Gerber traced the path from that floor to the firm he built, the diversification statistic that carries his name, and a view of markets shaped as much by geopolitics as by spreadsheets.

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Gerber is managing partner, chief executive, and chief investment officer of Hudson Bay Capital, a global multi-strategy firm that invests across equities, credit, and real estate with roughly 450 people. He is known for the Gerber Statistic, a measure of how securities move together that he developed and patented. He started out as an options floor trader on the American Stock Exchange.