2025 Sohn London Conference: CIE’s Katie Moran Likes Stock Of This Dominant Brokerage

Katie Moran, CIO and Co-Founder of CIE Partners LLP, presented a long investment thesis focused on a popular US brokerage firm at the 2025 Sohn London Conference. CIE Partners is a boutique long-only global equity firm dedicated to finding high-quality compounders with durable competitive advantages and aiming for a long-term holding period. The firm looks forward to achieving a 15% annualized return over the long term for its investments. Moran emphasized that exceptional companies are "rare, and they are incredibly hard to find," stating, "They are like gemts". When a suitable opportunity is found, the firm aims to "go all in".

Also see:

• 2025 Sohn San Francisco Conference
• 2025 Delivering Alpha Conference
• 2024 Sohn London Investment Conference
• 2025 ETFGI Global ETFs Insights Summit

2025 Sohn London Conference: CIE Partners’ Katie Moran

The Exceptional Business Profile

Moran urged the audience to imagine a company that offers compelling customer propositions while maintaining superior profitability. The company she likes achieves better pricing than competitors, with customers potentially paying less than half of what competitors charge. On the cash side, the company offers "far more generous rates" on cash balances.

This model allows the company to sit between traditional financial service companies and new Fintech companies, yet be "more profitable than both".