2025 Sohn San Francisco: Gavilan’s Chang – This Founder-Led E-Commerce Has “Insurmountable Lead” And Could 3x

Louis Chang, Founder and Chief Investment Officer of Gavilan Investment Partners, pitched high-conviction thesis at the 2025 Sohn San Francisco Conference. Gavilan focuses on identifying and investing in world-class businesses led by exceptional management teams, capitalizing on secular tailwinds. Chang's pitch is a technologically advanced e-commerce giant that has achieved an "insurmountable lead" in logistics within its densely populated home market and is now replicating its powerful playbook in a highly favorable adjacent geography. Chang posits that this investment, based purely on its core market strength, is already highly attractive, with the new geographic expansion serving as a potentially massive catalyst, presenting a base case scenario of doubling the stock price and an upside case of tripling it over the next three to five years.

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Gavilan’s Approach and Investment Strategy

Louis Chang is CIO of Gavilan Investment Partners, which he founded in 2020 and has close to $500 million AUM. Prior to establishing Gavilan, Chang spent 14 years as a Partner and Sector Head at Criterion Capital Management, a $3 billion long-short TMT-focused hedge fund based in San Francisco.

The focus of Chang’s current high-conviction pitch is a dominant operator within the global technology and consumer sector, specifically e-commerce. This business model thrives on the secular tailwinds of digital penetration and benefits significantly from operational scale in densely populated, technologically advanced markets. Chang notes the company has not only secured the largest market share in its home country, one of the fastest-growing e-commerce markets globally, but has also established a nearly unmatched physical infrastructure moat.