Three Managers Target Accounting Gaps, AI Roll-Ups, and GLP-1 Disruption at Sohn 2026

Soren Aandahl of Blue Orca Capital, Joyce Meng of FACT Capital Management, and Zachary Datikash of Third North Capital presented short pitches at the Sohn New York Conference on May 12, 2026. Jim Chanos of Chanos & Co moderated. The three managers each laid out a different short setup: a security-equipment maker whose flagship contract may have been mostly booked as revenue without the cash to back it, an AI-themed roll-up of legacy software businesses with a stock price disconnected from the underlying assets, and a healthcare operator riding a one-time reimbursement tailwind that is about to wash through, even as a new class of drugs starts shrinking the addressable patient base. Each case turned on data discrepancies, structural headwinds, or revenue-recognition concerns. The panel opened at 11:15 AM, immediately after the morning break.

Chanos framed the discussion around the bifurcated market environment: AI and certain tech names rallying while the modal stock has gone down. He asked the panelists where they were finding opportunities and what they were avoiding. All three said they were steering clear of the topless AI party and focusing on boring businesses, fake AI roll-ups, and companies exposed to private-credit overbuilding.