At the Sohn San Francisco Conference, we heard a long thesis for International Paper. Now we have the other side of the coin. Yes, someone else is pitching cardboard boxes — and like the IP pitch, this is a very interesting thesis. At the 2024 Sohn London Conference, Stephen Shields of North Rock Capital shared his thesis for a packaging company. Shields was a PM/Analyst for long/short equities fund at Schroeders before launching his own fund in 2013. Today North Rock which has an AUM of approximately $5 billion. The company Shields pitched is relatively new, having only been formed in June as a result of a merger.
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