All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live

Watch on YouTube ↗ | June 12, 2026 at 01:36 | 1:07:57 | All-In Podcast

Speakers

Aaron Cowen — Founder and CIO, Suvretta Capital Management

Dan Dreyfus — Founder, Bornite Capital

Oleg Nodelman — Founder and Managing Director, EcoR1 Capital

Kyle Samani — Chairman @fwdind. Figuring out what’s next after a wild run as Cofounder and Managing Partner @multicoin

David Friedberg — CEO, The Production Board

Chamath Palihapitiya — CEO, Social Capital

David Sacks — General Partner, Craft Ventures

Summary

The All-In Best Ideas Pitch Competition features four fund managers presenting their top investment ideas: Aaron Cowen pitches MGM Resorts for its hidden Japan casino license and Dubai optionality with a bid floor from Barry Diller; Dan Dreyfus pitches Talen Energy as a hard asset below replacement cost in a multi-decade power demand supercycle; Oleg Nodelman pitches Aktis Oncology, a precision radiotherapy biotech platform with strong pharma interest and China-proof moat; Kyle Samani pitches GEODNET, a fast-growing decentralized RTK network token with revenue buyback and AI/robotics tailwinds. The hosts provide feedback, with David Friedberg adding a separate thesis on MGM's Vegas entertainment monetization. The audience votes Dan Dreyfus first, while the hosts rank Aaron Cowen's MGM top.

Chamath explains the competition format inspired by the Sohn Foundation events.
Aaron Cowen (Suvretta Capital) pitches long MGM, citing a Japan casino license, Dubai optionality, and Barry Diller's bid as a floor.
Dan Dreyfus (Bornite Capital) pitches long Talen Energy, arguing it trades far below replacement cost amid a structural power demand boom.
Oleg Nodelman (EcoR1 Capital) pitches long Aktis Oncology (AKTS), a miniprotein radiotherapy platform with upcoming 2027 data and pharma M&A interest.
Kyle Samani (ex-Multicoin) pitches long GEODNET token (GEOD), a decentralized RTK network with rapid growth, token buyback, and a natural monopoly position.
David Friedberg adds a variant long MGM thesis focused on under-monetized Vegas entertainment upgrades that could boost gambling revenue.
The audience vote winner is Dan Dreyfus (Talen Energy), while the hosts' vote winner is Aaron Cowen (MGM Resorts).

Ideas

Aaron Cowen Founder and CIO, Suvretta Capital Management 3:15

Japan casino and Dubai optionality double MGM.

MGM Resorts owns 13 Vegas properties plus two hidden assets that the market is undervaluing: a license to open a casino in Osaka, Japan (where the gambling market is larger than Macau and Vegas combined, with Chinese tourists easily accessible, and the asset could be worth ~$50/share), and a property in Dubai with 300,000 sq ft of casino-ready space if gambling is legalized (worth another $40-50/share). Additionally, Barry Diller has been aggressively buying the stock, now owns 26%, and recently bid $48/share, providing a floor. The company has also repurchased half its float in 6 years. With Vegas worth ~$60 and the hidden assets alone, the stock could be a triple from the $48 bid. Even ignoring Dubai, Japan doubles the stock. The catalyst path points to re-rating about 3 years before the Osaka opening, which is approaching.

Dan Dreyfus Founder, Bornite Capital 13:09

Hard asset below replacement cost in power supercycle.

Talen Energy operates 2 GW nuclear and 6 GW natural gas base load power plants in PJM. The company can be bought at an enterprise value of ~$25B vs replacement cost of $45B, offering an immediate double to reach replacement value, and historically such assets sell at a premium to replacement cost at cycle peaks. Power demand is entering a 20-year tight cycle driven by a technological supercycle (AI, electrification, re-industrialization), which turbocharges already tight supply. PJM alone forecasts 106 GW of new power needed in 10 years, but supply chains for critical minerals are constrained, keeping existing capacity highly valuable. Even if Talen does nothing beyond letting its Amazon data center contract roll, it will generate ~$50/share in free cash flow (stock in high $300s, ~7x FCF), implying a double on a 15x infrastructure multiple. If power prices rise or more data center PPAs are signed, it could reach $70/share; adding new build could push to $100+/share.

Oleg Nodelman Founder and Managing Director, EcoR1 Capital 31:20

Precision radiotherapy platform with pharma interest, China-proof.

Aktis Oncology (AKTS) is a $1B market cap / $500M enterprise value biotech with a miniprotein platform that can carry various radioactive payloads to solid tumors. The approach allows imaging verification of target engagement, de-risking development. Initial programs target validated tumor antigens (Nectin-4 in bladder, B7H3 across major solid tumors). First clinical data expected Q1 2027, near-term catalysts. The radiotherapy modality is hard to genericize, and China cannot easily replicate it due to isotope supply constraints, giving a real moat. Major pharma (Bristol, Novartis, Bayer, Eli Lilly, who backstopped the IPO) are aggressively building radiotherapy pipelines, with $15B in recent M&A. If any program reaches market, the company could be worth $10B ($200/share). Multiple de-risked programs give many 'outs.' Cash runway exceeds 3 years, past key milestones.

Kyle Samani Chairman @fwdind. Figuring out what’s next after a wild run as Cofounder and Managing Partner @multicoin 40:20

Decentralized RTK monopoly with buyback, AI tailwind.

GEODNET is the world's largest and fastest-growing real-time kinematics (RTK) network, providing centimeter-level geolocation. It is built via a decentralized crypto model where individuals deploy base stations for token rewards. With 22,000+ nodes covering 150 countries, it is twice the size of the next three incumbents combined. The network benefits from strong network effects likely to produce a natural monopoly. Revenue is growing >3x year-over-year, recently exceeding $1M annualized run rate. The project uses 80% of revenue to buy GEOD tokens on the open market (currently $8.8M/year), returning capital to token holders. The fully diluted market cap is ~$150M. Customers like John Deere, DJI, and TomTom are ramping spending ~3x from year one to year two. This creates a path to significant token appreciation as the physical AI/robotics tailwind accelerates demand for precision location.

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This All-In Podcast video, published June 12, 2026, features Aaron Cowen, Dan Dreyfus, Oleg Nodelman, Kyle Samani discussing MGM, TLN, AKTS, GEOD. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Aaron Cowen, Dan Dreyfus, Oleg Nodelman, Kyle Samani · Tickers: MGM, TLN, AKTS, GEOD