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Dan Sundheim

26 statements across 1 episodes · 5 bullish · 7 bearish · 1 people on the record · first statement Oct 22, 2025 by Dan Sundheim · across every show →

On the record as a speaker too: Dan Sundheim's record, appearances and statements → this page counts the times other people say the name.

Everything said about Dan Sundheim, oldest first

Oct 22, 2025
Disclosure
Sundheim: D1 analysts must be awake during coverage earnings calls
“If the company reports earnings, I expect the analyst to be awake. And I'm awake too.”
Dan Sundheim Oct 22, 2025 ▶ 48:12 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 neutral
Assertion Not checkable as stated
Sundheim: 70% of major breakthrough technologies trigger stock bubbles
“I think if you look back in history, 70% of the time that you have this kind of, like, major breakthrough technology, there is a stock market bubble.”
Dan Sundheim Oct 22, 2025 ▶ 1:19:02 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 bearish
Opinion
Sundheim: Premier private companies like Stripe should not go public
“I mean, if I ran a private company like Stripe, I wouldn't go public.”
Dan Sundheim Oct 22, 2025 ▶ 1:28:58 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 negative
Disclosure
Sundheim: D1 Capital does not use derivatives due to timeframe risk
“I don't use, I really don't use derivatives at all. The problem with derivatives is like, look, At the end of the day, when you break down, what is a derivative? It's just leverage and implied volatility. Like, if I want leverage, I can go, you know, get lever…”
Dan Sundheim Oct 22, 2025 ▶ 39:56 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 neutral
Assertion Not checkable as stated
Sundheim: Private equity hires take three years to contribute at D1
“Now, like, if I hire somebody from private equity, it takes about three years for them to really be, like, contributing to the one.”
Dan Sundheim Oct 22, 2025 ▶ 15:18 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 bullish
Opinion
Sundheim: Nvidia is not expensive and public AI stocks aren't in a bubble
“I would tell you, like, NVIDIA is, we can have a debate about what the earnings are going to be in a few years but it's not expensive. Like, NVIDIA trades at twenty-something times multiple. that's, you know, I think within reason, and I don't think there's…”
Dan Sundheim Oct 22, 2025 ▶ 1:18:38 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 negative
Assertion Not checkable as stated
Sundheim: Hiring lateral portfolio managers from other funds almost never succeeds
“If I hire somebody laterally, who's a portfolio manager in another fund, that's rarely been successful, almost, almost never.”
Dan Sundheim Oct 22, 2025 ▶ 14:56 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Disclosure
Sundheim: D1 analysts must submit weekly mock portfolios allocating capital
“We, yeah, we, everyone has like a, what we call a mock portfolio. So every week they have to take the positions they cover and they have to say, if I was managing capital, here's how I would allocate capital.”
Dan Sundheim Oct 22, 2025 ▶ 18:13 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 negative
Opinion
Sundheim: Cyclical over-earning shorts are the least attractive archetype
“And then I'd say the last, ah, and least attractive shorts are the ones where it's like, cyclically, they're just over earning a lot, and you believe that the real earnings, if you were to look like through a cycle, are much lower than people think.”
Dan Sundheim Oct 22, 2025 ▶ 38:07 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Disclosure
Sundheim: D1 paused short selling for a year after GameStop
“After GameStop, we took about a year off of short selling, and then I reengaged in short selling.”
Dan Sundheim Oct 22, 2025 ▶ 34:19 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Disclosure
Sundheim: Over 90% to 95% of D1 trades are his own decisions
“90, 95% plus.”
Dan Sundheim Oct 22, 2025 ▶ 2:19 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Insight
Sundheim: Companies facing secular decline almost never get acquired
“I find that, like generally, companies that have secularists almost never get bought. Like, I rarely has, do I ever see a CEO say, I want to go buy something that grows slower than I do, right? Like, this doesn't happen, right? Nobody wants, like, Take the tim…”
Dan Sundheim Oct 22, 2025 ▶ 38:39 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Insight
Sundheim: Investing carries emotional asymmetry between mild gains and excruciating losses
“What I'd say about this job, is that there's like an asymmetry of emotion, right? Like, when you're making a lot of money, it's not like I'm, like, tap dancing around my house, like, euphoric, like, my lifestyle doesn't change. I feel like, yes, I'm happy that…”
Dan Sundheim Oct 22, 2025 ▶ 29:36 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 positive
Assertion Not checkable as stated
Sundheim: D1's diversified short alpha matches its concentrated era
“Our short alpha since that time, and since we implemented the more diverse portfolio you referenced, our short alpha has been as good or better”
Dan Sundheim Oct 22, 2025 ▶ 35:24 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Insight
Sundheim: Managing risk after a position moves destroys capital
“Risk management cannot happen after the fact. Like, anything you do after the fact is not risk management. It's actually just destroying capital. Risk management has to happen before the fact. Meaning, like, you size these positions so that, like, When it goes…”
Dan Sundheim Oct 22, 2025 ▶ 32:52 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Insight
Sundheim: Investors always make the most money from multiple expansion
“You're always gonna make the most money from multiple expansion. Just like it's hard to have that differentiated view on a company's growth rate.”
Dan Sundheim Oct 22, 2025 ▶ 58:21 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Disclosure
D1 Capital covered all short positions at peak prices during GameStop rally
“We covered everything at the worst time, and I knew it was the worst time. But, if it kept going on for two weeks, yeah, all of a sudden there's a real problem, and I wasn't going to put the firm at risk, and I told my investors that this is the worst time.”
Dan Sundheim Oct 22, 2025 ▶ 30:28 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 bearish
Assertion Not checkable as stated
Sundheim: D1's 2020 short portfolio ultimately underperformed massively
“Now, if I had held that short portfolio, forget like from the top, if I just held from the end of 2020, I mean, they underperformed massively.”
Dan Sundheim Oct 22, 2025 ▶ 30:44 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 positive
Assertion Not checkable as stated
D1 Capital never received margin calls during the January 2021 GameStop squeeze
“We never came close to going into business, never had margin calls, never.”
Dan Sundheim Oct 22, 2025 ▶ 25:29 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 bearish
Prediction Not checkable as stated
Sundheim: AI market correction will hit when training returns asymptote
“At some point, they're going to say like, well, we're asymptoting out, like the returns on this new investment are actually not working. That's when I think you'll see a pretty big correction.”
Dan Sundheim Oct 22, 2025 ▶ 1:17:13 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Disclosure
Sundheim: D1 Capital avoids hiring portfolio managers or public equity veterans
“One, we don't hire portfolio managers. I pretty much only hire people who've never done public equity before which has pros and cons.”
Dan Sundheim Oct 22, 2025 ▶ 14:27 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 negative
Disclosure
Sundheim: D1 Capital will definitely not expand into macro trading
“Definitely not macro. First of all, like, it's tempting to think that because you're good at one thing, you're going to be good at all these different things, and, ah, I think that in and of itself was like a mistake.”
Dan Sundheim Oct 22, 2025 ▶ 54:17 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 positive
Opinion
Sundheim: Short selling opportunity is the best in his career
“I would say that the opportunity for short selling is better than it's ever been in my career.”
Dan Sundheim Oct 22, 2025 ▶ 31:32 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025
Insight
Sundheim: Quality equities compound through mistakes, while macro bets are binary
“If you buy great businesses, you overpay for them a little bit, you get their earnings wrong a little bit in the short term. Over time, value, you know, compounds, and time is your friend. Macro, that's not the case. It's more of, like, a binary bet.”
Dan Sundheim Oct 22, 2025 ▶ 55:04 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 bullish
What-if
Sundheim: D1 Capital should have owned more AI stocks
“I think to our detriment. We should have owned more AI stocks.”
Dan Sundheim Oct 22, 2025 ▶ 1:18:15 Dan Sundheim of D1 Capital on the art of public market investing
Oct 22, 2025 neutral
Insight
Sundheim: Monthly and quarterly returns are arbitrary outputs of past decisions
“If you have a portfolio of things that you've built over time, our monthly returns and quarterly returns are purely an output. Like there's nothing, it's, it is arbitrary in some respects.”
Dan Sundheim Oct 22, 2025 ▶ 23:52 Dan Sundheim of D1 Capital on the art of public market investing
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