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

What It Covers

Four fund managers pitch their top investment ideas at an All-In-hosted Ira Sohn-style competition. Pitches cover MGM Resorts (hidden casino assets in Japan and Dubai), Talon Energy (nuclear and gas power infrastructure), Actus Oncology (radiopharmaceutical cancer treatment), and GeoNet (decentralized RTK precision location network). Audience votes Talon first; besties rank MGM first.

Key Questions Answered

• •MGM Hidden Asset Valuation: MGM trades near Barry Diller's $48 takeover bid, but the sum-of-parts analysis suggests $100–$150 per share. Vegas assets plus China equal roughly $60, Japan's Osaka casino license (opening 2030, estimated $2B EBITDA, 40% MGM ownership) adds ~$50, and a potential Dubai gambling legalization adds another $40–$50. Historically, markets begin pricing casino openings approximately three years before launch, placing now as the optimal entry window.
• •Power Demand Cycle Timing: US power demand is entering a multi-decade expansion cycle driven by AI data centers, which function identically to oil refineries — electricity in, intelligence out. The PJM grid alone requires 106 gigawatts of new capacity within ten years. Existing nuclear and gas assets trading below replacement cost (Talon at $25B enterprise value versus $45B replacement cost) represent a Sam Zell-style buy-below-replacement-cost opportunity with more than a double just to reach replacement value.
• •Talon Energy Free Cash Flow Path: Talon Energy generates approximately $50 per share in annual free cash flow at current contracted rates against a high-$300 stock price — roughly 7x free cash flow versus 15x for comparable infrastructure assets. Signing additional data center power purchase agreements pushes earnings to $70/share; adding 4 gigawatts of new capacity construction could reach $100+ per share annually, making the stock a potential 3x–4x from current levels.
• •Radiopharmaceutical Moat in Biotech: Actus Oncology ($500M enterprise value, $1B market cap) uses mini-protein delivery of radioactive actinium payloads targeting cancer cells within a 100-micron blast radius. The actinium supply chain depends on US Cold War nuclear waste, making Chinese replication structurally difficult. Pharma M&A in radiotherapy exceeded $15B recently, with Eli Lilly backstopping Actus's $300M IPO. Initial clinical data for two lead programs arrives in Q1 2027, with a potential 10x valuation if either program succeeds.
• •GeoNet Decentralized Network Economics: GeoNet operates 22,000 RTK base stations across 150 countries — twice the combined size of Trimble, Hexagon, and Topcon built over 30 years — by paying hobbyists in Geo tokens to host $300 hardware on rooftops. At $150M fully diluted market cap with $11M annualized revenue growing 3x year-over-year, the network returns 80% of revenue via open-market token buybacks. Customers including DJI, John Deere, and TomTom typically triple their annual spend from year one to year two.
• •Biotech Platform Valuation Framework: Early-stage biotech companies with platform technologies — delivery mechanisms or targeting approaches applicable across multiple tumor types — can reach $10B+ valuations if even one program reaches market. Actus targets Nectin-4 (bladder cancer) and B7-H3 (expressed across prostate, colorectal, and lung tumors). Triangulation valuation rather than risk-adjusted NPV discounting is the practical approach for pre-revenue biotech, since standard DCF models collapse to near-zero for early clinical assets.