Larry Robbins, the best-performing hedge fund manager of 2013, is making a bullish bet on Millennials.
He thinks they're ready to take on some of the life experiences they had to defer because of the financial crisis — like buying a house and getting a dog.
Robbins, who runs Glenview Capital, spoke about this at the Robin Hood Investors Conference last week. The event, which featured some of the biggest names in the hedge fund world, was closed to the media.
Business Insider obtained a copy of Robbins' full presentation. We're unable to share the slides.
In the presentation, Robbins points out that birthrates are cyclical. Birthrates are typically negative during major economic and geopolitical events. Because of the recent financial crisis, Millennials have deferred having kids, owning a pet and buying a house in their mid-20s to their mid-30s.
A recovery in the US birthrate, though, will benefit industries like hospitals, pet ownership and home ownership, according to Robbins.
To play this trade, Robbins, the founder of Glenview Capital Management, is betting on the hospital operator Community Health Systems (CYH), the animal hospital operator VCA Inc. (WOOF), and the real estate brokerage Realogy Holdings (RLGY).
Editor's note: We're unable to share the slides.