At this year’s Sun Valley gathering, the industry’s biggest question is not whether consolidation will continue, but which kinds of assets still create real value.
Allen & Co. allows a small group of journalists to photograph attendees only outside the main venue, as they move about the resort. So we are left to read as much as possible into these images—especially the group shots and sometimes the absence of familiar faces—for clues of friendship, rivalry, complicated alliances and possible business synergies.