For the past 36 years, Sun Valley, Idaho has played host to one of the most exclusive gatherings anywhere in the world, which this year promises to have unparalleled significance.

The annual Allen & Company conference is a highly selective event, with just 300 attendees making the guest list.

The secretive invite list is packed tight with wealthy founders. This year includes the likes of Jeff Bezos, Mark Zuckerberg, Michael Bloomberg, Reed Hastings and Sergey Brin. There's a reason this conference is called  "summer camp for billionaires."

This year, while still in the minority, more women joined the ranks of Sun Valley attendees,  among them YouTube CEO Susan Wojcicki, Mary Barra, CEO of General Motors, Anne Wojcicki, CEO of 23andMe, Shari Redstone, vice chairwoman of CBS Corporation, Facebook COO Sheryl Sandberg, Belinda Johnson, COO of Airbnb, and Stacey Bendet CEO of fashion brand Alice + Olivia.

Part of what makes the Sun Valley conference so important is just how rare it is for CEOs to have private, often serendipitous conversations with potential partners, competitors, and acquirers.

This year observers have an eye out for potential conversations that could result in deals that move the market.  Among the most anticipated: Will Shari Redstone and Leslie Moonves find time for a drink?  Today they're fighting over control of CBS — but Sun Valley could be an opportunity to talk without prying eyes.

Another exec who arrive in Idaho with an agenda is Oath’s Tim Armstrong. As Verizon CEO Lowell McAdam hands over the reins to Hans Vestberg,  Armstrong is said to be looking for an acquirer for the collection of editorial assets he's put together.

Jeffrey Katzenberg's new short-form video network New TV has an $800-million war chest looking for content assets through his holding company WndrCo.

And as much as the conference is off the record, bits of news and gossip do slip out.  Disney chief Bob Iger turned his breakfast into a “baller move,” eating at a prominent front table with Fox’s Rupert and Lachlan Murdoch and Rupert’s wife, Jerry Hall: the definition of a power breakfast.  

And Netflix’s Ted Sarandos was drinking a double espresso at the Sun Valley cafe as the Emmy nominations were released.  After an 18-year record for HBO, Netflix this year led the nominations. Nice going.

So here's what we else we know.   Day two’s morning sessions featured a panel with IAC chief Barry Diller, Bloomberg News founder Michael Bloomberg, and Activision Blizzard’s Bobby Kotick.  The conversation was about how they started their companies.  In the afternoon Chilean president Sebastian Piñera made a case for investment in Latin America that was well-received.

On day three, Amazon CEO Jeff Bezos talked about Amazon's evolution and his plan to develop the world of outer space. There was a panel with King Abdullah II of Jordan and his wife, Queen Rania, and a conversation with Joseph Dunford, chairman of the Joint Chiefs of Staff.

All in all, light stuff.

So why does the Sun Valley conference prove so fruitful as a destination for dealmaking?  It may be because of  what Warren Buffet calls ABWA -- acquisition by walking around -- or what Zappos Tony Hsieh calls "creative collisions." One thing we know, for most of these CEOs, their encounters and conversations are highly orchestrated and coordinated. But being able to connect and talk in the laid-back environment of Sun Valley could be just what's needed to cut through corporate red tape and get deals done.