Decoding billionaire style at this year's Sun Valley conference: It's all about half zip sweaters, muted tones, and On shoes.

OpenAI CEO Sam Altman (left) has on a neutral crew neck T-shirt, while Salesforce CEO Marc Benioff sports a cowboy look at the conference in Sun Valley, Idaho.

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• Investment firm Allen & Co. annually hosts what's often called the "summer camp for billionaires." 
• Elite guests sported neutral looks seemingly inspired by the quiet luxury of "Succession."
• Some went for athleisure, choosing sneakers by the Swiss brand On when wheeling and dealing.

Sun Valley, Idaho, is an unlikely spot for a catwalk. But that's exactly what the paths around town became as billionaire and CEO guests strolled and biked between conference sessions at this year's Allen & Co. event. 

The fashion choices of the business elite seemed to evoke the luxury style seen on the hit HBO TV show "Succession," with a focus on muted tones and casual wear.

Many attendees stayed committed to the color and texture choices long favored by tech and finance titans: Plenty of shades of blue shirts and outer layers were on display, as were vest-centered looks. 

Here's what the Who's Who of the business world wore at the Sun Valley conference this week. After all, it's not called "summer camp for billionaires" for nothing: 

The conference looks appeared to be ripped straight out of "Succession."

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Many guests were espousing the so-called "quiet luxury" trend favored by the Roy family: neutrals, simple silhouettes, and subtle branding.

Here, Bing Gordon, chief product officer for venture capital firm Kleiner Perkins, wore a classic navy blazer, while his wife, Debra Gordon, donned an equally understated look.

And OpenAI CEO Sam Altman also obviously got the neutrals memo.

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OpenAI's Sam Altman, who has made the rounds lauding AI's potential good and warning of its terrifying possibilities, donned a casual look at the Sun Valley Lodge.

The ChatGPT leader's neutral-tone crew-neck shirt at the Sun Valley Lodge does seem like the kind of basic tee look that Alexander Skarsgård's "Succession" character, the casual sweats-loving tech CEO Lukas Matsson, would wear. 

Others sported casual quarter-zip sweaters, long a staple of the rich, preppy set on their days off.

New England Patriots owner Robert Kraft (left) and NFL Commissioner Roger Goodell looking casual.

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Guests like New England Patriots owner Robert Kraft epitomized a partial-zip sweatshirt look popular at the conference. 

Steven Swartz, the CEO of media company Hearst, also opted for a blue look.

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Hearst CEO Steven Swartz donned a periwinkle quarter-zip, perhaps tapping into a popular notion in business fashion that the color blue can signal stability.

The blue theme was working hard at this conference.

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Paul Salem, founder of investment firm Salem Capital Management, opted for a darker blue half zip.

Some let their accessories do the talking, including Salesforce CEO Marc Benioff, who was committed to a cowboy hat ...

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Salesforce CEO Marc Benioff appeared to be pretty committed to the Western atmosphere of the conference venue, keeping a cowboy hat on.

... throughout the event. Benioff looked to fit right in among the mountains.

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Even with an outfit change, Benioff still donned his hat. 

Some executives mixed it up with variations on the business color palette.

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John Elkann, chairman at the vehicle company Stellantis, went for futuristic-looking oversized sunglasses and a textured turtleneck sweater. 

Many guests eschewed looks displaying brand names, but one label that was popular was On.

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On, the Swiss brand of athletic and running shoes, has become popular among the tech elite.

Here the shoes are seen on Justin Kelly, the CEO of investment firm Winslow Capital.

A number of guests were pictured in On shoes.

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Groupon cofounder Eric Lefkofsky was wearing the stylish On shoes.

Some classics apparently never get old — including the puffy vest.

Ted Leonsis, CEO of Monumental Sports & Entertainment, dons the classic vest over shirt look, a reliable casual fit for the business set.

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Ted Leonsis, CEO of Monumental Sports & Entertainment, donned the classic vest-over-shirt look, a reliable casual fit for the business set.

It's still a popular look among lots of the crowd.

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Duolingo CEO Luis von Ahn wore it, too. 

YouTube head Neal Mohan took things down to Silicon Valley brass tacks.

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Mohan rocked the quintessential tech bro gray zip-sweatshirt look.

But of course, let's not forget the company hosting the conference. And the Oracle of Omaha himself.

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Legendary investor Warren Buffett wore multiple Allen & Co. outer layers with Sun Valley 2023 insignia.

And with all the On athletic shoes on display, one might wonder if Buffett noticed. Brooks Running, a unit of Buffet's Berkshire Hathaway, is a competitor to On.

Some guests got a little creative.

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Relativity Space CEO Tim Ellis and his wife, the artist Richelle Ellis, wore printed, geometric looks.

Others paid homage to their professions.

Major League Baseball Commissioner Rob Manfred wore a printed shirt with little baseball-themed symbols on it.

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Major League Baseball Commissioner Rob Manfred wore a printed shirt with baseball-themed symbols on it.

And one titan brought more casual textures into the mix.

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Warner Bros. Discovery CEO David Zaslav chose a classic Canadian tuxedo — a denim-on-denim look — and a megawatt smile.

Hollywood media chiefs are contending with a strike by writers and now actors seeking better pay as residuals decline, and more protections amid the rise of generative AI. 

Of course, the fashion invitees stood out among the crowd of financiers and business people.

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Stacey Bendet, who founded the clothing company Alice + Olivia, wore clashing patterns in this black-and-blue look.

And the statement necklace and this ensemble possibly stole the show.

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Legendary fashion designer Diane von Furstenberg paired what appeared to be a shark-tooth necklace with a colorful striped look.

But DVF's husband, the media mogul Barry Diller, kept a more casual cut, underlining the spirit of the event.

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Barry Diller, chairman and executive of IAC, which owns a suite of media and Internet-focused companies, cut a casual figure as he walked around in Sun Valley next to his wife, fashion designer Diane von Furstenberg.

The high fashion-casual cut combo perhaps embodied the entire event.

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