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Alternative Market Briefing

Sohn: Tesla could be the next Apple - second half updates

Tuesday, May 09, 2017

Bailey McCann, Opalesque New York:

As the second half of the Sohn Conference got going in New York, venture capitalist Chamath Palihapitiya, the CEO, and founder of Social Capital kicked things off with an interesting call on Tesla. Palihapitiya went through Apple's history to set up a base case that Tesla could be the next big innovator in tech, with the potential to generate "hundreds of billions of dollars in revenue" in the next ten years. Rather than making a long or short call on shares of the company, Palihapitiya recommends owning Tesla's convertible bonds - "we are guaranteed not lose money as long as the company is worth $15 billion," he said.

Algebris Investment's Davide Serra followed Palihapitiya with a short call on UK Gilts. According to Serra, the quality bias in both Gilts and the Pound is unwarranted. He expects Brexit to cut British GDP by approximately 7 percent and sees long-term inequality within Britain creating a challenging environment for bond investors.

Greenlight Capital's David Einhorn also offered a short call on Core Laboratories, an oil and gas production enhancement company. Einhorn said Core Lab's stock could fall as much as 45 percent as energy and commodity prices are unlikely to recover off current lows. The company's stock fell approximately two percent following the presentation.

Brad Gerstner of Altimeter Capital laid out a surprise case for going long United Airlines. Despite recent headlines abo......................

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