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Alternative Market Briefing

Hedge funds go long tech at Sohn

Tuesday, April 24, 2018

Bailey McCann, Opalesque New York:

Top tier hedge fund managers gathered in New York to give their best ideas at the Sohn Conference today. Overall managers seemed more confident about their picks than they have in previous years.

Tech dominates Sohn bets

Citing recent controversy, DoubleLine's Jeff Gundlach announced that he was short Facebook. In his presentation, he said that regulation is coming for the tech giant and when that happened in other once hot industries stocks tanked.

"What's happened in the past will happen again and again and again," Gundlach said.

Facebook was the only tech short announced at the conference which was positive on the sector overall. After Gundlach, Social Capital's Chamath Palihapitiya led a tech-heavy presentation that included long calls on Google parent Alphabet. He also reinforced his long cases on Amazon and Tesla from last year's conference. "We still believe," Palihapitiya said of Tesla.

For 2018, Palihapitiya announced a long call on Box, a data management application. He argued that where companies like Google and Amazon have the infrastructure in place to support the growth of data and artificial intelligence, Box allows users to organize and manage data in a way that is useful for powering AI applications. Palihapitiya ended his presentation with a pithy summation - "be long Apple, be long Google, but frankly be long Box."

Glen Kacher of Light Street Capital rounded out an alread......................

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