Loop Ventures is a technology-focused hedge fund with a strong focus on frontier technology companies – or companies that are pushing the boundaries of what technology can do.
Managing partner Gene Munster We met with the host of PreMarket Prep. Joel Elkonin Friday to discuss big tech’s second-quarter earnings season, his outlook for the rest of 2022 and his thoughts on top tech picks for 2023.
“Our expectation is probably another 5% pullback,” Munster said of the broader market.
“We don’t think we’ll get a 5% return for another few weeks – from our perspective, we’ll start to see anxiety among investors in mid-September.”
Elkonin Munster asked his general opinion on the second quarter of the technology sector.
“It was negative,” Munster said. “There were quite a few bright spots; some good news from Alphabet Inc GOOG GOOGLEAnd Apple Inc APL Their interest in the iPhone, however, was largely negative. Despite the high activity in the market, [I think] There’s still another move down, and another move up significantly in 2023 as I think the fundamentals will really start to improve.
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Elkonin asks Munster for long-term investment ideas for 2023 – and the stocks on Loup Ventures’ radar.
“Two of the safest stocks are Google, an Internet alternative. Confirmed last quarter. Second, as much as I don’t like the products, but the stock is better than most stocks. Meta Platforms Inc META. They’ve been through a lot, a lot has been thrown at them. I think if they pull back some of the spending on Metaverse, I think it would be positive, or Metaverse would work and that would be positive as well,” Munster said.
Munster also offered a few other stock ideas.
“It is said that there is an organization that we like Farfetch Ltd FTCH – It is a company with a market value of 3 billion dollars. They are based in the UK, they operate high end luxury retail. We think that next year will be exceptionally good.
Elconin asked if Munster had anything to take away.
Netflix Inc NFLXAccording to the analyst-tech venture capitalist.
“We’ve sold Netflix, and it’s gone up since we sold it. Our whole idea is that when you talk about big technology and the ability to make a difference or the ability to get these lands. The ad-based model is good, but it’s not dead.
This story is not intended as investment advice. Watch the full interview here:
Loop Ventures managing partner Gene Munster, left, and “PreMarket Prep” co-host Joel Elkonin. Benzinga file photo by Dustin Blichock.