Altimeter's Returns + Their Secret Forecasts for Uber, Nvidia, Snowflake, Meta, Amazon & Microsoft
I got my hands on Altimeter's annual investor update from January
Brad Gerstner’s Altimeter Capital Management has made itself famous for vocal and concentrated bets on companies like Meta, Uber, Snowflake, Microsoft, Amazon, and Nvidia.
Picking correctly among a small group of juggernaut tech stocks has become essential as performance among high-profile tech stocks has diverged. For instance, Nvidia and Meta enjoyed huge run-ups in 2023, while Apple’s performance lagged. The Magnificent 7 stocks are not all created equal.
Altimeter’s Big 2023 Long Positions
Picking tech winners is Gerstner’s specialty, and his results show both the opportunities and the risks. The firm had an abysmal 2022 and a phenomenal 2023.
I’ve got my hands on Altimeter’s January 2024 annual investor update for its public fund. (Paid subscribers can see key newsworthy screenshots from the slides below — or click this link as this post is likely too long for your email.)
In the slide deck, Altimeter games out the possible future performance for high-profile tech stocks, including Uber, Nvidia, Snowflake, and Meta.
I obtained the slides from a source as part of my news reporting. I don’t give investment advice and am not telling you that Altimeter’s perspective is the right one. I just think it’s important to know how key public markets investors say they are performing and what their investment perspectives are.
I’ve published similar reports on Coatue, Tiger Global, and ICONIQ. I have another slide-driven post in the works.
Altimeter is a high-profile and outspoken investor. Gerstner wrote a widely shared letter called “Time to Get Fit” to Meta CEO Mark Zuckerberg in October 2022. Gerstner has made regular appearances on CNBC and the All-In Podcast, and now hosts a regular video podcast with investor Bill Gurley. And as the pitch deck reveals, Altimeter has gotten access to key public company executives like Uber’s Dara Khosrowshahi and Meta’s management team to formulate its views.
Here are two example slides on Altimeter’s view on Meta:
With Meta’s share price already at $476, Altimeter’s Meta holding has been a big winner for them this year.