저자: DavidTepper—영상내13F분석대상,발언자는진행자CouchInvestor추정 · 외국인
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Tepper(Appaloosa)의 2024년 4분기 13F 포지션 분석. 중국 주식 비중을 확대(알리바바 최대 보유, JD·Pinduoduo·KWEB·FXI 증액)하고, 아마존·메타·TSMC·카지노주는 축소, 인텔·어도비는 청산. 비상장 추정 신규 편입 Corning, Vistra 대폭 증액, ASML 증액. 진행자는 중국 자산 리레이팅 가능성에 동의하며 2025년 역발상 트레이드로 평가. 단 13F 해석은 과거 포지션 기준이며 발언 자체는 과거 설명 중심.
다듬은 글
a couple of months ago David terer the guy on the screen from apalooza management said to buy everything when it comes to China of course then we've got the Q3 13f and we saw that well actually he said buy everything China but he didn't really buy everything China he already had positions in Alibaba JD and all of that but they didn't really add that much I also think he actually reduced Alibaba a little bit in Q3 but now we've got the Q4 positions and it does seem like he well he did what he said he did what he said so let's discuss all of that and why I still believe it makes sense let's actually look at the changes the buyers and the sales because he did sell out of a couple of positions now if you don't know apala management or David Tapper well it's basically this they have 13 stocks in their portfolio and a portfolio value of just over $6.4 billion I mean I say just over as if I'm talking about $640 no 6.46 billion dollar 37 positions in the portfolio but as you will see the top 10 is already the majority of the portfolio so before jumping into this if you enjoy this type of videos hit all the buttons we're of course going to review all the other super investors as we do each and every quarter but I'll have to wait I think it's going to take another couple of days until we've got all the other 13f released and then we'll do just the main video so if you're interested in all of that like subscribe we really appreciate that on Tuesday we're going to have Shopify before the Market opens super micro after the Market opens and then as always noon live stream with Jose each Tuesday and Thursday so stick around for all of tha the pin comment with the top 10 best stocks to buy now or go to full.com cotch investor thank you very much all right so let's start off with the selling activity for qform the first one here just made me laugh one share of Google alphabet which was quite funny then here reduced FedEx by 6.67% Oracle big trim here actually 11% did reduce lft 14.29% quite strange right cuz I made a video about Le not so long ago I think it was flying under the radar there was an announcement today with regards to them launching actual autonomous vehicles in 2026 in partnership with Mobil ey and they will report their quarterly earnings on Tuesday as well after the hours so I'm definitely going to cover that and then look at this big reduction Amazon 18.75% meta 21.6% tsmc a reduction by 37.5% wind Resorts it's the casino a reduction of 37.5% same with the other casino Las Vegas Sand by 41.1% but of course Small Change here in the overall portfolio he reduced Intel by 60% completely sold out of adobe completely sold out of Adobe in Q4 and just an FYI yeah this happened in Q3 so in Q3 actually reduced Alibaba by 4.76% and already did reduce a little bit with regards to the big tech companies Amazon even Uber Intel Micron and all of that he did reduce already in Q3 so he's just been reducing a bit more in Q4 so what exactly did he buy well he increased his position in vistra by quite a lot 112.5 per.
okay I mean vistra last here if you remember was one of the best performing stocks in the market outperforming even Nvidia again it it makes sense but I'm quite curious as to why he increased it by so much and at the same time he sells positions like tsmc not completely but did Reduce by I mean quite a lot so okay and then he adds 10 16.4% in ASL and remember these are Q4 so it's not something that he did last week or something like that no that was Q4 okay do with that what you want because it can very well be that as of today as at the time of recording he is selling shares of vistra or asml it's true that asml was as we've seen in the past was cheaper than usual so okay he bought the deep in asml NRG he increased that as well JD he increased JD by 43.3 7% lamb research I guess he's watching the channel increased that position by 25% and then as we've seen here queb that's basically an ETF for Chinese stocks increased that by 21.5 3 Alibaba by 18.43 and I mean you're going to see Alibaba is actually his largest position in the portfolio so he kept on adding to Chinese Nam so truly he did follow his own advice of a couple of months ago bu everything when it comes to China then we see here Micron he did add to Micron 14.29% as for the rest what we have here Nvidia added a little bit byou H re increased in Uber okay makes sense I see he's also now a bag holder of advanced money Destroyer that's also nice to see and after selling Two casino stocks when not completely but reduced we can see that he actually added to Caesar entertainment interesting and then he adds 1% extra for pin duo duo and he opened a new position in this company right here and according to Google this is an American multinational technology company that specializes in speciality glass ceramics and related materials and Technologies including Advanced Optics primarily for industrial and scientific applications okay interesting it's probably a very very strong company it's CEO it's the same CEO since 2005 let actually have a quick overview of this company right now so as you can see in the last 10 years it performed quite well it's up 100 87% has a market cap of $43 billion and a forp of 22.
six times expected to grow I mean sales growth okay mid single digits and then EPS growing a bit faster than that if you look at some pricing multiples and compare it to the 5year mean it's actually more expensive today so okay quite interesting pick quite interesting pick but I assume that with the dividend sitting at 2.11% and has grown quite nicely in the last couple of years I think that might be the play here moving back to the main portfolio so this is basically it you can see here the main positions and who's number one here 15.54% of the portfolio is Alibaba by far the number one position here number two is Amazon keeps on reducing it a little bit but it's still the number two pin Doo number three here at just over 8% then we've got Microsoft remains untouched vistra made its way up here at 5.76% of the portfolio then we've got JD 5.61% Google alphabet meta Oracle and then we've got fxi here the large China cap ETF and actually Lyft is still high up there he did buy it bought more actually in Q3 reduced it now in Q4 but it's still high up there in the list all things considered right if you have to go back down here we see Nvidia 1.41% lamb research 1.4 Uber 1.4 as well and then we see Intel here all the way close to the bottom at 31% of D port folio but all in all I mean it makes sense it makes sense he's very much betting on the fact that we're going to see a reating of Chinese stocks meaning they're finally maybe going to get a higher premium compared to the American counterparts maybe now that Trump is President maybe that we already have those tariff talks ongoing let's be honest the tariffs that have been put by China and that might be put by the United States are not that bad right 10% here 15% there is really and on certain certain industries it's really not the end of the world and so maybe that's why we're also seeing some strength in those ches names especially since the start of this year we've seen that we've compared it to American companies the big tech companies have been lagging behind especially since the start of this year companies like Alibaba which I personally own are up quite nicely have outperformed the market actually as of today a lot of things can change throughout the year but I do I do think it makes sense I mean it's very very smart guy amazing track record he's very aggressive when he goes into things and his ideas very aggressive but at least I mean if he says something okay at least he does it so I am not surprised to see his Chinese positions here increasing especially not towards the end of 2024 going into 2025 I mean it makes sense it makes sense very very much concentrated in Chinese Holdings but but on the flip side I mean if you look he still owns Amazon Microsoft Google and meta and even Oracle here in the top 10 top 15 positions so it's balanced but you can see that he's very much willing to put more weight on the Chinese names and it makes sense I've said this at the end of 2024 I think that's the contrarian trade for 2025 I know a lot of people have been saying this for a couple of years now and theyve been underperforming the market for quite a long time but with the elections with the way things were looking especially for these companies I mean these are amazing companies that are growing that are profitable that are just extremely cheap yes there is that China risk is also geopolitical risk and all of that yes we have to take that into consideration but as we've seen American stocks are not immune to those things either right deep sea completely wiped out what hundreds of billions if not trillions of dollars of market value in just one day then tariff talks Mexico Canada also puff wiping out billions of dollars hundreds of billions of dollars in value in just one day so it's not just oh China risk geopolitical risk and those values those stocks can go down quite a lot no the American ones as well so all in all that's about it it's nice to get insight in those super investors portfolio unfortunately we don't really get much information or much explanation as to why they buy or why they sell yes when they go on TV and they say things like buy everything China or maybe afterwards they explain why they increased why they opened a position why they decrease why they completely sold out yeah that's maybe when you get an explanation but right now we can only look at what they've done couple of months ago try to make sense of it and then agree or disagree me personally of course I agree with his moves I think the portfolio makes total sense of course unbias but yeah we'll see we'll see how that works out I'm very interesting to see what the other super investors have been doing if they're also pivoting towards more Chinese names in the portfolio if they have been reducing their exposure to well the American magnificent 7 if they've been buying some under the radar stocks like lft I mean a lot of people laugh about it but I do still think that Lyft Will outperform the Market I thought Snapchat would do the same but apparently Snapchat is still the only company that can go up 12% after hours and then be down 7% the next day this is truly truly amazing so all in all that's about it I have actually an exciting video in the next coming days with regards to waste management and to other stocks that have also outperformed the market by quite a lot in the last couple of years boring businesses I would call them but pretty good ones to own so stay tuned for that but on Tuesday it's Shopify super micro lift and the usual live stream with Jose so make sure you're subscribed to the channel and I see you all in the next one bye-bye
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