Wealth Manager Bireme Capital Exits Netflix, Trims Meta Holding, Shorts Tesla and Apple Amidst Stretched Valuations
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Wealth managers Bireme Capital have sold their Netflix position, significantly pared their Meta position, and taken new short positions in Tesla and Apple due to overextended valuations.
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Bireme Capital believes "transcender" tech stocks like Apple, Amazon, Microsoft, Facebook and Alphabet still have strong businesses but valuations are no longer as reasonable after the 2023 stock bounce.
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Bireme Capital also newly shorted AI software provider C3.ai while favoring Snowflake, GitLab and Datadog as better AI bets.
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In consumer staples, Bireme Capital took a long position in British American Tobacco citing its cheap valuation and next-gen product potential. They shorted Clorox and Tootsie Roll.
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Bireme Capital believes consumer staples stocks are still overpriced and will continue to underperform, with 10-year highs providing additional headwinds.