(The Business Insider) A $3.4 billion hedge fund is poking holes in conventional thinking over tech behemoths Amazon, Google and Facebook – and hinting at a potential sell off in the sector. Tourbillon Capital, a New York-based hedge fund, raised concerns over investment theses on the companies in its second-quarter client letter, which was reviewed by Business Insider. Broadly, the market is pricing in indefensible valuations for the tech, media and telecommunications sector, according to the fund. “Today, we see less and less differentiation on future fundamental performance, fewer defensible valuations, and a market that is lulled into a sense of complacency based on narratives,” founder Jason Karp wrote in the letter. “That has historically been a recipe for permanent loss of capital.”
A Recipe For Permanent Loss Of Capital’: A $3.4 Billion Hedge Fund Is Lashing Out At Tech Stock
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