Gerstner reduced exposure to tiny by April 2024 due to fears about the Navarro nuclear option on tariffs.
“By April, we were tiny in terms of our overall exposure to the market because of our fears about I came on this program and talked about, you know, the Navarro nuclear option around tariffs.”
Gerstner has added a small Uber position in recent weeks during pullbacks.
“We actually have a small slice of of Uber in our portfolio today that we've added right over the course of the past few weeks on some of these pullbacks.”
Gerstner details Altimeter's Google trades: owned from $90 to $120, re-entered at $130 after a pullback.
“we own the stock last year from $90 a share up to over a $120 a share. We thought it got a little bit ahead of itself.”
Gerstner says portfolio return targets normalized from 80% in early 2023 to 20-30% now.
“I think the return to target in our portfolio is 20 to 30%, whereas the start of last year, Bill, it was like 80%.”
Gerstner says Facebook became Altimeter's largest position in 2012 and remains so today based on shift from search.
“Facebook became our largest position in 2012 while we managed the position over a period of time, it's still our largest position in the fund today.”