market folly

We're posting up notes from the Sohn Investment Conference in New York, produced in partnership with Bloomberg LINK.  Next up is Philippe Laffont of Coatue Management who pitched Liberty Global (LBTYA/K) long.


Philippe Laffont's Sohn Conference Presentation

Tech Media Telecom investor.  Was at Tiger before founding Coatue.

IDEA1: Long Liberty Global. LBTYA. Similar pitch to last time, which was Virgin Media, which was bought by Liberty Global. (He's owned LBTYA for a while now).

Says  cable is best infrastructure for high-speed broadband.  Says Fiber is too expensive and wireless is too hard because you need expensive spectrum. NFLX is just rolling out in Germany, France.  It is 30% of the broadband in the US, and this trend will occur in Europe next. 

Comments on merger activity in cable and telecom: he expects more consolidation. TWC and CMCSA happening. Sprint and T-mobile? DirectTV and AT&T?

Liberty Global could be bought by Vodafone. AT&T could buy Vodafone and Liberty Global. CMCSA could buy Liberty Global. Liberty Global could add new assets. So LBTYA could double from $40 to $90 by 2018.

Be sure to check out the rest of the presentations from the 2014 Sohn Investment Conference.