We confused luck with skill. Philippe Laffont: The first meeting was very brief. In Part II of the interview,Laffontexplains his investment philosophy, how he figures out great long and short positions, and how to get hired at a top hedge fund.For us, the key to investing is thinkinghow can a company perform three to five years out?Not focus so much from the short term, try to see the forest from the treesFew people in the market think about the long term, and thats our edge.. Philippe Laffont: After MIT, I spent some time at McKinsey. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Overall, the Q3 database of Insider Monkey suggests that 15 hedge funds were bullish on the stock. in Computer Science. Philippe Laffont: I was there for three and a half years. The hedge funds top buys for the third quarter included JD.com, Inc. (NASDAQ: The most notable stocks from Philippe Laffonts Q3 portfolio include Tesla, Inc. (NASDAQ: 11 hedge funds monitored by Insider Monkey were bullish on RLX Technology Inc. (NYSE:RLX) in the third quarter, with total stakes valued at $251.8 million. Warren Buffett has been investing and compounding for at least 65 years. Here is what ClearBridge Investments has to say about UiPath Inc. (NYSE:PATH) in its Q2 2021 investor letter: We participated in the IPO of UiPath, a developer of software for robotic process automation that uses AI, natural language processing and design to streamline complex processes across a variety of technology environments. I think the PhDs are much smarter than us. So in our first two years, the NASDAQ went down 80%. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Simply log into Settings & Account and select "Cancel" on the right-hand side. There are some unbelievable tech investors that also have not studied tech. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Theres too many ways that he can just brush you out. Sign up for the Directors & Boards newsletter and break through the clutter with the latest news, trends and analysis impacting public company boardrooms. So the first one is we obviously screen according to the education. So thats the sort of the thesis anti-thesis, winner loser. The Mayor and immediate staff oversee: Enforcement of all laws applicable to those residing or conducting business in Provo. Coatue is a privately owned hedge fund sponsor. If you spend your two to three years there, youre going to know what all these areas are, youre going to figure out what youre interested in, what youre good at. analyse how our Sites are used. Philippe Laffont: Sure. And Philippe youre also a tiger cub, I believe, as well. Disclosure: None. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Skiddy von Stade (SvS): Hi there, Skinny von Stade, CEO of OneWire, and welcome to Open Door. Laffont, a soft-spoken and publicity-shy Frenchman, has built one of the world's best-known technology-focused hedge funds, and has a growing business investing in private companies. Wedbush analyst Moshe Katri on December 20 lowered the price target on Block, Inc. (NYSE:SQ) to $190 from $250 and kept a Neutral rating on the shares. Philippe P. Laffont is the founder and portfolio manager of Coatue Management. But you also dont want to have your resume full of like you spent two months here one year there two years there and like the guy looks at your resume and says, Wait a minute, youve been a bit everywhere. In Part II of the interview, Laffont explains his investment philosophy, how he. And it wasnt an easy ride to where we are today. And I just say that and Ill get back to the investment philosophy, because in your professional life, youre gonna more than once come across something that goes absolutely the opposite way of what you were hoping and the only people who, sort of things go their way all the time, is the sort of the one in the million guy who also wins 300 million bucks in the lottery. Here is what RiverPark Large Growth Fund has to say about Block, Inc. (NYSE:SQ) in their Q1 2021 investor letter: We established a position in leading Financial Technology provider Square during the quarter. Yeah, I went straight for it. Venture Capital and Private Equity; Technology. as well as other partner offers and accept our. The career advice that I would have for people is you need to do two things when you graduate. So it just shows how sometimes you do get the things that you want, but maybe through a different door. And its sort of a culture engineering where a lot of stuff you create on your own you work late at night, this was just not for me. For me, I knew I would only speak to him for 60 seconds. Revenues are $9 billion. Philippe P. Laffont is the founder and portfolio manager of Coatue Management. As a former research analyst at Julian Robertson's Tiger Management, Laffont is part of a group of hedge fund managers known as the 'Tiger Cubs'; all of whom started their funds after working under Robertson. The company reported a loss per share of $0.02, beating estimates by $0.11. Sign up for notifications from Insider! In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. Well, Philippe, listen, really appreciate your time. So I was stuck at home. Philippe Laffont is the founder and portfolio manager of Coatue Management. 2023 MIT Alumni Startup Network, All Rights Reserved. And at that time, we just bought companies that we knew a bit like Peter Lynch said, and we were incredibly lucky that we started a period of time where the market was up 50% every year. Last spring, Coatue Management, a $25 billion hedge-fund giant, did something unusual: It made an appearance. People dont expect you to be prepared at JPMorgan on day one. So in my case, I was at McKinsey for three years. In Part II of the interview. They will be the one person who by luck, his roommate founded Microsoft, and hes part of Microsoft from the beginning, right? In this article, we discuss 10 tech to buy according to billionaire Philippe Laffont. or We used the third quarter portfolio of Philippe Laffonts Q3 portfolio to select the billionaires top 10 stocks priced under $25, ranking the companies according to Laffonts stake value in each holding. And he certainly started a number of different firms out there and helped a lot of guys like yourself. explains his investment philosophy, how he figures out great long and short positions, and how to get hired at a top hedge fund. UiPath Inc. (NYSE:PATH) announced its Q3 results on December 8, posting a revenue of $220.82 million, beating estimates by $11.59 million. One of the largest Block, Inc. (NYSE:SQ) stakeholders as of Q3 2021 is Stephen Mandels. By clicking Sign up, you agree to receive marketing emails from Insider Again, you have to be a little practical and show a little bit of grind. Premium access for businesses and educational institutions. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. He launched his hedge fund in 1956 with $105,100 in seed capital. . In 1996, he joined Tiger Management LLC as a research . If purchased at sensible prices, these types of businesses in our experience can contribute meaningfully to long-term results., Coatue Managements Stake Value: $749,325,000, Percentage of Coatue Managements 13F Portfolio: 3.04%. So you need to show the appropriate amount of commitment, but also creativity. Here is what Tao Value has to say about Sea Limited (NYSE:SE) in its Q2 2021 investor letter: Sea continued to execute above expectation. Philippe Laffont: After McKinsey, and after my sort of one year of bubbling around in Spain, I came back to the US. But investing its about I think its a different set of skills. And it didnt work out, you know, what are you? After graduating in. Chris Goddney | Bloomberg | Getty Images LONDON U.S. hedge fund Coatue Management is planning to set up a new. offers FT membership to read for free. fnac.com. So I would encourage people, despite the fact that now its much less in Vogue, is go spend two or three years with a bunch of competitive, high testosterone people, see if you like the environment. Preparation and submittal of the proposed annual budget. We have a couple people that work on this. So it wasnt easy. Use tab to navigate through the menu items. SvS: Philippe, you hire a lot of people here. Citi analyst Lydia Ling on December 6 lowered the price target on RLX Technology Inc. (NYSE:RLX) to $11.50 from $15.10 and kept a Buy rating on the shares post the Q3 results. Buyer Philippe Laffont Price $11.7 million Year 1924 Specs 6,151 square feet, 5 bedrooms, 6 bathrooms Lot Size 1.9 acres Not only does Philippe Laffont deal in hedge funds specifically, those in the tech arena (think Uber, and most recently, DoorDash) he apparently has a fondness for communities that carry the name hedge as well. Added to: Hertz Global Holdings Inc. - Estero, FL. Cathie Woods ARK Investment Management is the largest stakeholder of UiPath Inc. (NYSE:PATH), increasing its stake in the company by 102% in the third quarter. So, how did Warren Buffett manage to generate high returns and beat the market? CLSA analyst Neel Sinha upgraded Sea Limited (NYSE:SE) to Buy from Outperform with a price target of $455, up from $352, as the analyst rolled forward valuations following the companys Q3 report. All rights reserved. RLX Technology Inc. (NYSE:RLX), a China-based e-vapor company, is one of the best stocks under $25 to buy according to billionaire Philippe Laffont, who owns 14.2 million shares of RLX Technology Inc. (NYSE:RLX) as of the third quarter, worth $64.2 million, representing 0.26% of his total Q3 investments. And then, I got a job at a mutual fund, very small mutual fund, where I worked for free. is what Tao Value has to say about KE Holdings Inc. (NYSE:BEKE) in its Q3 2021 investor letter: Jeff Bezos Stock Portfolio: 5 Companies Bezos Is Investing In, Anton Schutz Mendon Capital Advisors Portfolio: Top 10 Finance Stocks, 5 Healthcare Stocks to Buy According to Tiger Cub Chase Coleman, 10 Tech Stocks to Buy According to Billionaire Philippe Laffont, 5 Stocks in Eashwar Krishnan's Tybourne Capital Management Portfolio. Contact an All American Speakers Bureau booking agent for more information on Phillippe Laffont speaking fees, availability, speech topics and cost to hire for your next live or virtual event. Here is what Tao Value has to say about KE Holdings Inc. (NYSE:BEKE) in its Q3 2021 investor letter: As witnessed in the past quarter, the government intervention in the Chinese private sector is elevated to an unprecedented level. For the next two years, he worked as an independent consultant, before joining Julian Robertsons. Philippe Laffont runs Coatue Management, a hedge fund and venture capital investor that focuses on technology-themed investing. Not focused so much on the short term. Coatue Management, a technology-themed investment management company, was founded by Philippe Laffont in 1999. Or watch Part I here. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. We initially share this idea in October 2018 and the stock already returned more than 150%. (LogOut/ And I couldn't find a job because it was harder. From 1996-1999 he worked at Tiger Management as a research analyst. Laffont attributes this success to a patient and long-term investment philosophy, which has seen Coatue grow from $45 million in 1999 to over $25 billion in 2020. Check if your Mr Laffont has also served on the board of several prominent businesses; the most notable of which is his current position in the Chinese media firm ByteDance. Its sort of patience and a longer term thinking. And if theres enough odd things that leads you to believe the company is wrong. Go spend the first two to three years at Goldman Sachs, Morgan Stanley, McKinseyan investment bankWall Street is a very competitive environment full of smart people, and if you can start your career [there], youre going to learn a lot. All American Speakers Bureau is a full-service talent booking agency providing information on booking Phillippe Laffont for speaking engagements, personal appearances and corporate events. He worked as an analyst in management consulting for McKinsey & Co. from 1992 to 1994 in Madrid, Spain. The analyst stated that he is concerned about the valuations in the growth software portion of the market, inflation, and interest rates. Mr. Laffont graduated from the Massachusetts Institute of Technology in 1991 with a B.S. Tell me more about your company. 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The largest Sea Limited (NYSE:SE) stakeholder as of Q3 2021 is. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. cookies JPMorgan analyst Alex Yao upgraded KE Holdings Inc. (NYSE:BEKE) to Overweight from Neutral with a price target of $30, up from $21 on November 9. BMO Capital analyst Keith Bachman on December 15 lowered the price target on UiPath Inc. (NYSE:PATH) to $52 from $57 and kept a Market Perform rating on the shares. Organizations around the world are beginning to understand the power of automation, with momentum picking up toward fully automating business processes, a $60 billion market today that could grow to $200 billion or more by 2030. Philippe Laffont, aged 54, has a personal net worth of $6.5 billion, and in the third quarter of 2021, the most notable stocks from the billionaires portfolio include The Walt Disney Company (NYSE:DIS), Tesla, Inc. (NASDAQ:TSLA), Meta Platforms, Inc. (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN), and Netflix, Inc. (NASDAQ:NFLX). Mr Laffont has been at the forefront of the alternative investments industry for over 20 years. These sources described a grueling environment where leaders micromanaged, hurled insults, reamed out staffers in public, and fired people seemingly on a whim. But of course, he says, no one is right all the time. Currently is a trustee of New York Presbyterian Hospital. Billionaire Philippe Laffont is Selling These 10 Stocks. Technology in 1991 with a B.S by philippe Laffont: the first meeting was very.... Largest Sea Limited ( NYSE: SQ ) stakeholders as of Q3 2021 is Stephen Mandels Co.! People here billion hedge-fund giant, did something unusual: it made an appearance Holdings -... Q3 2021 is there for three and a longer term thinking I got a job because was! Von Stade, CEO of OneWire, and welcome to Open Door are today Buffett took only 1.1 points!, as well in 1956 with $ 105,100 in seed capital but investing its I! 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