EXCLUSIVE: Gene Munster shares top tech picks of 2023 with Benzinga, why Loup Ventures sold Netflix Stock

Loup Ventures is a technology-focused hedge fund, with a particular focus on pioneering technology companies – or companies pushing the boundaries of technological capabilities.

Managing Partner Gene Munster sat down with PreMarket Prep host Joel Elconin on Friday to discuss his thoughts on Big Tech's Q2 earnings season, outlook for the rest of 2022 and its top tech picks for 2023.

"We expect we'll probably get another 5% pullback," Munster said, speaking of broader markets.

"We don't think we'll likely get the 5% pullback for a few more weeks - from our perspective, in mid-September we'll start to see investor anxiety ."

Elconin asked Munster for his overall impressions of the second quarter in the technology sector.

"It was negative," Munster said. “There were very few bright spots; some good news from Alphabet Inc GOOG GOOGL and Apple Inc AAPL with their iPhone demand, but more broadly it was negative. Despite the market going up, [I think] there is still another substantial downside and another substantial upside in 2023, because I think the fundamentals are starting to improve. »

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Elconin asked Munster for longer-term investment ideas for 2023 – and stocks that are on Loup Ventures' radar.

“A few actions that would be safer are Google, it's the Internet's option; they proved it last term. Second, as much as I don't like its products, but the stock beats most stocks, Meta Platforms Inc META. They've been through a lot, a lot has been thrown at them. I think if they take some of the spending off of the metaverse, I think that will be positive, or the metaverse will work and that will be positive,” Munster said.

Munster also came up with a few other stock ideas.

"There's a company we like called Farfetch Ltd FTCH; it's a $3 billion market capitalization company. They're based in the UK, they're doing high-end luxury retail. We think he can do exceptionally well next year."

Elconin asked if there is anything Munster is avoiding.

Netflix Inc NFLX, the analyst turned tech venture capitalist said.

"We sold Netflix, and it has grown since we sold it. Our general opinion is that when you talk about big tech and the ability to branch out, or their ability to have that fluke. I don't think Netflix has the fluke. The ad-based model is good, but it's not a fluke."

This story is not intended as investment advice. Watch the full interview here:[embedded content]

Gene Munster, managing partner of Loup Ventures, left, and Joel Elconin, co-host of "PreMarket Prep". File photo of Benzinga by Dustin Blitchok.

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