EFTA02602914.pdf

From: Paul Barrett < Sent: Tuesday, July 24, 2018 3:40 PM To: Jeffrey E. Cc: Richard Kahn Subject: Trade Ideas Jeffrey 1. We own $2.5MM of Tencent. The stock is down 20% from the highs in lan=ary. A lot of that has to do with its weight in the Chinese and EM ETFs. • I think we should add $2MM. • Naspers has now caught up and outperformed Tencent =ince I bought Naspers. Let's also switch Naspers back into Tencent.<=:p> a. Downward revisions to their egaming business have hurt sentiment=/o:p> b. They own 48% of Fortnite (on a run rate of $3BIn revs this=year — and that is before the China launch in the coming weeks). c. Tencent Music targeting a $30BIn IPO d. e. WeChat =emains the dominant social platform in China f. ARPU is =110th of FB yet consumers spend 2.3x more time on WeChat</=:p> g. Overall the story is still a good one and the stock has been=hurt by the selloff in China and downward revision to their gaming busines=. Feels like a lot of bad news is priced in down here. =/P> 2. GOOG is up 4% today and everybody upgrading the stock. We still own $=.7MM. How about taking some profits on half the position. Feels a little e=phoric right now in tech. We are up $530K on this position. Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor,=New York, NY 10019 EFTA_R1_01791675 EFTA02602914 cm ailto > 2 EFTA_R1_01791676 EFTA02602915