Julian Robertson was on CNBC yesterday and talked about his favorite stocks. Julian Robertson is extremely bullish about technology companies, particularly Apple (AAPL), Google (GOOG), Mastercard (MA), and Visa (V). Yes, Julian Robertson considers MA and V as technology companies rather than financials because they don’t take credit risk and they are growing like crazy. Julian Robertson has these stocks in his Tiger Management’s 13F portfolio. Here are the important parts of Julian Robertson’s interview:
In America, our political leadership is doing nothing to really help us get out current situation. Worldwide, Europe is just in a state of financial collapse. And as we speak, that’s happening. So i think we are in plenty of trouble and we’ve got to really watch ourselves carefully.
…I think the euro has already had a significant decline. I think that the weak currencies in europe are — and i’m committed to this, are still good shorts. Things like the Hungarian Florent, those type of things, I think, carry a lot of risk with them. And I am short those kind of things.
We are very long the Norwegian Krona. We think that’s a wonderful currency. And I see other good currencies throughout the world, the Singapore dollar is as strong as it can be. I think the Canadian dollar is — our neighbor to the north, that’s a very well-run country.
Julian Robertson is Extremely Bullish About Tech:
[There are] fabulous [opportunities in equities] here in the united states, in my opinion, particularly our great technology companies. I think Apple — if this were the 1980s, it would be selling at three or four times the price it is now. A company of that kind of caliber, it’s almost ridiculous at the multiple it’s at now. And Google is very, very attractive, i think. So I think that there is this big dichotomy between the macro and the actual individual stock prices.
Julian Robertson About Financials and Economic Growth:
I’m probably sure that there are financial companies that if I knew them real well, I would buy them. I just haven’t looked there very much.
[Julian Robertson is bullish about MA and V. Here is why:] One of the reasons is that the risk of any credit loss there is taken by the banks rather than the credit card companies, the Visas and the Mastercards. And but I think credit is necessary. It’s going to be worldwide and I think Visa and Mastercard will continue to grow rapidly in the 20%-plus area for some time to come. They’re more like technology companies than financial services, I think. I think that’s probably true.
Clearly the earnings story, the corporate sector has been the best part of this economic recovery and now I’m wondering if this slow patch is going to impact what has been really the best-performing part of the recovery. Well, I think that’s possible. Even I who took a big bet and got hammered with it on shorting bonds, even I have become kind of inure to the fact that bonds just — the interest rates just continue to fall. They never go up. But suppose some of these foreign owners of our bonds did sell them. The question is, to whom? If someone wanted to sell or felt a need to sell our bonds, they could move very dramatically.
Here is the video of Julian Robertson from CNBC: