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00:00And Charlie look it's really been all about this tech destruction in the first quarter how poorly these hedge funds that surround themselves with tech have done but they did sell out of some of it in the first corner. You know they really did. And just filing after filing you see these stay at home pandemic error name just pop up again and again. Right. So you get Netflix which of course has fallen 70 percent or so this year. Tiger Global backing and backing out of that liquidating at stake entirely. You see door dash down about 50 percent. You see Tiger pulling out of there. You see Melvin Capital pulling out as well. So it's a significant draw out of these tech names but it wasn't just tech. And I think one of the really interesting moves that we saw was Warren Buffett's Berkshire Hathaway getting out entirely from its Wells Fargo position. And that was a three decade long bet by Buffett. He was a long supporter of Wells Fargo. And so that's a significant exit as well. That doesn't have anything to do with tech. Yes absolutely. And then you've got big position by Viking and MasterCard. So there's some interesting financials which is the question I suppose is this. Are you surprised that maybe more hedge funds didn't collapse. Has the landscape changed. What what do you learn from these kind of filings. Yeah it's been a really difficult quarter particularly particularly for hedge funds that focus on equities. Right. So if you think about Tiger Global that is Chase Coleman's fund that we've been talking about for a long time now down 34 percent in the quarter I think 44 percent. End of April. The question is that such a big turnaround from 2020 when we saw it off about 50 percent and a lot of clients have been asking you know why was this down so much. Why was it not possible for for a lot of these equity strategists to see this coming. When you look across the hedge fund industry you know you haven't seen these down these down moves across every strategy. Right. So if you look at macro you see Bridgewater that's up about 16 percent this year so far. If you look at multi strategies you see D.C. shot up about 6 percent in the quarter. So there are really big questions about this equity strategy.

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Hedge Funds That Piled Into Tech Have Tanked

It was a dismal first quarter for the so-called Tiger Cubs. That’s one of the bottom lines from the latest US hedge fund filings. Among the top losers Tiger Global Management’s flagship fund which fell by 44%. Charlie Wells reports on Bloomberg Television. (Source: Bloomberg)

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