• Gerstner responds to "frothy" comment from Costello regarding tech company valuations.  He disagrees.
  • Smart long time leading technology analyst.
  • In addition to 3 new I-phones, sees more importance on wearables (low single digit growth) and smart glass.
  • More broadly, overweight services and Internet, underweight software as faces challenging YOY comps.  Cautious on semis given the run up in the stocks into higher inventories.
  • Likes FANG, although sees stock returns (vs prior 5 years) impacted by increased regulation.
 
CNBC, September 9,2019 Dick Costolo, former Twitter CEO, and Jeff Richards, GGV Capital, join "Fast Money Halftime Report" in San Francisco to discuss the state of tech investing.
  • Scott Wapner in SF today interviewing a number of in the flow people.  Good stuff.
  • Costello and Richards say despite some of the negative flow on big consumer stocks/private companies (Uber, Lyft, WeWork,etc), numerous great enterprise software company post IPO performance (cited Twilio) and private companies still coming.
  • Costello also comments doesn't understand what some people see in some of the companies coming out and generally many consumer companies have not proven that the unit economics work.
  • Roxanne Meyer (BMO) does a very good rundown of Lulu.
  • Cites management goal of doubling business in China.
  • Ecommerce strategy.
  • Use of innovation in fabric.
  • Solid management
CNBC, September 5, 2019
  • CEO confirms strong outlook.  Stock up 5.8%.
  • Company will continue to be acquisitive, but recognizing need to integrate in PAWN platform to limit the number vendors customers must manage.