Google as most people still call it has tumbled -45% from its 2021 high, not as bad as some tech stocks but still more than most people expected back in late 2021, including ourselves. We believe that this revaluation of Alphabet is complete and the stock is starting to recover some of the painful losses endured as rates soared higher over the last year which caused most growth names to be dramatically re-priced.
- We like GOOGL for a countertrend rally back towards the $US120 area.
- We closed out our GOOGL position earlier this year to increase our bet on The Trade Desk (TTD US), had it been a standalone position we would have given it more.
- We do still have a preference for TTD US for exposure to online advertising.
MM likes GOOGL short-term for a test of $US120
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