![[TOP STORY] Anchor Capital sifts through 2022’s tech wreckage](https://i.headtopics.com/images/2022/6/17/moneyweb/top-story-anchor-capital-sifts-through-2022-s-tech-wreckage-1538052858884640770.webp)
[ICYMI] The big laggards this year in big-cap tech have been a lot of the companies that were real Covid beneficiaries, like Amazon and Netflix: says AnchorCapitalZA fund manager DavidGibb on MoneywebNOW with SimonPB . Download the podcast.
SIMON BROWN: I’m chatting with David Gibb, fund manager at Anchor Capital. David, I appreciate your time today. You and your colleagues put out a note last week around tech. I want to delve into some of the details. Sort of towards the tail end you made the point that in 2021 your view was adjusting for risk. In 2022 your theme for tech investing has been sifting through the wreckage, and there’s been some wreckage even in the big tech.
So those companies have been hit extremely hard and it really does remind us of 2000, when we had the internet tech bubble, and then in 2008 where a lot of shares were off 65%, even over 90%. Then we’ve obviously also had problems with Meta, with Facebook – partly due to Covid but also because of TikTok and the Apple privacy changes.
But I think the companies that have drawn the most ire have generally been Amazon, Meta and Alphabet. There’s no question that Europe has tended to lead with regulatory action, so we are expecting the Digital Markets Act and the Digital Services Act, which are both bills that have been passed in Europe.They come into effect in 2023 and 2024 respectively – the DMA and the DSA.
DAVID GIBB: Possibly. I think China has been, as we describe it, like purgatory, really, for international investors, particularly in the tech space. With so much control now vested in the president, he might change his mind on certain things. So it’s difficult. I think the point we like to make is that pragmatism is no longer the leading driver of these decisions in China. Historically under previous leaders growth came before politics.
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