In Q3 Letter, Lone Pine Notes Opportunity In Creative Destruction

Steve Mandel's Lone Pine Capital noted that its performance has been significantly outpaced by the market, particularly in U.S. dollar terms.  In a letter to investors reviewed by ValueWalk, the firm, which operates four primary hedge fund strategies, noted they are seeing is a greater degree of creative business destruction now than at any time during their investment careers, and perhaps since the industrial revolution.

The main drivers of this “upheaval” are developments centered near the internet and mobile communications, the investment letter noted, while pointing to long and short relative value investment opportunities.  But looking at Lone Pine's positions its hard to see where they see...