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Deep Dive: Hedge fund manager who scored a 78% annual return with Apple and Amazon is short-selling Netflix

Richard “Trip” Miller of Gullane Capital LLC, whose hedge fund generated a 78% return after fees last year, is still bullish on Apple Inc. and Amazon.com Inc. because the tech companies’ massive cash flow enables them to easily enter new industries in search of profits.

Still, Miller isn’t a fan of all so-called FAANG stocks: He has a short position on Netflix Inc., betting on a decline in the shares. (FAANG stands for Facebook, Apple, Amazon, Netflix and Google.)

Miller founded Gullane Capital of Memphis, Tenn., in 2002. The firm runs $24 million in its hedge fund, Gullane Capital Partners LLC, as well as another $68 million in private accounts following the same strategy as the fund.

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