He is short oil. OPEC oil production came out for September and it is the highest ever. Russia is not cutting back. The US is not cutting back. The others are also going to go at the highest levels they can. He thinks it is setting up for a fall back to the low end of the range. He has been selling his stocks.
It is cyclical and so on, but operationally, what they have done with restructuring! The valuation gap to US airlines has narrowed a bit. Their expansion into Europe has been strong. It is a risky sector, but operationally they have done such a good job that other players have been the losers. It is a story that has been more about the operation.
(Top Pick Oct 9/15, Up 7.05%) Once you are on the IOS operating system you are hooked on it. You have close to a billion users that are hooked and now Apple are milking them for revenue. The iPhone 7 is doing fairly well. He thinks it is cheap and undervalued. What is there not to like?