2016 was an odd year in TMT investing. The first 6-7 weeks were brutal for the cloud-stocks we favor, and we spent the next several months digging out. By Nov. 8, our 15-stock model portfolio was up 290 bp vs. the tech elements of the S&P 500, only to see the Trump rally kill 130 bp of relative performance. Still, of our investible things for 2016, we got 7 right against 3 wrong. Solid marks for negative calls on fixed broadband, security, smartphones, and OTAs; and for thumbs up on self-driving cars, big internet players, and high $ deals. Linear TV didn’t quite break (we’ll double down for 2017), the spectrum sale, still in progress, doesn’t look likely to shake anything up, and our top picks were ruined by TWTR’s botched deal making. This year, we are looking for AI-as-a-Service, SaaS consolidation, cloud partnerships, AI-based security, virtual assistants, heavy competition in smartphones, the linear TV inflection point, the end of net neutrality and the rise of robo-taxis to make the news that moves the market. Our top longs? XLNX, CRM and TMUS. The naughty list? EXPE, ORCL and CBS…..See more at our TMT blog