Why do Tiger Cubs focus on Tech and Consumer Discretionary stocks so much?

My two cents:

1. Internet and consumer discretionary are high-dispersion sectors, meaning you can generate long/short alpha in them. It's harder to do this in more macro-driven sectors, where stocks will tend to move together, or in more predictable sectors.
2. Everyone knows the companies in these sectors because they interact with them as consumers. In other words, it's relatively easy to understand what these companies do and form a prediction of what they're going to do in the future. (This isn't to say it's easy to accurately predict the next 12 months of these companies, just that it's easier to actually arrive at a prediction.) Contrast this with building a deep understanding of a pharma company's pipeline or a financial institution's balance sheet.
3. Tech companies have redefined entire swaths of industries, in turn forming a large percentage of the overall market's returns. This has buttressed the long leg of most Tiger Cubs, which made a killing on Facebook, Amazon, Apple, Tencent, etc. The "long Internet, short retail" trade has been popular in this world.

The one thing I'll say against consumer discretionary is that this sector in particular has gotten incredibly competitive. Alternative data is widely deployed for these companies, making the earnings release broadly known ahead of time to the institutional investing community. The multi-manager pods have jumped all over this, as well as the quants. Moreover, I've also found there to be a lack of controversial ideas in the space. It's broadly viewed right now that discount retailers are longs and department stores are shorts. It's also widely known that CMG and WING are absolutely crushing it right now, for example. This creates all kinds of odd trading dynamics. Investing in this sector certainly feels like a bit of a race to the bottom in terms of trying to gauge sentiment of the management team, sell-side, other buy-side, etc.