Key Words: Technology stocks could be on the verge of a bear market, warns investor who once ran the world’s biggest tech fund
That “comeuppance” could ultimately deliver a 20% shock to the top-heavy tech sector, Paul Meeks, portfolio manager at Independent Solutions Wealth Management told CNBC in a recent interview.
Any such hit, however, would present a screaming buy opportunity for those looking for discounts in the ech market, according to Meeks, who ran the world’s biggest tech fund for Merrill Lynch back during the dot-com boom.
“The fundamentals are strong in tech. They are stronger relative to the rest of the sectors within the economy,” he said, add that if the selling were to reach bear market territory, “I’d be buying with both hands.”
Specifically, he likes Lam Research
and Applied Materials
Watch the full interview:
Last week, the tech-heavy Nasdaq
was hit the hardest among the major U.S. indexes, closing Friday’s session down 1.8% at 9,576.59. The Dow
also sold off.