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 tech 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.”
‘There is some comeuppance due, and unfortunately I think the coronavirus is that exogenous variable that is a catalyst to take some of these stocks down.
Paul Meeks
In his accessment Paul Meeks favors Lam Research (LRCX), Nvidia (NVDA), AMD (AMD), Micron (MU), and Applied Materials (AMAT).
His call is looking pretty timely at this point, with the tech-heavy Nasdaq COMP, +1.37% down more than 3% in Monday’s early trades. The Dow DJIA, +0.17% and the S&P SPX, +0.80% are also firmly lower.
