Home Market Key Words: Technology stocks could be on the verge of a bear market, warns investor who once ran the world’s biggest tech fund

Key Words: Technology stocks could be on the verge of a bear market, warns investor who once ran the world’s biggest tech fund

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‘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.’

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 LRCX, -3.56%  , Nvidia NVDA, -4.74%  , AMD AMD, -6.97%  , Micron MU, -3.41% and Applied Materials AMAT, -3.21%  .

Watch the full interview:

Last week, the tech-heavy Nasdaq COMP, -1.79% was hit the hardest among the major U.S. indexes, closing Friday’s session down 1.8% at 9,576.59. The Dow DJIA, -0.78% and S&P SPX, -1.05% also sold off.

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