‘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.”
Watch the full interview: