Nasdaq to beat the broader market this year: Tech investor Paul Meeks




Technology investor Paul Meeks is no longer avoiding the group that made him well-known on Wall Street.

Meeks, who ran the world’s biggest tech fund for Merrill Lynch in the late 1990s and early 2000s, expects the tech-heavy Nasdaq to end the 12 months a minimum of 10 p.c better.

“I’m starting to creep out of the bunker,” he said Friday on CNBC’s “Trading Nation.” “I would say that when you get to December 31 of this year, the Nasdaq will be up double digit in calendar 2019. And, it will outperform both the Dow and the S&P [500 Index].”

It’s a material shift for Meeks. Late closing 12 months, he was telling merchants that the majority tech names have been “uninvestable.” Now, he believes tech valuations have come down enough to start putting money to work as soon as extra — as long as it’s completed with vigilance.

“Some companies are doing quite well, and some are giving very mixed even bearish guidance. So you have to be super careful,” he said.

For occasion, when it comes to FANG names Facebook, Amazon, Netflix and Alphabet, Meeks owns all of them. However, he wouldn’t add positions to all of them correct now.

“The only one I think I would buy here because I think it is the best among the group combination of valuation support and upside potential is Alphabet,” he said.

According to Meeks, tech shares may nonetheless see some near-term turbulence significantly spherical the U.S.-China commerce warfare deadline on March 1. However, the funding picture ought to begin to improve after that.

“A lot of the gains are going to come between the summer and the end of the year — a second half phenomenon,” Meeks said.

For the week ending Friday, the Nasdaq is up a half p.c, and it stays in correction territory.




Be the first to comment on "Nasdaq to beat the broader market this year: Tech investor Paul Meeks"

Leave a comment

Your email address will not be published.


*