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Equities markets dropped on Friday, led by a tumble in technology stocks, however one fund supervisor keeps his bullish position.
Michael Danov, president and also CIO SBP Management, claimed that while macroeconomic conditions are favorable for broad equities indices, energy investors have pressed technology supplies past practical degrees of assessments.
" I don't assume the tech firms ought to be where they are today, I believe it's impractical assessments, what we have, whether it's the new age of Robinhood investors that maintain it going … I believe eventually that has to be recognized and it's trading means [greater] than it ought to be, and also I think some of that investment that's going there must be expanded for broader markets and more comprehensive markets generally," Danov told Kitco Information.
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Markets slide; tech stocks overvalued, invest here instead – SBP Management
Equities markets fell on Friday, led by a tumble in technology stocks, but one fund manager maintains his bullish stance.
Michael Danov, president and CIO SBP Management, said that while macroeconomic conditions are favorable for broad equities indices, momentum traders have pushed tech stocks beyond reasonable levels of valuations.
“I don’t think the tech companies should be where they are today, I think it’s unrealistic valuations, what we have, whether it’s the new wave of Robinhood traders that keep it going…I think at some point that has to be realized and it’s trading way [higher] than it should be, and I think some of that investment that’s going there should be diversified for broader markets and broader industries overall,” Danov told Kitco News.
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