The Federal Reserve painted a more somber economic picture this week, and one money manager said its outlook is on the money.
To hedge against an economic slowdown, Weiner is betting on sectors with disruptive technologies and stocks. Financial stocks have underperformed the market, but Weiner sees an overdue bounce coming to the group driven by cheaper valuations and increased capital return through buybacks and dividends."Companies like PayPal that are in the processing of payments — in a lot of ways, they're the future," he said."Find financials like PayPal that are going to do quite well going forward."Technology's omnipresence should help drive that sector higher, Weiner said.
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