Whoops! Top economist admits misfire in tech stocks — but he’s still not convinced the price is right

Earlier this month, Mohamed El-Erian sounded the alarm on top-heavy stocks that are “stunningly decoupled from underlying corporate and economic fundamentals.”

“ ‘I have been wrong for the last three and a bit weeks — I exited those names... in my tactical exposure. That was the wrong thing to do. It’s the overall valuation that’s the real question mark.’ ” While El-Erian’s not a fan on price, he’s still a believer in a rosy future for the high-flyers. “I can see them continuing to outperform because they have both the resiliency and agility to manage this economy,” he said. “I just don’t know wether the valuation still make sense to tell you the truth.”

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