The Blackstone Advisory Partners vice chairman also said that stocks in the manufacturing and materials sectors are reasonably priced,"assuming that we get back to normal sometime within the next year or two.
He added that he wasn't surprised at the recent tech stock sell-off. Based off of his projections for earnings into 2021 and 2022, FAANG stocks were"very fully valued," said Wien. "This correction is not really unexpected. The market had been up nine out of 10 days, it was very overbought. And so this is just a pullback from what is basically a strong recovery market," the investor said.
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