Technology stocks could be a "disaster waiting to happen," the bosses of Smead Capital Management said in their third-quarter newsletter this week.
Smead and his team are betting on companies that provide necessities such as Target and American Express.Growth stocks may be a "disaster waiting to happen," the heads of Smead Capital Management warned in theirAmazon, Facebook, Apple, and Google have monopoly power over their addicted users, Bill Smead and his co-portfolio managers, Tony Scherrer and Cole Smead, told their shareholders.
They pointed to Amazon's profits from its cloud-computing division, which enable it to cut prices in its core e-commerce business and kill competitors. Its sky-high valuation could be "obliterated" if the two segments are separated and the company is lumped with a massive tax bill, they said.
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