Market's tech focus is 'shortsighted,' with a broader bull run coming, portfolio manager says

"You've got to start doing the work in some of these more Dow Jones type stocks — industrials or old economy stocks, to a degree — in order to find that deep value that you can find in otherwise great growth businesses, just outside in different sectors."

However, given the strong earnings trajectory demonstrated by Silicon Valley in the first quarter, he believes it is worth holding some tech stocks as part of a more diversified portfolio.

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