Despite calls from some analysts to reconsider tech stocks, Deuterium Capital's John Ricciardi says it's not yet time to buy the dip. The tech sector has sold off massively this year as investors rotated into value from growth names, on the back of monetary tightening, recession and other risks. Ricciardi, lead fund manager and head of global asset allocation at the firm, told CNBC on Friday that markets could well see "another tech crash.
"It looks to us as if investors will be relieved and attracted by the current valuations for this month and next month, but thereafter, new fears, in particular of an earnings contraction and a recession ... will become quite manifest," Ricciardi said. The Nasdaq Composite is down more than 20% year-to-date, putting the tech-heavy index firmly in bear market territory, and FAANG stocks, too, are trading at deep discounts.
Telecommunications? Did you see what happened to VZ last week?
Translation : we are trying to short these stocks and want to set up retail to take advantage of them by manipulating others
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the bold get richer on pure speculation, so it has always been.