One of the dot-com boom’s biggest investors says he hasn’t been this bullish on tech in years.
Paul Meeks, who ran Merrill Lynch’s technology and internet funds, predicts this year’s high-flying tech stocks will soar 10 percent more regardless of market conditions.
“I actually think that technology will outperform the S&P 500 next year,” Meeks said Monday on CNBC’s “Trading Nation.” “I believe in technology, particularly in key industries like public cloud computing.”
The Nasdaq has been having a banner year — rising nearly 28 percent. The index closed up by a half percent to 6875.08 on Monday, helping it recoup recent losses.
Plus, the Nasdaq 100 extended its win streak to five.
“I do believe they’re going to outperform again,” said Meeks, chief investment officer for Sloy, Dahl and Holst.
He’s most bullish on Facebook and Google. Shares of the social media giant have surged 55 percent so far this year, while the internet stock rose nearly 33 percent.
“I don’t think they’re too expensive,” he said. “The P/E ratios of both Facebook and Google are actually not outrageous at all.”
Tech high flyers could soar 10% or more next year, investor Paul Meeks says