Deuterium Capital is steering clear of tech stocks and rotating into sectors such as healthcare and telecommunications instead.
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.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CoinDesk Podcast Network: THE HASH: Crypto Fund Three Arrows Capital Founders Break Their Silence and Lender Nexo Faces Declining Deposits on Apple PodcastsShow CoinDesk Podcast Network, Ep THE HASH: Crypto Fund Three Arrows Capital Founders Break Their Silence and Lender Nexo Faces Declining Deposits - Jul 22, 2022
Read more »
Lucy the Elephant supporters apologize for language used in fund-raising letter recalling the HolocaustA funding mailer featured a photo of the beach attraction in 1973, when Lucy was threatened with demolition, next to the phrase, “Never forget, never again.”
Read more »
Can A Vintage T. Rowe Price Fund Ride Rivian, Microsoft And Snap To The Moon?Portfolio manager Joe Fath loves to get his hands dirty restoring old sports cars. Restoring T. Rowe Price’s oldest mutual fund to its former glory required a different approach: Embracing new tech.
Read more »
Gov. J.B. Pritzker gave Democratic governors’ group $24 million to fund ads that helped nominate his GOP opponentGov. J.B. Pritzker donated $24 million to the Democratic Governors' Association, which then used the money on TV ads encouraging Republicans to vote for his favored GOP challenger, state Sen. Darren Bailey.
Read more »
Elon Musk had affair with wife of Google co-founder Sergey Brin: reportThe two tech titans were longtime friends — with Musk saying that for years he regularly crashed at Brin’s Silicon Valley home
Read more »
Keanu Reeves Surprises 'John Wick' Fans at Collider's SDCC PanelKeanu Reeves surprised fans at our SDCC2022 Directors on Directing Panel
Read more »