Willem Sels: ‘The froth has been removed from the valuations’
The sharp sell-off in tech stocks has created opportunities to buy into profitable companies at a cheaper price, the chief investment officer of HSBC’s private bank said on Tuesday.
“In technology, the froth has been removed from the valuations,” Willem Sels, CIO for Global Private Banking and Wealth at HSBC, said in an interview on Tuesday, referring to the price investors must pay for the earnings companies deliver. The so-called Magnificent 7 group of stocks include those of the U.S. market’s most valuable companies, such as Apple, Amazon and Microsoft
Sels said he expected moderate, but positive economic growth and that he favoured broadening out into medium-sized companies, including in the tech sector, that can continue to deliver earnings.
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