Nasdaq to beat the broader market which year: Tech investor Paul Meeks

Technology investor Paul Meeks is usually no longer avoiding the group which made him famous on Wall Street.

Meeks, who ran the planet’s biggest tech fund for Merrill Lynch within the late 1990s along with early 2000s, expects the tech-heavy Nasdaq to end the year at least 10 percent higher.

“I’m starting to creep out of the bunker,” he said Friday on CNBC’s “Trading Nation.” “I could say which when you get to December 31 of which year, the Nasdaq will be up double digit in calendar 2019. along with, which will outperform both the Dow along with the S&P [500 Index].”

which’s a material shift for Meeks. Late last year, he was telling investors which most tech names were “uninvestable.” at which point, he believes tech valuations have come down enough to start putting money to work again — as long as which’s done with vigilance.

“Some companies are doing quite well, along with some are giving very mixed even bearish guidance. So you have to be super careful,” he said.

For example, when which comes to FANG names Facebook, Amazon, Netflix along with Alphabet, Meeks owns them all. However, he wouldn’t add positions to all of them right at which point.

“The only one I think I could buy here because I think which is usually the best among the group combination of valuation support along with upside potential is usually Alphabet,” he said.

According to Meeks, tech stocks could still see some near-term turbulence especially around the U.S.-China trade war deadline on March 1. However, the investment picture should begin to improve after which.

“A lot of the gains are going to come between the summer along with the end of the year — a second half phenomenon,” Meeks said.

For the week ending Friday, the Nasdaq is usually up a half percent, along with which remains in correction territory.