Venture capitalist anticipates another 5% “stepdown” in Netflix, Amazon, Facebook and other large cap tech stocks with dangerously high multiples.
From an interview with Loup Ventures’ Gene Munster on CNBC’s Squawk Box Thursday morning:
“I’m still bullish on the sector more broadly for other reasons,” Munster said. “But the near term psychology has a way of playing itself out in historical patterns.”
My take: Predictions are dangerous. As of 10 a.m. Thursday, Amazon was down and the rest were recovering from Wednesday’s rout.
UPDATE: More blood on the floor. Here’s how the big cap tech stocks looked just before the closing bell. Only Facebook and Google ended the day in the green.