The 'Canadian Warren Buffett' warns tech stocks are more overvalued than during the dot-com bubble - and predicts a painful selloff
A billionaire investor dubbed the"Canadian Warren Buffett" has warned technology stocks are more absurdly overpriced than during the dot-com bubble — and predicted they will suffer a dramatic decline.
Watsa is the founder and CEO of Fairfax Financial, an insurance conglomerate with a billion-dollar stock portfolio that's often compared to Buffett's. He issued his grim outlook for US growth stocks during a fourth-quarter earnings call on Friday, according to a transcript provided by Sentieo/AlphaSense.
The value investor also pointed out that despite the market's rally this year, Big Tech stocks like Amazon and Tesla are still down sharply from their peaks in 2021. Moreover, their smaller peers like Zoom and Shopify have regained even less ground.
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