As Sohn Hearts & Minds investment conference kicked off in Queenstown, fund managers grappled with savage sell-off on Wall Street as investors rapidly dumped technology stocks, erasing trillions of dollars in market value.
As guests took their seats for the morning session, we had a quick chat to one of Australia’s top global public investors Nick Griffin, chief investment officer of the $7.6 billion money manager Munro, about the 6 per cent plunge in the Nasdaq overnight.
“It is strange to see volatility of this size, but it’s ultimately positive because you’re clearing out a lot of the excesses, and that’s a process that’s been going on for a few months now,” he said on the sidelines of the conference. “I’m still bullish.”
Among the first batch of stock pitches at the conference, Milford Asset Management’s Andrew Curtayne presented on Dutch chipmaker ASML, which dived more than 9 per cent overnight amid the rout.
“The timing cannot be better today, because as of the technology sell-off last night, that stock has just got about 10 per cent cheaper,” the New Zealand-based fund manager said. “With the sell-off last night, and over the last few days, all of these stocks have gotten cheaper, which makes it the perfect hunting ground.”
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