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Markets were trending lower before the war started
“The markets were soft before the war. So all the war did was shuffle the pieces around a little bit. Now I'm not saying we're in for a market crash, but the markets are pretty much within a trading range, and they started to break down before the conflict even began.”
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Software stocks are showing significant underlying weakness
“Software stocks are ugly. This has not helped them much at all. You know, if I look at the software sector, if I'm looking at the IGV, it's actually lower than before the war. If you look at the last three days, it's actually gone down a lot; it's just getting ugly in the software sector.”
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Lack of transparency creates systemic financial risk
“The problems of the financial industry are a combination of the size of the problem and the transparency of the problem. If you have a small amount of problems that are non-transparent, it's a huge problem in the industry because people sell first and ask questions later.”
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Semiconductors are currently diverging from broader tech
“Semis are also a part of technology, and semis have actually done reasonably well. You look at the semiconductors, it's back to all-time highs. Should it be? I don't think so, but it is. My views don't matter, but it's a pretty big part of technology showing divergence.”
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Patience and cash are valid investment strategies
“What I'm doing is I'm taking a step back and I'm pausing. I'm just going to watch and see what happens because I don't know what's going to happen. I'm not going to predict right now; it is way too early to predict.”