Technology is still the place for investors and I still like the longer-term prospects for the sector, said Ned Riley, CEO of Riley Asset Management. He discussed his outlook on the sector.
“The secular growth is probably the highest of any group we can find,” Riley told CNBC. “You are looking at a group already that has proven it can grow in a low-revenue environment.”
Riley said technology companies have a “tremendous” amount of cash on their balance sheets.
“When we start to see the saturation throughout the globe, we’re still only talking about a minor fraction of the potential that the tech group has in the third countries as well as the emerging markets,” he explained. “And we look at the group overall and it’s cheap.”
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No immediate information was available for Riley or his firm.