Currently, the founding partner of venture capital firm Elevation Partners, likes four stocks; Apple, Google, Facebook and Alibaba.
Looking at Google and Apple, McNamee said both are inexpensive when compared to the average stock in the S&P 500. "Their growth rates aren't going to be huge but their stocks are priced in such a way that you don't need them to be huge," he said. "And they both generate enormous amounts of cash."
Conversely, McNamee likes Facebook and Alibaba for their growth which he thinks could be sizable. However he also believes the Street's interest in these stocks will make them somewhat volatile in the weeks ahead, and therefore, subject to swings.
Looking at the tech space broadly, McNamee added that putting money to work elsewhere may be ill-advised given the wide range of uncertainties. "I would stick with these," he said. "Away from this list I think you're going to be subject to a lot of forces you may not be able to anticipate."
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Meanwhile, when speaking about the selloff broadly, McNamee added that the Street should not have been blind-sided by the current downdraft.
"I look at Putin, the Middle East, Ebola, Europe and China," he said. "Those are plenty of reasons to be concerned. Having a correction seems totally reasonable to me."