McNamee: Stock drubbing a 'healthy' scare

Not a bottom, just a healthy scare: McNamee

Investors ran scared from stocks Monday, but that may prove "healthy" in the long run, one technology sector expert said.

The tech-heavy Nasdaq was down as much as 8.8 percent before cutting that to a drop of less than 1 percent midday Monday, with high-fliers Facebook, Amazon and Google all losing ground. With the index trading in correction territory, investors should seek entry points to ride out the "next wave" of market movement, said Roger McNamee, co-founder of venture capital firm Elevation Partners.

"It's really important not to let yourself get freaked out," he said in a CNBC "Squawk Alley" interview.

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"We've just taken a lot of risk out of equity valuations," McNamee added.

Roger McNamee
David A. Grogan | CNBC

Overvalued names have drawn "much closer" to cheap buying levels in the last week, he noted. More likely than not, markets should perk up and approach this year's highs in the coming months, McNamee added.

"I just think that's the most likely case that this is a healthy thing from which we can build," he said.

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McNamee contended, though, that pain could persist if the Chinese government continues to "mangle" its economy and stock market through policy intervention.