"The thinking behind today's action is surprisingly simple: money managers are buying the winners and selling the losers," he said on "Mad Money." "Unfortunately, there are a heck of a lot more losers than winners, and I want to put that into context because such behavior, frankly, is highly unusual this close to the end of the year."
But of all the FANG members, "Alphabet is the biggest conundrum," he said. Class A shares of the Google and YouTube parent ended Monday trading 2.57 percent lower, at $1,049.36.
"Their stock is pretty inexpensive. They have more than [$]100 billion in cash. They own search. They own online video. They own the self-driving car market, at least for now. I think it's an outright buy. But no one cares. All this will start mattering at some lower price, though," he said. "I suspect the bears will come to regret selling it."