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Blackstone's Byron Wien told CNBC on Tuesday that the recent sell-off in high-flying technology stocks was overdue after their robust rallies during the coronavirus pandemic.
"I don't think we're beginning a bear market. I think this is a correction, at most," Wien said on "Squawk on the Street." "The internet and FAANG-related stocks were very fully valued based on my projections of earnings in 2021 or even 2022. So this correction is not really unexpected. ... This is just a pullback from what is basically a strong recovery market."
Wien, the vice chairman of Blackstone's Private Wealth Solutions group, also said he believes there are other areas in the market beyond technology where investors will find returns.