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Major tech stocks post notable declines, Mark Roussin notes
Mark Roussin, founder and senior portfolio manager at Roussin Capital Management, observes that several high quality businesses have experienced significant price drops over the past 12 months.
Roussin contrasts the temptation to pursue high-flying stocks with opportunities found in purchasing quality assets at attractive valuations. He cites notable declines in names including META (-19%), NFLX (-32%), MELI (-34%), NOW (-47%), and ZS (-58%).
Roussin recently noted that ZS reported $1.08 in earnings per share and $850 million in revenue, but its second-quarter revenue guidance fell short of expectations in a previous analysis. He also reported on Berkshire Hathaway’s $6.8 billion acquisition of Taylor Morrison, which leaves the company with $390 billion in cash reserves earlier this year. These developments come as investors weigh opportunities among companies with significant share price declines.
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