Spencer: Now's the Time to Be Brave and Buy Stocks
After a few rocky days for stocks, it's time to set aside fear and buy growth companies on the cheap, says T. Rowe Price portfolio manager Josh Spencer.
"Many of these high-flying stocks have pulled back 20, 30, 40 percent, and I think now is the time to be brave," he said on CNBC.
Spencer, who manages the Morningstar four-star-rated T. Rowe Price Global Technology Fund (PRGTX), said he was shifting into growth names, Amazon, Baidu, Tesla, 3D Systems, Stratysys and LinkedIn.
"It sounds a little bit crazy, but it's not random. These are all very well-positioned, high-growth companies that our team of analysts like," he said. "They do on-the-ground research, and we think when these stocks pull back, you're going to be happy buying them here when you think about two years out, three years out."
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