Who Is Paul Meeks, And Why Should You Care That He's Bullish On The FANG Stocks?

Paul Meeks ran the largest technology-focused fund during the dot-com era and didn't shy away from expressing his concerns over technology stocks back in June. At that time he said the "FANG" stocks are overvalued — a group of the hottest tech companies including Facebook Inc FB, Amazon.com, Inc. AMZN, Netflix Inc. NFLX and Google/Alphabet Inc GOOG GOOGL.

But that was in June, and since then the Nasdaq 100 index lost 1.5 percent and the "FANG" stocks lost momentum for the most part. During a recent CNBC "Trading Nation" segment, Meeks turned incrementally bullish on the group, saying that while the tech stocks aren't a "screaming buy," investors should consider initiating new positions or adding slightly to existing positions.

The "FANG" groups represents "leadership names," a status that remains unchanged despite Alphabet's 7-percent decline since June. Amazon dipped 5 percent and Netflix's stock is roughly unchanged. Facebook is a standout in the group, as the social media company's stock is higher by 9 percent.

Meeks' improved stance on the "FANG" group also extends to "troubled companies" like Fitbit Inc FIT, Centurylink Inc CTL and Akamai Technologies, Inc. AKAM. These three beaten-up stocks could see a "big, big bounce" if "anything ever slightly positive" were to happen to these companies, Meeks said.

Related Links:

Oaktree's Co-Chairman On FAANG Stocks: Valuations Are High But Coming Down

An ETF For The FANG Group Arrives