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market | IST

Right time to buy tech stocks; see environment of high inflation: Port Shelter Investment

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Richard Harris, Chief Executive Officer at Port Shelter Investment Management, sees an environment of high inflation and likes India for the long term. 

Now is the right time to invest in the technology space, said Richard Harris, Chief Executive Officer at Port Shelter Investment Management, citing the sector's "inherent value" as one of the reasons.
"My feeling with many of these tech stocks is that it's the place to be in, it's the moment when tech stocks should be bought, just as maybe shipbuilding, autos were in the 50s... And I think tech is that way," said Harris in an interview with CNBC-TV18.
"Of course, I think looking at longer-term, you need to be a little bit more discretionary, because it's quite clear, as we've seen with China and its approach towards Alibaba, we are seeing Europeans looking to be firmer with tech. And even in the States, talks about maybe companies like Facebook being broken up. I think those problems are further down the line. But I think, in general, that doesn't reduce the value that's inherent in the sector," stated Harris.
Harris sees an environment of high inflation and likes India for the long term.
"We have to remember that we are very much in a transition phase between recession going into temporary growth going into maybe a longer-term growth and possibly even going into some kind of stagflation looking further on where maybe growth is not too bad – 2 percent or 3 percent, but inflation is pretty high and really cannot be dealt with,” he said.
For the entire interview, watch the video