Dan Niles, founder of the Satori Fund, reveals his top picks, describing one as his 'favorite investment in 2023.'
Despite the January bounce , hedge fund manager Dan Niles sees more volatility ahead. He noted that the S & P 500 rallied seven times last year, but finished 2022 with an almost-20% loss. The index of large-cap U.S. stocks then bounced in January, gaining 6.2%. "My point is that this is pretty typical even during the tech bubble," Niles, founder and senior portfolio manager of the Satori Fund, told CNBC's "Street Signs Asia" on Thursday.
Meta Niles says that Meta's core business is "actually fine" even as the stock got crushed last year. He said Reels, its Tik Tok-like product, is doing well. The stock is "too cheap" now, he said. "Meta looks to be a solid long as we believe the stock is undervalued relative to what it should be." Meta shares popped in after-hours trading Wednesday as investors cheered earnings that topped estimates.
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