Corvex Management's Keith Meister said 2023 will be a tricky year for stock investors on the back of the Federal Reserve's rate-hiking campaign.
"It'll be a choppy year, if you think about the risk premium for equities," Meister said on CNBC's " Closing Bell " Tuesday. "There's always wonderful one-off opportunities. And my guess is this is a year in which people can create value by being good stock pickers ... trading around positions and taking advantage of short term dislocations." The hedge fund manager said this year will be driven by how much tightening the central bank has left to do.
"During a period of QT, you get paid for complexity." His hedge fund cut exposure in Big Tech names Amazon , Microsoft and Alphabet last quarter as Meister thinks the upside for these names would be limited. "We believe there's a cap on the upside. ... We still have some exposure, all three of those things. We think they're unique businesses," Meister said.
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