Ritholtz Wealth Management CEO Josh Brown "got long" on tech ETF shares Friday after determining the software sell-off had been overdone, at least in the short run, he said in a column Monday.
Brown wrote that he invested in the iShares Expanded Tech-Software Sector ETF (IGV), taking a "shotgun approach" to the big names in the fund. He indicated that he doesn't spend much time delving into every company.
"I basically just wanted to buy pure, unadulterated panic at the close of trading last week. So I did," he wrote in his Downtown Josh Brown column, noting the ETF has dived 30% since October.
Shares of IGV climbed over 1% as of 1:10 p.m. Monday in New York. The ETF is down roughly 24.2% year to date and has dropped about 12.6% over the past 12 months.
(Credit: Josh Brown/Ritholtz Wealth/CNBC)
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