Top manager Ainslie: Tech stocks are cheapest in 20 years

From Newsmax:

Technology stocks are at their cheapest in 20 years and the weaker dollar will likely benefit the entire sector, hedge fund industry pioneer Lee Ainslie said Tuesday.

Ainslie, whose Maverick Capital Management oversees $11.4 billion in assets, said a pool of value tech stocks including Adobe Systems Cisco Systems Dell Inc. Hewlett-Packard International Business Machine Intel Corp. and Microsoft provide a free-cash-flow yield of 12% this year and 13% in 2011.

Free-cash-flow yield is one of the best indicators used by fundamental analysts to select and assess companies. The higher the number, the more free cash per share is being generated by the company.

Ainslie, who got his start with hedge fund industry legend Julian Robertson of Tiger Management and served as Tiger's technology analyst, said technology stocks are...

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