Although he said that he believed that the recovery was genuine, Nick Sargen suggested that it is unlikely to be as spectacular as has been predicted: 'The good news is that it's looking like a mild recession, but then you don't usually get the big rebound,' he explained.

The JP Morgan strategist expressed concerns that in light of the sharp technology rebound, investors are once again buying into the sector without assessing the fundamentals. 'When do we learn our lesson of prudent investing?' he asked. 'Technology is the ultimate cyclical. Everyone wants to jump on the tech bandwagon. Investors should go slow.'

Mr Sargen finished by revealing that he is advising his wealthier clients- who include CEOs and entrepreneurs- to investigate funds of hedge funds, real estate, and private equity investments as alternatives to TMT investments.