Long-time tech investor Paul Meeks expects 2021 to be another winning year for the Nasdaq.
But Meeks, who's known for running the world's largest tech fund during the late 1990s, warns two popular names that went public this month won't reap the benefits: Airbnb and DoorDash.
"I would short DoorDash here. It's just crazy overvalued and [there's] nothing special about their business model," the portfolio manager at Independent Solutions Wealth Management told CNBC's "Trading Nation" on Tuesday. "This stock valuation cannot stand."
The food delivery company's shares have soared 54% since going public on Dec. 9.
"Right now, it's trading for 20x sales, and good software companies trade at only 6x sales," said Meeks.
He is also sounding the alarm on Airbnb. Meeks, who was involved in its Dec. 10 IPO, reveals he sold his position. Meeks notes the company has a good business model, but he can't justify the stock's 140% rally since going public.
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"Both of those IPOs are ridiculously overvalued," he said.
Meeks doesn't share the bearish sentiment for the broader, tech-heavy Nasdaq, which just closed at its 54th record high so far this year.
"If we speed up the clock, and we get to this day next year, I think we'll have yet another year in which the tech sector outperforms other sectors," said Meeks.
But first, tech's record run may hiccup in 2021's early months.
"You have some value in cyclical stocks that have been down for the count," he added.
Meeks speculates the run won't last because the Covid-19 fallout has permanently changed the way we work, go to school and perform every day tasks.
"We get back into the same old, same old, I'm afraid, outperformance by tech," Meeks said.
Disclosure: Paul Meeks owns the stocks he recommends, and he is not shorting any stocks.
