US Tech Stock Valuations
Echoing those themes, I feel it’s important to highlight this chart. Tech sector valuations have reached a new post-dot com bubble high. In other words, you had to go all the way back to the heights of the dot com bubble to find a more expensive market and crazier valuations (not to mention market sentiment).
Again, to give some balance to it, we do need to keep in mind that valuation indicators like this are ultimately measures of investor confidence. Sometimes that confidence is well-placed, other times it’s an over-extrapolation of the past and the result of excess greed and liquidity sloshing through the system.
But the key truth here is that tech stocks are extremely expensive, and non-tech stocks are not exactly cheap either. As I noted before — we’re well progressed in this market cycle, and at these levels of valuation it leaves very little margin for error if anything goes even slightly wrong. $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$
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