The Rise of Long Term Tech Stocks

Inflation was hotter for longer than we expected. And the multiples on these stocks got crushed even more than I expected. We think that this regime changes behind us and inflation is going to move lower, that rates are stabilizing. In that environment, it's a good environment for technology. Now, when it comes to other parts of the market, we still have a lot of other part of the market that are priced at peak multiples on peak earnings.