
The Rewind: bubble.com
The Memo by Howard Marks
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Technology Stocks
Technology stocks have had periods of both under performance and over performance relative to the large cap universe. Nothing in this chart suggests that be easy money in technology from here. The upside in the deals that have worked so far has been 100 to one, giveer take a zero. There's something goofy about the price of a stock discounting as much as a century of earnings for a company.
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