
Coming Into Focus
The Memo by Howard Marks
The Tech Companies Are More Different Than Other Companies
Leading check and so ware companies, a, have become more different from other companies as the role and power of technology have expanded. And b, have become a much larger part of equity indices as such companies have grown and become more highly valued. The adoption of technology has been pulled forward by the pandemic. Virtual meetings, e commerce and cloud computing are now commonplace, not the exception. Current profits severely understate the teck leaders potential.
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