The Song Remains the Same with Alfonso Peccatiello of The Macro Compass
RiskReversal Pod
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The Risk of Multiples on Big Tech
If you're buying mega cap tech names, I'm willing to bet that your expectation is that they are going to grow quite a bit more than something like a PNG or like some consumer staples. That also tells me that the multiple that they're sitting at and if it goes even higher is probably fragile if that growth does not come to fruition. So I think that the multiples on big tech are probably a little bit more at risk than what you're looking at in the Staples arena. If we have a downturn, everything's going to go down for a little while. That's just how this works, right? The expansion that we've seen in multiples probably is not durable through a
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