What's the Biggest Issue in the Equity Markets?

The real issue that has gravitated so much attention for fund managers has been a particular part of the technology sector. And those stocks are basically the ones that have very fast expected revenue growth, but low, or in some cases, negative, profit margins,. Those stocks have been severely punished in the valuation market. For these high growth stock no one can really decide yet if they're cheap enough. Is six times the right number? Is being back at valuations, you're a pre pandemic the right valuation framework for these, or should you actually be at something cheaper?