The Nasdaq’s P/E Ratio has nearly doubled from the March lows. At roughly 58x, this puts the index in rare territory, even as investors need to pay up for growth in a low growth world. While earnings in tech – particularly big tech – were mostly big beats, both on a price basis and fundamental basis, the Nasdaq looks to be getting stretched and may need of a breather. For 2020, the Nasdaq is up over 20%. Nonetheless, it’s been an impressive year so far for the index, and its relative outperformance could be be a theme for several years to come.
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