Tech isn’t cheap. That doesn’t mean it can’t or won’t keep going higher. Here’s a 5-yr chart of the Nasdaq’s Forward-P/E ratio. At roughly 37.8, this is nearly double what it was in Feb/March of this year, and about 80% higher than its 5-yr avg.
However, tech is one of the few areas of the market where many companies – notably mega-cap tech – have remained strong throughout COVID-19. There’s been a huge flight to tech, which is understandable and likely to continue.
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