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Pandemic market = "It’s more of the same so far this morning as Treasury yields bleed higher–albeit only slightly–while the Nasdaq gets hit hard and reopening stocks surge,"I'm not sure what is and isn't a "Pandemic Market". Near normal is probably 2-3 months away in my view. What does that change? WFH? Not much. How about ordering from Dunkin on an app and picking it up? You think that stops? Nope. The end of the Pandemic will drive large companies who have been sitting on cash to invest it. Where do they invest it? I have been long tech because I believe every company is a tech company now. Grocery stores? Win with tech. Retail? Tech. Transport? Tech. Finance? Tech. Some are lagging and others are early adopters.
Think of it this way. Fifteen years ago did you consider retail a tech sector? Media and entertainment? How about 5-6 years ago, did you consider the taxi business a tech business? What about the hotel/short terms stay business, was that a tech business before AirBnB? Paypal was around, but it feels like Venmo has replaced cash. My belief is that the shift from now to 2030 will be bigger than the shift from 2010-2020.
Who wins? Who loses? Not sure other than that anybody standing still is going to lose.
J-Pow is starting to let us down easy (ok, maybe not easy for the pump n dump tech stocks).
Tesla Falls Again As Tech Stocks Plunge, S&P Extends Longest Losing Streak Since Stock Market Crash
Tesla is plunging another 5% as the S&P falls for a sixth straight day.
www.forbes.com
The DJIA went up 1.5%, while Nasdaq went down 2% and TSLA 6%. The ripple effects of the pandemic are going to be here for a while.
What you really should be arguing is how amazing it is that GOOGLE has been impervious so far. That's a steamship that keeps on chugging. I can't believe its still over $2,000.
But believe me I'm kicking myself for switching emphasis to tech from re-opening 2 weeks ago. Major mistake. And stating the obvious that tech will be around for a while is not making me feel warm and fuzzy about it.
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