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I believe we are in a tech bubble. The Nasdaq, driven primarily by 5 companies (FAAMG), is up more than 209% ahead of the increase in the Dow over the past 5 years. By comparison, in the 2000 tech bubble, the Nasdaq only ran about 100% above the Dow at the peak. Big tech multiples aren’t quite as high as near 50 during the 2000 bubble, but they are 80% above recent historical multiples at around 35 times earnings. …

Christopher Grey

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