General
Tech stocks: party like it’s 1999?
A tech bubble eerily similar to the Dotcom crash of 1999-2002 is brewing. This time, fueled by Covid stimulus, social media, zero brokerage trading, and young people with Warren Buffett dreams in Goofy brains.
The last 10 months has been a tremendous time to own technology equity.
The XTX, an index that tracks established and emerging Australian tech stocks is up 150% on its pandemic low. In that time, Nasdaq has seen gains of more than 100%.
December saw $10 Billion of IPOs on the ASX, most of them tech stocks.
It’s been a party, and “Everybody loves a party but, inevitably, after a big party there’s a hangover,” as billionaire Stanley Druckenmiller says.
During the dotcom bubble of the late nineties…
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