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One merciless fact the inventory market confirmed this previous week is that making an attempt to select the underside for know-how shares is a idiot’s errand. The Nasdaq Composite’s horrible September—it was down 10.5% on the month—has made the bottom-fishing that occurred over the summer time look ill-advised. As I’ve famous earlier than, the primary downturn in tech earlier this yr was all about valuations. This new section of the decline is all about softening earnings. In the case of price-to-earnings ratios, the market is operating right into a denominator drawback.
The market downturn, the weaker financial system, and the reversal of some pandemic-era traits have uncovered weaknesses within the enterprise fashions of corporations akin to
Peloton Interactive
(ticker: PTON),
Zoom Video Communications
(ZM),
Shopify
(SHOP),
Affirm Holdings
(AFRM), and
Snap
(SNAP), and buyers have adjusted valuations accordingly. However there are nonetheless some highly effective underlying secular traits that ought to ultimately drive tech shares increased. Traders with very long time horizons and powerful stomachs may take into account inching into the market. I’ve a number of concepts on the place to look.
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