'Embrace the coming crash': A notorious market bear who called the dot-com bust warns big tech stocks are on the verge of succumbing to the economy's downturn
— the famous FAANG stocks — have maintained their status as front-liners of marketwide gains. That's largely because the unique nature of this recession has made their products and services even more valuable to a socially distanced public.
"US tech sector profits have only really outperformed decisively in the past few months, but rather than profits merely catching up with previous heady price outperformance, IT stocks have continued to surge higher relative to the market, especially in the rally since March," Edwards said. He recalled that tech stocks also outperformed the market relative to their EPS growth in the late 1990s. And in his view, investors' exuberance and their belief that the Federal Reserve would continue pumping liquidity into markets served as underlying propellants then and now. that benefit from economic recoveries has Edwards doubtful that the recessionary bear market is decisively over.
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