The lesson that might be gleaned from China’s experience is that a reset in valuations for US tech stocks may not be complete until the Fed’s monetary tightening has first been completed. What’s more, it’s not just the “P” in the PE Ratio that must be considered but also the “E.” If valuations continue to revert to more normal levels AND earnings estimates continue to come down (as leading indicators suggest), then the decline in prices may have only just begun. READ MORE
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