There is no doubt that there is a significant amount of disruption going on in the economy, and that many industries will be reshaped in the next few years. That said, we think investors have discounted some older companies too much, while extrapolating growth too far for some start-ups.
This dynamic of overpaying for IPOs and unprofitable growth has created a situation that is very reminiscent of the .com bubble period, where overall market valuation looked incredibly stretched, but you could still find older companies trading at reasonable valuations.
Stocks in the US are currently