- The facts changed, and I had a choice. Pretend the facts hadn't changed. Or to adapt to a new environment. In short, adapt or die.
- Russia invaded Ukraine and disrupted the energy markets. That's the first ramification. But second and third ramifications are still to play out.
- On that basis, I argued that my ''global'' tech stocks are overvalued.
- So, I could hope to see a return to ''pre-COVID'' multiples of 10x forward sales, or I could buy stocks at <10x FCF.
- As always, eager to discuss my reasons further in the comments section.
For further details see:
Why I Went From Tech To Commodities And You Should Too (Part 1)