Chart Of The Day

The title would suggest that I find and post an interesting/meaningful chart each and every day. That is a very misleading – sorry. I stumbled across the following chart in today’s WSJ (thanks, FactSet), and I just had to post it.  History does repeat itself, especially on Wall Street, and over my 36 years in this industry, I have seen a lot of cycles.

Could we be headed for another Technology-lead equity market crash, or will “this time” be different? Sure, the magnitude of the performance gap isn’t quite as stark, and the technology stocks in question certainly appear to have more sustainable businesses. But, fundamentals eventually matter, and I would suggest that more people pay attention to this chart as extremes continue to evolve and market performance diverge.

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