Party Like It’s 1999

A short note from the WSJ this morning, “Just five stocks account for nearly 1/5 of the S&P 500’s total market capitalization—the highest share since the dot-com bubble peaked at the turn of the century (1999). They are: Facebook, Apple, Amazon, Microsoft and Alphabet. Still, Goldman Sachs said it’s not yet a cause to worry, as the companies don’t look as expensive as their counterparts from 2000, and their recent earnings show that their businesses remain on strong footing.”

“As expensive” is relative term that scares the heck out of me, as we’ve seen this story before. Is this another “new Paradigm”?

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