Why We Shorted the Tech Sector
The cause of the 2008 financial crisis bear market was excess speculation in the U.S. property market — namely, house “flipping” and super sketchy mortgage lending, which then got packaged into even sketchier mortgage-backed securities. An informed person (not an expert) on the street would likely blame this bear market on excess speculation in “technology growth” stocks. Tech stocks beat most other sectors from 2009 to 2020. And then in the wake of the 2020 “coronacrash” and COVID lockdowns, technology stocks crushed the competition.
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