Small Caps Are Now More Expensive Than At The Peak Of The Tech Bubble
Everyone knows that tech stocks are - or at least until investors realized that tax reform is a fiasco for the tech sector, were - the darlings of the market, resulting in the biggest concentration of hedge fund holders with a record number of HFs holding the 5 FAANG stocks; at the same time far fewer are aware that while the tech space trades at less than 50% of its peak "dot com" valuations, it is the small and mid caps that have been the best performing, not to mention most overvalued sectors in recent years.