‘Perfect Storm’: McElligott On Tech Selloff, ARK ‘Feedback Loop’
A decade (plus) of what may as well have been one-way price action in tech and secular growth shares may be on the brink of a reckoning as the inflation zeitgeist tightens its grip.
That's the message the market appeared to be sending early this week, as the Nasdaq melted and global tech shares plunged in sympathy amid surging inflation expectations and palpable concerns that policymakers may find themselves behind the curve in relatively short order.
Nomura's Charlie McElligott called it "the
sounds like capitulation. end of a 20yr tech cycle…perhaps but in that context theres plenty of room to vacillate for a bit, months even.
My understanding is that faamg has authorised roughly $200bn in buybacks for this year. Something’s gotta give for dealers to get this supply