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Memes, Bubbles, Busts And Bears
"Tesla is acting like a meme stock," Bill Gross remarked this week. "Sagging fundamentals, straight
OK. Breadth or bubble. I’d take breadth.
But, otoh, if all the revenue growth and most of the earning growth is concentrated in a few names/the tech sector, doesn’t it make sense they get bid up while the rest doesn’t? I know multiples aren’t perfect predictors but sectorial relative growth adjusted multiples might be interesting here…
And, sure, it isn’t great that “the economy” has only one (industrial) engine rather than general, consistent, demand-led growth but it is what it is.