“Familiarity breeds complacency”. With the best intentions in the world, even an annual review can feel like you’re simply going through the motions year after year. Recognising this means shaking things up when the chance presents itself. In this case, that's when a birthday and the opportunity to record a podcast came around.
For a sector accustomed to getting headlines for its stellar growth and equity returns, the past few weeks have felt a bit different for technology companies. It's time to take stock, think about what we’ve learnt and revisit our bullish macro case for the sector. In short, however, I still like tech.
How could investors not like technology stocks? They’re cool companies, led by charismatic CEOs making irresistible products. And what's more, they're posting amazing growth rates with stocks that just keep going up. I’m sure the bottom-up investment case is much more sophisticated than that, but today I want to lay out the strong macro case for tech stocks.