Rupert Thompson, chief economist at Kingswood, notes that when equities sold off during the second week of August, US technology shares were the biggest fallers.
He says the sell-off was the consequence of macroeconomic concerns, and that while some of the large cap technology companies produced good corporate results, the numbers produced were “the minimum” one should expect given the valuations at which those businesses trade.
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David Thorpe is investment editor of FTAdviser
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