Earlier in the year, Fred Wilson opined that Apple, Google, Amazon and Facebook might replace treasuries and gold as safe havens for investors in 2015. So far, he has been spot on. The S & P 500 is up about 2.4% YTD. After a brief jump in January, gold and long-term treasuries are about flat for the year. The worst performing tech “horseman” of the group- Facebook, is up 4%. The average year-to-date performance of the four tech horsemen is about 13%. Only the biotech sector has done better. The market is betting that the strong will get stronger.
Every trend needs skeptics and doubters; otherwise there would be no one left to buy. Not everyone believes in the bright future of those tech giants. Earlier this week, Josh Brown shared an interesting perspective from NYU Professor Scott Galloway:
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