Last year, I had the simple premise that a long large cap SW basket would significantly outperform an industrial basket given the relative valuation dislocation. See: This year, lets up the ante. There is a number of ex-growth software and internet players who have seen multiple compression levels that are cheap by any measure. I would surmise that the market is ultimately proven wrong in the growth prospects of several. I also suspect that the market is also placing too much confidence in the durability of growth in many large cap tech (the reasons dont matter as much as the end result).
No Expensify or ZoomInfo?