I sure hope you, Saul and other vetrans on this board are right. I am inclined to agree that given the unique fundamentals of these companies (category killer, new generation technology, impressive growth & margin, large TAM etc), we are quite possibly investing in several long term huge winners, if they don’t get acquired along the way.
At the same time, the market has been loud and clear in trying to tell us something, and it’s imprudent not to listen. Investing needs conviction and temperament, true, but also needs humility and self doubt. Personally I have reduced my exposure to this space to some degree, but probably should have done quite a bit more in hindsight.
What I’m trying to say is that, sometimes it feel a bit like an echo chamber here where people come to provide emotional crutch to each other whenever bad news not related to a specific company hit. Just as many, especially Saul, have been ruthless to rethink when individual companies have diminished prospects, maybe it’s prudent to adopt the same mindset to big sector-wide shift.
bashuzi