[yieldcrv]

because tech was was the biggest beneficiary of monetary expansion, at least by percentage gains in a sector, and would have to be a close second in absolute dollar amounts if not first.

basically TINA principle: there is no alternative, which means that an infinite amount of money was created for a finite amount of assets, people that are paranoid about beating a couple months of high inflation didn’t know where to put the money

established industries with clear revenue trends already had stretched and unattractive valuations

real estate already went to unconscionable price levels

government bonds at record prices and lowest yields, in Europe people would accept negative interest rates literally willing to pay the government instead of investing in unproven businesses

but between the unproven entrepreneur there was still lots of big tech that was the recipient of cheap money and high valuations.

now people are rebalancing. new money isn't being created and existing money is purchasing treasuries at 5%