“Tech is 47% of the index … [A]t an average P/E of 21.5, the Nasdaq is still considerably more expensive than the Dow Jones industrial average, the S&P 500, European stocks, emerging market stocks, and the list goes on and on. …
“[T]he Nasdaq Biotech index now trades at P/E of around 50. Meanwhile, many of the Nasdaq’s hottest social and streaming media stocks this year — including Twitter, Netflix — are either profitless or trading at astronomical PE’s.
“And as Fortune magazine recently pointed out in its cover story, The Age of Unicorns, tech entrepreneurs and venture capitalists only seem to get excited these days if they can create startups that are instantly valued at $1 billion or more.
“So how sure are you that the Nasdaq isn’t partying — at least a little — like it’s 1999?”
— Excerpt contributed by Jason Kelly
Z-val definition and more forecasts in The Z-val Zone.
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