Alec Hogg: Brace yourself, more bumps for tech stocks

Can't say we weren't warned. Over the past few weeks signs of a toppy market were clearly evident, ranging from the sudden guru status of a previously unknown emerging tech fund manager, through to an ignorant Reddit mob taking on investment professionals. History tells us when Main Street challenges Wall Street, the market bull will soon be in the butchery. Every time..Read also: Alec Hogg: Covid claims Absa's deputy CEO Peter Matlare.Most affected by the fortnight's sharp reverse have been emerging tech darlings personified through ARK's Cathie Wood. Her superstar ARK Funds have lost 20% in six brutal trading sessions. This reverse is mirrored in Wood's top holding Tesla (above), down a third in the past month ($850 to $563)..___STEADY_PAYWALL___.The selloff has been rapid. At our last BizNews Portfolio update on Feb 23, I decided NOT to take profits, siding with the liquidity argument. At that stage the outlook for US interest rates appeared relatively stable. That has changed, with rates off historically low levels on growing prospects of a US economic recovery..Read also: Alec Hogg: Take the obvious tip, consider MAS Real Estate.The US emerging tech stocks in the BizNews portfolio – Cloudflare, Spotify and 2U – were hit as hard as Tesla over the past few days. With hindsight, on Feb 23 profits should have been taken here. But all three are global market leaders, have strong balance sheets and are at or close to profitability. Given the speed of the correction, if you didn't exit ahead of the crowd, best to ride it out. I will..And for your listening and viewing.Latest audio on BizNews Radio…(click on the link to access).BPH: Jooste extradition; Sibanye; Covid stats; Tax free accountsFB: Sibanye sees new value in gold; Summers warns on US inflationCarrie's Corner: Gerard Holden – banker to award-winning wine farmer'In the end, the right things will happen' – FNB CEO on land grabsIf I were in Jooste's shoes, I'd fly to Germany says Paul O'Sullivan.Latest videos on.BizNews TV….Cheeba Cannabis Academy on the budding industry in SACovid-19 virus may become endemic in Africa

Alec Hogg: Brace yourself, more bumps for tech stocks

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