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Alec Hogg: Brace yourself, more bumps for tech stocks
The US emerging tech stocks in the BizNews portfolio - Cloudflare, Spotify and 2U - were hit as hard as Tesla over the past few days.
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.
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).
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