Ann: Video update from Chief Investment Officer and Chairman, page-325

You can’t be clear on wrong facts and looking at it with tinted glasses. You need to come out with proper analysis.
Tech meltdown- what does it mean? You need to describe for what reasons are you making this bold statements. If there is a meltdown it will take S&P 500 with it. I don’t think any idea on how to apply P/E ratios on financial outcomes like Lost, there is much more to it than just quoting previous numbers. Just because consumer goods are valued at high multiples does not mean it is in dangerous territory. Look at our own Woolies, Coles. Nestle, PG are over 100 year old companies, they will be here for ever with high multiples compared to rest of the companies.
First of all MFG tech exposure is with best corporations has ever seen with cash in billions. Their market dominance is unbelievable and to be loaded with those in the portfolio of MFG is going to be a big advantage.
We just had a meltdown in March 2020 when Covid hit the world markets. Look at the figures during that period and subsequent recovery to now, most of those stocks lie Google,FB, MSFT have outperformed S&P 500 by big margin 20 to 40%.
The other point is if these shticks are over valued, S&P 500 is much more so, it’s drop will be much more drastic.
I like to know what this meltdown you are talking about. What I have read is only about world economy returning to normal settings, normal growth, normal inflation levels , normal liquidity etc
If you know more than that about a meltdown please keep us informed or any others who seems to agree without asking the basic questions.