Have you actually looked at the valuations of his underlying...

Have you actually looked at the valuations of his underlying defensive holdings? You'd be surprised as many of those non-tech stocks he holds are actually linked to tech, like Visa and Starbucks. You say "communications" and what this actually refers to is Crown Castle.

Let's look at the P/E below. 72 you say? Oh my, what!? It's not trading on Telstra's valuation. In fact, Microsoft appears dirt cheap according to this. This is a company that's performed fabulously... because it's riding the insatiable appetite for data (linked to mobile phone usage), also making it a tech stock.

What you're doing here is making the same mistake that shoppers perhaps make when trying to buy what they perceive is healthy food at the supermarket. The label says "low salt", but the calories and fat content are nonetheless the same eh?