Great points. Another point regarding tech is that a lot of tech companies especially big tech is that they aren't tech stocks anymore, they are advertising companies. Google is a pure advertising company along with YouTube which they own, Facebook which owns instagram as well are only monetised through ads, netflix is moving to a 'free' version which will be ads, Amazon has a massive advertising business. Are businesses going forward more likely to spend on advertising and the willingness to pay higher rates ? Ad rates on YouTube have fallen between 20-40% depending on channel. Many don't understand how cyclical the earnings of these tech stocks can be in a recession as marketing spend is cut. Many tech stocks are just marketing companies with a bit of software.
