The bull market is marking its five-year anniversary, and the NASDAQ – America’s index of tech stocks – has hit a high not seen since February 2000, when the infamous tech bubble burst. Enormous profits have been made by some investors, but there is speculation now that tech investment is approaching a peak and possibly even a bubble.
The number of companies trading on extremely high valuations is at its highest level since the dotcom crash, and multiple market strategists have issued warnings that the market is overheated and susceptible to a sharp retreat. But are stocks overpriced? And even if they are, can investors still find an edge?