Bear Capital Blog

Steve : My observation that I sent you this morning was that the market momentum market. And if you disregard fundamentals which the market is doing in large part, or at least putting on steroids both and the upside, downside. So as long as the company doesn't screw up, as long as they continue to do what they say they're going to do the momentum of the market is going to take it up because it's a valuation holiday number one.  私の見解としては、市場はモメンタム市場にあるということです。会社が何かやらかさない限り、会社が言うことを実行し続ける限り、市場のモメンタム市場は、それを上に持っていくでしょう。バリュエーションホリデー （バリュエーション無視） なのだから。これが一つ目の理由です。  It's also a fundamental holiday. Nobody should be surprised by this, because, as investors index funds own more than 50% of every publicly traded equity out there. They don't look at fundamentals. So, as long as it continues to go that direction and it is, at one point, 80, to 80 cents of every dollar. I don't think that's the decline of study that was done last year, it'll continue to move.  次に、ファン

Tech is back because tech is working in tech is empowering the digitization of America that's not changing every time we get the story that we're going to roll out of tech and devalue it works for three or four days and then we go right back to what's really happening in the economy, which is tech platform driving digitization not only domestically, but globally it's happening all around the world. And these companies are the ones that are empowering us so that investment theme is going to be strong right through 2021.  テックが復活しているのは、テック株がアメリカのデジタル化を後押ししているからです。ロールアウトして価値が下がるという話が出てきても、それはせいぜい3日〜4日でおさまり、そのあとはすぐに実体経済の水準まで戻るのです。この動きは国内だけではなく、グローバルで同様の動きになっています。これらの企業（テック株）は、私たちに力を与えてくれていますので、この投資のテーマは2021年の間までは強いものになるでしょう。 Now the Russell, that's going to be interesting if you can find companies because the rustle itself actually has no return on assets, most of the companies there don't make any money but if you can find a mid cap company that has all of its suppl