After the correction, tech stocks will continue to be the only way forward
Jan Beckers does not fear that the valuations of tech stocks, in general, are already too high and that a significant setback is therefore imminent. “I only worry when tech companies no longer achieve the sales and earnings forecasts expected by the market,” he says. “That is not the case in our portfolio. The correction is more likely to be short-term volatility in our view.”
DZ Bank expert Christian Kahler also doesn’t see valuations getting out of hand yet and draws a comparison to the dot-com crash at the turn of the millennium as an example. “In 2000, the P/E ratio of the Nasdaq technology index was 165; today, it is around 39. So, despite the significant rise in prices, we are still far from a bubble,” he stresses. But Beckers and Kahler agree that stock picking is becoming increasingly important in the tech sector. It is, therefore, more important to know which stocks from the industry are in one’s portfolio.