I don't really believe in factors in stock market as permanent features (anymore), but if you are a long term investor, do you really want to bet on tech's continued dominance over value?

Our current era is similar to 1999.....

As someone who was there from the beginning of the dot com era I can tell you the most ironic thing was the internet exceeded almost all expectations yet almost all of the stocks were horrid for years...

Take AMZN, the big winner. You never would have been able to hold it through this:

There was no GOOG, FB, TSLA, etc. The kings of the era were DELL, INTC, MSFT , NOK and a bunch of internet sites , fiber optic related stuff and CLEC stocks you have never heard of.

In fact you probably never even heard of CLEC. INFORMATION SUPERHIGHWAY!!!!!111

Of all the tech stocks from that era really only 1 that I can recall off the top of my head was a good performer in the 5 years after 2000: EBAY. You know what was a good performer? Small cap value. Because starting conditions matter and no one believed.

So, what's the moral of the old-timer's story? If you want to generate alpha in long term buy & hold, you need to dump your tech.

Here is a really, really good book on how capital flows kill or enhance industries/stocks future prospects: https://www.amazon.com/Capital-Returns-Investing-Through-Managers/dp/1137571640

P. S.

But for today, find a SPAC squeeze and go for it.

P. P. S.

Here are two charts that make me LOL about the eerie echo 1999 to 2020: