In previous quarterlies, we have focused on valuations, considering our tech indices for stocks below £1.5bn market cap and their performance as a herd. This time we focus on individual “zeitgeist” stocks: the stocks which confront a current theme – the indices over the period since the beginning of the year (finnCap Tech 40: -18%; finnCap Next 50: -17%) have shown unfortunate decline, therefore stock picking is more important now than ever. Median P/Es have declined 29x to 22x for the larger fC ....
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