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And context changes everything. Go to Bloomberg.com to get context. Hello and I'm Tracy Allaway.

Hello and welcome to another episode of the Odd Lots Podcast.

I'm Joe Eisenthal.

And I'm Tracy Allaway. So Tracy, obviously we've had this extraordinary

stock market comeback this year. Not even really just a comeback because we're so far ahead of where we started the

year despite the pandemic and a lot of different sectors have rallied but

there's no question that tech sort of new economy type stuff

however you define it has really led the way I mean the NASDAQ is just having a

sort of ridiculous year.

Yeah, we've talked about this before, but to some extent it feels like the coronavirus crisis

that we've seen this year has accelerated long-running trends in a bunch of things.

So, you know, for instance, the dominance of online retail, but also the outperformance of

the things stocks and tech in general it feels like the big just get bigger

stocks that were considered expensive you know five years ago are even more

expensive now. Yeah and I'm glad to use that word expensive because you know it

sort of does have a an implied judgment expensive like people are overpaying and you know people talk about value stocks which

has have this implied idea that you're getting a good value you're getting a good deal

it's cheap but we have had this phenomenon where stocks

with high multiples continue to do extremely well and the stocks that on paper

appear to be cheap just seem to get cheaper and cheaper, which is, you know, not great if you own them.

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