Whether there's a bubble or not, Adam Virgadamo, a US equity strategist at Morgan Stanley, says investors need to be aware of the alternatives. He writes that technology is contributing to growth and bolstering economic productivity, feeding a secular bull market that dates to 2011 and didn't end with the coronavirus crash.
He adds that the pandemic and its after-effects are only going to speed up that shift as companies look for ways to save money. Many of the companies that are positioned to benefit from that transformation are already outperforming on the stock market, and that, in turn, could help broaden the performance of the market and close the gap between most stocks and Big Tech. That's something most investors would see as healthy even if they're not concerned about a bubble.
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