Tech stocks have staged a remarkable comeback this year, as investors flock to the sector once more. The tech-heavy Nasdaq Composite is up more than 8% in 2023, outperforming both the Dow Jones Industrial Average and the S & P 500 . Despite the recent rally, few believe the downturn in tech has bottomed — but Morgan Stanley believes investors should not sit on the sidelines.
Semiconductor stocks have historically outperformed the broader market in past recessions, according to Morgan Stanley, with the Philadelphia Semiconductor Index outperforming the S & P 500 by an average of 29 percentage points in the recessions of 2001, 2008 and 2020. "The same is true for the Asia Tech benchmark, which rose 37% on average across these three recessions," the bank said. The S & P 500 returned 5.8% on average.
Why would anyone take advise from Morgan Stanley. Remember they were part of the bailout. So what the heck do they know about investing. Think about it.
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