Roughly $175 a share. That’s where Netflix bottomed in June 2022, despite having entered 2020 at a much higher level of about $325 a share before the world stayed home and streamed. There are enough sob stories among Netflix investors to justify one of its excellent documentaries. Move aside Drive to Survive, it’s time for Trade While Afraid.
Yet here we are, with a recent 52-week high for Netflix of $485 as exuberance found the US market once more in 2023. The Nasdaq-100 index is up 42% this year vs the S&P 500’s 19% gain. Tech is back with a vengeance, thanks to all the hype around artificial intelligence . That’s the only kind of intelligence that buys some of the stocks at these valuations....
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